# EDGAR Filing Document

**Accession Number:** 0000763852
**File Stem:** 0001193125-25-193911
**Filing Date:** 2025-9
**Character Count:** 2453802
**Document Hash:** b4e43546de29da5489879e7de27c02ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-193911.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001193125-25-193911

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 181

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250902

**EFFECTIVENESS DATE**: 20250902

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN TRUST II
- **CENTRAL INDEX KEY:** 0000763852

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04236
- **FILM NUMBER:** 251284755

**BUSINESS ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172
- **BUSINESS PHONE:** 800-480-4111

**MAIL ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ONE GROUP MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20000721

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ONE GROUP
- **DATE OF NAME CHANGE:** 19931105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HELMSMAN FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### JPMorgan Mid Cap Growth Fund (Series ID: S000003654)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010157 | Class I      | HLGEX           |
| C000010158 | Class A      | OSGIX           |
| C000010160 | Class C      | OMGCX           |
| C000077259 | Class R2     | JMGZX           |
| C000106055 | Class R5     | JMGFX           |
| C000106056 | Class R6     | JMGMX           |
| C000173559 | Class R3     | JMGPX           |
| C000173560 | Class R4     | JMGQX           |

### JPMorgan Equity Income Fund (Series ID: S000003846)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010743 | Class I      | HLIEX           |
| C000010744 | Class A      | OIEIX           |
| C000010746 | Class C      | OINCX           |
| C000098140 | Class R2     | OIEFX           |
| C000098141 | Class R5     | OIERX           |
| C000109963 | Class R6     | OIEJX           |
| C000173561 | Class R3     | OIEPX           |
| C000173562 | Class R4     | OIEQX           |

### JPMorgan Equity Index Fund (Series ID: S000003847)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010747 | Class I      | HLEIX           |
| C000010748 | Class A      | OGEAX           |
| C000010750 | Class C      | OEICX           |
| C000173239 | Class R6     | OGFAX           |

### JPMorgan SMID Cap Equity Fund (Series ID: S000003855)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010792 | Class I      | WOOPX           |
| C000010793 | Class A      | PECAX           |
| C000010795 | Class C      | ODMCX           |
| C000162349 | Class R6     | WOOSX           |
| C000173563 | Class R3     | WOOOX           |
| C000173564 | Class R4     | WOOQX           |

### JPMorgan Large Cap Growth Fund (Series ID: S000003856)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010797 | Class I      | SEEGX           |
| C000010798 | Class A      | OLGAX           |
| C000010800 | Class C      | OLGCX           |
| C000070644 | Class R2     | JLGZX           |
| C000076449 | Class R5     | JLGRX           |
| C000093777 | Class R6     | JLGMX           |
| C000173565 | Class R3     | JLGPX           |
| C000173566 | Class R4     | JLGQX           |

### JPMorgan Large Cap Value Fund (Series ID: S000003857)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010802 | Class I      | HLQVX           |
| C000010803 | Class A      | OLVAX           |
| C000010805 | Class C      | OLVCX           |
| C000033523 | Class R5     | JLVRX           |
| C000070645 | Class R2     | JLVZX           |
| C000093778 | Class R6     | JLVMX           |
| C000205209 | Class R4     | OLVRX           |
| C000205210 | Class R3     | OLVTX           |

### JPMorgan Small Cap Growth Fund (Series ID: S000003859)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010811 | Class I      | OGGFX           |
| C000010812 | Class L      | JISGX           |
| C000010813 | Class A      | PGSGX           |
| C000010815 | Class C      | OSGCX           |
| C000070647 | Class R2     | JSGZX           |
| C000093779 | Class R6     | JGSMX           |
| C000173240 | Class R5     | JGSVX           |
| C000190882 | Class R3     | JGRQX           |
| C000190883 | Class R4     | JGLYX           |

### JPMorgan Small Cap Value Fund (Series ID: S000003899)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010893 | Class I      | PSOPX           |
| C000010894 | Class A      | PSOAX           |
| C000010896 | Class C      | OSVCX           |
| C000010897 | Class R6     | JSVUX           |
| C000033524 | Class R5     | JSVRX           |
| C000070648 | Class R2     | JSVZX           |
| C000173567 | Class R4     | JSVQX           |
| C000173568 | Class R3     | JSVPX           |

### JPMorgan Investor Growth Fund (Series ID: S000003901)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010902 | Class I      | ONIFX           |
| C000010903 | Class A      | ONGAX           |
| C000010905 | Class C      | OGGCX           |
| C000191459 | Class R6     | JFTUX           |

### JPMorgan Investor Growth & Income Fund (Series ID: S000003902)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010906 | Class I      | ONGFX           |
| C000010907 | Class A      | ONGIX           |
| C000010909 | Class C      | ONECX           |
| C000191460 | Class R6     | JFBUX           |

### JPMorgan Investor Balanced Fund (Series ID: S000003903)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010910 | Class I      | OIBFX           |
| C000010911 | Class A      | OGIAX           |
| C000010913 | Class C      | OGBCX           |
| C000191469 | Class R6     | JFQUX           |

### JPMorgan Investor Conservative Growth Fund (Series ID: S000003904)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010914 | Class I      | ONCFX           |
| C000010915 | Class A      | OICAX           |
| C000010917 | Class C      | OCGCX           |
| C000191474 | Class R6     | JFLJX           |

?xml version='1.0' encoding='ASCII'? JPMorgan Trust II

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-04236

#### JPMorgan Trust II
(Exact name of registrant as specified in charter)

------

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

With copies to: <br> Elizabeth A. Davin, Esq.JPMorgan Chase & Co.1111 Polaris ParkwayColumbus, OH 43240 Alison M. Fumai, Esq.Dechert LLP1905 Avenue of the AmericasNew York, NY 10036

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(800) 480-4111

#### Date of fiscal year end:

#### June 30

#### Date of reporting period:

#### June 30, 2025
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, 2025 (Unaudited)

JPMorgan Equity Income Fund

![FrontCoverImage](g20573images_2523.jpg)

Class A Shares/Ticker: OIEIX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Income Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Equity Income Fund<br>(Class A Shares) | $101 | 0.95% |

---

**How did the Fund Perform?**

The JPMorgan Equity Income Fund's Class A Shares, without a sales charge, returned 13.17% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.

* The Fund's security selection in the industrials and communication services detracted from performance. 

* The Fund's underweight allocation to JPMorgan Chase & Co. and Berkshire Hathaway detracted from performance. 

* The Fund's security selection in the financials and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Wells Fargo & Company and Philip Morris International Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810758.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Equity Income Fund (Class A Shares)** | February 18, 1992 | 7.23% | 11.64% | 9.02% |
| **JPMorgan Equity Income Fund (Class A Shares) - excluding sales charge** |  | 13.17 | 12.85 | 9.61 |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Value Index** |  | 13.70 | 13.93 | 9.19 |

---

 ***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, 2015 to June 30, 2025. 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 benchmarks, 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $43836022 |
| **Total number of portfolio holdings** | 85 |
| **Portfolio turnover rate** | 20% |
| **Total advisory fees paid (000's)** | $178869 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810881.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OIEIX-625

JPMorgan Equity Income Fund - Class A

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Equity Income Fund

![FrontCoverImage](g20573images_2523.jpg)

Class C Shares/Ticker: OINCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Income Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Equity Income Fund<br>(Class C Shares) | $154 | 1.45% |

---

**How did the Fund Perform?**

The JPMorgan Equity Income Fund's Class C Shares, without a sales charge, returned 12.63% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.

* The Fund's security selection in the industrials and communication services detracted from performance. 

* The Fund's underweight allocation to JPMorgan Chase & Co. and Berkshire Hathaway detracted from performance. 

* The Fund's security selection in the financials and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Wells Fargo & Company and Philip Morris International Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810747.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Equity Income Fund (Class C Shares)** | November 4, 1997 | 11.63% | 12.29% | 9.17% |
| **JPMorgan Equity Income Fund (Class C Shares) - excluding sales charge** |  | 12.63 | 12.29 | 9.17 |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Value Index** |  | 13.70 | 13.93 | 9.19 |

---

 ***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, 2015 to June 30, 2025. 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 benchmarks, 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $43836022 |
| **Total number of portfolio holdings** | 85 |
| **Portfolio turnover rate** | 20% |
| **Total advisory fees paid (000's)** | $178869 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810882.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OINCX-625

JPMorgan Equity Income Fund - Class C

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Equity Income Fund

![FrontCoverImage](g20573images_2523.jpg)

Class I Shares/Ticker: HLIEX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Income Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Equity Income Fund<br>(Class I Shares) | $74 | 0.70% |

---

**How did the Fund Perform?**

The JPMorgan Equity Income Fund's Class I Shares returned 13.46% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.

* The Fund's security selection in the industrials and communication services detracted from performance. 

* The Fund's underweight allocation to JPMorgan Chase & Co. and Berkshire Hathaway detracted from performance. 

* The Fund's security selection in the financials and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Wells Fargo & Company and Philip Morris International Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810748.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Equity Income Fund (Class I Shares)** | July 2, 1987 | 13.46% | 13.14% | 9.89% |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Value Index** |  | 13.70 | 13.93 | 9.19 |

---

 ***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, 2015 to June 30, 2025. 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 benchmarks, 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $43836022 |
| **Total number of portfolio holdings** | 85 |
| **Portfolio turnover rate** | 20% |
| **Total advisory fees paid (000's)** | $178869 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810880.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

HLIEX-625

JPMorgan Equity Income Fund - Class I

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Equity Income Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R2 Shares/Ticker: OIEFX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Income Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Equity Income Fund<br>(Class R2 Shares) | $128 | 1.20% |

---

**How did the Fund Perform?**

The JPMorgan Equity Income Fund's Class R2 Shares returned 12.87% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.

* The Fund's security selection in the industrials and communication services detracted from performance. 

* The Fund's underweight allocation to JPMorgan Chase & Co. and Berkshire Hathaway detracted from performance. 

* The Fund's security selection in the financials and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Wells Fargo & Company and Philip Morris International Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810749.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Equity Income Fund (Class R2 Shares)** | February 28, 2011 | 12.87% | 12.56% | 9.33% |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Value Index** |  | 13.70 | 13.93 | 9.19 |

---

 ***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, 2015 to June 30, 2025. 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 benchmarks, 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $43836022 |
| **Total number of portfolio holdings** | 85 |
| **Portfolio turnover rate** | 20% |
| **Total advisory fees paid (000's)** | $178869 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810879.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OIEFX-625

JPMorgan Equity Income Fund - Class R2

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Equity Income Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R3 Shares/Ticker: OIEPX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Income Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Equity Income Fund<br>(Class R3 Shares) | $101 | 0.95% |

---

**How did the Fund Perform?**

The JPMorgan Equity Income Fund's Class R3 Shares returned 13.13% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.

* The Fund's security selection in the industrials and communication services detracted from performance. 

* The Fund's underweight allocation to JPMorgan Chase & Co. and Berkshire Hathaway detracted from performance. 

* The Fund's security selection in the financials and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Wells Fargo & Company and Philip Morris International Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810750.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Equity Income Fund (Class R3 Shares)** | September 9, 2016 | 13.13% | 12.84% | 9.61% |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Value Index** |  | 13.70 | 13.93 | 9.19 |

---

 ***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, 2015 to June 30, 2025. 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 benchmarks, 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $43836022 |
| **Total number of portfolio holdings** | 85 |
| **Portfolio turnover rate** | 20% |
| **Total advisory fees paid (000's)** | $178869 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810890.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OIEPX-625

JPMorgan Equity Income Fund - Class R3

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Equity Income Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R4 Shares/Ticker: OIEQX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Income Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Equity Income Fund<br>(Class R4 Shares) | $74 | 0.70% |

---

**How did the Fund Perform?**

The JPMorgan Equity Income Fund's Class R4 Shares returned 13.47% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.

* The Fund's security selection in the industrials and communication services detracted from performance. 

* The Fund's underweight allocation to JPMorgan Chase & Co. and Berkshire Hathaway detracted from performance. 

* The Fund's security selection in the financials and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Wells Fargo & Company and Philip Morris International Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810751.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Equity Income Fund (Class R4 Shares)** | September 9, 2016 | 13.47% | 13.13% | 9.88% |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Value Index** |  | 13.70 | 13.93 | 9.19 |

---

 ***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, 2015 to June 30, 2025. 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 benchmarks, 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $43836022 |
| **Total number of portfolio holdings** | 85 |
| **Portfolio turnover rate** | 20% |
| **Total advisory fees paid (000's)** | $178869 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810889.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OIEQX-625

JPMorgan Equity Income Fund - Class R4

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Equity Income Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R5 Shares/Ticker: OIERX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Income Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Equity Income Fund<br>(Class R5 Shares) | $58 | 0.55% |

---

**How did the Fund Perform?**

The JPMorgan Equity Income Fund's Class R5 Shares returned 13.62% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.

* The Fund's security selection in the industrials and communication services detracted from performance. 

* The Fund's underweight allocation to JPMorgan Chase & Co. and Berkshire Hathaway detracted from performance. 

* The Fund's security selection in the financials and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Wells Fargo & Company and Philip Morris International Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810752.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Equity Income Fund (Class R5 Shares)** | February 28, 2011 | 13.62% | 13.31% | 10.06% |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Value Index** |  | 13.70 | 13.93 | 9.19 |

---

 ***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, 2015 to June 30, 2025. 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 benchmarks, 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $43836022 |
| **Total number of portfolio holdings** | 85 |
| **Portfolio turnover rate** | 20% |
| **Total advisory fees paid (000's)** | $178869 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810888.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OIERX-625

JPMorgan Equity Income Fund - Class R5

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Equity Income Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R6 Shares/Ticker: OIEJX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Income Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Equity Income Fund<br>(Class R6 Shares) | $48 | 0.45% |

---

**How did the Fund Perform?**

The JPMorgan Equity Income Fund's Class R6 Shares returned 13.74% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.

* The Fund's security selection in the industrials and communication services detracted from performance. 

* The Fund's underweight allocation to JPMorgan Chase & Co. and Berkshire Hathaway detracted from performance. 

* The Fund's security selection in the financials and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Wells Fargo & Company and Philip Morris International Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810741.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Equity Income Fund (Class R6 Shares)** | January 31, 2012 | 13.74% | 13.42% | 10.16% |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Value Index** |  | 13.70 | 13.93 | 9.19 |

---

 ***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, 2015 to June 30, 2025. 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 benchmarks, 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $43836022 |
| **Total number of portfolio holdings** | 85 |
| **Portfolio turnover rate** | 20% |
| **Total advisory fees paid (000's)** | $178869 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810887.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OIEJX-625

JPMorgan Equity Income Fund - Class R6

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Equity Index Fund

![FrontCoverImage](g20573images_2523.jpg)

Class A Shares/Ticker: OGEAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Index Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Equity Index Fund<br>(Class A Shares) | $48 | 0.45% |

---

**How did the Fund Perform?**

The JPMorgan Equity Index Fund's Class A Shares, without a sales charge, returned 14.66% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 15.16% for the twelve months ended June 30, 2025.

* Consistent with its indexing strategy, the Fund closely tracked the total return of the Index. 

* During the period, solid earnings growth provided good returns for U.S. large-cap equities. The first half of 2025 was characterized by high levels of market volatility. Concerns around trade policy and the effects on growth caused a sizeable sell-off late in the first quarter and into the second quarter. However, advancements in trade discussions and a temporary postponement of tariff increases alleviated recession fears, fueling a broad-based market rally to close out the period. 

* The majority of sectors in the Index produced positive returns. Financials and utilities were the best-performing sectors with both providing returns of over 20%. Health care and energy were the only sectors with negative returns, with both producing returns in the mid-single digit negative range. 

* The Fund achieved its indexing objective by following a full replication approach, owning all stocks in the Index in nearly the same weights. Additional cash was minimized, and cash held was equitized with futures to limit any drag on performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810742.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Equity Index Fund (Class A Shares)** | February 18, 1992 | 8.65% | 14.87% | 12.53% |
| **JPMorgan Equity Index Fund (Class A Shares) - excluding sales charge** |  | 14.66 | 16.12 | 13.14 |
| **S&P 500 Index** |  | 15.16 | 16.64 | 13.65 |

---

 ***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, 2015 to June 30, 2025. 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<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> 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.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $11412730 |
| **Total number of portfolio holdings** | 507 |
| **Portfolio turnover rate** | 12% |
| **Total advisory fees paid (000's)** | $0 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810886.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OGEAX-625

JPMorgan Equity Index Fund - Class A

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Equity Index Fund

![FrontCoverImage](g20573images_2523.jpg)

Class C Shares/Ticker: OEICX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Index Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Equity Index Fund<br>(Class C Shares) | $112 | 1.05% |

---

**How did the Fund Perform?**

The JPMorgan Equity Index Fund's Class C Shares, without a sales charge, returned 13.98% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 15.16% for the twelve months ended June 30, 2025.

* Consistent with its indexing strategy, the Fund closely tracked the total return of the Index. 

* During the period, solid earnings growth provided good returns for U.S. large-cap equities. The first half of 2025 was characterized by high levels of market volatility. Concerns around trade policy and the effects on growth caused a sizeable sell-off late in the first quarter and into the second quarter. However, advancements in trade discussions and a temporary postponement of tariff increases alleviated recession fears, fueling a broad-based market rally to close out the period. 

* The majority of sectors in the Index produced positive returns. Financials and utilities were the best-performing sectors with both providing returns of over 20%. Health care and energy were the only sectors with negative returns, with both producing returns in the mid-single digit negative range. 

* The Fund achieved its indexing objective by following a full replication approach, owning all stocks in the Index in nearly the same weights. Additional cash was minimized, and cash held was equitized with futures to limit any drag on performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810743.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Equity Index Fund (Class C Shares)** | November 4, 1997 | 12.98% | 15.42% | 12.57% |
| **JPMorgan Equity Index Fund (Class C Shares) - excluding sales charge** |  | 13.98 | 15.42 | 12.57 |
| **S&P 500 Index** |  | 15.16 | 16.64 | 13.65 |

---

 ***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, 2015 to June 30, 2025. 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<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> 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.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $11412730 |
| **Total number of portfolio holdings** | 507 |
| **Portfolio turnover rate** | 12% |
| **Total advisory fees paid (000's)** | $0 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810885.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OEICX-625

JPMorgan Equity Index Fund - Class C

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Equity Index Fund

![FrontCoverImage](g20573images_2523.jpg)

Class I Shares/Ticker: HLEIX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Index Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Equity Index Fund<br>(Class I Shares) | $21 | 0.20% |

---

**How did the Fund Perform?**

The JPMorgan Equity Index Fund's Class I Shares returned 14.95% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 15.16% for the twelve months ended June 30, 2025.

* Consistent with its indexing strategy, the Fund closely tracked the total return of the Index. 

* During the period, solid earnings growth provided good returns for U.S. large-cap equities. The first half of 2025 was characterized by high levels of market volatility. Concerns around trade policy and the effects on growth caused a sizeable sell-off late in the first quarter and into the second quarter. However, advancements in trade discussions and a temporary postponement of tariff increases alleviated recession fears, fueling a broad-based market rally to close out the period. 

* The majority of sectors in the Index produced positive returns. Financials and utilities were the best-performing sectors with both providing returns of over 20%. Health care and energy were the only sectors with negative returns, with both producing returns in the mid-single digit negative range. 

* The Fund achieved its indexing objective by following a full replication approach, owning all stocks in the Index in nearly the same weights. Additional cash was minimized, and cash held was equitized with futures to limit any drag on performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810744.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Equity Index Fund (Class I Shares)** | July 2, 1991 | 14.95% | 16.40% | 13.42% |
| **S&P 500 Index** |  | 15.16 | 16.64 | 13.65 |

---

 ***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, 2015 to June 30, 2025. 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<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> 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.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $11412730 |
| **Total number of portfolio holdings** | 507 |
| **Portfolio turnover rate** | 12% |
| **Total advisory fees paid (000's)** | $0 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810896.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

HLEIX-625

JPMorgan Equity Index Fund - Class I

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Equity Index Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R6 Shares/Ticker: OGFAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Index Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Equity Index Fund<br>(Class R6 Shares) | $5 | 0.04% |

---

**How did the Fund Perform?**

The JPMorgan Equity Index Fund's Class R6 Shares returned 15.12% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 15.16% for the twelve months ended June 30, 2025.

* Consistent with its indexing strategy, the Fund closely tracked the total return of the Index. 

* During the period, solid earnings growth provided good returns for U.S. large-cap equities. The first half of 2025 was characterized by high levels of market volatility. Concerns around trade policy and the effects on growth caused a sizeable sell-off late in the first quarter and into the second quarter. However, advancements in trade discussions and a temporary postponement of tariff increases alleviated recession fears, fueling a broad-based market rally to close out the period. 

* The majority of sectors in the Index produced positive returns. Financials and utilities were the best-performing sectors with both providing returns of over 20%. Health care and energy were the only sectors with negative returns, with both producing returns in the mid-single digit negative range. 

* The Fund achieved its indexing objective by following a full replication approach, owning all stocks in the Index in nearly the same weights. Additional cash was minimized, and cash held was equitized with futures to limit any drag on performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810745.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Equity Index Fund (Class R6 Shares)** | September 1, 2016 | 15.12% | 16.59% | 13.58% |
| **S&P 500 Index** |  | 15.16 | 16.64 | 13.65 |

---

 ***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, 2015 to June 30, 2025. 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<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> 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.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $11412730 |
| **Total number of portfolio holdings** | 507 |
| **Portfolio turnover rate** | 12% |
| **Total advisory fees paid (000's)** | $0 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810895.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OGFAX-625

JPMorgan Equity Index Fund - Class R6

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Investor Balanced Fund

![FrontCoverImage](g20573images_2523.jpg)

Class A Shares/Ticker: OGIAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Balanced Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Investor Balanced Fund<br>(Class A Shares) | $59 | 0.56% |

---

**How did the Fund Perform?**

The JPMorgan Investor Balanced Fund's Class A Shares, without a sales charge, returned 10.16% for the twelve months ended June 30, 2025. The Bloomberg U.S. Aggregate Index returned 6.08%, the Bloomberg U.S. Intermediate Aggregate Index (the "Index") returned 6.69%, the Russell 3000 Index returned 15.30%, the MSCI EAFE Index (net total return) returned 17.73%, and the Lipper Mixed-Asset Target Allocation Moderate Funds Index returned 10.72% for the twelve months ended June 30, 2025.

* Relative to the Index, which is an all-fixed income index, the Fund's diverse allocation to both equity and fixed income was a leading contributor, as equity markets outperformed fixed-income markets during the period. 

* The 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 move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance. 

* Our 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 detracted from overall performance as credit outpaced Treasuries. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810737.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Investor Balanced Fund (Class A Shares)** | December 10, 1996 | 5.23% | 6.64% | 6.04% |
| **JPMorgan Investor Balanced Fund (Class A Shares) - excluding sales charge** |  | 10.16 | 7.63 | 6.53 |
| **Bloomberg U.S. Aggregate Index** |  | 6.08 | (0.73) | 1.76 |
| **Bloomberg U.S. Intermediate Aggregate Index** |  | 6.69 | 0.23 | 1.80 |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **MSCI EAFE Index (net total return)** |  | 17.73 | 11.16 | 6.51 |
| **Lipper Mixed-Asset Target Allocation Moderate Funds Index** |  | 10.72 | 8.22 | 6.77 |

---

 ***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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Bloomberg U.S. Aggregate Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and several additional supplemental indices.

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<sup>®</sup> 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)

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5597054 |
| **Total number of portfolio holdings** | 26 |
| **Portfolio turnover rate** | 11% |
| **Total advisory fees paid (000's)** | $2680 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810902.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OGIAX-625

JPMorgan Investor Balanced Fund - Class A

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Investor Balanced Fund

![FrontCoverImage](g20573images_2523.jpg)

Class C Shares/Ticker: OGBCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Balanced Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Investor Balanced Fund<br>(Class C Shares) | $111 | 1.06% |

---

**How did the Fund Perform?**

The JPMorgan Investor Balanced Fund's Class C Shares, without a sales charge, returned 9.56% for the twelve months ended June 30, 2025. The Bloomberg U.S. Aggregate Index returned 6.08%, the Bloomberg U.S. Intermediate Aggregate Index (the "Index") returned 6.69%, the Russell 3000 Index returned 15.30%, the MSCI EAFE Index (net total return) returned 17.73%, and the Lipper Mixed-Asset Target Allocation Moderate Funds Index returned 10.72% for the twelve months ended June 30, 2025.

* Relative to the Index, which is an all-fixed income index, the Fund's diverse allocation to both equity and fixed income was a leading contributor, as equity markets outperformed fixed-income markets during the period. 

* The 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 move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance. 

* Our 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 detracted from overall performance as credit outpaced Treasuries. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810739.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Investor Balanced Fund (Class C Shares)** | July 1, 1997 | 8.56% | 7.09% | 6.07% |
| **JPMorgan Investor Balanced Fund (Class C Shares) - excluding sales charge** |  | 9.56 | 7.09 | 6.07 |
| **Bloomberg U.S. Aggregate Index** |  | 6.08 | (0.73) | 1.76 |
| **Bloomberg U.S. Intermediate Aggregate Index** |  | 6.69 | 0.23 | 1.80 |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **MSCI EAFE Index (net total return)** |  | 17.73 | 11.16 | 6.51 |
| **Lipper Mixed-Asset Target Allocation Moderate Funds Index** |  | 10.72 | 8.22 | 6.77 |

---

 ***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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Bloomberg U.S. Aggregate Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and several additional supplemental indices.

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<sup>®</sup> 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)

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5597054 |
| **Total number of portfolio holdings** | 26 |
| **Portfolio turnover rate** | 11% |
| **Total advisory fees paid (000's)** | $2680 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810901.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OGBCX-625

JPMorgan Investor Balanced Fund - Class C

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Investor Balanced Fund

![FrontCoverImage](g20573images_2523.jpg)

Class I Shares/Ticker: OIBFX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Balanced Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Investor Balanced Fund<br>(Class I Shares) | $33 | 0.31% |

---

**How did the Fund Perform?**

The JPMorgan Investor Balanced Fund's Class I Shares returned 10.40% for the twelve months ended June 30, 2025. The Bloomberg U.S. Aggregate Index returned 6.08%, the Bloomberg U.S. Intermediate Aggregate Index (the "Index") returned 6.69%, the Russell 3000 Index returned 15.30%, the MSCI EAFE Index (net total return) returned 17.73%, and the Lipper Mixed-Asset Target Allocation Moderate Funds Index returned 10.72% for the twelve months ended June 30, 2025.

* Relative to the Index, which is an all-fixed income index, the Fund's diverse allocation to both equity and fixed income was a leading contributor, as equity markets outperformed fixed-income markets during the period. 

* The 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 move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance. 

* Our 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 detracted from overall performance as credit outpaced Treasuries. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810740.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Investor Balanced Fund (Class I Shares)** | December 10, 1996 | 10.40% | 7.91% | 6.80% |
| **Bloomberg U.S. Aggregate Index** |  | 6.08 | (0.73) | 1.76 |
| **Bloomberg U.S. Intermediate Aggregate Index** |  | 6.69 | 0.23 | 1.80 |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **MSCI EAFE Index (net total return)** |  | 17.73 | 11.16 | 6.51 |
| **Lipper Mixed-Asset Target Allocation Moderate Funds Index** |  | 10.72 | 8.22 | 6.77 |

---

 ***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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Bloomberg U.S. Aggregate Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and several additional supplemental indices.

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<sup>®</sup> 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)

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5597054 |
| **Total number of portfolio holdings** | 26 |
| **Portfolio turnover rate** | 11% |
| **Total advisory fees paid (000's)** | $2680 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810900.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OIBFX-625

JPMorgan Investor Balanced Fund - Class I

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Investor Balanced Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R6 Shares/Ticker: JFQUX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Balanced Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Investor Balanced Fund<br>(Class R6 Shares) | $7 | 0.06% |

---

**How did the Fund Perform?**

The JPMorgan Investor Balanced Fund's Class R6 Shares returned 10.75% for the twelve months ended June 30, 2025. The Bloomberg U.S. Aggregate Index returned 6.08%, the Bloomberg U.S. Intermediate Aggregate Index (the "Index") returned 6.69%, the Russell 3000 Index returned 15.30%, the MSCI EAFE Index (net total return) returned 17.73%, and the Lipper Mixed-Asset Target Allocation Moderate Funds Index returned 10.72% for the twelve months ended June 30, 2025.

* Relative to the Index, which is an all-fixed income index, the Fund's diverse allocation to both equity and fixed income was a leading contributor, as equity markets outperformed fixed-income markets during the period. 

* The 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 move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance. 

* Our 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 detracted from overall performance as credit outpaced Treasuries. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810730.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Investor Balanced Fund (Class R6 Shares)** | July 31, 2017 | 10.75% | 8.18% | 6.98% |
| **Bloomberg U.S. Aggregate Index** |  | 6.08 | (0.73) | 1.76 |
| **Bloomberg U.S. Intermediate Aggregate Index** |  | 6.69 | 0.23 | 1.80 |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **MSCI EAFE Index (net total return)** |  | 17.73 | 11.16 | 6.51 |
| **Lipper Mixed-Asset Target Allocation Moderate Funds Index** |  | 10.72 | 8.22 | 6.77 |

---

 ***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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Bloomberg U.S. Aggregate Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and several additional supplemental indices.

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<sup>®</sup> 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)

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5597054 |
| **Total number of portfolio holdings** | 26 |
| **Portfolio turnover rate** | 11% |
| **Total advisory fees paid (000's)** | $2680 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810898.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JFQUX-625

JPMorgan Investor Balanced Fund - Class R6

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Investor Conservative Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class A Shares/Ticker: OICAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Conservative Growth Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Investor Conservative Growth Fund<br>(Class A Shares) | $59 | 0.56% |

---

**How did the Fund Perform?**

The JPMorgan Investor Conservative Growth Fund's Class A Shares, without a sales charge, returned 8.81% for the twelve months ended June 30, 2025. The Bloomberg U.S. Aggregate Index returned 6.08%, the Bloomberg U.S. Intermediate Aggregate Index (the "Index") returned 6.69%, the Russell 3000 Index returned 15.30%, the MSCI EAFE Index (net total return) returned 17.73%, and the Lipper Mixed-Asset Target Allocation Conservative Funds Index returned 8.70% for the twelve months ended June 30, 2025.

* Relative to the Index, which is an all fixed-income index, the Fund's diverse allocation to both equity and fixed income was a leading contributor, as equity markets outperformed fixed-income markets during the period. 

* The 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 move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance. 

* Our 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 detracted from overall performance as credit outpaced Treasuries. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810746.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Investor Conservative Growth Fund (Class A Shares)** | December 10, 1996 | 3.88% | 3.78% | 4.14% |
| **JPMorgan Investor Conservative Growth Fund (Class A Shares) - excluding sales charge** |  | 8.81 | 4.74 | 4.62 |
| **Bloomberg U.S. Aggregate Index** |  | 6.08 | (0.73) | 1.76 |
| **Bloomberg U.S. Intermediate Aggregate Index** |  | 6.69 | 0.23 | 1.80 |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **MSCI EAFE Index (net total return)** |  | 17.73 | 11.16 | 6.51 |
| **Lipper Mixed-Asset Target Allocation Conservative Funds Index** |  | 8.70 | 4.84 | 4.45 |

---

 ***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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Bloomberg U.S. Aggregate Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and several additional supplemental indices.

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<sup>®</sup> 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)

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3988962 |
| **Total number of portfolio holdings** | 27 |
| **Portfolio turnover rate** | 11% |
| **Total advisory fees paid (000's)** | $1923 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810893.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OICAX-625

JPMorgan Investor Conservative Growth Fund - Class A

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Investor Conservative Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class C Shares/Ticker: OCGCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Conservative Growth Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Investor Conservative Growth Fund<br>(Class C Shares) | $111 | 1.06% |

---

**How did the Fund Perform?**

The JPMorgan Investor Conservative Growth Fund's Class C Shares, without a sales charge, returned 8.24% for the twelve months ended June 30, 2025. The Bloomberg U.S. Aggregate Index returned 6.08%, the Bloomberg U.S. Intermediate Aggregate Index (the "Index") returned 6.69%, the Russell 3000 Index returned 15.30%, the MSCI EAFE Index (net total return) returned 17.73%, and the Lipper Mixed-Asset Target Allocation Conservative Funds Index returned 8.70% for the twelve months ended June 30, 2025.

* Relative to the Index, which is an all fixed-income index, the Fund's diverse allocation to both equity and fixed income was a leading contributor, as equity markets outperformed fixed-income markets during the period. 

* The 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 move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance. 

* Our 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 detracted from overall performance as credit outpaced Treasuries. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810735.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Investor Conservative Growth Fund (Class C Shares)** | July 1, 1997 | 7.24% | 4.21% | 4.16% |
| **JPMorgan Investor Conservative Growth Fund (Class C Shares) - excluding sales charge** |  | 8.24 | 4.21 | 4.16 |
| **Bloomberg U.S. Aggregate Index** |  | 6.08 | (0.73) | 1.76 |
| **Bloomberg U.S. Intermediate Aggregate Index** |  | 6.69 | 0.23 | 1.80 |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **MSCI EAFE Index (net total return)** |  | 17.73 | 11.16 | 6.51 |
| **Lipper Mixed-Asset Target Allocation Conservative Funds Index** |  | 8.70 | 4.84 | 4.45 |

---

 ***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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Bloomberg U.S. Aggregate Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and several additional supplemental indices.

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<sup>®</sup> 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)

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3988962 |
| **Total number of portfolio holdings** | 27 |
| **Portfolio turnover rate** | 11% |
| **Total advisory fees paid (000's)** | $1923 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810894.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OCGCX-625

JPMorgan Investor Conservative Growth Fund - Class C

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Investor Conservative Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class I Shares/Ticker: ONCFX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Conservative Growth Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Investor Conservative Growth Fund<br>(Class I Shares) | $33 | 0.31% |

---

**How did the Fund Perform?**

The JPMorgan Investor Conservative Growth Fund's Class I Shares returned 9.09% for the twelve months ended June 30, 2025. The Bloomberg U.S. Aggregate Index returned 6.08%, the Bloomberg U.S. Intermediate Aggregate Index (the "Index") returned 6.69%, the Russell 3000 Index returned 15.30%, the MSCI EAFE Index (net total return) returned 17.73%, and the Lipper Mixed-Asset Target Allocation Conservative Funds Index returned 8.70% for the twelve months ended June 30, 2025.

* Relative to the Index, which is an all fixed-income index, the Fund's diverse allocation to both equity and fixed income was a leading contributor, as equity markets outperformed fixed-income markets during the period. 

* The 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 move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance. 

* Our 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 detracted from overall performance as credit outpaced Treasuries. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810736.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Investor Conservative Growth Fund (Class I Shares)** | December 10, 1996 | 9.09% | 5.02% | 4.89% |
| **Bloomberg U.S. Aggregate Index** |  | 6.08 | (0.73) | 1.76 |
| **Bloomberg U.S. Intermediate Aggregate Index** |  | 6.69 | 0.23 | 1.80 |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **MSCI EAFE Index (net total return)** |  | 17.73 | 11.16 | 6.51 |
| **Lipper Mixed-Asset Target Allocation Conservative Funds Index** |  | 8.70 | 4.84 | 4.45 |

---

 ***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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Bloomberg U.S. Aggregate Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and several additional supplemental indices.

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<sup>®</sup> 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)

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3988962 |
| **Total number of portfolio holdings** | 27 |
| **Portfolio turnover rate** | 11% |
| **Total advisory fees paid (000's)** | $1923 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810891.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

ONCFX-625

JPMorgan Investor Conservative Growth Fund - Class I

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Investor Conservative Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R6 Shares/Ticker: JFLJX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Conservative Growth Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Investor Conservative Growth Fund<br>(Class R6 Shares) | $7 | 0.06% |

---

**How did the Fund Perform?**

The JPMorgan Investor Conservative Growth Fund's Class R6 Shares returned 9.37% for the twelve months ended June 30, 2025. The Bloomberg U.S. Aggregate Index returned 6.08%, the Bloomberg U.S. Intermediate Aggregate Index (the "Index") returned 6.69%, the Russell 3000 Index returned 15.30%, the MSCI EAFE Index (net total return) returned 17.73%, and the Lipper Mixed-Asset Target Allocation Conservative Funds Index returned 8.70% for the twelve months ended June 30, 2025.

* Relative to the Index, which is an all fixed-income index, the Fund's diverse allocation to both equity and fixed income was a leading contributor, as equity markets outperformed fixed-income markets during the period. 

* The 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 move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance. 

* Our 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 detracted from overall performance as credit outpaced Treasuries. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810738.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Investor Conservative Growth Fund (Class R6 Shares)** | July 31, 2017 | 9.37% | 5.28% | 5.06% |
| **Bloomberg U.S. Aggregate Index** |  | 6.08 | (0.73) | 1.76 |
| **Bloomberg U.S. Intermediate Aggregate Index** |  | 6.69 | 0.23 | 1.80 |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **MSCI EAFE Index (net total return)** |  | 17.73 | 11.16 | 6.51 |
| **Lipper Mixed-Asset Target Allocation Conservative Funds Index** |  | 8.70 | 4.84 | 4.45 |

---

 ***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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Bloomberg U.S. Aggregate Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and several additional supplemental indices.

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<sup>®</sup> 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)

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3988962 |
| **Total number of portfolio holdings** | 27 |
| **Portfolio turnover rate** | 11% |
| **Total advisory fees paid (000's)** | $1923 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810892.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JFLJX-625

JPMorgan Investor Conservative Growth Fund - Class R6

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Investor Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class A Shares/Ticker: ONGAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Growth Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Investor Growth Fund<br>(Class A Shares) | $58 | 0.55% |

---

**How did the Fund Perform?**

The JPMorgan Investor Growth Fund's Class A Shares, without a sales charge, returned 12.28% for the twelve months ended June 30, 2025. The Russell 3000 Index (the "Index") returned 15.30%, the Bloomberg U.S. Intermediate Aggregate Index returned 6.69%, the MSCI EAFE Index (net total return) returned 17.73% and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds returned 13.22% for the twelve months ended June 30, 2025.

* Relative to the Index, which is an all-equity index, the Fund's allocation to fixed income was a detractor, as equity markets outperformed fixed-income markets during the period. 

* The 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 move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance. 

* Our 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 detracted from overall performance as credit outpaced Treasuries. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810723.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Investor Growth Fund (Class A Shares)** | December 10, 1996 | 7.21% | 11.45% | 9.20% |
| **JPMorgan Investor Growth Fund (Class A Shares) - excluding sales charge** |  | 12.28 | 12.48 | 9.70 |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Bloomberg U.S. Intermediate Aggregate Index** |  | 6.69 | 0.23 | 1.80 |
| **MSCI EAFE Index (net total return)** |  | 17.73 | 11.16 | 6.51 |
| **Lipper Mixed-Asset Target Allocation Aggressive Growth Funds** |  | 13.22 | 12.08 | 8.83 |

---

 ***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 from June 30, 2015 to June 30, 2025. 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<sup>®</sup> 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)

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6066502 |
| **Total number of portfolio holdings** | 24 |
| **Portfolio turnover rate** | 3% |
| **Total advisory fees paid (000's)** | $2724 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810905.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

ONGAX-625

JPMorgan Investor Growth Fund - Class A

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Investor Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class C Shares/Ticker: OGGCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Growth Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Investor Growth Fund<br>(Class C Shares) | $113 | 1.07% |

---

**How did the Fund Perform?**

The JPMorgan Investor Growth Fund's Class C Shares, without a sales charge, returned 11.64% for the twelve months ended June 30, 2025. The Russell 3000 Index (the "Index") returned 15.30%, the Bloomberg U.S. Intermediate Aggregate Index returned 6.69%, the MSCI EAFE Index (net total return) returned 17.73% and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds returned 13.22% for the twelve months ended June 30, 2025.

* Relative to the Index, which is an all-equity index, the Fund's allocation to fixed income was a detractor, as equity markets outperformed fixed-income markets during the period. 

* The 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 move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance. 

* Our 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 detracted from overall performance as credit outpaced Treasuries. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810734.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Investor Growth Fund (Class C Shares)** | July 1, 1997 | 10.64% | 11.89% | 9.22% |
| **JPMorgan Investor Growth Fund (Class C Shares) - excluding sales charge** |  | 11.64 | 11.89 | 9.22 |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Bloomberg U.S. Intermediate Aggregate Index** |  | 6.69 | 0.23 | 1.80 |
| **MSCI EAFE Index (net total return)** |  | 17.73 | 11.16 | 6.51 |
| **Lipper Mixed-Asset Target Allocation Aggressive Growth Funds** |  | 13.22 | 12.08 | 8.83 |

---

 ***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 from June 30, 2015 to June 30, 2025. 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<sup>®</sup> 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)

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6066502 |
| **Total number of portfolio holdings** | 24 |
| **Portfolio turnover rate** | 3% |
| **Total advisory fees paid (000's)** | $2724 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810906.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OGGCX-625

JPMorgan Investor Growth Fund - Class C

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Investor Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class I Shares/Ticker: ONIFX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Growth Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Investor Growth Fund<br>(Class I Shares) | $33 | 0.31% |

---

**How did the Fund Perform?**

The JPMorgan Investor Growth Fund's Class I Shares returned 12.52% for the twelve months ended June 30, 2025. The Russell 3000 Index (the "Index") returned 15.30%, the Bloomberg U.S. Intermediate Aggregate Index returned 6.69%, the MSCI EAFE Index (net total return) returned 17.73% and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds returned 13.22% for the twelve months ended June 30, 2025.

* Relative to the Index, which is an all-equity index, the Fund's allocation to fixed income was a detractor, as equity markets outperformed fixed-income markets during the period. 

* The 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 move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance. 

* Our 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 detracted from overall performance as credit outpaced Treasuries. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810755.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Investor Growth Fund (Class I Shares)** | December 10, 1996 | 12.52% | 12.74% | 9.97% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Bloomberg U.S. Intermediate Aggregate Index** |  | 6.69 | 0.23 | 1.80 |
| **MSCI EAFE Index (net total return)** |  | 17.73 | 11.16 | 6.51 |
| **Lipper Mixed-Asset Target Allocation Aggressive Growth Funds** |  | 13.22 | 12.08 | 8.83 |

---

 ***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 from June 30, 2015 to June 30, 2025. 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<sup>®</sup> 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)

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6066502 |
| **Total number of portfolio holdings** | 24 |
| **Portfolio turnover rate** | 3% |
| **Total advisory fees paid (000's)** | $2724 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810873.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

ONIFX-625

JPMorgan Investor Growth Fund - Class I

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Investor Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R6 Shares/Ticker: JFTUX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Growth Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Investor Growth Fund<br>(Class R6 Shares) | $7 | 0.07% |

---

**How did the Fund Perform?**

The JPMorgan Investor Growth Fund's Class R6 Shares returned 12.80% for the twelve months ended June 30, 2025. The Russell 3000 Index (the "Index") returned 15.30%, the Bloomberg U.S. Intermediate Aggregate Index returned 6.69%, the MSCI EAFE Index (net total return) returned 17.73% and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds returned 13.22% for the twelve months ended June 30, 2025.

* Relative to the Index, which is an all-equity index, the Fund's allocation to fixed income was a detractor, as equity markets outperformed fixed-income markets during the period. 

* The 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 move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance. 

* Our 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 detracted from overall performance as credit outpaced Treasuries. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810756.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Investor Growth Fund (Class R6 Shares)** | July 31, 2017 | 12.80% | 13.01% | 10.14% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Bloomberg U.S. Intermediate Aggregate Index** |  | 6.69 | 0.23 | 1.80 |
| **MSCI EAFE Index (net total return)** |  | 17.73 | 11.16 | 6.51 |
| **Lipper Mixed-Asset Target Allocation Aggressive Growth Funds** |  | 13.22 | 12.08 | 8.83 |

---

 ***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 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 from June 30, 2015 to June 30, 2025. 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<sup>®</sup> 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)

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6066502 |
| **Total number of portfolio holdings** | 24 |
| **Portfolio turnover rate** | 3% |
| **Total advisory fees paid (000's)** | $2724 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810884.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JFTUX-625

JPMorgan Investor Growth Fund - Class R6

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Investor Growth & Income Fund

![FrontCoverImage](g20573images_2523.jpg)

Class A Shares/Ticker: ONGIX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Growth & Income Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Investor Growth & Income Fund<br>(Class A Shares) | $58 | 0.55% |

---

**How did the Fund Perform?**

The JPMorgan Investor Growth & Income Fund's Class A Shares, without a sales charge, returned 11.05% for the twelve months ended June 30, 2025. The Russell 3000 Index (the "Index") returned 15.30%, the Bloomberg U.S. Intermediate Aggregate Index returned 6.69%, the MSCI EAFE Index (net total return) returned 17.73% and the Lipper Mixed-Asset Target Allocation Growth Funds Index returned 11.89% for the twelve months ended June 30, 2025.

* Relative to the Index, which is an all-equity index, the Fund's allocation to fixed income was a detractor, as equity markets outperformed fixed-income markets during the period. 

* The 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 move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance. 

* Our 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 detracted from overall performance as credit outpaced Treasuries. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810729.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Investor Growth & Income Fund (Class A Shares)** | December 10, 1996 | 6.04% | 8.86% | 7.55% |
| **JPMorgan Investor Growth & Income Fund (Class A Shares) - excluding sales charge** |  | 11.05 | 9.86 | 8.05 |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Bloomberg U.S. Intermediate Aggregate Index** |  | 6.69 | 0.23 | 1.80 |
| **MSCI EAFE Index (net total return)** |  | 17.73 | 11.16 | 6.51 |
| **Lipper Mixed-Asset Target Allocation Growth Funds Index** |  | 11.89 | 9.92 | 8.22 |

---

 ***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, 2015 to June 30, 2025. 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 marketperformance 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<sup>®</sup> 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)

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $4991111 |
| **Total number of portfolio holdings** | 26 |
| **Portfolio turnover rate** | 8% |
| **Total advisory fees paid (000's)** | $2314 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810899.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

ONGIX-625

JPMorgan Investor Growth & Income Fund - Class A

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Investor Growth & Income Fund

![FrontCoverImage](g20573images_2523.jpg)

Class C Shares/Ticker: ONECX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Growth & Income Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Investor Growth & Income Fund<br>(Class C Shares) | $112 | 1.07% |

---

**How did the Fund Perform?**

The JPMorgan Investor Growth & Income Fund's Class C Shares, without a sales charge, returned 10.48% for the twelve months ended June 30, 2025. The Russell 3000 Index (the "Index") returned 15.30%, the Bloomberg U.S. Intermediate Aggregate Index returned 6.69%, the MSCI EAFE Index (net total return) returned 17.73% and the Lipper Mixed-Asset Target Allocation Growth Funds Index returned 11.89% for the twelve months ended June 30, 2025.

* Relative to the Index, which is an all-equity index, the Fund's allocation to fixed income was a detractor, as equity markets outperformed fixed-income markets during the period. 

* The 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 move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance. 

* Our 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 detracted from overall performance as credit outpaced Treasuries. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810731.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Investor Growth & Income Fund (Class C Shares)** | July 1, 1997 | 9.48% | 9.29% | 7.58% |
| **JPMorgan Investor Growth & Income Fund (Class C Shares) - excluding sales charge** |  | 10.48 | 9.29 | 7.58 |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Bloomberg U.S. Intermediate Aggregate Index** |  | 6.69 | 0.23 | 1.80 |
| **MSCI EAFE Index (net total return)** |  | 17.73 | 11.16 | 6.51 |
| **Lipper Mixed-Asset Target Allocation Growth Funds Index** |  | 11.89 | 9.92 | 8.22 |

---

 ***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, 2015 to June 30, 2025. 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 marketperformance 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<sup>®</sup> 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)

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $4991111 |
| **Total number of portfolio holdings** | 26 |
| **Portfolio turnover rate** | 8% |
| **Total advisory fees paid (000's)** | $2314 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810897.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

ONECX-625

JPMorgan Investor Growth & Income Fund - Class C

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Investor Growth & Income Fund

![FrontCoverImage](g20573images_2523.jpg)

Class I Shares/Ticker: ONGFX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Growth & Income Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Investor Growth & Income Fund<br>(Class I Shares) | $33 | 0.31% |

---

**How did the Fund Perform?**

The JPMorgan Investor Growth & Income Fund's Class I Shares returned 11.32% for the twelve months ended June 30, 2025. The Russell 3000 Index (the "Index") returned 15.30%, the Bloomberg U.S. Intermediate Aggregate Index returned 6.69%, the MSCI EAFE Index (net total return) returned 17.73% and the Lipper Mixed-Asset Target Allocation Growth Funds Index returned 11.89% for the twelve months ended June 30, 2025.

* Relative to the Index, which is an all-equity index, the Fund's allocation to fixed income was a detractor, as equity markets outperformed fixed-income markets during the period. 

* The 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 move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance. 

* Our 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 detracted from overall performance as credit outpaced Treasuries. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810732.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Investor Growth & Income Fund (Class I Shares)** | December 10, 1996 | 11.32% | 10.12% | 8.31% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Bloomberg U.S. Intermediate Aggregate Index** |  | 6.69 | 0.23 | 1.80 |
| **MSCI EAFE Index (net total return)** |  | 17.73 | 11.16 | 6.51 |
| **Lipper Mixed-Asset Target Allocation Growth Funds Index** |  | 11.89 | 9.92 | 8.22 |

---

 ***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, 2015 to June 30, 2025. 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 marketperformance 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<sup>®</sup> 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)

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $4991111 |
| **Total number of portfolio holdings** | 26 |
| **Portfolio turnover rate** | 8% |
| **Total advisory fees paid (000's)** | $2314 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810907.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

ONGFX-625

JPMorgan Investor Growth & Income Fund - Class I

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Investor Growth & Income Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R6 Shares/Ticker: JFBUX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Growth & Income Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Investor Growth & Income Fund<br>(Class R6 Shares) | $7 | 0.06% |

---

**How did the Fund Perform?**

The JPMorgan Investor Growth & Income Fund's Class R6 Shares returned 11.54% for the twelve months ended June 30, 2025. The Russell 3000 Index (the "Index") returned 15.30%, the Bloomberg U.S. Intermediate Aggregate Index returned 6.69%, the MSCI EAFE Index (net total return) returned 17.73% and the Lipper Mixed-Asset Target Allocation Growth Funds Index returned 11.89% for the twelve months ended June 30, 2025.

* Relative to the Index, which is an all-equity index, the Fund's allocation to fixed income was a detractor, as equity markets outperformed fixed-income markets during the period. 

* The 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 move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance. 

* Our 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 detracted from overall performance as credit outpaced Treasuries. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810733.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Investor Growth & Income Fund (Class R6 Shares)** | July 31, 2017 | 11.54% | 10.40% | 8.49% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Bloomberg U.S. Intermediate Aggregate Index** |  | 6.69 | 0.23 | 1.80 |
| **MSCI EAFE Index (net total return)** |  | 17.73 | 11.16 | 6.51 |
| **Lipper Mixed-Asset Target Allocation Growth Funds Index** |  | 11.89 | 9.92 | 8.22 |

---

 ***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, 2015 to June 30, 2025. 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 marketperformance 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<sup>®</sup> 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)

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $4991111 |
| **Total number of portfolio holdings** | 26 |
| **Portfolio turnover rate** | 8% |
| **Total advisory fees paid (000's)** | $2314 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810908.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JFBUX-625

JPMorgan Investor Growth & Income Fund - Class R6

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Large Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class A Shares/Ticker: OLGAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Growth Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. 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, 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 material 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Large Cap Growth Fund<br>(Class A Shares) | $100 | 0.93% |

---

**How did the Fund Perform?**

The JPMorgan Large Cap Growth Fund's Class A Shares, without a sales charge, returned 14.44% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Growth Index (the "Index") returned 17.22% for the twelve months ended June 30, 2025.

* The Fund's security selection in the industrials sector and an overweight allocation in the health care sector detracted from performance. 

* The Fund's underweight allocation to Tesla, Inc. and not owning Palantir Technologies Inc. detracted from performance. 

* The Fund's security selection in the information technology sector contributed to performance. 

* The Fund's underweight allocation to Apple, Inc. and an overweight allocation to Netflix, Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810663.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Large Cap Growth Fund (Class A Shares)** | February 22, 1994 | 8.43% | 15.52% | 16.64% |
| **JPMorgan Large Cap Growth Fund (Class A Shares) - excluding sales charge** |  | 14.44 | 16.77 | 17.27 |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Growth Index** |  | 17.22 | 18.15 | 17.01 |

---

 ***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, 2015 to June 30, 2025. 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 benchmarks, 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $114064398 |
| **Total number of portfolio holdings** | 74 |
| **Portfolio turnover rate** | 52% |
| **Total advisory fees paid (000's)** | $422369 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809404.jpg)

#### Material changes to the Fund during the period
Effective March 5, 2025, the Fund began operating as a non-diversified company. In connection with this change, the Fund added "Non-Diversified Fund Risk" disclosure to its summary prospectus as of March 5, 2025. As a non-diversified company, the Fund may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund's Shares being more sensitive to economic results among those issuing the securities. The value of the Fund's Shares may also be more volatile than the value of the Fund which invests in more securities.

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OLGAX-625

JPMorgan Large Cap Growth Fund - Class A

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Large Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class C Shares/Ticker: OLGCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Growth Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. 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, 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 material 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Large Cap Growth Fund<br>(Class C Shares) | $153 | 1.43% |

---

**How did the Fund Perform?**

The JPMorgan Large Cap Growth Fund's Class C Shares, without a sales charge, returned 13.86% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Growth Index (the "Index") returned 17.22% for the twelve months ended June 30, 2025.

* The Fund's security selection in the industrials sector and an overweight allocation in the health care sector detracted from performance. 

* The Fund's underweight allocation to Tesla, Inc. and not owning Palantir Technologies Inc. detracted from performance. 

* The Fund's security selection in the information technology sector contributed to performance. 

* The Fund's underweight allocation to Apple, Inc. and an overweight allocation to Netflix, Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810665.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Large Cap Growth Fund (Class C Shares)** | November 4, 1997 | 12.86% | 16.19% | 16.80% |
| **JPMorgan Large Cap Growth Fund (Class C Shares) - excluding sales charge** |  | 13.86 | 16.19 | 16.80 |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Growth Index** |  | 17.22 | 18.15 | 17.01 |

---

 ***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, 2015 to June 30, 2025. 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 benchmarks, 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $114064398 |
| **Total number of portfolio holdings** | 74 |
| **Portfolio turnover rate** | 52% |
| **Total advisory fees paid (000's)** | $422369 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809403.jpg)

#### Material changes to the Fund during the period
Effective March 5, 2025, the Fund began operating as a non-diversified company. In connection with this change, the Fund added "Non-Diversified Fund Risk" disclosure to its summary prospectus as of March 5, 2025. As a non-diversified company, the Fund may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund's Shares being more sensitive to economic results among those issuing the securities. The value of the Fund's Shares may also be more volatile than the value of the Fund which invests in more securities.

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OLGCX-625

JPMorgan Large Cap Growth Fund - Class C

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Large Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class I Shares/Ticker: SEEGX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Growth Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. 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, 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 material 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Large Cap Growth Fund<br>(Class I Shares) | $73 | 0.68% |

---

**How did the Fund Perform?**

The JPMorgan Large Cap Growth Fund's Class I Shares returned 14.72% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Growth Index (the "Index") returned 17.22% for the twelve months ended June 30, 2025.

* The Fund's security selection in the industrials sector and an overweight allocation in the health care sector detracted from performance. 

* The Fund's underweight allocation to Tesla, Inc. and not owning Palantir Technologies Inc. detracted from performance. 

* The Fund's security selection in the information technology sector contributed to performance. 

* The Fund's underweight allocation to Apple, Inc. and an overweight allocation to Netflix, Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810666.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Large Cap Growth Fund (Class I Shares)** | February 28, 1992 | 14.72% | 17.06% | 17.53% |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Growth Index** |  | 17.22 | 18.15 | 17.01 |

---

 ***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, 2015 to June 30, 2025. 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 benchmarks, 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $114064398 |
| **Total number of portfolio holdings** | 74 |
| **Portfolio turnover rate** | 52% |
| **Total advisory fees paid (000's)** | $422369 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809414.jpg)

#### Material changes to the Fund during the period
Effective March 5, 2025, the Fund began operating as a non-diversified company. In connection with this change, the Fund added "Non-Diversified Fund Risk" disclosure to its summary prospectus as of March 5, 2025. As a non-diversified company, the Fund may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund's Shares being more sensitive to economic results among those issuing the securities. The value of the Fund's Shares may also be more volatile than the value of the Fund which invests in more securities.

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

SEEGX-625

JPMorgan Large Cap Growth Fund - Class I

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Large Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R2 Shares/Ticker: JLGZX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Growth Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. 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, 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 material 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Large Cap Growth Fund<br>(Class R2 Shares) | $127 | 1.18% |

---

**How did the Fund Perform?**

The JPMorgan Large Cap Growth Fund's Class R2 Shares returned 14.16% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Growth Index (the "Index") returned 17.22% for the twelve months ended June 30, 2025.

* The Fund's security selection in the industrials sector and an overweight allocation in the health care sector detracted from performance. 

* The Fund's underweight allocation to Tesla, Inc. and not owning Palantir Technologies Inc. detracted from performance. 

* The Fund's security selection in the information technology sector contributed to performance. 

* The Fund's underweight allocation to Apple, Inc. and an overweight allocation to Netflix, Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810668.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Large Cap Growth Fund (Class R2 Shares)** | November 3, 2008 | 14.16% | 16.48% | 16.97% |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Growth Index** |  | 17.22 | 18.15 | 17.01 |

---

 ***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, 2015 to June 30, 2025. 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 benchmarks, 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $114064398 |
| **Total number of portfolio holdings** | 74 |
| **Portfolio turnover rate** | 52% |
| **Total advisory fees paid (000's)** | $422369 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809412.jpg)

#### Material changes to the Fund during the period
Effective March 5, 2025, the Fund began operating as a non-diversified company. In connection with this change, the Fund added "Non-Diversified Fund Risk" disclosure to its summary prospectus as of March 5, 2025. As a non-diversified company, the Fund may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund's Shares being more sensitive to economic results among those issuing the securities. The value of the Fund's Shares may also be more volatile than the value of the Fund which invests in more securities.

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JLGZX-625

JPMorgan Large Cap Growth Fund - Class R2

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Large Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R3 Shares/Ticker: JLGPX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Growth Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. 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, 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 material 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Large Cap Growth Fund<br>(Class R3 Shares) | $100 | 0.93% |

---

**How did the Fund Perform?**

The JPMorgan Large Cap Growth Fund's Class R3 Shares returned 14.44% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Growth Index (the "Index") returned 17.22% for the twelve months ended June 30, 2025.

* The Fund's security selection in the industrials sector and an overweight allocation in the health care sector detracted from performance. 

* The Fund's underweight allocation to Tesla, Inc. and not owning Palantir Technologies Inc. detracted from performance. 

* The Fund's security selection in the information technology sector contributed to performance. 

* The Fund's underweight allocation to Apple, Inc. and an overweight allocation to Netflix, Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810667.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Large Cap Growth Fund (Class R3 Shares)** | September 9, 2016 | 14.44% | 16.77% | 17.25% |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Growth Index** |  | 17.22 | 18.15 | 17.01 |

---

 ***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, 2015 to June 30, 2025. 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 benchmarks, 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $114064398 |
| **Total number of portfolio holdings** | 74 |
| **Portfolio turnover rate** | 52% |
| **Total advisory fees paid (000's)** | $422369 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809413.jpg)

#### Material changes to the Fund during the period
Effective March 5, 2025, the Fund began operating as a non-diversified company. In connection with this change, the Fund added "Non-Diversified Fund Risk" disclosure to its summary prospectus as of March 5, 2025. As a non-diversified company, the Fund may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund's Shares being more sensitive to economic results among those issuing the securities. The value of the Fund's Shares may also be more volatile than the value of the Fund which invests in more securities.

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JLGPX-625

JPMorgan Large Cap Growth Fund - Class R3

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Large Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R4 Shares/Ticker: JLGQX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Growth Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. 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, 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 material 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Large Cap Growth Fund<br>(Class R4 Shares) | $73 | 0.68% |

---

**How did the Fund Perform?**

The JPMorgan Large Cap Growth Fund's Class R4 Shares returned 14.73% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Growth Index (the "Index") returned 17.22% for the twelve months ended June 30, 2025.

* The Fund's security selection in the industrials sector and an overweight allocation in the health care sector detracted from performance. 

* The Fund's underweight allocation to Tesla, Inc. and not owning Palantir Technologies Inc. detracted from performance. 

* The Fund's security selection in the information technology sector contributed to performance. 

* The Fund's underweight allocation to Apple, Inc. and an overweight allocation to Netflix, Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810657.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Large Cap Growth Fund (Class R4 Shares)** | September 9, 2016 | 14.73% | 17.06% | 17.53% |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Growth Index** |  | 17.22 | 18.15 | 17.01 |

---

 ***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, 2015 to June 30, 2025. 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 benchmarks, 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $114064398 |
| **Total number of portfolio holdings** | 74 |
| **Portfolio turnover rate** | 52% |
| **Total advisory fees paid (000's)** | $422369 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809411.jpg)

#### Material changes to the Fund during the period
Effective March 5, 2025, the Fund began operating as a non-diversified company. In connection with this change, the Fund added "Non-Diversified Fund Risk" disclosure to its summary prospectus as of March 5, 2025. As a non-diversified company, the Fund may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund's Shares being more sensitive to economic results among those issuing the securities. The value of the Fund's Shares may also be more volatile than the value of the Fund which invests in more securities.

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JLGQX-625

JPMorgan Large Cap Growth Fund - Class R4

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Large Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R5 Shares/Ticker: JLGRX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Growth Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. 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, 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 material 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Large Cap Growth Fund<br>(Class R5 Shares) | $57 | 0.53% |

---

**How did the Fund Perform?**

The JPMorgan Large Cap Growth Fund's Class R5 Shares returned 14.89% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Growth Index (the "Index") returned 17.22% for the twelve months ended June 30, 2025.

* The Fund's security selection in the industrials sector and an overweight allocation in the health care sector detracted from performance. 

* The Fund's underweight allocation to Tesla, Inc. and not owning Palantir Technologies Inc. detracted from performance. 

* The Fund's security selection in the information technology sector contributed to performance. 

* The Fund's underweight allocation to Apple, Inc. and an overweight allocation to Netflix, Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810658.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Large Cap Growth Fund (Class R5 Shares)** | April 14, 2009 | 14.89% | 17.23% | 17.72% |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Growth Index** |  | 17.22 | 18.15 | 17.01 |

---

 ***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, 2015 to June 30, 2025. 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 benchmarks, 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $114064398 |
| **Total number of portfolio holdings** | 74 |
| **Portfolio turnover rate** | 52% |
| **Total advisory fees paid (000's)** | $422369 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809409.jpg)

#### Material changes to the Fund during the period
Effective March 5, 2025, the Fund began operating as a non-diversified company. In connection with this change, the Fund added "Non-Diversified Fund Risk" disclosure to its summary prospectus as of March 5, 2025. As a non-diversified company, the Fund may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund's Shares being more sensitive to economic results among those issuing the securities. The value of the Fund's Shares may also be more volatile than the value of the Fund which invests in more securities.

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JLGRX-625

JPMorgan Large Cap Growth Fund - Class R5

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Large Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R6 Shares/Ticker: JLGMX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Growth Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. 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, 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 material 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Large Cap Growth Fund<br>(Class R6 Shares) | $47 | 0.43% |

---

**How did the Fund Perform?**

The JPMorgan Large Cap Growth Fund's Class R6 Shares returned 15.01% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Growth Index (the "Index") returned 17.22% for the twelve months ended June 30, 2025.

* The Fund's security selection in the industrials sector and an overweight allocation in the health care sector detracted from performance. 

* The Fund's underweight allocation to Tesla, Inc. and not owning Palantir Technologies Inc. detracted from performance. 

* The Fund's security selection in the information technology sector contributed to performance. 

* The Fund's underweight allocation to Apple, Inc. and an overweight allocation to Netflix, Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810659.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Large Cap Growth Fund (Class R6 Shares)** | November 30, 2010 | 15.01% | 17.35% | 17.84% |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Growth Index** |  | 17.22 | 18.15 | 17.01 |

---

 ***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, 2015 to June 30, 2025. 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 benchmarks, 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $114064398 |
| **Total number of portfolio holdings** | 74 |
| **Portfolio turnover rate** | 52% |
| **Total advisory fees paid (000's)** | $422369 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809410.jpg)

#### Material changes to the Fund during the period
Effective March 5, 2025, the Fund began operating as a non-diversified company. In connection with this change, the Fund added "Non-Diversified Fund Risk" disclosure to its summary prospectus as of March 5, 2025. As a non-diversified company, the Fund may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund's Shares being more sensitive to economic results among those issuing the securities. The value of the Fund's Shares may also be more volatile than the value of the Fund which invests in more securities.

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JLGMX-625

JPMorgan Large Cap Growth Fund - Class R6

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)
JPMorgan Large Cap Value Fund

![FrontCoverImage](g20573images_2523.jpg)

Class A Shares/Ticker: OLVAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Value Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Large Cap Value Fund<br>(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 12.83% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.

* The Fund's security selection in the materials and health care sectors detracted from performance. 

* The Fund's underweight allocation to JPMorgan Chase & Co. and overweight allocation to Regeneron Pharmaceuticals Inc. detracted from performance. 

* The Fund's security selection in the information technology and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Philip Morris International and Seagate Technology Holdings plc contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810661.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Large Cap Value Fund (Class A Shares)** | February 18, 1992 | 6.90% | 15.69% | 9.82% |
| **JPMorgan Large Cap Value Fund (Class A Shares) - excluding sales charge** |  | 12.83 | 16.93 | 10.41 |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Value Index** |  | 13.70 | 13.93 | 9.19 |

---

 ***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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5050019 |
| **Total number of portfolio holdings** | 99 |
| **Portfolio turnover rate** | 185% |
| **Total advisory fees paid (000's)** | $17634 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809419.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OLVAX-625

JPMorgan Large Cap Value Fund - Class A

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Large Cap Value Fund

![FrontCoverImage](g20573images_2523.jpg)

Class C Shares/Ticker: OLVCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Value Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Large Cap Value Fund<br>(Class C Shares) | $152 | 1.44% |

---

**How did the Fund Perform?**

The JPMorgan Large Cap Value Fund's Class C Shares, without a sales charge, returned 12.25% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.

* The Fund's security selection in the materials and health care sectors detracted from performance. 

* The Fund's underweight allocation to JPMorgan Chase & Co. and overweight allocation to Regeneron Pharmaceuticals Inc. detracted from performance. 

* The Fund's security selection in the information technology and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Philip Morris International and Seagate Technology Holdings plc contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810660.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Large Cap Value Fund (Class C Shares)** | March 22, 1999 | 11.25% | 16.33% | 9.96% |
| **JPMorgan Large Cap Value Fund (Class C Shares) - excluding sales charge** |  | 12.25 | 16.33 | 9.96 |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Value Index** |  | 13.70 | 13.93 | 9.19 |

---

 ***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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5050019 |
| **Total number of portfolio holdings** | 99 |
| **Portfolio turnover rate** | 185% |
| **Total advisory fees paid (000's)** | $17634 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809420.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OLVCX-625

JPMorgan Large Cap Value Fund - Class C

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Large Cap Value Fund

![FrontCoverImage](g20573images_2523.jpg)

Class I Shares/Ticker: HLQVX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Value Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorgan.com/academy. You can also request this information by contacting us at 1-646-341-6869, by sending an e-mail request to funds@academysecurities.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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Large Cap Value Fund<br>(Class I Shares) | $73 | 0.69% |

---

**How did the Fund Perform?**

The JPMorgan Large Cap Value Fund's Class I Shares returned 13.05% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.

* The Fund's security selection in the materials and health care sectors detracted from performance. 

* The Fund's underweight allocation to JPMorgan Chase & Co. and overweight allocation to Regeneron Pharmaceuticals Inc. detracted from performance. 

* The Fund's security selection in the information technology and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Philip Morris International and Seagate Technology Holdings plc contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810662.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Large Cap Value Fund (Class I Shares)** | March 1, 1991 | 13.05% | 17.19% | 10.65% |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Value Index** |  | 13.70 | 13.93 | 9.19 |

---

 ***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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5050019 |
| **Total number of portfolio holdings** | 99 |
| **Portfolio turnover rate** | 185% |
| **Total advisory fees paid (000's)** | $17634 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809418.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

HLQVX-625

JPMorgan Large Cap Value Fund - Class I

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)
JPMorgan Large Cap Value Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R2 Shares/Ticker: JLVZX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Value Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorgan.com/academy. You can also request this information by contacting us at 1-646-341-6869, by sending an e-mail request to funds@academysecurities.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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Large Cap Value Fund<br>(Class R2 Shares) | $126 | 1.19% |

---

**How did the Fund Perform?**

The JPMorgan Large Cap Value Fund's Class R2 Shares returned 12.55% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.

* The Fund's security selection in the materials and health care sectors detracted from performance. 

* The Fund's underweight allocation to JPMorgan Chase & Co. and overweight allocation to Regeneron Pharmaceuticals Inc. detracted from performance. 

* The Fund's security selection in the information technology and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Philip Morris International and Seagate Technology Holdings plc contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810652.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Large Cap Value Fund (Class R2 Shares)** | November 3, 2008 | 12.55% | 16.61% | 10.11% |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Value Index** |  | 13.70 | 13.93 | 9.19 |

---

 ***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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5050019 |
| **Total number of portfolio holdings** | 99 |
| **Portfolio turnover rate** | 185% |
| **Total advisory fees paid (000's)** | $17634 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809416.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JLVZX-625

JPMorgan Large Cap Value Fund - Class R2

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)
JPMorgan Large Cap Value Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R3 Shares/Ticker: OLVTX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Value Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorgan.com/academy. You can also request this information by contacting us at 1-646-341-6869, by sending an e-mail request to funds@academysecurities.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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Large Cap Value Fund<br>(Class R3 Shares) | $100 | 0.94% |

---

**How did the Fund Perform?**

The JPMorgan Large Cap Value Fund's Class R3 Shares returned 12.82% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.

* The Fund's security selection in the materials and health care sectors detracted from performance. 

* The Fund's underweight allocation to JPMorgan Chase & Co. and overweight allocation to Regeneron Pharmaceuticals Inc. detracted from performance. 

* The Fund's security selection in the information technology and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Philip Morris International and Seagate Technology Holdings plc contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810651.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Large Cap Value Fund (Class R3 Shares)** | October 1, 2018 | 12.82% | 16.91% | 10.40% |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Value Index** |  | 13.70 | 13.93 | 9.19 |

---

 ***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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5050019 |
| **Total number of portfolio holdings** | 99 |
| **Portfolio turnover rate** | 185% |
| **Total advisory fees paid (000's)** | $17634 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809417.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OLVTX-625

JPMorgan Large Cap Value Fund - Class R3

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Large Cap Value Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R4 Shares/Ticker: OLVRX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Value Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorgan.com/academy. You can also request this information by contacting us at 1-646-341-6869, by sending an e-mail request to funds@academysecurities.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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Large Cap Value Fund<br>(Class R4 Shares) | $73 | 0.69% |

---

**How did the Fund Perform?**

The JPMorgan Large Cap Value Fund's Class R4 Shares returned 13.06% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.

* The Fund's security selection in the materials and health care sectors detracted from performance. 

* The Fund's underweight allocation to JPMorgan Chase & Co. and overweight allocation to Regeneron Pharmaceuticals Inc. detracted from performance. 

* The Fund's security selection in the information technology and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Philip Morris International and Seagate Technology Holdings plc contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810654.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Large Cap Value Fund (Class R4 Shares)** | October 1, 2018 | 13.06% | 17.20% | 10.66% |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Value Index** |  | 13.70 | 13.93 | 9.19 |

---

 ***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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5050019 |
| **Total number of portfolio holdings** | 99 |
| **Portfolio turnover rate** | 185% |
| **Total advisory fees paid (000's)** | $17634 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809415.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OLVRX-625

JPMorgan Large Cap Value Fund - Class R4

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Large Cap Value Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R5 Shares/Ticker: JLVRX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Value Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorgan.com/academy. You can also request this information by contacting us at 1-646-341-6869, by sending an e-mail request to funds@academysecurities.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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Large Cap Value Fund<br>(Class R5 Shares) | $57 | 0.54% |

---

**How did the Fund Perform?**

The JPMorgan Large Cap Value Fund's Class R5 Shares returned 13.29% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.

* The Fund's security selection in the materials and health care sectors detracted from performance. 

* The Fund's underweight allocation to JPMorgan Chase & Co. and overweight allocation to Regeneron Pharmaceuticals Inc. detracted from performance. 

* The Fund's security selection in the information technology and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Philip Morris International and Seagate Technology Holdings plc contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810653.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Large Cap Value Fund (Class R5 Shares)** | May 15, 2006 | 13.29% | 17.38% | 10.83% |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Value Index** |  | 13.70 | 13.93 | 9.19 |

---

 ***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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5050019 |
| **Total number of portfolio holdings** | 99 |
| **Portfolio turnover rate** | 185% |
| **Total advisory fees paid (000's)** | $17634 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809426.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JLVRX-625

JPMorgan Large Cap Value Fund - Class R5

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Large Cap Value Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R6 Shares/Ticker: JLVMX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Value Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorgan.com/academy. You can also request this information by contacting us at 1-646-341-6869, by sending an e-mail request to funds@academysecurities.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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Large Cap Value Fund<br>(Class R6 Shares) | $47 | 0.44% |

---

**How did the Fund Perform?**

The JPMorgan Large Cap Value Fund's Class R6 Shares returned 13.36% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.

* The Fund's security selection in the materials and health care sectors detracted from performance. 

* The Fund's underweight allocation to JPMorgan Chase & Co. and overweight allocation to Regeneron Pharmaceuticals Inc. detracted from performance. 

* The Fund's security selection in the information technology and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Philip Morris International and Seagate Technology Holdings plc contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810757.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Large Cap Value Fund (Class R6 Shares)** | November 30, 2010 | 13.36% | 17.50% | 10.93% |
| **Russell 1000 Index** |  | 15.66 | 16.30 | 13.35 |
| **Russell 1000 Value Index** |  | 13.70 | 13.93 | 9.19 |

---

 ***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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5050019 |
| **Total number of portfolio holdings** | 99 |
| **Portfolio turnover rate** | 185% |
| **Total advisory fees paid (000's)** | $17634 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4810883.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JLVMX-625

JPMorgan Large Cap Value Fund - Class R6

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Mid Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class A Shares/Ticker: OSGIX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Mid Cap Growth Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. 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, 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 material 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Mid Cap Growth Fund<br>(Class A Shares) | $119 | 1.10% |

---

**How did the Fund Perform?**

The JPMorgan Mid Cap Growth Fund's Class A Shares, without a sales charge, returned 15.09% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell Midcap Growth Index (the "Index") returned 26.49% for the twelve months ended June 30, 2025.

* The Fund's security selection in the information technology and consumer discretionary sectors overweight detracted from performance. 

* The Fund's underweight allocation to Palantir Technologies Inc. and overweight allocation to e.l.f. Beauty, Inc. detracted from performance. 

* The Fund's security selection in the financials and energy sectors contributed to performance. 

* The Fund's overweight allocation to Robinhood Markets, Inc. and DoorDash, Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810686.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Mid Cap Growth Fund (Class A Shares)** | February 18, 1992 | 9.05% | 8.60% | 10.28% |
| **JPMorgan Mid Cap Growth Fund (Class A Shares) - excluding sales charge** |  | 15.09 | 9.78 | 10.88 |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell Midcap Growth Index** |  | 26.49 | 12.65 | 12.13 |

---

 ***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, 2015 to June 30, 2025. 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 had 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 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. As a result of the new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.* 

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $12591027 |
| **Total number of portfolio holdings** | 111 |
| **Portfolio turnover rate** | 67% |
| **Total advisory fees paid (000's)** | $67189 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809394.jpg)

#### Material changes to the Fund during the period
Effective November 1, 2024, the Fund's reduced its advisory fee from 0.65% of the Fund's average daily net assets to 0.60% of the Fund's average daily net assets.

Effective November 1, 2024, the Fund's Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees, 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 1.14% of the Fund's Class A Shares average daily net assets to 1.09% of the Fund's Class A Shares average daily net assets.

.

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OSGIX-625

JPMorgan Mid Cap Growth Fund - Class A

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Mid Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class C Shares/Ticker: OMGCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Mid Cap Growth Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. 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, 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 material 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Mid Cap Growth Fund<br>(Class C Shares) | $172 | 1.60% |

---

**How did the Fund Perform?**

The JPMorgan Mid Cap Growth Fund's Class C Shares, without a sales charge, returned 14.52% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell Midcap Growth Index (the "Index") returned 26.49% for the twelve months ended June 30, 2025.

* The Fund's security selection in the information technology and consumer discretionary sectors overweight detracted from performance. 

* The Fund's underweight allocation to Palantir Technologies Inc. and overweight allocation to e.l.f. Beauty, Inc. detracted from performance. 

* The Fund's security selection in the financials and energy sectors contributed to performance. 

* The Fund's overweight allocation to Robinhood Markets, Inc. and DoorDash, Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810675.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Mid Cap Growth Fund (Class C Shares)** | November 4, 1997 | 13.52% | 9.23% | 10.43% |
| **JPMorgan Mid Cap Growth Fund (Class C Shares) - excluding sales charge** |  | 14.52 | 9.23 | 10.43 |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell Midcap Growth Index** |  | 26.49 | 12.65 | 12.13 |

---

 ***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, 2015 to June 30, 2025. 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 had 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 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. As a result of the new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.* 

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $12591027 |
| **Total number of portfolio holdings** | 111 |
| **Portfolio turnover rate** | 67% |
| **Total advisory fees paid (000's)** | $67189 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809393.jpg)

#### Material changes to the Fund during the period
Effective November 1, 2024, the Fund's reduced its advisory fee from 0.65% of the Fund's average daily net assets to 0.60% of the Fund's average daily net assets.

Effective November 1, 2024, the Fund's Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees, 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 1.64% of the Fund's Class C Shares average daily net assets to 1.59% of the Fund's Class C Shares average daily net assets.

.

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OMGCX-625

JPMorgan Mid Cap Growth Fund - Class C

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Mid Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class I Shares/Ticker: HLGEX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Mid Cap Growth Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. 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, 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 material 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Mid Cap Growth Fund<br>(Class I Shares) | $92 | 0.85% |

---

**How did the Fund Perform?**

The JPMorgan Mid Cap Growth Fund's Class I Shares returned 15.37% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell Midcap Growth Index (the "Index") returned 26.49% for the twelve months ended June 30, 2025.

* The Fund's security selection in the information technology and consumer discretionary sectors overweight detracted from performance. 

* The Fund's underweight allocation to Palantir Technologies Inc. and overweight allocation to e.l.f. Beauty, Inc. detracted from performance. 

* The Fund's security selection in the financials and energy sectors contributed to performance. 

* The Fund's overweight allocation to Robinhood Markets, Inc. and DoorDash, Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810676.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Mid Cap Growth Fund (Class I Shares)** | March 2, 1989 | 15.37% | 10.07% | 11.20% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell Midcap Growth Index** |  | 26.49 | 12.65 | 12.13 |

---

 ***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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $12591027 |
| **Total number of portfolio holdings** | 111 |
| **Portfolio turnover rate** | 67% |
| **Total advisory fees paid (000's)** | $67189 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809392.jpg)

#### Material changes to the Fund during the period
Effective November 1, 2024, the Fund's reduced its advisory fee from 0.65% of the Fund's average daily net assets to 0.60% of the Fund's average daily net assets.

Effective November 1, 2024, the Fund's Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees, 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 0.89% of the Fund's Class I Shares average daily net assets to 0.84% of the Fund's Class I Shares average daily net assets.

.

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

HLGEX-625

JPMorgan Mid Cap Growth Fund - Class I

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Mid Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R2 Shares/Ticker: JMGZX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Mid Cap Growth Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. 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, 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 material 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Mid Cap Growth Fund<br>(Class R2 Shares) | $152 | 1.41% |

---

**How did the Fund Perform?**

The JPMorgan Mid Cap Growth Fund's Class R2 Shares returned 14.75% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell Midcap Growth Index (the "Index") returned 26.49% for the twelve months ended June 30, 2025.

* The Fund's security selection in the information technology and consumer discretionary sectors overweight detracted from performance. 

* The Fund's underweight allocation to Palantir Technologies Inc. and overweight allocation to e.l.f. Beauty, Inc. detracted from performance. 

* The Fund's security selection in the financials and energy sectors contributed to performance. 

* The Fund's overweight allocation to Robinhood Markets, Inc. and DoorDash, Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810677.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Mid Cap Growth Fund (Class R2 Shares)** | June 19, 2009 | 14.75% | 9.46% | 10.60% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell Midcap Growth Index** |  | 26.49 | 12.65 | 12.13 |

---

 ***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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $12591027 |
| **Total number of portfolio holdings** | 111 |
| **Portfolio turnover rate** | 67% |
| **Total advisory fees paid (000's)** | $67189 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809391.jpg)

#### Material changes to the Fund during the period
Effective November 1, 2024, the Fund's reduced its advisory fee from 0.65% of the Fund's average daily net assets to 0.60% of the Fund's average daily net assets.

Effective November 1, 2024, the Fund's Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees, 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 1.45% of the Fund's Class R2 Shares average daily net assets to 1.40% of the Fund's Class R2 Shares average daily net assets.

.

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JMGZX-625

JPMorgan Mid Cap Growth Fund - Class R2

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Mid Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R3 Shares/Ticker: JMGPX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Mid Cap Growth Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. 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, 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 material 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Mid Cap Growth Fund<br>(Class R3 Shares) | $125 | 1.16% |

---

**How did the Fund Perform?**

The JPMorgan Mid Cap Growth Fund's Class R3 Shares returned 15.02% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell Midcap Growth Index (the "Index") returned 26.49% for the twelve months ended June 30, 2025.

* The Fund's security selection in the information technology and consumer discretionary sectors overweight detracted from performance. 

* The Fund's underweight allocation to Palantir Technologies Inc. and overweight allocation to e.l.f. Beauty, Inc. detracted from performance. 

* The Fund's security selection in the financials and energy sectors contributed to performance. 

* The Fund's overweight allocation to Robinhood Markets, Inc. and DoorDash, Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810678.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Mid Cap Growth Fund (Class R3 Shares)** | September 9, 2016 | 15.02% | 9.73% | 10.86% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell Midcap Growth Index** |  | 26.49 | 12.65 | 12.13 |

---

 ***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, 2015 to June 30, 2025. 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 had 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 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. As a result of the new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.* 

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $12591027 |
| **Total number of portfolio holdings** | 111 |
| **Portfolio turnover rate** | 67% |
| **Total advisory fees paid (000's)** | $67189 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809402.jpg)

#### Material changes to the Fund during the period
Effective November 1, 2024, the Fund's reduced its advisory fee from 0.65% of the Fund's average daily net assets to 0.60% of the Fund's average daily net assets.

Effective November 1, 2024, the Fund's Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees, 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 1.20% of the Fund's Class R3 Shares average daily net assets to 1.15% of the Fund's Class R3 Shares average daily net assets.

.

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JMGPX-625

JPMorgan Mid Cap Growth Fund - Class R3

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Mid Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R4 Shares/Ticker: JMGQX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Mid Cap Growth Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. 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, 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 material 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Mid Cap Growth Fund<br>(Class R4 Shares) | $98 | 0.91% |

---

**How did the Fund Perform?**

The JPMorgan Mid Cap Growth Fund's Class R4 Shares returned 15.33% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell Midcap Growth Index (the "Index") returned 26.49% for the twelve months ended June 30, 2025.

* The Fund's security selection in the information technology and consumer discretionary sectors overweight detracted from performance. 

* The Fund's underweight allocation to Palantir Technologies Inc. and overweight allocation to e.l.f. Beauty, Inc. detracted from performance. 

* The Fund's security selection in the financials and energy sectors contributed to performance. 

* The Fund's overweight allocation to Robinhood Markets, Inc. and DoorDash, Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810679.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Mid Cap Growth Fund (Class R4 Shares)** | September 9, 2016 | 15.33% | 10.00% | 11.14% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell Midcap Growth Index** |  | 26.49 | 12.65 | 12.13 |

---

 ***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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $12591027 |
| **Total number of portfolio holdings** | 111 |
| **Portfolio turnover rate** | 67% |
| **Total advisory fees paid (000's)** | $67189 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809401.jpg)

#### Material changes to the Fund during the period
Effective November 1, 2024, the Fund's reduced its advisory fee from 0.65% of the Fund's average daily net assets to 0.60% of the Fund's average daily net assets.

Effective November 1, 2024, the Fund's Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees, 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 0.95% of the Fund's Class R4 Shares average daily net assets to 0.90% of the Fund's Class R4 Shares average daily net assets.

.

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JMGQX-625

JPMorgan Mid Cap Growth Fund - Class R4

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Mid Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R5 Shares/Ticker: JMGFX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Mid Cap Growth Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. 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, 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 material 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Mid Cap Growth Fund<br>(Class R5 Shares) | $81 | 0.75% |

---

**How did the Fund Perform?**

The JPMorgan Mid Cap Growth Fund's Class R5 Shares returned 15.49% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell Midcap Growth Index (the "Index") returned 26.49% for the twelve months ended June 30, 2025.

* The Fund's security selection in the information technology and consumer discretionary sectors overweight detracted from performance. 

* The Fund's underweight allocation to Palantir Technologies Inc. and overweight allocation to e.l.f. Beauty, Inc. detracted from performance. 

* The Fund's security selection in the financials and energy sectors contributed to performance. 

* The Fund's overweight allocation to Robinhood Markets, Inc. and DoorDash, Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810680.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Mid Cap Growth Fund (Class R5 Shares)** | November 1, 2011 | 15.49% | 10.19% | 11.34% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell Midcap Growth Index** |  | 26.49 | 12.65 | 12.13 |

---

 ***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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $12591027 |
| **Total number of portfolio holdings** | 111 |
| **Portfolio turnover rate** | 67% |
| **Total advisory fees paid (000's)** | $67189 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809400.jpg)

#### Material changes to the Fund during the period
Effective November 1, 2024, the Fund's reduced its advisory fee from 0.65% of the Fund's average daily net assets to 0.60% of the Fund's average daily net assets.

Effective November 1, 2024, the Fund's Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees, 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 0.79% of the Fund's Class R5 Shares average daily net assets to 0.74% of the Fund's Class R5 Shares average daily net assets.

.

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JMGFX-625

JPMorgan Mid Cap Growth Fund - Class R5

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Mid Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R6 Shares/Ticker: JMGMX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Mid Cap Growth Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. 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, 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 material 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Mid Cap Growth Fund<br>(Class R6 Shares) | $71 | 0.66% |

---

**How did the Fund Perform?**

The JPMorgan Mid Cap Growth Fund's Class R6 Shares returned 15.61% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell Midcap Growth Index (the "Index") returned 26.49% for the twelve months ended June 30, 2025.

* The Fund's security selection in the information technology and consumer discretionary sectors overweight detracted from performance. 

* The Fund's underweight allocation to Palantir Technologies Inc. and overweight allocation to e.l.f. Beauty, Inc. detracted from performance. 

* The Fund's security selection in the financials and energy sectors contributed to performance. 

* The Fund's overweight allocation to Robinhood Markets, Inc. and DoorDash, Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810669.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Mid Cap Growth Fund (Class R6 Shares)** | November 1, 2011 | 15.61% | 10.28% | 11.41% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell Midcap Growth Index** |  | 26.49 | 12.65 | 12.13 |

---

 ***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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $12591027 |
| **Total number of portfolio holdings** | 111 |
| **Portfolio turnover rate** | 67% |
| **Total advisory fees paid (000's)** | $67189 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809399.jpg)

#### Material changes to the Fund during the period
Effective November 1, 2024, the Fund's reduced its advisory fee from 0.65% of the Fund's average daily net assets to 0.60% of the Fund's average daily net assets.

Effective November 1, 2024, the Fund's Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees, 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 0.70% of the Fund's Class R6 Shares average daily net assets to 0.65% of the Fund's Class R6 Shares average daily net assets.

.

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JMGMX-625

JPMorgan Mid Cap Growth Fund - Class R6

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Small Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class A Shares/Ticker: PGSGX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Growth Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Small Cap Growth Fund<br>(Class A Shares) | $125 | 1.24% |

---

**How did the Fund Perform?**

The JPMorgan Small Cap Growth Fund's Class A Shares, without a sales charge, returned 2.55% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Growth Index (the "Index") returned 9.73% for the twelve months ended June 30, 2025.

* The Fund's security selection in the health care and consumer discretionary sectors detracted from performance. 

* The Fund's overweight allocation to Six Flags and Biohaven detracted from performance. 

* The Fund's security selection in the energy and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Intra-Cellular Therapies and Karman Holdings contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810697.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Small Cap Growth Fund (Class A Shares)** | July 1, 1991 | (2.85)% | 1.97% | 7.76% |
| **JPMorgan Small Cap Growth Fund (Class A Shares) - excluding sales charge** |  | 2.55 | 3.08 | 8.34 |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Growth Index** |  | 9.73 | 7.42 | 7.14 |

---

**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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3233053 |
| **Total number of portfolio holdings** | 134 |
| **Portfolio turnover rate** | 48% |
| **Total advisory fees paid (000's)** | $22426 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4811392.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

PGSGX-625

JPMorgan Small Cap Growth Fund - Class A

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Small Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class C Shares/Ticker: OSGCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Growth Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Small Cap Growth Fund<br>(Class C Shares) | $175 | 1.74% |

---

**How did the Fund Perform?**

The JPMorgan Small Cap Growth Fund's Class C Shares, without a sales charge, returned 2.03% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Growth Index (the "Index") returned 9.73% for the twelve months ended June 30, 2025.

* The Fund's security selection in the health care and consumer discretionary sectors detracted from performance. 

* The Fund's overweight allocation to Six Flags and Biohaven detracted from performance. 

* The Fund's security selection in the energy and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Intra-Cellular Therapies and Karman Holdings contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810698.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Small Cap Growth Fund (Class C Shares)** | November 4, 1997 | 1.03% | 2.57% | 7.91% |
| **JPMorgan Small Cap Growth Fund (Class C Shares) - excluding sales charge** |  | 2.03 | 2.57 | 7.91 |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Growth Index** |  | 9.73 | 7.42 | 7.14 |

---

**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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3233053 |
| **Total number of portfolio holdings** | 134 |
| **Portfolio turnover rate** | 48% |
| **Total advisory fees paid (000's)** | $22426 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4811390.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OSGCX-625

JPMorgan Small Cap Growth Fund - Class C

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Small Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class I Shares/Ticker: OGGFX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Growth Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Small Cap Growth Fund<br>(Class I Shares) | $100 | 0.99% |

---

**How did the Fund Perform?**

The JPMorgan Small Cap Growth Fund's Class I Shares returned 2.85% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Growth Index (the "Index") returned 9.73% for the twelve months ended June 30, 2025.

* The Fund's security selection in the health care and consumer discretionary sectors detracted from performance. 

* The Fund's overweight allocation to Six Flags and Biohaven detracted from performance. 

* The Fund's security selection in the energy and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Intra-Cellular Therapies and Karman Holdings contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810687.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Small Cap Growth Fund (Class I Shares)** | March 26, 1996 | 2.85% | 3.35% | 8.62% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Growth Index** |  | 9.73 | 7.42 | 7.14 |

---

**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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3233053 |
| **Total number of portfolio holdings** | 134 |
| **Portfolio turnover rate** | 48% |
| **Total advisory fees paid (000's)** | $22426 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4811391.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OGGFX-625

JPMorgan Small Cap Growth Fund - Class I

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Small Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class L Shares/Ticker: JISGX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Growth Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Small Cap Growth Fund<br>(Class L Shares) | $85 | 0.84% |

---

**How did the Fund Perform?**

The JPMorgan Small Cap Growth Fund's Class L Shares returned 3.01% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Growth Index (the "Index") returned 9.73% for the twelve months ended June 30, 2025.

* The Fund's security selection in the health care and consumer discretionary sectors detracted from performance. 

* The Fund's overweight allocation to Six Flags and Biohaven detracted from performance. 

* The Fund's security selection in the energy and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Intra-Cellular Therapies and Karman Holdings contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810689.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Small Cap Growth Fund (Class L Shares)** | February 19, 2005 | 3.01% | 3.50% | 8.78% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Growth Index** |  | 9.73 | 7.42 | 7.14 |

---

**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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3233053 |
| **Total number of portfolio holdings** | 134 |
| **Portfolio turnover rate** | 48% |
| **Total advisory fees paid (000's)** | $22426 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4808924.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JISGX-625

JPMorgan Small Cap Growth Fund - Class L

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Small Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R2 Shares/Ticker: JSGZX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Growth Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Small Cap Growth Fund<br>(Class R2 Shares) | $150 | 1.49% |

---

**How did the Fund Perform?**

The JPMorgan Small Cap Growth Fund's Class R2 Shares returned 2.37% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Growth Index (the "Index") returned 9.73% for the twelve months ended June 30, 2025.

* The Fund's security selection in the health care and consumer discretionary sectors detracted from performance. 

* The Fund's overweight allocation to Six Flags and Biohaven detracted from performance. 

* The Fund's security selection in the energy and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Intra-Cellular Therapies and Karman Holdings contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810688.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Small Cap Growth Fund (Class R2 Shares)** | November 3, 2008 | 2.37% | 2.83% | 8.08% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Growth Index** |  | 9.73 | 7.42 | 7.14 |

---

**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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3233053 |
| **Total number of portfolio holdings** | 134 |
| **Portfolio turnover rate** | 48% |
| **Total advisory fees paid (000's)** | $22426 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4811389.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JSGZX-625

JPMorgan Small Cap Growth Fund - Class R2

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Small Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R3 Shares/Ticker: JGRQX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Growth Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Small Cap Growth Fund<br>(Class R3 Shares) | $125 | 1.24% |

---

**How did the Fund Perform?**

The JPMorgan Small Cap Growth Fund's Class R3 Shares returned 2.55% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Growth Index (the "Index") returned 9.73% for the twelve months ended June 30, 2025.

* The Fund's security selection in the health care and consumer discretionary sectors detracted from performance. 

* The Fund's overweight allocation to Six Flags and Biohaven detracted from performance. 

* The Fund's security selection in the energy and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Intra-Cellular Therapies and Karman Holdings contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810693.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Small Cap Growth Fund (Class R3 Shares)** | July 31, 2017 | 2.55% | 3.09% | 8.34% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Growth Index** |  | 9.73 | 7.42 | 7.14 |

---

**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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3233053 |
| **Total number of portfolio holdings** | 134 |
| **Portfolio turnover rate** | 48% |
| **Total advisory fees paid (000's)** | $22426 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4811384.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JGRQX-625

JPMorgan Small Cap Growth Fund - Class R3

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Small Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R4 Shares/Ticker: JGLYX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Growth Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Small Cap Growth Fund<br>(Class R4 Shares) | $100 | 0.99% |

---

**How did the Fund Perform?**

The JPMorgan Small Cap Growth Fund's Class R4 Shares returned 2.85% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Growth Index (the "Index") returned 9.73% for the twelve months ended June 30, 2025.

* The Fund's security selection in the health care and consumer discretionary sectors detracted from performance. 

* The Fund's overweight allocation to Six Flags and Biohaven detracted from performance. 

* The Fund's security selection in the energy and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Intra-Cellular Therapies and Karman Holdings contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810694.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Small Cap Growth Fund (Class R4 Shares)** | July 31, 2017 | 2.85% | 3.35% | 8.62% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Growth Index** |  | 9.73 | 7.42 | 7.14 |

---

**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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3233053 |
| **Total number of portfolio holdings** | 134 |
| **Portfolio turnover rate** | 48% |
| **Total advisory fees paid (000's)** | $22426 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4811383.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JGLYX-625

JPMorgan Small Cap Growth Fund - Class R4

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Small Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R5 Shares/Ticker: JGSVX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Growth Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Small Cap Growth Fund<br>(Class R5 Shares) | $85 | 0.84% |

---

**How did the Fund Perform?**

The JPMorgan Small Cap Growth Fund's Class R5 Shares returned 2.95% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Growth Index (the "Index") returned 9.73% for the twelve months ended June 30, 2025.

* The Fund's security selection in the health care and consumer discretionary sectors detracted from performance. 

* The Fund's overweight allocation to Six Flags and Biohaven detracted from performance. 

* The Fund's security selection in the energy and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Intra-Cellular Therapies and Karman Holdings contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810696.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Small Cap Growth Fund (Class R5 Shares)** | September 9, 2016 | 2.95% | 3.49% | 8.78% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Growth Index** |  | 9.73 | 7.42 | 7.14 |

---

**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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3233053 |
| **Total number of portfolio holdings** | 134 |
| **Portfolio turnover rate** | 48% |
| **Total advisory fees paid (000's)** | $22426 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4811393.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JGSVX-625

JPMorgan Small Cap Growth Fund - Class R5

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Small Cap Growth Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R6 Shares/Ticker: JGSMX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Growth Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Small Cap Growth Fund<br>(Class R6 Shares) | $75 | 0.74% |

---

**How did the Fund Perform?**

The JPMorgan Small Cap Growth Fund's Class R6 Shares returned 3.06% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Growth Index (the "Index") returned 9.73% for the twelve months ended June 30, 2025.

* The Fund's security selection in the health care and consumer discretionary sectors detracted from performance. 

* The Fund's overweight allocation to Six Flags and Biohaven detracted from performance. 

* The Fund's security selection in the energy and consumer staples sectors contributed to performance. 

* The Fund's overweight allocation to Intra-Cellular Therapies and Karman Holdings contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810695.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Small Cap Growth Fund (Class R6 Shares)** | November 30, 2010 | 3.06% | 3.60% | 8.89% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Growth Index** |  | 9.73 | 7.42 | 7.14 |

---

**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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3233053 |
| **Total number of portfolio holdings** | 134 |
| **Portfolio turnover rate** | 48% |
| **Total advisory fees paid (000's)** | $22426 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4811394.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JGSMX-625

JPMorgan Small Cap Growth Fund - Class R6

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Small Cap Value Fund

![FrontCoverImage](g20573images_2523.jpg)

Class A Shares/Ticker: PSOAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Value Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Small Cap Value Fund<br>(Class A Shares) | $121 | 1.19% |

---

**How did the Fund Perform?**

The JPMorgan Small Cap Value Fund's Class A Shares, without a sales charge, returned 3.63% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Value Index (the "Index") returned 5.54% for the twelve months ended June 30, 2025.

* The Fund's security selection in the pharmaceuticals and telecommunications subsectors detracted from performance. 

* An allocation overweight in Liberty Latin America Ltd. and an allocation underweight in Lumen Technologies, Inc. were among the top detractors from performance. 

* The Fund's security selection in the health services & systems and finance subsectors contributed to performance 

* Allocation overweights in Rigetti Computing, Inc. and Pediatrix Medical Group, Inc. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810690.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Small Cap Value Fund (Class A Shares)** | January 27, 1995 | (1.79)% | 11.79% | 5.41% |
| **JPMorgan Small Cap Value Fund (Class A Shares) - excluding sales charge** |  | 3.63 | 13.00 | 5.99 |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Value Index** |  | 5.54 | 12.47 | 6.72 |

---

**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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1183140 |
| **Total number of portfolio holdings** | 426 |
| **Portfolio turnover rate** | 72% |
| **Total advisory fees paid (000's)** | $7940 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4808923.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

PSOAX-625

JPMorgan Small Cap Value Fund - Class A

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Small Cap Value Fund

![FrontCoverImage](g20573images_2523.jpg)

Class C Shares/Ticker: OSVCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Value Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Small Cap Value Fund<br>(Class C Shares) | $171 | 1.69% |

---

**How did the Fund Perform?**

The JPMorgan Small Cap Value Fund's Class C Shares, without a sales charge, returned 3.08% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Value Index (the "Index") returned 5.54% for the twelve months ended June 30, 2025.

* The Fund's security selection in the pharmaceuticals and telecommunications subsectors detracted from performance. 

* An allocation overweight in Liberty Latin America Ltd. and an allocation underweight in Lumen Technologies, Inc. were among the top detractors from performance. 

* The Fund's security selection in the health services & systems and finance subsectors contributed to performance 

* Allocation overweights in Rigetti Computing, Inc. and Pediatrix Medical Group, Inc. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810692.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Small Cap Value Fund (Class C Shares)** | March 22, 1999 | 2.08% | 12.43% | 5.55% |
| **JPMorgan Small Cap Value Fund (Class C Shares) - excluding sales charge** |  | 3.08 | 12.43 | 5.55 |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Value Index** |  | 5.54 | 12.47 | 6.72 |

---

**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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1183140 |
| **Total number of portfolio holdings** | 426 |
| **Portfolio turnover rate** | 72% |
| **Total advisory fees paid (000's)** | $7940 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4808921.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

OSVCX-625

JPMorgan Small Cap Value Fund - Class C

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Small Cap Value Fund

![FrontCoverImage](g20573images_2523.jpg)

Class I Shares/Ticker: PSOPX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Value Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Small Cap Value Fund<br>(Class I Shares) | $95 | 0.94% |

---

**How did the Fund Perform?**

The JPMorgan Small Cap Value Fund's Class I Shares returned 3.90% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Value Index (the "Index") returned 5.54% for the twelve months ended June 30, 2025.

* The Fund's security selection in the pharmaceuticals and telecommunications subsectors detracted from performance. 

* An allocation overweight in Liberty Latin America Ltd. and an allocation underweight in Lumen Technologies, Inc. were among the top detractors from performance. 

* The Fund's security selection in the health services & systems and finance subsectors contributed to performance 

* Allocation overweights in Rigetti Computing, Inc. and Pediatrix Medical Group, Inc. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810691.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Small Cap Value Fund (Class I Shares)** | January 27, 1995 | 3.90% | 13.29% | 6.26% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Value Index** |  | 5.54 | 12.47 | 6.72 |

---

**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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1183140 |
| **Total number of portfolio holdings** | 426 |
| **Portfolio turnover rate** | 72% |
| **Total advisory fees paid (000's)** | $7940 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4808922.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

PSOPX-625

JPMorgan Small Cap Value Fund - Class I

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Small Cap Value Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R2 Shares/Ticker: JSVZX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Value Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Small Cap Value Fund<br>(Class R2 Shares) | $151 | 1.49% |

---

**How did the Fund Perform?**

The JPMorgan Small Cap Value Fund's Class R2 Shares returned 3.31% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Value Index (the "Index") returned 5.54% for the twelve months ended June 30, 2025.

* The Fund's security selection in the pharmaceuticals and telecommunications subsectors detracted from performance. 

* An allocation overweight in Liberty Latin America Ltd. and an allocation underweight in Lumen Technologies, Inc. were among the top detractors from performance. 

* The Fund's security selection in the health services & systems and finance subsectors contributed to performance 

* Allocation overweights in Rigetti Computing, Inc. and Pediatrix Medical Group, Inc. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810682.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Small Cap Value Fund (Class R2 Shares)** | November 3, 2008 | 3.31% | 12.69% | 5.71% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Value Index** |  | 5.54 | 12.47 | 6.72 |

---

**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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1183140 |
| **Total number of portfolio holdings** | 426 |
| **Portfolio turnover rate** | 72% |
| **Total advisory fees paid (000's)** | $7940 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4808920.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JSVZX-625

JPMorgan Small Cap Value Fund - Class R2

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Small Cap Value Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R3 Shares/Ticker: JSVPX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Value Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Small Cap Value Fund<br>(Class R3 Shares) | $126 | 1.24% |

---

**How did the Fund Perform?**

The JPMorgan Small Cap Value Fund's Class R3 Shares returned 3.57% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Value Index (the "Index") returned 5.54% for the twelve months ended June 30, 2025.

* The Fund's security selection in the pharmaceuticals and telecommunications subsectors detracted from performance. 

* An allocation overweight in Liberty Latin America Ltd. and an allocation underweight in Lumen Technologies, Inc. were among the top detractors from performance. 

* The Fund's security selection in the health services & systems and finance subsectors contributed to performance 

* Allocation overweights in Rigetti Computing, Inc. and Pediatrix Medical Group, Inc. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810681.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Small Cap Value Fund (Class R3 Shares)** | September 9, 2016 | 3.57% | 12.97% | 5.97% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Value Index** |  | 5.54 | 12.47 | 6.72 |

---

**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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1183140 |
| **Total number of portfolio holdings** | 426 |
| **Portfolio turnover rate** | 72% |
| **Total advisory fees paid (000's)** | $7940 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4808919.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JSVPX-625

JPMorgan Small Cap Value Fund - Class R3

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Small Cap Value Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R4 Shares/Ticker: JSVQX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Value Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Small Cap Value Fund<br>(Class R4 Shares) | $100 | 0.99% |

---

**How did the Fund Perform?**

The JPMorgan Small Cap Value Fund's Class R4 Shares returned 3.83% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Value Index (the "Index") returned 5.54% for the twelve months ended June 30, 2025.

* The Fund's security selection in the pharmaceuticals and telecommunications subsectors detracted from performance. 

* An allocation overweight in Liberty Latin America Ltd. and an allocation underweight in Lumen Technologies, Inc. were among the top detractors from performance. 

* The Fund's security selection in the health services & systems and finance subsectors contributed to performance 

* Allocation overweights in Rigetti Computing, Inc. and Pediatrix Medical Group, Inc. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810683.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Small Cap Value Fund (Class R4 Shares)** | September 9, 2016 | 3.83% | 13.26% | 6.23% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Value Index** |  | 5.54 | 12.47 | 6.72 |

---

**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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1183140 |
| **Total number of portfolio holdings** | 426 |
| **Portfolio turnover rate** | 72% |
| **Total advisory fees paid (000's)** | $7940 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809385.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JSVQX-625

JPMorgan Small Cap Value Fund - Class R4

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Small Cap Value Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R5 Shares/Ticker: JSVRX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Value Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Small Cap Value Fund<br>(Class R5 Shares) | $85 | 0.84% |

---

**How did the Fund Perform?**

The JPMorgan Small Cap Value Fund's Class R5 Shares returned 3.99% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Value Index (the "Index") returned 5.54% for the twelve months ended June 30, 2025.

* The Fund's security selection in the pharmaceuticals and telecommunications subsectors detracted from performance. 

* An allocation overweight in Liberty Latin America Ltd. and an allocation underweight in Lumen Technologies, Inc. were among the top detractors from performance. 

* The Fund's security selection in the health services & systems and finance subsectors contributed to performance 

* Allocation overweights in Rigetti Computing, Inc. and Pediatrix Medical Group, Inc. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810684.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Small Cap Value Fund (Class R5 Shares)** | May 15, 2006 | 3.99% | 13.42% | 6.39% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Value Index** |  | 5.54 | 12.47 | 6.72 |

---

**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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1183140 |
| **Total number of portfolio holdings** | 426 |
| **Portfolio turnover rate** | 72% |
| **Total advisory fees paid (000's)** | $7940 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809395.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JSVRX-625

JPMorgan Small Cap Value Fund - Class R5

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan Small Cap Value Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R6 Shares/Ticker: JSVUX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Value Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Small Cap Value Fund<br>(Class R6 Shares) | $75 | 0.74% |

---

**How did the Fund Perform?**

The JPMorgan Small Cap Value Fund's Class R6 Shares returned 4.09% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Value Index (the "Index") returned 5.54% for the twelve months ended June 30, 2025.

* The Fund's security selection in the pharmaceuticals and telecommunications subsectors detracted from performance. 

* An allocation overweight in Liberty Latin America Ltd. and an allocation underweight in Lumen Technologies, Inc. were among the top detractors from performance. 

* The Fund's security selection in the health services & systems and finance subsectors contributed to performance 

* Allocation overweights in Rigetti Computing, Inc. and Pediatrix Medical Group, Inc. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810685.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Small Cap Value Fund (Class R6 Shares)** | February 22, 2005 | 4.09% | 13.53% | 6.50% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Value Index** |  | 5.54 | 12.47 | 6.72 |

---

**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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1183140 |
| **Total number of portfolio holdings** | 426 |
| **Portfolio turnover rate** | 72% |
| **Total advisory fees paid (000's)** | $7940 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809396.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

JSVUX-625

JPMorgan Small Cap Value Fund - Class R6

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan SMID Cap Equity Fund

![FrontCoverImage](g20573images_2523.jpg)

Class A Shares/Ticker: PECAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SMID Cap Equity Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan SMID Cap Equity Fund<br>(Class A Shares) | $112 | 1.09% |

---

**How did the Fund Perform?**

The JPMorgan SMID Cap Equity Fund's Class A Shares, without a sales charge, returned 6.85% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2500 Index (the "Index") returned 9.91% for the twelve months ended June 30, 2025.

* The Fund not owning Robinhood Markets and an overweight allocation to Entegris, Inc. detracted from performance. 

* The Fund's security selection in the industrials and telecommunications sectors detracted from performance. 

* The Fund's security selection in the health care and basic materials sectors contributed to performance. 

* The Fund's overweight allocations to Performance Food Group Co. and Planet Fitness Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810670.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan SMID Cap Equity Fund (Class A Shares)** | May 1, 1992 | 1.22% | 7.69% | 5.65% |
| **JPMorgan SMID Cap Equity Fund (Class A Shares) - excluding sales charge** |  | 6.85 | 8.86 | 6.22 |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2500 Index** |  | 9.91 | 11.44 | 8.39 |

---

**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 of the JPMorgan SMID Cap Equity Fund, the Russell 3000 Index and the Russell 2500 Index from June 30, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $334157 |
| **Total number of portfolio holdings** | 106 |
| **Portfolio turnover rate** | 40% |
| **Total advisory fees paid (000's)** | $1952 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809398.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

PECAX-625

JPMorgan SMID Cap Equity Fund - Class A

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan SMID Cap Equity Fund

![FrontCoverImage](g20573images_2523.jpg)

Class C Shares/Ticker: ODMCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SMID Cap Equity Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan SMID Cap Equity Fund<br>(Class C Shares) | $164 | 1.58% |

---

**How did the Fund Perform?**

The JPMorgan SMID Cap Equity Fund's Class C Shares, without a sales charge, returned 6.34% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2500 Index (the "Index") returned 9.91% for the twelve months ended June 30, 2025.

* The Fund not owning Robinhood Markets and an overweight allocation to Entegris, Inc. detracted from performance. 

* The Fund's security selection in the industrials and telecommunications sectors detracted from performance. 

* The Fund's security selection in the health care and basic materials sectors contributed to performance. 

* The Fund's overweight allocations to Performance Food Group Co. and Planet Fitness Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810671.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan SMID Cap Equity Fund (Class C Shares)** | March 22, 1999 | 5.34% | 8.33% | 5.77% |
| **JPMorgan SMID Cap Equity Fund (Class C Shares) - excluding sales charge** |  | 6.34 | 8.33 | 5.77 |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2500 Index** |  | 9.91 | 11.44 | 8.39 |

---

**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 of the JPMorgan SMID Cap Equity Fund, the Russell 3000 Index and the Russell 2500 Index from June 30, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $334157 |
| **Total number of portfolio holdings** | 106 |
| **Portfolio turnover rate** | 40% |
| **Total advisory fees paid (000's)** | $1952 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809397.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

ODMCX-625

JPMorgan SMID Cap Equity Fund - Class C

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan SMID Cap Equity Fund

![FrontCoverImage](g20573images_2523.jpg)

Class I Shares/Ticker: WOOPX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SMID Cap Equity Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan SMID Cap Equity Fund<br>(Class I Shares) | $87 | 0.84% |

---

**How did the Fund Perform?**

The JPMorgan SMID Cap Equity Fund's Class I Shares returned 7.16% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2500 Index (the "Index") returned 9.91% for the twelve months ended June 30, 2025.

* The Fund not owning Robinhood Markets and an overweight allocation to Entegris, Inc. detracted from performance. 

* The Fund's security selection in the industrials and telecommunications sectors detracted from performance. 

* The Fund's security selection in the health care and basic materials sectors contributed to performance. 

* The Fund's overweight allocations to Performance Food Group Co. and Planet Fitness Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810672.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan SMID Cap Equity Fund (Class I Shares)** | June 1, 1991 | 7.16% | 9.14% | 6.49% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2500 Index** |  | 9.91 | 11.44 | 8.39 |

---

**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 of the JPMorgan SMID Cap Equity Fund, the Russell 3000 Index and the Russell 2500 Index from June 30, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $334157 |
| **Total number of portfolio holdings** | 106 |
| **Portfolio turnover rate** | 40% |
| **Total advisory fees paid (000's)** | $1952 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809407.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

WOOPX-625

JPMorgan SMID Cap Equity Fund - Class I

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan SMID Cap Equity Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R3 Shares/Ticker: WOOOX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SMID Cap Equity Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan SMID Cap Equity Fund<br>(Class R3 Shares) | $112 | 1.09% |

---

**How did the Fund Perform?**

The JPMorgan SMID Cap Equity Fund's Class R3 Shares returned 6.88% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2500 Index (the "Index") returned 9.91% for the twelve months ended June 30, 2025.

* The Fund not owning Robinhood Markets and an overweight allocation to Entegris, Inc. detracted from performance. 

* The Fund's security selection in the industrials and telecommunications sectors detracted from performance. 

* The Fund's security selection in the health care and basic materials sectors contributed to performance. 

* The Fund's overweight allocations to Performance Food Group Co. and Planet Fitness Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810673.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan SMID Cap Equity Fund (Class R3 Shares)** | September 9, 2016 | 6.88% | 8.86% | 6.22% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2500 Index** |  | 9.91 | 11.44 | 8.39 |

---

**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. 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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $334157 |
| **Total number of portfolio holdings** | 106 |
| **Portfolio turnover rate** | 40% |
| **Total advisory fees paid (000's)** | $1952 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809408.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

WOOOX-625

JPMorgan SMID Cap Equity Fund - Class R3

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan SMID Cap Equity Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R4 Shares/Ticker: WOOQX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SMID Cap Equity Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan SMID Cap Equity Fund<br>(Class R4 Shares) | $87 | 0.84% |

---

**How did the Fund Perform?**

The JPMorgan SMID Cap Equity Fund's Class R4 Shares returned 7.15% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2500 Index (the "Index") returned 9.91% for the twelve months ended June 30, 2025.

* The Fund not owning Robinhood Markets and an overweight allocation to Entegris, Inc. detracted from performance. 

* The Fund's security selection in the industrials and telecommunications sectors detracted from performance. 

* The Fund's security selection in the health care and basic materials sectors contributed to performance. 

* The Fund's overweight allocations to Performance Food Group Co. and Planet Fitness Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810674.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan SMID Cap Equity Fund (Class R4 Shares)** | September 9, 2016 | 7.15% | 9.13% | 6.48% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2500 Index** |  | 9.91 | 11.44 | 8.39 |

---

**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 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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $334157 |
| **Total number of portfolio holdings** | 106 |
| **Portfolio turnover rate** | 40% |
| **Total advisory fees paid (000's)** | $1952 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809405.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

WOOQX-625

JPMorgan SMID Cap Equity Fund - Class R4

ANNUAL SHAREHOLDER REPORT \| June 30, 2025 (Unaudited)

JPMorgan SMID Cap Equity Fund

![FrontCoverImage](g20573images_2523.jpg)

Class R6 Shares/Ticker: WOOSX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SMID Cap Equity Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. 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, 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<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan SMID Cap Equity Fund<br>(Class R6 Shares) | $61 | 0.59% |

---

**How did the Fund Perform?**

The JPMorgan SMID Cap Equity Fund's Class R6 Shares returned 7.40% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2500 Index (the "Index") returned 9.91% for the twelve months ended June 30, 2025.

* The Fund not owning Robinhood Markets and an overweight allocation to Entegris, Inc. detracted from performance. 

* The Fund's security selection in the industrials and telecommunications sectors detracted from performance. 

* The Fund's security selection in the health care and basic materials sectors contributed to performance. 

* The Fund's overweight allocations to Performance Food Group Co. and Planet Fitness Inc. contributed to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g20573chartimages_4810664.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan SMID Cap Equity Fund (Class R6 Shares)** | November 2, 2015 | 7.40% | 9.42% | 6.75% |
| **Russell 3000 Index** |  | 15.30 | 15.96 | 12.96 |
| **Russell 2500 Index** |  | 9.91 | 11.44 | 8.39 |

---

**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 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, 2015 to June 30, 2025. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $334157 |
| **Total number of portfolio holdings** | 106 |
| **Portfolio turnover rate** | 40% |
| **Total advisory fees paid (000's)** | $1952 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g20573chartimages_4809406.jpg)

**Availability of Additional Information**

![QRCode](g20573images_2525.jpg)

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 

WOOSX-625

JPMorgan SMID Cap Equity Fund - Class R6

------

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Has at least one audit committee financial expert serving on its audit committee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

#### 2025 – $373,648

#### 2024 – $378,474
(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

#### 2025 – $47,528

#### 2024 – $46,592
**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

#### 2025 – $132,167

#### 2024 – $129,419
**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, 2025 and 2024, 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

#### 2025 – Not applicable

#### 2024 – 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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

#### 2025 – 0.0%

#### 2024 – 0.0%
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

#### Not applicable - Less than 50%.
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

**The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:** 

#### 2024 - $40.7 million

#### 2023 - $35.1 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.

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.

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 in the financial statements filed under Item 7 of this Form.

#### Included in Item 7.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

------

Annual Financial Statements

J.P. Morgan Large Cap Funds

June 30, 2025

---

| |
|:---|
| 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 |
| JPMorgan U.S. Value Fund |

---

![](g76196imga6ddf3501.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_edf97810-fd8f-4024-9860-1c3d0ed082fd_SOI-TOC-ScheduleofInvestments-825_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_edf97810-fd8f-4024-9860-1c3d0ed082fd_FS-TOC-FinancialStatement-825_1) | &nbsp;&nbsp; **62** |
| [Financial Highlights](#xx_edf97810-fd8f-4024-9860-1c3d0ed082fd_FIHI-TOC-FinancialHighlights-761_1) | &nbsp;&nbsp; **108** |
| [Notes to Financial Statements](#xx_edf97810-fd8f-4024-9860-1c3d0ed082fd_NTF-NTFRunningFooter-761_1) | &nbsp;&nbsp; **140** |
| [Report of Independent Registered Public Accounting Firm](#xx_edf97810-fd8f-4024-9860-1c3d0ed082fd_AUD-TOC-AuditorsReport-825_1) | &nbsp;&nbsp; **167** |
| [Tax Letter](#xx_edf97810-fd8f-4024-9860-1c3d0ed082fd_TL-TAXLETTERCC-825_1) | &nbsp;&nbsp; **168** |

---

**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 INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.7%** | **Common Stocks — 99.7%** | **Common Stocks — 99.7%** |
| **Aerospace & Defense — 3.3%** | **Aerospace & Defense — 3.3%** | **Aerospace & Defense — 3.3%** |
| General Dynamics Corp. | 2575 | 751018 |
| RTX Corp. | 4658 | 680203 |
|  |  | 1431221 |
| **Banks — 8.1%** | **Banks — 8.1%** | **Banks — 8.1%** |
| Bank of America Corp. | 28203 | 1334584 |
| PNC Financial Services Group, Inc. (The) | 2636 | 491376 |
| Wells Fargo & Co. | 21335 | 1709379 |
|  |  | 3535339 |
| **Beverages — 1.8%** | **Beverages — 1.8%** | **Beverages — 1.8%** |
| Coca-Cola Co. (The) | 6805 | 481443 |
| PepsiCo, Inc. | 2262 | 298682 |
|  |  | 780125 |
| **Biotechnology — 1.2%** | **Biotechnology — 1.2%** | **Biotechnology — 1.2%** |
| AbbVie, Inc. | 2772 | 514599 |
| **Capital Markets — 10.4%** | **Capital Markets — 10.4%** | **Capital Markets — 10.4%** |
| Ares Management Corp. | 2797 | 484467 |
| Bank of New York Mellon Corp. (The) | 6638 | 604761 |
| Blackrock, Inc. | 310 | 325061 |
| Blackstone, Inc. | 2992 | 447613 |
| Charles Schwab Corp. (The) | 11973 | 1092368 |
| CME Group, Inc. | 936 | 258044 |
| Goldman Sachs Group, Inc. (The) | 886 | 627021 |
| Morgan Stanley | 5193 | 731462 |
|  |  | 4570797 |
| **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
| Air Products and Chemicals, Inc. | 3035 | 855921 |
| **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |
| Republic Services, Inc. | 726 | 178939 |
| **Consumer Finance — 3.9%** | **Consumer Finance — 3.9%** | **Consumer Finance — 3.9%** |
| American Express Co. | 2808 | 895543 |
| Capital One Financial Corp. | 3881 | 825770 |
|  |  | 1721313 |
| **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** |
| Walmart, Inc. | 5702 | 557555 |
| **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** |
| Packaging Corp. of America | 1117 | 210458 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| Verizon Communications, Inc. | 7582 | 328081 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** |
| NextEra Energy, Inc. | 6493 | 450763 |
| Xcel Energy, Inc. | 5788 | 394122 |
|  |  | 844885 |
| **Electrical Equipment — 2.1%** | **Electrical Equipment — 2.1%** | **Electrical Equipment — 2.1%** |
| Eaton Corp. plc | 2638 | 941557 |
| **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** |
| Corning, Inc. | 7309 | 384396 |
| **Financial Services — 1.0%** | **Financial Services — 1.0%** | **Financial Services — 1.0%** |
| Fidelity National Information Services, Inc. | 5589 | 455005 |
| **Food Products — 1.3%** | **Food Products — 1.3%** | **Food Products — 1.3%** |
| Hershey Co. (The) | 1182 | 196188 |
| Mondelez International, Inc., Class A | 5392 | 363639 |
|  |  | 559827 |
| **Ground Transportation — 3.3%** | **Ground Transportation — 3.3%** | **Ground Transportation — 3.3%** |
| Norfolk Southern Corp. | 3171 | 811570 |
| Union Pacific Corp. | 2844 | 654393 |
|  |  | 1465963 |
| **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** |
| Abbott Laboratories | 4504 | 612601 |
| Becton Dickinson & Co. | 1823 | 313905 |
| Medtronic plc | 1262 | 110016 |
|  |  | 1036522 |
| **Health Care Providers & Services — 5.5%** | **Health Care Providers & Services — 5.5%** | **Health Care Providers & Services — 5.5%** |
| Cencora, Inc. | 1000 | 299884 |
| Cigna Group (The) | 1580 | 522108 |
| CVS Health Corp. | 9062 | 625102 |
| Quest Diagnostics, Inc. | 1293 | 232214 |
| UnitedHealth Group, Inc. | 2404 | 750060 |
|  |  | 2429368 |
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Ventas, Inc. | 5657 | 357240 |
| **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** |
| McDonald's Corp. | 2457 | 717965 |
| Yum! Brands, Inc. | 1868 | 276806 |
|  |  | 994771 |
| **Household Products — 1.4%** | **Household Products — 1.4%** | **Household Products — 1.4%** |
| Procter & Gamble Co. (The) | 3914 | 623626 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 1

------

JPMorgan Equity Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Industrial Conglomerates — 1.6%** | **Industrial Conglomerates — 1.6%** | **Industrial Conglomerates — 1.6%** |
| 3M Co. | 3265 | 496981 |
| Honeywell International, Inc. | 856 | 199368 |
|  |  | 696349 |
| **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** |
| Prologis, Inc. | 2885 | 303242 |
| **Insurance — 3.8%** | **Insurance — 3.8%** | **Insurance — 3.8%** |
| Arthur J Gallagher & Co. | 1570 | 502698 |
| Chubb Ltd. | 996 | 288641 |
| Marsh & McLennan Cos., Inc. | 544 | 118875 |
| Progressive Corp. (The) | 1844 | 492148 |
| Travelers Cos., Inc. (The) | 968 | 258946 |
|  |  | 1661308 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| International Business Machines Corp. | 745 | 219594 |
| **Machinery — 4.5%** | **Machinery — 4.5%** | **Machinery — 4.5%** |
| Deere & Co. | 1674 | 851278 |
| Dover Corp. | 3514 | 643953 |
| Parker-Hannifin Corp. | 708 | 494226 |
|  |  | 1989457 |
| **Media — 1.6%** | **Media — 1.6%** | **Media — 1.6%** |
| Comcast Corp., Class A | 19793 | 706425 |
| **Multi-Utilities — 2.5%** | **Multi-Utilities — 2.5%** | **Multi-Utilities — 2.5%** |
| CMS Energy Corp. | 4492 | 311199 |
| Dominion Energy, Inc. | 9000 | 508668 |
| Public Service Enterprise Group, Inc. | 3096 | 260682 |
|  |  | 1080549 |
| **Oil, Gas & Consumable Fuels — 5.8%** | **Oil, Gas & Consumable Fuels — 5.8%** | **Oil, Gas & Consumable Fuels — 5.8%** |
| Chevron Corp. | 5190 | 743205 |
| ConocoPhillips | 9508 | 853198 |
| EOG Resources, Inc. | 5044 | 603360 |
| Exxon Mobil Corp. | 3045 | 328202 |
|  |  | 2527965 |
| **Pharmaceuticals — 4.2%** | **Pharmaceuticals — 4.2%** | **Pharmaceuticals — 4.2%** |
| Bristol-Myers Squibb Co. | 11487 | 531763 |
| Eli Lilly & Co. | 316 | 246110 |
| Johnson & Johnson | 4463 | 681690 |
| Merck & Co., Inc. | 4722 | 373787 |
|  |  | 1833350 |
| **Residential REITs — 0.5%** | **Residential REITs — 0.5%** | **Residential REITs — 0.5%** |
| AvalonBay Communities, Inc. | 991 | 201714 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — 4.7%** | **Semiconductors & Semiconductor Equipment — 4.7%** | **Semiconductors & Semiconductor Equipment — 4.7%** |
| Analog Devices, Inc. | 2845 | 677202 |
| Lam Research Corp. | 1939 | 188787 |
| NXP Semiconductors NV (Netherlands) | 2417 | 527993 |
| Texas Instruments, Inc. | 3306 | 686285 |
|  |  | 2080267 |
| **Software — 2.2%** | **Software — 2.2%** | **Software — 2.2%** |
| Microsoft Corp. | 1919 | 954567 |
| **Specialized REITs — 1.0%** | **Specialized REITs — 1.0%** | **Specialized REITs — 1.0%** |
| American Tower Corp. | 962 | 212652 |
| Digital Realty Trust, Inc. | 1368 | 238530 |
|  |  | 451182 |
| **Specialty Retail — 4.4%** | **Specialty Retail — 4.4%** | **Specialty Retail — 4.4%** |
| Home Depot, Inc. (The) | 1744 | 639289 |
| Lowe's Cos., Inc. | 3272 | 726041 |
| TJX Cos., Inc. (The) | 4576 | 565094 |
|  |  | 1930424 |
| **Technology Hardware, Storage & Peripherals — 2.3%** | **Technology Hardware, Storage & Peripherals — 2.3%** | **Technology Hardware, Storage & Peripherals — 2.3%** |
| Apple, Inc. | 368 | 75566 |
| Hewlett Packard Enterprise Co. | 19861 | 406149 |
| Seagate Technology Holdings plc | 3765 | 543446 |
|  |  | 1025161 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| NIKE, Inc., Class B | 2839 | 201702 |
| **Tobacco — 2.5%** | **Tobacco — 2.5%** | **Tobacco — 2.5%** |
| Philip Morris International, Inc. | 5956 | 1084830 |
| Total Common Stocks <br>(Cost $26,943,744)<br>|  | 43725594 |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b) <br>(Cost $76,334)<br>| 76326 | 76341 |
| **Total Investments — 99.9%** <br>**(Cost $27,020,078)**<br>|  | **43801935** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **34087** |
| **NET ASSETS — 100.0%** |  | **43836022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 3

------

JPMorgan Equity Index Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.6%** | **Common Stocks — 99.6%** | **Common Stocks — 99.6%** |
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |
| Axon Enterprise, Inc. \* | 16 | 13263 |
| Boeing Co. (The) \* | 163 | 34219 |
| GE Aerospace | 231 | 59450 |
| General Dynamics Corp. | 55 | 15914 |
| Howmet Aerospace, Inc. | 87 | 16274 |
| Huntington Ingalls Industries, Inc. | 9 | 2052 |
| L3Harris Technologies, Inc. | 41 | 10157 |
| Lockheed Martin Corp. | 45 | 20918 |
| Northrop Grumman Corp. | 29 | 14651 |
| RTX Corp. | 289 | 42252 |
| Textron, Inc. | 39 | 3139 |
| TransDigm Group, Inc. | 12 | 18498 |
|  |  | 250787 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| CH Robinson Worldwide, Inc. | 26 | 2467 |
| Expeditors International of Washington, Inc. | 29 | 3389 |
| FedEx Corp. | 48 | 10853 |
| United Parcel Service, Inc., Class B | 159 | 16041 |
|  |  | 32750 |
| **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** |
| Aptiv plc (Jersey) \* | 47 | 3217 |
| **Automobiles — 1.9%** | **Automobiles — 1.9%** | **Automobiles — 1.9%** |
| Ford Motor Co. | 846 | 9179 |
| General Motors Co. | 208 | 10247 |
| Tesla, Inc. \* | 607 | 192802 |
|  |  | 212228 |
| **Banks — 3.6%** | **Banks — 3.6%** | **Banks — 3.6%** |
| Bank of America Corp. | 1419 | 67160 |
| Citigroup, Inc. | 404 | 34434 |
| Citizens Financial Group, Inc. | 94 | 4203 |
| Fifth Third Bancorp | 145 | 5946 |
| Huntington Bancshares, Inc. | 315 | 5288 |
| JPMorgan Chase & Co. (a) | 602 | 174507 |
| KeyCorp | 214 | 3722 |
| M&T Bank Corp. | 35 | 6745 |
| PNC Financial Services Group, Inc. (The) | 86 | 15972 |
| Regions Financial Corp. | 195 | 4579 |
| Truist Financial Corp. | 284 | 12194 |
| US Bancorp | 337 | 15270 |
| Wells Fargo & Co. | 705 | 56471 |
|  |  | 406491 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Beverages — 1.1%** | **Beverages — 1.1%** | **Beverages — 1.1%** |
| Brown-Forman Corp., Class B | 40 | 1061 |
| Coca-Cola Co. (The) | 839 | 59359 |
| Constellation Brands, Inc., Class A | 33 | 5394 |
| Keurig Dr Pepper, Inc. | 294 | 9725 |
| Molson Coors Beverage Co., Class B | 37 | 1785 |
| Monster Beverage Corp. \* | 152 | 9527 |
| PepsiCo, Inc. | 297 | 39211 |
|  |  | 126062 |
| **Biotechnology — 1.6%** | **Biotechnology — 1.6%** | **Biotechnology — 1.6%** |
| AbbVie, Inc. | 383 | 71017 |
| Amgen, Inc. | 116 | 32518 |
| Biogen, Inc. \* | 32 | 3986 |
| Gilead Sciences, Inc. | 269 | 29871 |
| Incyte Corp. \* | 35 | 2370 |
| Moderna, Inc. \* | 74 | 2034 |
| Regeneron Pharmaceuticals, Inc. | 22 | 11809 |
| Vertex Pharmaceuticals, Inc. \* | 56 | 24762 |
|  |  | 178367 |
| **Broadline Retail — 4.0%** | **Broadline Retail — 4.0%** | **Broadline Retail — 4.0%** |
| Amazon.com, Inc. \* | 2046 | 448980 |
| eBay, Inc. | 100 | 7435 |
|  |  | 456415 |
| **Building Products — 0.6%** | **Building Products — 0.6%** | **Building Products — 0.6%** |
| A O Smith Corp. | 25 | 1651 |
| Allegion plc | 19 | 2686 |
| Builders FirstSource, Inc. \* | 24 | 2793 |
| Carrier Global Corp. | 173 | 12639 |
| Johnson Controls International plc | 142 | 15054 |
| Lennox International, Inc. | 7 | 3965 |
| Masco Corp. | 46 | 2941 |
| Trane Technologies plc | 48 | 21129 |
|  |  | 62858 |
| **Capital Markets — 3.4%** | **Capital Markets — 3.4%** | **Capital Markets — 3.4%** |
| Ameriprise Financial, Inc. | 21 | 11008 |
| Bank of New York Mellon Corp. (The) | 155 | 14118 |
| Blackrock, Inc. | 32 | 33097 |
| Blackstone, Inc. | 158 | 23639 |
| Cboe Global Markets, Inc. | 23 | 5289 |
| Charles Schwab Corp. (The) | 370 | 33753 |
| CME Group, Inc. | 78 | 21512 |
| Coinbase Global, Inc., Class A \* | 46 | 16049 |
| FactSet Research Systems, Inc. | 8 | 3676 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 J.P. Morgan Equity Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| Franklin Resources, Inc. | 67 | 1602 |
| Goldman Sachs Group, Inc. (The) | 66 | 47037 |
| Intercontinental Exchange, Inc. | 124 | 22795 |
| Invesco Ltd. | 97 | 1529 |
| KKR & Co., Inc. | 147 | 19503 |
| MarketAxess Holdings, Inc. | 8 | 1814 |
| Moody's Corp. | 33 | 16808 |
| Morgan Stanley | 268 | 37689 |
| MSCI, Inc. | 17 | 9665 |
| Nasdaq, Inc. | 89 | 8006 |
| Northern Trust Corp. | 42 | 5342 |
| Raymond James Financial, Inc. | 39 | 6032 |
| S&P Global, Inc. | 68 | 35850 |
| State Street Corp. | 62 | 6569 |
| T. Rowe Price Group, Inc. | 48 | 4605 |
|  |  | 386987 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| Air Products and Chemicals, Inc. | 48 | 13596 |
| Albemarle Corp. | 25 | 1597 |
| CF Industries Holdings, Inc. | 35 | 3228 |
| Corteva, Inc. | 148 | 11012 |
| Dow, Inc. | 153 | 4054 |
| DuPont de Nemours, Inc. | 91 | 6217 |
| Eastman Chemical Co. | 25 | 1867 |
| Ecolab, Inc. | 55 | 14725 |
| International Flavors & Fragrances, Inc. | 55 | 4075 |
| Linde plc | 102 | 47836 |
| LyondellBasell Industries NV, Class A | 56 | 3222 |
| Mosaic Co. (The) | 69 | 2507 |
| PPG Industries, Inc. | 49 | 5593 |
| Sherwin-Williams Co. (The) | 50 | 17146 |
|  |  | 136675 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| Cintas Corp. | 74 | 16568 |
| Copart, Inc. \* | 191 | 9344 |
| Republic Services, Inc. | 44 | 10850 |
| Rollins, Inc. | 61 | 3435 |
| Veralto Corp. | 54 | 5419 |
| Waste Management, Inc. | 79 | 18149 |
|  |  | 63765 |
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |
| Arista Networks, Inc. \* | 223 | 22821 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Communications Equipment — continued** | **Communications Equipment — continued** | **Communications Equipment — continued** |
| Cisco Systems, Inc. | 862 | 59783 |
| F5, Inc. \* | 12 | 3661 |
| Juniper Networks, Inc. | 72 | 2863 |
| Motorola Solutions, Inc. | 36 | 15201 |
|  |  | 104329 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| Quanta Services, Inc. | 32 | 12136 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| Martin Marietta Materials, Inc. | 13 | 7168 |
| Vulcan Materials Co. | 29 | 7463 |
|  |  | 14631 |
| **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |
| American Express Co. | 120 | 38238 |
| Capital One Financial Corp. | 139 | 29475 |
| Synchrony Financial | 82 | 5503 |
|  |  | 73216 |
| **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** |
| Costco Wholesale Corp. | 96 | 95132 |
| Dollar General Corp. | 48 | 5449 |
| Dollar Tree, Inc. \* | 43 | 4238 |
| Kroger Co. (The) | 133 | 9517 |
| Sysco Corp. | 105 | 7952 |
| Target Corp. | 98 | 9708 |
| Walgreens Boots Alliance, Inc. | 155 | 1785 |
| Walmart, Inc. | 936 | 91501 |
|  |  | 225282 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Amcor plc | 496 | 4561 |
| Avery Dennison Corp. | 17 | 2971 |
| Ball Corp. | 60 | 3370 |
| International Paper Co. | 114 | 5354 |
| Packaging Corp. of America | 19 | 3647 |
| Smurfit WestRock plc | 108 | 4635 |
|  |  | 24538 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| Genuine Parts Co. | 30 | 3647 |
| LKQ Corp. | 56 | 2069 |
| Pool Corp. | 8 | 2374 |
|  |  | 8090 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Equity Funds 5

------

JPMorgan Equity Index Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| AT&T, Inc. | 1559 | 45104 |
| Verizon Communications, Inc. | 913 | 39512 |
|  |  | 84616 |
| **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** |
| Alliant Energy Corp. | 56 | 3364 |
| American Electric Power Co., Inc. | 116 | 12005 |
| Constellation Energy Corp. | 68 | 21910 |
| Duke Energy Corp. | 168 | 19865 |
| Edison International | 83 | 4300 |
| Entergy Corp. | 97 | 8036 |
| Evergy, Inc. | 50 | 3435 |
| Eversource Energy | 79 | 5063 |
| Exelon Corp. | 219 | 9494 |
| FirstEnergy Corp. | 111 | 4479 |
| NextEra Energy, Inc. | 446 | 30953 |
| NRG Energy, Inc. | 42 | 6800 |
| PG&E Corp. | 476 | 6636 |
| Pinnacle West Capital Corp. | 26 | 2314 |
| PPL Corp. | 160 | 5427 |
| Southern Co. (The) | 238 | 21860 |
| Xcel Energy, Inc. | 125 | 8507 |
|  |  | 174448 |
| **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** |
| AMETEK, Inc. | 50 | 9049 |
| Eaton Corp. plc | 85 | 30256 |
| Emerson Electric Co. | 122 | 16244 |
| GE Vernova, Inc. | 59 | 31281 |
| Generac Holdings, Inc. \* | 13 | 1833 |
| Hubbell, Inc. | 11 | 4721 |
| Rockwell Automation, Inc. | 24 | 8110 |
|  |  | 101494 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| Amphenol Corp., Class A | 262 | 25872 |
| CDW Corp. | 29 | 5094 |
| Corning, Inc. | 167 | 8780 |
| Jabil, Inc. | 23 | 5071 |
| Keysight Technologies, Inc. \* | 37 | 6133 |
| Ralliant Corp. \* |  |  |
| TE Connectivity plc (Switzerland) | 64 | 10834 |
| Teledyne Technologies, Inc. \* | 10 | 5199 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** |
| Trimble, Inc. \* | 52 | 3926 |
| Zebra Technologies Corp., Class A \* | 11 | 3397 |
|  |  | 74306 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co. | 214 | 8227 |
| Halliburton Co. | 186 | 3795 |
| Schlumberger NV | 295 | 9958 |
|  |  | 21980 |
| **Entertainment — 1.8%** | **Entertainment — 1.8%** | **Entertainment — 1.8%** |
| Electronic Arts, Inc. | 49 | 7893 |
| Live Nation Entertainment, Inc. \* | 34 | 5164 |
| Netflix, Inc. \* | 92 | 123436 |
| Take-Two Interactive Software, Inc. \* | 37 | 8912 |
| TKO Group Holdings, Inc. | 15 | 2642 |
| Walt Disney Co. (The) | 389 | 48287 |
| Warner Bros Discovery, Inc. \* | 488 | 5588 |
|  |  | 201922 |
| **Financial Services — 4.3%** | **Financial Services — 4.3%** | **Financial Services — 4.3%** |
| Apollo Global Management, Inc. | 98 | 13873 |
| Berkshire Hathaway, Inc., Class B \* | 397 | 192936 |
| Corpay, Inc. \* | 15 | 5066 |
| Fidelity National Information Services, Inc. | 114 | 9264 |
| Fiserv, Inc. \* | 120 | 20704 |
| Global Payments, Inc. | 53 | 4228 |
| Jack Henry & Associates, Inc. | 16 | 2842 |
| Mastercard, Inc., Class A | 176 | 98726 |
| PayPal Holdings, Inc. \* | 211 | 15655 |
| Visa, Inc., Class A | 370 | 131577 |
|  |  | 494871 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Archer-Daniels-Midland Co. | 104 | 5492 |
| Bunge Global SA | 29 | 2337 |
| Conagra Brands, Inc. | 103 | 2117 |
| General Mills, Inc. | 119 | 6145 |
| Hershey Co. (The) | 32 | 5319 |
| Hormel Foods Corp. | 63 | 1910 |
| J M Smucker Co. (The) | 23 | 2263 |
| Kellanova | 58 | 4631 |
| Kraft Heinz Co. (The) | 187 | 4832 |
| Lamb Weston Holdings, Inc. | 31 | 1585 |
| McCormick & Co., Inc. (Non-Voting) | 55 | 4150 |
| Mondelez International, Inc., Class A | 280 | 18913 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 J.P. Morgan Equity Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Food Products — continued** | **Food Products — continued** | **Food Products — continued** |
| The Campbell's Co. | 43 | 1307 |
| Tyson Foods, Inc., Class A | 62 | 3468 |
|  |  | 64469 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| Atmos Energy Corp. | 34 | 5302 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| CSX Corp. | 407 | 13277 |
| JB Hunt Transport Services, Inc. | 17 | 2437 |
| Norfolk Southern Corp. | 49 | 12499 |
| Old Dominion Freight Line, Inc. | 40 | 6537 |
| Uber Technologies, Inc. \* | 453 | 42259 |
| Union Pacific Corp. | 129 | 29774 |
|  |  | 106783 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |
| Abbott Laboratories | 377 | 51254 |
| Align Technology, Inc. \* | 15 | 2794 |
| Baxter International, Inc. | 111 | 3366 |
| Becton Dickinson & Co. | 62 | 10693 |
| Boston Scientific Corp. \* | 320 | 34418 |
| Cooper Cos., Inc. (The) \* | 43 | 3082 |
| Dexcom, Inc. \* | 85 | 7413 |
| Edwards Lifesciences Corp. \* | 127 | 9937 |
| GE HealthCare Technologies, Inc. | 99 | 7346 |
| Hologic, Inc. \* | 48 | 3145 |
| IDEXX Laboratories, Inc. \* | 17 | 9342 |
| Insulet Corp. \* | 15 | 4789 |
| Intuitive Surgical, Inc. \* | 78 | 42185 |
| Medtronic plc | 278 | 24215 |
| ResMed, Inc. | 32 | 8194 |
| Solventum Corp. \* | 30 | 2274 |
| STERIS plc | 21 | 5112 |
| Stryker Corp. | 75 | 29473 |
| Zimmer Biomet Holdings, Inc. | 43 | 3909 |
|  |  | 262941 |
| **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** |
| Cardinal Health, Inc. | 52 | 8685 |
| Cencora, Inc. | 37 | 11203 |
| Centene Corp. \* | 108 | 5850 |
| Cigna Group (The) | 58 | 19128 |
| CVS Health Corp. | 274 | 18900 |
| DaVita, Inc. \* | 9 | 1281 |
| Elevance Health, Inc. | 49 | 19034 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| HCA Healthcare, Inc. | 38 | 14373 |
| Henry Schein, Inc. \* | 26 | 1926 |
| Humana, Inc. | 26 | 6391 |
| Labcorp Holdings, Inc. | 18 | 4759 |
| McKesson Corp. | 27 | 19857 |
| Molina Healthcare, Inc. \* | 12 | 3497 |
| Quest Diagnostics, Inc. | 24 | 4343 |
| UnitedHealth Group, Inc. | 197 | 61296 |
| Universal Health Services, Inc., Class B | 12 | 2244 |
|  |  | 202767 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| Alexandria Real Estate Equities, Inc. | 33 | 2422 |
| Healthpeak Properties, Inc. | 150 | 2635 |
| Ventas, Inc. | 98 | 6172 |
| Welltower, Inc. | 135 | 20686 |
|  |  | 31915 |
| **Hotel & Resort REITs — 0.0% ^** | **Hotel & Resort REITs — 0.0% ^** | **Hotel & Resort REITs — 0.0% ^** |
| Host Hotels & Resorts, Inc. | 150 | 2308 |
| **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** |
| Airbnb, Inc., Class A \* | 94 | 12371 |
| Booking Holdings, Inc. | 7 | 40803 |
| Caesars Entertainment, Inc. \* | 45 | 1279 |
| Carnival Corp. \* | 227 | 6395 |
| Chipotle Mexican Grill, Inc. \* | 292 | 16386 |
| Darden Restaurants, Inc. | 25 | 5525 |
| Domino's Pizza, Inc. | 7 | 3342 |
| DoorDash, Inc., Class A \* | 74 | 18306 |
| Expedia Group, Inc. | 26 | 4442 |
| Hilton Worldwide Holdings, Inc. | 52 | 13712 |
| Las Vegas Sands Corp. | 74 | 3196 |
| Marriott International, Inc., Class A | 49 | 13453 |
| McDonald's Corp. | 155 | 45249 |
| MGM Resorts International \* | 45 | 1541 |
| Norwegian Cruise Line Holdings Ltd. \* | 97 | 1963 |
| Royal Caribbean Cruises Ltd. | 54 | 16945 |
| Starbucks Corp. | 246 | 22553 |
| Wynn Resorts Ltd. | 19 | 1785 |
| Yum! Brands, Inc. | 60 | 8921 |
|  |  | 238167 |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
| DR Horton, Inc. | 60 | 7720 |
| Garmin Ltd. | 33 | 6963 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Equity Funds 7

------

JPMorgan Equity Index Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Household Durables — continued** | **Household Durables — continued** | **Household Durables — continued** |
| Lennar Corp., Class A | 50 | 5563 |
| Mohawk Industries, Inc. \* | 11 | 1178 |
| NVR, Inc. \* | 1 | 4675 |
| PulteGroup, Inc. | 44 | 4578 |
|  |  | 30677 |
| **Household Products — 1.0%** | **Household Products — 1.0%** | **Household Products — 1.0%** |
| Church & Dwight Co., Inc. | 53 | 5127 |
| Clorox Co. (The) | 27 | 3205 |
| Colgate-Palmolive Co. | 175 | 15956 |
| Kimberly-Clark Corp. | 72 | 9265 |
| Procter & Gamble Co. (The) | 508 | 80905 |
|  |  | 114458 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| AES Corp. (The) | 154 | 1622 |
| Vistra Corp. | 74 | 14245 |
|  |  | 15867 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| 3M Co. | 117 | 17746 |
| Honeywell International, Inc. | 139 | 32417 |
|  |  | 50163 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| Prologis, Inc. | 201 | 21127 |
| **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
| Aflac, Inc. | 105 | 11114 |
| Allstate Corp. (The) | 57 | 11547 |
| American International Group, Inc. | 125 | 10684 |
| Aon plc, Class A | 47 | 16686 |
| Arch Capital Group Ltd. | 81 | 7360 |
| Arthur J Gallagher & Co. | 55 | 17757 |
| Assurant, Inc. | 11 | 2169 |
| Brown & Brown, Inc. | 61 | 6730 |
| Chubb Ltd. | 81 | 23386 |
| Cincinnati Financial Corp. | 34 | 5042 |
| Erie Indemnity Co., Class A | 5 | 1873 |
| Everest Group Ltd. | 9 | 3131 |
| Globe Life, Inc. | 18 | 2222 |
| Hartford Insurance Group, Inc. (The) | 61 | 7807 |
| Loews Corp. | 38 | 3455 |
| Marsh & McLennan Cos., Inc. | 107 | 23334 |
| MetLife, Inc. | 122 | 9822 |
| Principal Financial Group, Inc. | 45 | 3549 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Progressive Corp. (The) | 127 | 33884 |
| Prudential Financial, Inc. | 77 | 8238 |
| Travelers Cos., Inc. (The) | 49 | 13129 |
| Willis Towers Watson plc | 21 | 6582 |
| WR Berkley Corp. | 65 | 4769 |
|  |  | 234270 |
| **Interactive Media & Services — 6.6%** | **Interactive Media & Services — 6.6%** | **Interactive Media & Services — 6.6%** |
| Alphabet, Inc., Class A | 1261 | 222151 |
| Alphabet, Inc., Class C | 1017 | 180379 |
| Match Group, Inc. | 53 | 1641 |
| Meta Platforms, Inc., Class A | 470 | 347091 |
|  |  | 751262 |
| **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** |
| Accenture plc, Class A (Ireland) | 136 | 40527 |
| Akamai Technologies, Inc. \* | 32 | 2526 |
| Cognizant Technology Solutions Corp., Class A | 107 | 8331 |
| EPAM Systems, Inc. \* | 12 | 2170 |
| Gartner, Inc. \* | 17 | 6739 |
| GoDaddy, Inc., Class A \* | 31 | 5557 |
| International Business Machines Corp. | 201 | 59340 |
| VeriSign, Inc. | 17 | 5051 |
|  |  | 130241 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| Hasbro, Inc. | 29 | 2106 |
| **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** |
| Agilent Technologies, Inc. | 62 | 7287 |
| Bio-Techne Corp. | 34 | 1747 |
| Charles River Laboratories International, Inc. \* | 11 | 1614 |
| Danaher Corp. | 138 | 27252 |
| IQVIA Holdings, Inc. \* | 36 | 5610 |
| Mettler-Toledo International, Inc. \* | 4 | 5287 |
| Revvity, Inc. | 25 | 2469 |
| Thermo Fisher Scientific, Inc. | 82 | 33152 |
| Waters Corp. \* | 13 | 4499 |
| West Pharmaceutical Services, Inc. | 15 | 3405 |
|  |  | 92322 |
| **Machinery — 1.5%** | **Machinery — 1.5%** | **Machinery — 1.5%** |
| Caterpillar, Inc. | 102 | 39546 |
| Cummins, Inc. | 30 | 9772 |
| Deere & Co. | 55 | 27800 |
| Dover Corp. | 30 | 5441 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 J.P. Morgan Equity Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| Fortive Corp. | 73 | 3838 |
| IDEX Corp. | 16 | 2873 |
| Illinois Tool Works, Inc. | 58 | 14279 |
| Ingersoll Rand, Inc. | 87 | 7269 |
| Nordson Corp. | 12 | 2510 |
| Otis Worldwide Corp. | 85 | 8465 |
| PACCAR, Inc. | 114 | 10809 |
| Parker-Hannifin Corp. | 28 | 19331 |
| Pentair plc | 36 | 3658 |
| Snap-on, Inc. | 11 | 3524 |
| Stanley Black & Decker, Inc. | 33 | 2270 |
| Westinghouse Air Brake Technologies Corp. | 37 | 7759 |
| Xylem, Inc. | 53 | 6818 |
|  |  | 175962 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| Charter Communications, Inc., Class A \* | 21 | 8451 |
| Comcast Corp., Class A | 807 | 28789 |
| Fox Corp., Class A | 46 | 2598 |
| Fox Corp., Class B | 29 | 1475 |
| Interpublic Group of Cos., Inc. (The) | 80 | 1961 |
| News Corp., Class A | 82 | 2428 |
| News Corp., Class B | 24 | 828 |
| Omnicom Group, Inc. | 42 | 3040 |
| Paramount Global, Class B | 130 | 1682 |
|  |  | 51252 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| Freeport-McMoRan, Inc. | 311 | 13485 |
| Newmont Corp. | 241 | 14045 |
| Nucor Corp. | 50 | 6474 |
| Steel Dynamics, Inc. | 30 | 3828 |
|  |  | 37832 |
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |
| Ameren Corp. | 59 | 5622 |
| CenterPoint Energy, Inc. | 141 | 5194 |
| CMS Energy Corp. | 65 | 4489 |
| Consolidated Edison, Inc. | 78 | 7831 |
| Dominion Energy, Inc. | 185 | 10440 |
| DTE Energy Co. | 45 | 5954 |
| NiSource, Inc. | 102 | 4113 |
| Public Service Enterprise Group, Inc. | 108 | 9098 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| Sempra | 141 | 10703 |
| WEC Energy Group, Inc. | 69 | 7202 |
|  |  | 70646 |
| **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** |
| BXP, Inc. | 32 | 2129 |
| **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** |
| APA Corp. | 78 | 1429 |
| Chevron Corp. | 352 | 50371 |
| ConocoPhillips | 273 | 24538 |
| Coterra Energy, Inc. | 165 | 4196 |
| Devon Energy Corp. | 139 | 4424 |
| Diamondback Energy, Inc. | 41 | 5565 |
| EOG Resources, Inc. | 118 | 14140 |
| EQT Corp. | 130 | 7562 |
| Expand Energy Corp. | 47 | 5485 |
| Exxon Mobil Corp. | 934 | 100633 |
| Hess Corp. | 60 | 8319 |
| Kinder Morgan, Inc. | 419 | 12310 |
| Marathon Petroleum Corp. | 67 | 11053 |
| Occidental Petroleum Corp. | 153 | 6447 |
| ONEOK, Inc. | 135 | 11044 |
| Phillips 66 | 88 | 10528 |
| Targa Resources Corp. | 47 | 8179 |
| Texas Pacific Land Corp. | 4 | 4313 |
| Valero Energy Corp. | 68 | 9119 |
| Williams Cos., Inc. (The) | 264 | 16611 |
|  |  | 316266 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| Delta Air Lines, Inc. | 141 | 6955 |
| Southwest Airlines Co. | 124 | 4004 |
| United Airlines Holdings, Inc. \* | 71 | 5633 |
|  |  | 16592 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Estee Lauder Cos., Inc. (The), Class A | 51 | 4099 |
| Kenvue, Inc. | 416 | 8703 |
|  |  | 12802 |
| **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** |
| Bristol-Myers Squibb Co. | 441 | 20404 |
| Eli Lilly & Co. | 170 | 132814 |
| Johnson & Johnson | 521 | 79604 |
| Merck & Co., Inc. | 544 | 43053 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Equity Funds 9

------

JPMorgan Equity Index Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| Pfizer, Inc. | 1231 | 29850 |
| Viatris, Inc. | 254 | 2270 |
| Zoetis, Inc. | 97 | 15038 |
|  |  | 323033 |
| **Professional Services — 0.6%** | **Professional Services — 0.6%** | **Professional Services — 0.6%** |
| Automatic Data Processing, Inc. | 88 | 27115 |
| Broadridge Financial Solutions, Inc. | 25 | 6183 |
| Dayforce, Inc. \* | 35 | 1918 |
| Equifax, Inc. | 27 | 6977 |
| Jacobs Solutions, Inc. | 26 | 3421 |
| Leidos Holdings, Inc. | 28 | 4398 |
| Paychex, Inc. | 69 | 10100 |
| Paycom Software, Inc. | 11 | 2443 |
| Verisk Analytics, Inc. | 30 | 9438 |
|  |  | 71993 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| CBRE Group, Inc., Class A \* | 64 | 8912 |
| CoStar Group, Inc. \* | 91 | 7347 |
|  |  | 16259 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| AvalonBay Communities, Inc. | 31 | 6267 |
| Camden Property Trust | 23 | 2608 |
| Equity Residential | 74 | 4998 |
| Essex Property Trust, Inc. | 14 | 3952 |
| Invitation Homes, Inc. | 124 | 4050 |
| Mid-America Apartment Communities, Inc. | 25 | 3753 |
| UDR, Inc. | 65 | 2666 |
|  |  | 28294 |
| **Retail REITs — 0.3%** | **Retail REITs — 0.3%** | **Retail REITs — 0.3%** |
| Federal Realty Investment Trust | 17 | 1597 |
| Kimco Realty Corp. | 147 | 3080 |
| Realty Income Corp. | 196 | 11269 |
| Regency Centers Corp. | 35 | 2520 |
| Simon Property Group, Inc. | 66 | 10684 |
|  |  | 29150 |
| **Semiconductors & Semiconductor Equipment — 12.7%** | **Semiconductors & Semiconductor Equipment — 12.7%** | **Semiconductors & Semiconductor Equipment — 12.7%** |
| Advanced Micro Devices, Inc. \* | 351 | 49833 |
| Analog Devices, Inc. | 107 | 25569 |
| Applied Materials, Inc. | 176 | 32215 |
| Broadcom, Inc. | 1018 | 280725 |
| Enphase Energy, Inc. \* | 28 | 1127 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| First Solar, Inc. \* | 23 | 3845 |
| Intel Corp. | 945 | 21163 |
| KLA Corp. | 29 | 25657 |
| Lam Research Corp. | 277 | 26968 |
| Microchip Technology, Inc. | 116 | 8197 |
| Micron Technology, Inc. | 242 | 29834 |
| Monolithic Power Systems, Inc. | 10 | 7585 |
| NVIDIA Corp. | 5282 | 834532 |
| NXP Semiconductors NV (Netherlands) | 55 | 11955 |
| ON Semiconductor Corp. \* | 91 | 4744 |
| QUALCOMM, Inc. | 238 | 37847 |
| Skyworks Solutions, Inc. | 33 | 2423 |
| Teradyne, Inc. | 35 | 3124 |
| Texas Instruments, Inc. | 197 | 40853 |
|  |  | 1448196 |
| **Software — 11.4%** | **Software — 11.4%** | **Software — 11.4%** |
| Adobe, Inc. \* | 92 | 35714 |
| ANSYS, Inc. \* | 19 | 6688 |
| Autodesk, Inc. \* | 46 | 14345 |
| Cadence Design Systems, Inc. \* | 59 | 18224 |
| Crowdstrike Holdings, Inc., Class A \* | 54 | 27476 |
| Fair Isaac Corp. \* | 5 | 9637 |
| Fortinet, Inc. \* | 138 | 14547 |
| Gen Digital, Inc. | 118 | 3476 |
| Intuit, Inc. | 61 | 47692 |
| Microsoft Corp. | 1610 | 800750 |
| Oracle Corp. | 352 | 77019 |
| Palantir Technologies, Inc., Class A \* | 461 | 62806 |
| Palo Alto Networks, Inc. \* | 143 | 29347 |
| PTC, Inc. \* | 26 | 4477 |
| Roper Technologies, Inc. | 23 | 13200 |
| Salesforce, Inc. | 208 | 56669 |
| ServiceNow, Inc. \* | 45 | 46094 |
| Synopsys, Inc. \* | 34 | 17170 |
| Tyler Technologies, Inc. \* | 9 | 5537 |
| Workday, Inc., Class A \* | 47 | 11261 |
|  |  | 1302129 |
| **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** |
| American Tower Corp. | 102 | 22410 |
| Crown Castle, Inc. | 94 | 9689 |
| Digital Realty Trust, Inc. | 69 | 11954 |
| Equinix, Inc. | 21 | 16854 |
| Extra Space Storage, Inc. | 46 | 6777 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 J.P. Morgan Equity Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialized REITs — continued** | **Specialized REITs — continued** | **Specialized REITs — continued** |
| Iron Mountain, Inc. | 64 | 6555 |
| Public Storage | 34 | 10034 |
| SBA Communications Corp. | 23 | 5465 |
| VICI Properties, Inc. | 229 | 7461 |
| Weyerhaeuser Co. | 157 | 4036 |
|  |  | 101235 |
| **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** |
| AutoZone, Inc. \* | 3 | 13449 |
| Best Buy Co., Inc. | 42 | 2801 |
| CarMax, Inc. \* | 33 | 2218 |
| Home Depot, Inc. (The) | 215 | 78929 |
| Lowe's Cos., Inc. | 121 | 26897 |
| O'Reilly Automotive, Inc. \* | 185 | 16688 |
| Ross Stores, Inc. | 71 | 9087 |
| TJX Cos., Inc. (The) | 242 | 29863 |
| Tractor Supply Co. | 115 | 6060 |
| Ulta Beauty, Inc. \* | 10 | 4575 |
| Williams-Sonoma, Inc. | 27 | 4350 |
|  |  | 194917 |
| **Technology Hardware, Storage & Peripherals — 6.2%** | **Technology Hardware, Storage & Peripherals — 6.2%** | **Technology Hardware, Storage & Peripherals — 6.2%** |
| Apple, Inc. | 3235 | 663725 |
| Dell Technologies, Inc., Class C | 65 | 7955 |
| Hewlett Packard Enterprise Co. | 284 | 5818 |
| HP, Inc. | 204 | 4994 |
| NetApp, Inc. | 44 | 4694 |
| Seagate Technology Holdings plc | 46 | 6634 |
| Super Micro Computer, Inc. \* | 111 | 5449 |
| Western Digital Corp. | 76 | 4836 |
|  |  | 704105 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| Deckers Outdoor Corp. \* | 33 | 3388 |
| Lululemon Athletica, Inc. \* | 24 | 5688 |
| NIKE, Inc., Class B | 255 | 18127 |
| Ralph Lauren Corp. | 9 | 2370 |
| Tapestry, Inc. | 45 | 3950 |
|  |  | 33523 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| Altria Group, Inc. | 365 | 21390 |
| Philip Morris International, Inc. | 337 | 61402 |
|  |  | 82792 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
| Fastenal Co. | 249 | 10437 |
| United Rentals, Inc. | 14 | 10606 |
| WW Grainger, Inc. | 9 | 9849 |
|  |  | 30892 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| American Water Works Co., Inc. | 42 | 5876 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| T-Mobile US, Inc. | 103 | 24610 |
| Total Common Stocks <br>(Cost $3,805,100)<br>|  | 11370091 |
|  | **NO. OF** <br> **RIGHTS** <br>**(000)**<br>|  |
| **Rights — 0.0% ^** | **Rights — 0.0% ^** | **Rights — 0.0% ^** |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| ABIOMED, Inc., CVR ‡ \* <br>(Cost $10)<br>| 10 | 10 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** |
| **Investment Companies — 0.3%** | **Investment Companies — 0.3%** | **Investment Companies — 0.3%** |
| JPMorgan U.S. Government Money Market Fund <br> Class Institutional Shares, 4.18% (b) (c) <br>(Cost $29,487)<br>| 29487 | 29487 |
| **Total Investments — 99.9%** <br>**(Cost $3,834,597)**<br>|  | **11399588** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **13142** |
| **NET ASSETS — 100.0%** |  | **11412730** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CVR | Contingent Value Rights |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| \* | Non-income producing security.  |
| (a) | Investment in affiliate. This security is included in an <br> index in which the Fund, as an index fund, tracks.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Equity Funds 11

------

JPMorgan Equity Index Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the current yield as of June 30, 2025.

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 44068 | &nbsp;&nbsp;&nbsp;&nbsp; 1083 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 J.P. Morgan Equity Funds June 30, 2025

------

JPMorgan Equity Premium Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 86.3%** | **Common Stocks — 86.3%** | **Common Stocks — 86.3%** |
| **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** |
| Howmet Aerospace, Inc. | 463 | 86133 |
| RTX Corp. | 301 | 44023 |
| TransDigm Group, Inc. | 25 | 37307 |
|  |  | 167463 |
| **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** |
| FedEx Corp. | 79 | 18028 |
| United Parcel Service, Inc., Class B | 401 | 40488 |
|  |  | 58516 |
| **Banks — 0.5%** | **Banks — 0.5%** | **Banks — 0.5%** |
| Bank of America Corp. | 461 | 21828 |
| US Bancorp | 263 | 11881 |
|  |  | 33709 |
| **Beverages — 3.1%** | **Beverages — 3.1%** | **Beverages — 3.1%** |
| Coca-Cola Co. (The) | 826 | 58425 |
| Keurig Dr Pepper, Inc. | 1338 | 44242 |
| Monster Beverage Corp. \* | 250 | 15633 |
| PepsiCo, Inc. | 625 | 82519 |
|  |  | 200819 |
| **Biotechnology — 2.6%** | **Biotechnology — 2.6%** | **Biotechnology — 2.6%** |
| AbbVie, Inc. | 485 | 89940 |
| Regeneron Pharmaceuticals, Inc. | 77 | 40584 |
| Vertex Pharmaceuticals, Inc. \* | 83 | 36863 |
|  |  | 167387 |
| **Broadline Retail — 1.6%** | **Broadline Retail — 1.6%** | **Broadline Retail — 1.6%** |
| Amazon.com, Inc. \* | 456 | 100062 |
| **Building Products — 2.6%** | **Building Products — 2.6%** | **Building Products — 2.6%** |
| Carrier Global Corp. | 868 | 63535 |
| Trane Technologies plc | 235 | 102502 |
|  |  | 166037 |
| **Capital Markets — 2.1%** | **Capital Markets — 2.1%** | **Capital Markets — 2.1%** |
| Ameriprise Financial, Inc. | 139 | 74220 |
| CME Group, Inc. | 154 | 42330 |
| Raymond James Financial, Inc. | 119 | 18327 |
|  |  | 134877 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| Linde plc | 120 | 56264 |
| **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** |
| Motorola Solutions, Inc. | 50 | 21076 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Vulcan Materials Co. | 85 | 22272 |
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
| American Express Co. | 197 | 62943 |
| **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** |
| Walmart, Inc. | 852 | 83330 |
| **Electric Utilities — 3.0%** | **Electric Utilities — 3.0%** | **Electric Utilities — 3.0%** |
| Entergy Corp. | 225 | 18722 |
| NextEra Energy, Inc. | 1178 | 81750 |
| Southern Co. (The) | 1025 | 94108 |
|  |  | 194580 |
| **Electrical Equipment — 2.7%** | **Electrical Equipment — 2.7%** | **Electrical Equipment — 2.7%** |
| Eaton Corp. plc | 240 | 85632 |
| Emerson Electric Co. | 643 | 85710 |
|  |  | 171342 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Baker Hughes Co. | 207 | 7922 |
| **Entertainment — 1.9%** | **Entertainment — 1.9%** | **Entertainment — 1.9%** |
| Netflix, Inc. \* | 30 | 39385 |
| Walt Disney Co. (The) | 653 | 80994 |
|  |  | 120379 |
| **Financial Services — 5.1%** | **Financial Services — 5.1%** | **Financial Services — 5.1%** |
| Berkshire Hathaway, Inc., Class B \* | 91 | 44229 |
| Corpay, Inc. \* | 124 | 41090 |
| Fiserv, Inc. \* | 206 | 35479 |
| Mastercard, Inc., Class A | 183 | 102923 |
| Visa, Inc., Class A | 290 | 103063 |
|  |  | 326784 |
| **Food Products — 1.2%** | **Food Products — 1.2%** | **Food Products — 1.2%** |
| Mondelez International, Inc., Class A | 1119 | 75481 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| CSX Corp. | 572 | 18657 |
| **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** |
| Boston Scientific Corp. \* | 344 | 36969 |
| Medtronic plc | 613 | 53437 |
| Stryker Corp. | 214 | 84637 |
|  |  | 175043 |
| **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| UnitedHealth Group, Inc. | 144 | 44867 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 13

------

JPMorgan Equity Premium Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** |
| Ventas, Inc. | 317 | 20030 |
| Welltower, Inc. | 172 | 26476 |
|  |  | 46506 |
| **Hotels, Restaurants & Leisure — 3.5%** | **Hotels, Restaurants & Leisure — 3.5%** | **Hotels, Restaurants & Leisure — 3.5%** |
| Chipotle Mexican Grill, Inc. \* | 1102 | 61895 |
| McDonald's Corp. | 257 | 74924 |
| Yum! Brands, Inc. | 574 | 85024 |
|  |  | 221843 |
| **Household Products — 1.3%** | **Household Products — 1.3%** | **Household Products — 1.3%** |
| Church & Dwight Co., Inc. | 337 | 32381 |
| Procter & Gamble Co. (The) | 319 | 50863 |
|  |  | 83244 |
| **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** |
| Vistra Corp. | 156 | 30201 |
| **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** |
| 3M Co. | 276 | 42035 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| Prologis, Inc. | 158 | 16629 |
| **Insurance — 4.1%** | **Insurance — 4.1%** | **Insurance — 4.1%** |
| Aon plc, Class A | 57 | 20259 |
| Arthur J Gallagher & Co. | 205 | 65673 |
| Chubb Ltd. | 121 | 34988 |
| Progressive Corp. (The) | 356 | 95186 |
| Travelers Cos., Inc. (The) | 161 | 43000 |
|  |  | 259106 |
| **Interactive Media & Services — 3.1%** | **Interactive Media & Services — 3.1%** | **Interactive Media & Services — 3.1%** |
| Alphabet, Inc., Class A | 491 | 86528 |
| Meta Platforms, Inc., Class A | 149 | 110131 |
|  |  | 196659 |
| **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
| Cognizant Technology Solutions Corp., Class A | 759 | 59196 |
| **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** |
| Danaher Corp. | 112 | 22115 |
| Thermo Fisher Scientific, Inc. | 178 | 72197 |
|  |  | 94312 |
| **Machinery — 1.8%** | **Machinery — 1.8%** | **Machinery — 1.8%** |
| Cummins, Inc. | 63 | 20780 |
| Deere & Co. | 64 | 32317 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| Ingersoll Rand, Inc. | 202 | 16792 |
| Otis Worldwide Corp. | 465 | 46094 |
|  |  | 115983 |
| **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** |
| Comcast Corp., Class A | 2325 | 82992 |
| **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** |
| Ameren Corp. | 83 | 8012 |
| CMS Energy Corp. | 400 | 27678 |
| Dominion Energy, Inc. | 245 | 13819 |
| Public Service Enterprise Group, Inc. | 254 | 21423 |
|  |  | 70932 |
| **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** |
| ConocoPhillips | 460 | 41224 |
| EOG Resources, Inc. | 609 | 72856 |
| Exxon Mobil Corp. | 409 | 44128 |
|  |  | 158208 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Kenvue, Inc. | 284 | 5952 |
| **Pharmaceuticals — 3.8%** | **Pharmaceuticals — 3.8%** | **Pharmaceuticals — 3.8%** |
| Bristol-Myers Squibb Co. | 1741 | 80584 |
| Eli Lilly & Co. | 61 | 47646 |
| Johnson & Johnson | 542 | 82752 |
| Merck & Co., Inc. | 406 | 32189 |
|  |  | 243171 |
| **Professional Services — 0.8%** | **Professional Services — 0.8%** | **Professional Services — 0.8%** |
| Automatic Data Processing, Inc. | 106 | 32776 |
| Leidos Holdings, Inc. | 120 | 18868 |
|  |  | 51644 |
| **Semiconductors & Semiconductor Equipment — 7.4%** | **Semiconductors & Semiconductor Equipment — 7.4%** | **Semiconductors & Semiconductor Equipment — 7.4%** |
| Analog Devices, Inc. | 386 | 91806 |
| ASML Holding NV (Registered), NYRS (Netherlands) | 47 | 37458 |
| Broadcom, Inc. | 289 | 79695 |
| Lam Research Corp. | 418 | 40701 |
| NVIDIA Corp. | 652 | 103030 |
| NXP Semiconductors NV (Netherlands) | 231 | 50586 |
| Texas Instruments, Inc. | 338 | 70105 |
|  |  | 473381 |
| **Software — 6.1%** | **Software — 6.1%** | **Software — 6.1%** |
| Cadence Design Systems, Inc. \* | 102 | 31573 |
| Microsoft Corp. | 210 | 104392 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| Oracle Corp. | 503 | 110029 |
| Salesforce, Inc. | 210 | 57302 |
| ServiceNow, Inc. \* | 87 | 88889 |
|  |  | 392185 |
| **Specialized REITs — 1.9%** | **Specialized REITs — 1.9%** | **Specialized REITs — 1.9%** |
| American Tower Corp. | 93 | 20591 |
| Equinix, Inc. | 70 | 55297 |
| SBA Communications Corp. | 195 | 45769 |
|  |  | 121657 |
| **Specialty Retail — 3.4%** | **Specialty Retail — 3.4%** | **Specialty Retail — 3.4%** |
| AutoZone, Inc. \* | 5 | 16879 |
| Burlington Stores, Inc. \* | 148 | 34491 |
| Lowe's Cos., Inc. | 382 | 84622 |
| Ross Stores, Inc. | 638 | 81426 |
|  |  | 217418 |
| **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** |
| Apple, Inc. | 215 | 44087 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| Altria Group, Inc. | 231 | 13522 |
| Philip Morris International, Inc. | 185 | 33801 |
|  |  | 47323 |
| **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** |
| United Rentals, Inc. | 50 | 37843 |
| Total Common Stocks <br>(Cost $4,373,542)<br>|  | 5522317 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Equity-Linked Notes — 12.7%** | **Equity-Linked Notes — 12.7%** | **Equity-Linked Notes — 12.7%** |
| Barclays Bank plc, ELN, 48.50%, 7/18/2025, (linked <br> to S&P 500 Index) (a)<br>| 10 | 56132 |
| Barclays Bank plc, ELN, 50.15%, 7/21/2025, (linked <br> to S&P 500 Index) (a)<br>| 10 | 55703 |
| BNP Paribas, ELN, 49.30%, 7/11/2025, (linked to <br> S&P 500 Index) (b)<br>| 9 | 51930 |
| BNP Paribas, ELN, 49.90%, 8/4/2025, (linked to S&P <br> 500 Index) (b)<br>| 10 | 58377 |
| BNP Paribas, ELN, 52.56%, 7/14/2025, (linked to <br> S&P 500 Index) (b)<br>| 9 | 51715 |
| BNP Paribas, ELN, 54.30%, 7/29/2025, (linked to <br> S&P 500 Index) (b)<br>| 9 | 53465 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Citigroup Global Markets Holdings, Inc., ELN, 51.86%, <br> 7/22/2025, (linked to S&P 500 Index) (b)<br>| 10 | 56110 |
| Citigroup Global Markets Holdings, Inc., ELN, 56.40%, <br> 7/15/2025, (linked to S&P 500 Index) (b)<br>| 10 | 53226 |
| Morgan Stanley Finance LLC, ELN, 51.41%, <br> 7/25/2025, (linked to S&P 500 Index) (a)<br>| 10 | 55788 |
| Morgan Stanley Finance LLC, ELN, 52.75%, 7/7/2025, <br> (linked to S&P 500 Index) (a)<br>| 9 | 50256 |
| Morgan Stanley Finance LLC, ELN, 55.72%, 7/9/2025, <br> (linked to S&P 500 Index) (a)<br>| 9 | 49778 |
| Societe Generale SA, ELN, 48.04%, 8/1/2025, (linked <br> to S&P 500 Index) (b)<br>| 10 | 58358 |
| Societe Generale SA, ELN, 50.30%, 8/5/2025, (linked <br> to S&P 500 Index) (b)<br>| 10 | 59336 |
| Societe Generale SA, ELN, 53.00%, 7/8/2025, (linked <br> to S&P 500 Index) (b)<br>| 9 | 49019 |
| Societe Generale SA, ELN, 56.41%, 7/28/2025, <br> (linked to S&P 500 Index) (b)<br>| 9 | 54001 |
| Total Equity-Linked Notes <br>(Cost $858,975)<br>|  | 813194 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (c) (d) <br>(Cost $9,909)<br>| 9907 | 9909 |
| **Total Investments — 99.2%** <br>**(Cost $5,242,426)**<br>|  | **6345420** |
| **Other Assets in Excess of Liabilities — 0.8%** |  | **50041** |
| **NET ASSETS — 100.0%** |  | **6395461** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ELN | Equity-Linked Note |
| NYRS | New York Registry Shares |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. 

(b) 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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 15

------

JPMorgan Equity Premium Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan Large Cap Funds June 30, 2025

------

JPMorgan Hedged Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.5%** | **Common Stocks — 99.5%** | **Common Stocks — 99.5%** |
| **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** |
| Howmet Aerospace, Inc. | 1060 | 197401 |
| RTX Corp. | 871 | 127269 |
| Textron, Inc. | 557 | 44700 |
| TransDigm Group, Inc. | 81 | 122598 |
|  |  | 491968 |
| **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** |
| FedEx Corp. | 232 | 52724 |
| United Parcel Service, Inc., Class B | 713 | 71937 |
|  |  | 124661 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv plc (Jersey) \* | 259 | 17663 |
| **Automobiles — 1.6%** | **Automobiles — 1.6%** | **Automobiles — 1.6%** |
| Tesla, Inc. \* (a) | 1056 | 335335 |
| **Banks — 3.7%** | **Banks — 3.7%** | **Banks — 3.7%** |
| Bank of America Corp. (a) | 5596 | 264788 |
| Citigroup, Inc. | 1157 | 98480 |
| Fifth Third Bancorp | 1986 | 81707 |
| Truist Financial Corp. | 860 | 36953 |
| US Bancorp | 1463 | 66213 |
| Wells Fargo & Co. (a) | 2862 | 229308 |
|  |  | 777449 |
| **Beverages — 1.9%** | **Beverages — 1.9%** | **Beverages — 1.9%** |
| Coca-Cola Co. (The) | 1576 | 111467 |
| Keurig Dr Pepper, Inc. | 3316 | 109636 |
| PepsiCo, Inc. (a) | 1326 | 175125 |
|  |  | 396228 |
| **Biotechnology — 1.9%** | **Biotechnology — 1.9%** | **Biotechnology — 1.9%** |
| AbbVie, Inc. (a) | 1267 | 235147 |
| Neurocrine Biosciences, Inc. \* | 123 | 15521 |
| Regeneron Pharmaceuticals, Inc. | 130 | 68139 |
| Vertex Pharmaceuticals, Inc. \* | 186 | 82626 |
|  |  | 401433 |
| **Broadline Retail — 4.4%** | **Broadline Retail — 4.4%** | **Broadline Retail — 4.4%** |
| Amazon.com, Inc. \* (a) | 4209 | 923328 |
| **Building Products — 1.6%** | **Building Products — 1.6%** | **Building Products — 1.6%** |
| Carrier Global Corp. | 1664 | 121833 |
| Masco Corp. | 690 | 44393 |
| Trane Technologies plc | 384 | 167982 |
|  |  | 334208 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — 2.1%** | **Capital Markets — 2.1%** | **Capital Markets — 2.1%** |
| Ameriprise Financial, Inc. | 178 | 94967 |
| Charles Schwab Corp. (The) | 1932 | 176301 |
| CME Group, Inc. | 382 | 105114 |
| Raymond James Financial, Inc. | 194 | 29764 |
| State Street Corp. | 419 | 44544 |
|  |  | 450690 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Linde plc | 365 | 171121 |
| LyondellBasell Industries NV, Class A | 547 | 31669 |
| PPG Industries, Inc. | 448 | 50953 |
| Sherwin-Williams Co. (The) | 94 | 32362 |
|  |  | 286105 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Arista Networks, Inc. \* | 481 | 49222 |
| Motorola Solutions, Inc. | 67 | 28078 |
|  |  | 77300 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Martin Marietta Materials, Inc. | 62 | 34242 |
| Vulcan Materials Co. | 119 | 30990 |
|  |  | 65232 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
| American Express Co. | 243 | 77417 |
| Capital One Financial Corp. | 310 | 65960 |
|  |  | 143377 |
| **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** |
| Costco Wholesale Corp. | 44 | 44141 |
| Walmart, Inc. | 1931 | 188792 |
|  |  | 232933 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| AT&T, Inc. | 3320 | 96067 |
| **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** |
| Entergy Corp. | 171 | 14249 |
| NextEra Energy, Inc. | 2251 | 156276 |
| NRG Energy, Inc. | 87 | 13879 |
| PG&E Corp. | 2431 | 33881 |
| Southern Co. (The) | 1919 | 176259 |
|  |  | 394544 |
| **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** |
| Eaton Corp. plc | 252 | 89986 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 17

------

JPMorgan Hedged Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electrical Equipment — continued** | **Electrical Equipment — continued** | **Electrical Equipment — continued** |
| Emerson Electric Co. | 217 | 28896 |
| GE Vernova, Inc. | 59 | 31152 |
|  |  | 150034 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co. | 1249 | 47896 |
| **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
| Netflix, Inc. \* | 100 | 134166 |
| Walt Disney Co. (The) | 1066 | 132129 |
| Warner Music Group Corp., Class A | 627 | 17087 |
|  |  | 283382 |
| **Financial Services — 6.2%** | **Financial Services — 6.2%** | **Financial Services — 6.2%** |
| Apollo Global Management, Inc. | 393 | 55802 |
| Berkshire Hathaway, Inc., Class B \* (a) | 647 | 314278 |
| Corpay, Inc. \* | 283 | 93994 |
| Fidelity National Information Services, Inc. | 1280 | 104187 |
| Mastercard, Inc., Class A (a) | 634 | 356426 |
| Toast, Inc., Class A \* | 757 | 33534 |
| Visa, Inc., Class A (a) | 930 | 330100 |
| WEX, Inc. \* | 56 | 8167 |
|  |  | 1296488 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Mondelez International, Inc., Class A | 2009 | 135499 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Uber Technologies, Inc. \* | 906 | 84576 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |
| Baxter International, Inc. | 357 | 10828 |
| Boston Scientific Corp. \* | 1223 | 131362 |
| Edwards Lifesciences Corp. \* | 842 | 65842 |
| Medtronic plc | 1300 | 113286 |
| Stryker Corp. | 392 | 155216 |
| Zimmer Biomet Holdings, Inc. | 80 | 7291 |
|  |  | 483825 |
| **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** |
| Cigna Group (The) | 294 | 97217 |
| HCA Healthcare, Inc. | 65 | 24935 |
| Humana, Inc. | 150 | 36603 |
| McKesson Corp. | 53 | 38802 |
| UnitedHealth Group, Inc. (a) | 550 | 171710 |
|  |  | 369267 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Alexandria Real Estate Equities, Inc. | 100 | 7286 |
| Ventas, Inc. | 1459 | 92134 |
| Welltower, Inc. | 414 | 63556 |
|  |  | 162976 |
| **Hotels, Restaurants & Leisure — 3.6%** | **Hotels, Restaurants & Leisure — 3.6%** | **Hotels, Restaurants & Leisure — 3.6%** |
| Booking Holdings, Inc. | 13 | 74583 |
| Carnival Corp. \* | 2334 | 65616 |
| Chipotle Mexican Grill, Inc. \* | 1974 | 110848 |
| DoorDash, Inc., Class A \* | 184 | 45394 |
| Expedia Group, Inc. | 341 | 57572 |
| Hilton Worldwide Holdings, Inc. | 442 | 117627 |
| McDonald's Corp. (a) | 629 | 183857 |
| Yum! Brands, Inc. | 701 | 103936 |
|  |  | 759433 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Lennar Corp., Class A | 199 | 21976 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Church & Dwight Co., Inc. | 290 | 27845 |
| **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** |
| Vistra Corp. | 508 | 98374 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| 3M Co. | 598 | 91105 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| Prologis, Inc. | 551 | 57911 |
| **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** |
| Aon plc, Class A | 252 | 89812 |
| Arthur J Gallagher & Co. | 381 | 122127 |
| Progressive Corp. (The) | 600 | 160176 |
|  |  | 372115 |
| **Interactive Media & Services — 6.7%** | **Interactive Media & Services — 6.7%** | **Interactive Media & Services — 6.7%** |
| Alphabet, Inc., Class A (a) | 2353 | 414708 |
| Alphabet, Inc., Class C (a) | 1270 | 225350 |
| Meta Platforms, Inc., Class A (a) | 1035 | 763528 |
|  |  | 1403586 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Cognizant Technology Solutions Corp., Class A | 1234 | 96300 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| Thermo Fisher Scientific, Inc. | 363 | 147105 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Machinery — 1.8%** | **Machinery — 1.8%** | **Machinery — 1.8%** |
| Caterpillar, Inc. | 188 | 72850 |
| Deere & Co. | 252 | 128314 |
| Ingersoll Rand, Inc. | 443 | 36794 |
| Otis Worldwide Corp. | 992 | 98240 |
| PACCAR, Inc. | 543 | 51622 |
|  |  | 387820 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Charter Communications, Inc., Class A \* | 171 | 69825 |
| Comcast Corp., Class A | 3159 | 112769 |
|  |  | 182594 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| Freeport-McMoRan, Inc. | 828 | 35887 |
| Nucor Corp. | 147 | 19033 |
|  |  | 54920 |
| **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** |
| ConocoPhillips | 1227 | 110122 |
| Diamondback Energy, Inc. | 339 | 46596 |
| EOG Resources, Inc. | 1091 | 130542 |
| Exxon Mobil Corp. (a) | 2690 | 289948 |
|  |  | 577208 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Delta Air Lines, Inc. | 707 | 34755 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Kenvue, Inc. | 1578 | 33033 |
| **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** |
| Bristol-Myers Squibb Co. | 2349 | 108725 |
| Eli Lilly & Co. (a) | 273 | 213122 |
| Johnson & Johnson (a) | 1218 | 186059 |
| Merck & Co., Inc. | 435 | 34423 |
|  |  | 542329 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Leidos Holdings, Inc. | 486 | 76740 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Equity LifeStyle Properties, Inc. | 508 | 31329 |
| **Semiconductors & Semiconductor Equipment — 13.6%** | **Semiconductors & Semiconductor Equipment — 13.6%** | **Semiconductors & Semiconductor Equipment — 13.6%** |
| Analog Devices, Inc. | 681 | 162140 |
| Broadcom, Inc. (a) | 1856 | 511627 |
| Lam Research Corp. | 1691 | 164612 |
| Micron Technology, Inc. | 765 | 94236 |
| NVIDIA Corp. (a) | 10360 | 1636813 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| NXP Semiconductors NV (Netherlands) | 602 | 131435 |
| Texas Instruments, Inc. (a) | 788 | 163716 |
|  |  | 2864579 |
| **Software — 11.8%** | **Software — 11.8%** | **Software — 11.8%** |
| Cadence Design Systems, Inc. \* | 182 | 56226 |
| Crowdstrike Holdings, Inc., Class A \* | 21 | 10755 |
| Intuit, Inc. | 103 | 81464 |
| Microsoft Corp. (a) | 3380 | 1681159 |
| Oracle Corp. | 1068 | 233417 |
| Palantir Technologies, Inc., Class A \* | 543 | 74016 |
| Salesforce, Inc. (a) | 640 | 174593 |
| ServiceNow, Inc. \* | 162 | 166214 |
|  |  | 2477844 |
| **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** |
| Equinix, Inc. | 88 | 69963 |
| SBA Communications Corp. | 282 | 66191 |
|  |  | 136154 |
| **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** |
| AutoZone, Inc. \* | 9 | 33418 |
| Burlington Stores, Inc. \* | 243 | 56412 |
| Lowe's Cos., Inc. (a) | 832 | 184673 |
| Ross Stores, Inc. | 764 | 97493 |
|  |  | 371996 |
| **Technology Hardware, Storage & Peripherals — 6.4%** | **Technology Hardware, Storage & Peripherals — 6.4%** | **Technology Hardware, Storage & Peripherals — 6.4%** |
| Apple, Inc. (a) | 5851 | 1200542 |
| Seagate Technology Holdings plc | 898 | 129571 |
| Western Digital Corp. | 144 | 9223 |
|  |  | 1339336 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| NIKE, Inc., Class B | 463 | 32858 |
| **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
| Altria Group, Inc. | 676 | 39653 |
| Philip Morris International, Inc. | 534 | 97228 |
|  |  | 136881 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| United Rentals, Inc. | 39 | 29032 |
| Total Common Stocks <br>(Cost $11,494,121)<br>|  | 20947622 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 19

------

JPMorgan Hedged Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **CONTRACTS**<br>| **VALUE** <br>**($000)**<br>|
| **Options Purchased — 1.4%** | **Options Purchased — 1.4%** | **Options Purchased — 1.4%** |
| **Put Options Purchased — 1.4%** | **Put Options Purchased — 1.4%** | **Put Options Purchased — 1.4%** |
| S&P 500 Index |  |  |
| 9/30/2025 at USD 5,870.00, European Style |  |  |
| Notional Amount: USD 21,085,041 |  |  |
| Counterparty: Exchange-Traded \* (Cost <br> $288,125)<br>| 33981 | 292067 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 4.8%** | **Short-Term Investments — 4.8%** | **Short-Term Investments — 4.8%** |
| **Investment Companies — 4.8%** | **Investment Companies — 4.8%** | **Investment Companies — 4.8%** |
| JPMorgan U.S. Government Money Market Fund <br> Class Institutional Shares, 4.18% (b) (c) <br>(Cost $1,013,700)<br>| 1013700 | 1013700 |
| **Total Investments — 105.7%** <br>**(Cost $12,795,946)**<br>|  | **22253389** |
| **Liabilities in Excess of Other Assets — (5.7)%** |  | **(1196372)**<br>|
| **NET ASSETS — 100.0%** |  | **21057017** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) All or a portion of the security is segregated as collateral for options written. 

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

(c) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 J.P. Morgan Large Cap Funds June 30, 2025

------

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 37505 | &nbsp;&nbsp;&nbsp;&nbsp; 1347 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange-Traded | 33981 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 21,085,041<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 6,505.00<br>| 9/30/2025 | &nbsp;&nbsp; (215440)<br>|
| **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange-Traded | 33981 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 21,085,041<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 4,955.00<br>| 9/30/2025 | &nbsp;&nbsp; (60656)<br>|
| Total Written Options Contracts (Premiums Received $276,232) | Total Written Options Contracts (Premiums Received $276,232) | Total Written Options Contracts (Premiums Received $276,232) | Total Written Options Contracts (Premiums Received $276,232) | Total Written Options Contracts (Premiums Received $276,232) | Total Written Options Contracts (Premiums Received $276,232) | &nbsp;&nbsp; (276096)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 21

------

JPMorgan Hedged Equity 2 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 105.1%** | **Common Stocks — 105.1%** | **Common Stocks — 105.1%** |
| **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** |
| Howmet Aerospace, Inc. | 276 | 51412 |
| RTX Corp. | 227 | 33146 |
| Textron, Inc. | 145 | 11642 |
| TransDigm Group, Inc. | 21 | 31930 |
|  |  | 128130 |
| **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** |
| FedEx Corp. | 60 | 13731 |
| United Parcel Service, Inc., Class B | 186 | 18736 |
|  |  | 32467 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv plc (Jersey) \* | 67 | 4600 |
| **Automobiles — 1.7%** | **Automobiles — 1.7%** | **Automobiles — 1.7%** |
| Tesla, Inc. \* (a) | 275 | 87336 |
| **Banks — 3.9%** | **Banks — 3.9%** | **Banks — 3.9%** |
| Bank of America Corp. | 1457 | 68963 |
| Citigroup, Inc. | 301 | 25648 |
| Fifth Third Bancorp | 516 | 21230 |
| Truist Financial Corp. | 224 | 9624 |
| US Bancorp | 381 | 17245 |
| Wells Fargo & Co. | 746 | 59722 |
|  |  | 202432 |
| **Beverages — 2.0%** | **Beverages — 2.0%** | **Beverages — 2.0%** |
| Coca-Cola Co. (The) | 410 | 29031 |
| Keurig Dr Pepper, Inc. | 864 | 28554 |
| PepsiCo, Inc. | 346 | 45610 |
|  |  | 103195 |
| **Biotechnology — 2.0%** | **Biotechnology — 2.0%** | **Biotechnology — 2.0%** |
| AbbVie, Inc. | 330 | 61242 |
| Neurocrine Biosciences, Inc. \* | 32 | 4042 |
| Regeneron Pharmaceuticals, Inc. | 34 | 17747 |
| Vertex Pharmaceuticals, Inc. \* | 48 | 21520 |
|  |  | 104551 |
| **Broadline Retail — 4.6%** | **Broadline Retail — 4.6%** | **Broadline Retail — 4.6%** |
| Amazon.com, Inc. \* (a) | 1096 | 240475 |
| **Building Products — 1.7%** | **Building Products — 1.7%** | **Building Products — 1.7%** |
| Carrier Global Corp. | 433 | 31730 |
| Masco Corp. | 180 | 11562 |
| Trane Technologies plc | 100 | 43750 |
|  |  | 87042 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — 2.3%** | **Capital Markets — 2.3%** | **Capital Markets — 2.3%** |
| Ameriprise Financial, Inc. | 47 | 24734 |
| Charles Schwab Corp. (The) | 503 | 45917 |
| CME Group, Inc. | 99 | 27376 |
| Raymond James Financial, Inc. | 51 | 7752 |
| State Street Corp. | 109 | 11602 |
|  |  | 117381 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Linde plc | 95 | 44567 |
| LyondellBasell Industries NV, Class A | 142 | 8248 |
| PPG Industries, Inc. | 117 | 13270 |
| Sherwin-Williams Co. (The) | 25 | 8429 |
|  |  | 74514 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Arista Networks, Inc. \* | 125 | 12819 |
| Motorola Solutions, Inc. | 18 | 7313 |
|  |  | 20132 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Martin Marietta Materials, Inc. | 16 | 8919 |
| Vulcan Materials Co. | 31 | 8071 |
|  |  | 16990 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
| American Express Co. | 63 | 20163 |
| Capital One Financial Corp. | 81 | 17179 |
|  |  | 37342 |
| **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** |
| Costco Wholesale Corp. | 11 | 11496 |
| Walmart, Inc. | 503 | 49154 |
|  |  | 60650 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| AT&T, Inc. | 865 | 25020 |
| **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** |
| Entergy Corp. | 45 | 3711 |
| NextEra Energy, Inc. | 586 | 40701 |
| NRG Energy, Inc. | 22 | 3615 |
| PG&E Corp. | 633 | 8824 |
| Southern Co. (The) | 500 | 45905 |
|  |  | 102756 |
| **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** |
| Eaton Corp. plc | 66 | 23436 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electrical Equipment — continued** | **Electrical Equipment — continued** | **Electrical Equipment — continued** |
| Emerson Electric Co. | 56 | 7526 |
| GE Vernova, Inc. | 15 | 8113 |
|  |  | 39075 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co. | 325 | 12474 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Netflix, Inc. \* | 26 | 34942 |
| Walt Disney Co. (The) | 278 | 34412 |
| Warner Music Group Corp., Class A | 163 | 4450 |
|  |  | 73804 |
| **Financial Services — 6.5%** | **Financial Services — 6.5%** | **Financial Services — 6.5%** |
| Apollo Global Management, Inc. | 102 | 14533 |
| Berkshire Hathaway, Inc., Class B \* (a) | 169 | 81852 |
| Corpay, Inc. \* | 74 | 24480 |
| Fidelity National Information Services, Inc. | 333 | 27135 |
| Mastercard, Inc., Class A (a) | 165 | 92829 |
| Toast, Inc., Class A \* | 197 | 8734 |
| Visa, Inc., Class A | 242 | 85972 |
| WEX, Inc. \* | 15 | 2127 |
|  |  | 337662 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Mondelez International, Inc., Class A | 523 | 35290 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Uber Technologies, Inc. \* | 236 | 22027 |
| **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** |
| Baxter International, Inc. | 93 | 2820 |
| Boston Scientific Corp. \* | 319 | 34212 |
| Edwards Lifesciences Corp. \* | 219 | 17148 |
| Medtronic plc | 338 | 29505 |
| Stryker Corp. | 102 | 40425 |
| Zimmer Biomet Holdings, Inc. | 21 | 1899 |
|  |  | 126009 |
| **Health Care Providers & Services — 1.9%** | **Health Care Providers & Services — 1.9%** | **Health Care Providers & Services — 1.9%** |
| Cigna Group (The) | 77 | 25319 |
| HCA Healthcare, Inc. | 17 | 6494 |
| Humana, Inc. | 39 | 9533 |
| McKesson Corp. | 14 | 10106 |
| UnitedHealth Group, Inc. | 143 | 44721 |
|  |  | 96173 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Alexandria Real Estate Equities, Inc. | 26 | 1897 |
| Ventas, Inc. | 380 | 23996 |
| Welltower, Inc. | 108 | 16553 |
|  |  | 42446 |
| **Hotels, Restaurants & Leisure — 3.8%** | **Hotels, Restaurants & Leisure — 3.8%** | **Hotels, Restaurants & Leisure — 3.8%** |
| Booking Holdings, Inc. | 3 | 19423 |
| Carnival Corp. \* | 608 | 17090 |
| Chipotle Mexican Grill, Inc. \* | 514 | 28870 |
| DoorDash, Inc., Class A \* | 48 | 11823 |
| Expedia Group, Inc. | 89 | 14994 |
| Hilton Worldwide Holdings, Inc. | 115 | 30635 |
| McDonald's Corp. | 164 | 47884 |
| Yum! Brands, Inc. | 183 | 27069 |
|  |  | 197788 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Lennar Corp., Class A | 52 | 5724 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Church & Dwight Co., Inc. | 75 | 7252 |
| **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** |
| Vistra Corp. | 132 | 25621 |
| **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** |
| 3M Co. | 156 | 23728 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| Prologis, Inc. | 144 | 15082 |
| **Insurance — 1.9%** | **Insurance — 1.9%** | **Insurance — 1.9%** |
| Aon plc, Class A | 66 | 23391 |
| Arthur J Gallagher & Co. | 99 | 31807 |
| Progressive Corp. (The) | 156 | 41717 |
|  |  | 96915 |
| **Interactive Media & Services — 7.0%** | **Interactive Media & Services — 7.0%** | **Interactive Media & Services — 7.0%** |
| Alphabet, Inc., Class A (a) | 613 | 108008 |
| Alphabet, Inc., Class C | 331 | 58691 |
| Meta Platforms, Inc., Class A (a) | 269 | 198855 |
|  |  | 365554 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Cognizant Technology Solutions Corp., Class A | 321 | 25081 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| Thermo Fisher Scientific, Inc. | 95 | 38312 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 23

------

JPMorgan Hedged Equity 2 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Machinery — 1.9%** | **Machinery — 1.9%** | **Machinery — 1.9%** |
| Caterpillar, Inc. | 49 | 18973 |
| Deere & Co. | 66 | 33418 |
| Ingersoll Rand, Inc. | 115 | 9583 |
| Otis Worldwide Corp. | 258 | 25586 |
| PACCAR, Inc. | 142 | 13445 |
|  |  | 101005 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Charter Communications, Inc., Class A \* | 44 | 18186 |
| Comcast Corp., Class A | 823 | 29370 |
|  |  | 47556 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| Freeport-McMoRan, Inc. | 216 | 9347 |
| Nucor Corp. | 38 | 4957 |
|  |  | 14304 |
| **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** |
| ConocoPhillips | 320 | 28681 |
| Diamondback Energy, Inc. | 88 | 12135 |
| EOG Resources, Inc. | 284 | 33999 |
| Exxon Mobil Corp. | 701 | 75515 |
|  |  | 150330 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Delta Air Lines, Inc. | 184 | 9052 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Kenvue, Inc. | 411 | 8603 |
| **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |
| Bristol-Myers Squibb Co. | 612 | 28317 |
| Eli Lilly & Co. | 71 | 55506 |
| Johnson & Johnson | 317 | 48458 |
| Merck & Co., Inc. | 113 | 8965 |
|  |  | 141246 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Leidos Holdings, Inc. | 127 | 19986 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| Equity LifeStyle Properties, Inc. | 132 | 8159 |
| **Semiconductors & Semiconductor Equipment — 14.4%** | **Semiconductors & Semiconductor Equipment — 14.4%** | **Semiconductors & Semiconductor Equipment — 14.4%** |
| Analog Devices, Inc. | 178 | 42228 |
| Broadcom, Inc. (a) | 483 | 133250 |
| Lam Research Corp. | 441 | 42872 |
| Micron Technology, Inc. | 199 | 24543 |
| NVIDIA Corp. (a) | 2698 | 426297 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| NXP Semiconductors NV (Netherlands) | 157 | 34232 |
| Texas Instruments, Inc. | 205 | 42639 |
|  |  | 746061 |
| **Software — 12.4%** | **Software — 12.4%** | **Software — 12.4%** |
| Cadence Design Systems, Inc. \* | 48 | 14639 |
| Crowdstrike Holdings, Inc., Class A \* | 6 | 2801 |
| Intuit, Inc. | 27 | 21216 |
| Microsoft Corp. (a) | 880 | 437847 |
| Oracle Corp. | 278 | 60792 |
| Palantir Technologies, Inc., Class A \* | 141 | 19277 |
| Salesforce, Inc. | 167 | 45472 |
| ServiceNow, Inc. \* | 42 | 43289 |
|  |  | 645333 |
| **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |
| Equinix, Inc. | 23 | 18221 |
| SBA Communications Corp. | 73 | 17239 |
|  |  | 35460 |
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
| AutoZone, Inc. \* | 2 | 8705 |
| Burlington Stores, Inc. \* | 63 | 14692 |
| Lowe's Cos., Inc. | 220 | 48674 |
| Ross Stores, Inc. | 199 | 25391 |
|  |  | 97462 |
| **Technology Hardware, Storage & Peripherals — 6.7%** | **Technology Hardware, Storage & Peripherals — 6.7%** | **Technology Hardware, Storage & Peripherals — 6.7%** |
| Apple, Inc. (a) | 1524 | 312673 |
| Seagate Technology Holdings plc | 234 | 33746 |
| Western Digital Corp. | 37 | 2402 |
|  |  | 348821 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| NIKE, Inc., Class B | 121 | 8558 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| Altria Group, Inc. | 176 | 10327 |
| Philip Morris International, Inc. | 139 | 25323 |
|  |  | 35650 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| United Rentals, Inc. | 10 | 7561 |
| Total Common Stocks <br>(Cost $3,629,528)<br>|  | 5456177 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **CONTRACTS**<br>| **VALUE** <br>**($000)**<br>|
| **Options Purchased — 0.1%** | **Options Purchased — 0.1%** | **Options Purchased — 0.1%** |
| **Put Options Purchased — 0.1%** | **Put Options Purchased — 0.1%** | **Put Options Purchased — 0.1%** |
| S&P 500 Index |  |  |
| 7/31/2025 at USD 5,270.00, European Style |  |  |
| Notional Amount: USD 5,531,713 |  |  |
| Counterparty: Exchange-Traded \* (Cost $112,254) | 8915 | 4190 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| **Investment Companies — 1.3%** | **Investment Companies — 1.3%** | **Investment Companies — 1.3%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (b) (c) <br>(Cost $64,889)<br>| 64889 | 64889 |
| **Total Investments — 106.5%** <br>**(Cost $3,806,671)**<br>|  | **5525256** |
| **Liabilities in Excess of Other Assets — (6.5)%** |  | **(336238)**<br>|
| **NET ASSETS — 100.0%** |  | **5189018** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) All or a portion of the security is segregated as collateral for options written. 

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

(c) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 25

------

JPMorgan Hedged Equity 2 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 73446 | &nbsp;&nbsp;&nbsp;&nbsp; 1303 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange-Traded | 8915 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 5,531,713<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 5,880.00<br>| 7/31/2025 | &nbsp;&nbsp; (326512)<br>|
| **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange-Traded | 8915 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 5,531,713<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 4,440.00<br>| 7/31/2025 | &nbsp;&nbsp; (1177)<br>|
| Total Written Options Contracts (Premiums Received $119,287) | Total Written Options Contracts (Premiums Received $119,287) | Total Written Options Contracts (Premiums Received $119,287) | Total Written Options Contracts (Premiums Received $119,287) | Total Written Options Contracts (Premiums Received $119,287) | Total Written Options Contracts (Premiums Received $119,287) | &nbsp;&nbsp; (327689)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 J.P. Morgan Large Cap Funds June 30, 2025

------

JPMorgan Hedged Equity 3 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 103.5%** | **Common Stocks — 103.5%** | **Common Stocks — 103.5%** |
| **Aerospace & Defense — 2.4%** | **Aerospace & Defense — 2.4%** | **Aerospace & Defense — 2.4%** |
| Howmet Aerospace, Inc. | 169 | 31470 |
| RTX Corp. | 139 | 20290 |
| Textron, Inc. | 89 | 7126 |
| TransDigm Group, Inc. | 13 | 19545 |
|  |  | 78431 |
| **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** |
| FedEx Corp. | 37 | 8405 |
| United Parcel Service, Inc., Class B | 114 | 11469 |
|  |  | 19874 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv plc (Jersey) \* | 41 | 2816 |
| **Automobiles — 1.7%** | **Automobiles — 1.7%** | **Automobiles — 1.7%** |
| Tesla, Inc. \* (a) | 168 | 53460 |
| **Banks — 3.8%** | **Banks — 3.8%** | **Banks — 3.8%** |
| Bank of America Corp. | 892 | 42213 |
| Citigroup, Inc. | 185 | 15700 |
| Fifth Third Bancorp | 293 | 12052 |
| Truist Financial Corp. | 137 | 5893 |
| US Bancorp | 233 | 10556 |
| Wells Fargo & Co. | 456 | 36557 |
|  |  | 122971 |
| **Beverages — 2.0%** | **Beverages — 2.0%** | **Beverages — 2.0%** |
| Coca-Cola Co. (The) | 251 | 17771 |
| Keurig Dr Pepper, Inc. | 529 | 17478 |
| PepsiCo, Inc. | 211 | 27919 |
|  |  | 63168 |
| **Biotechnology — 2.0%** | **Biotechnology — 2.0%** | **Biotechnology — 2.0%** |
| AbbVie, Inc. | 202 | 37488 |
| Neurocrine Biosciences, Inc. \* | 20 | 2474 |
| Regeneron Pharmaceuticals, Inc. | 21 | 10863 |
| Vertex Pharmaceuticals, Inc. \* | 29 | 13172 |
|  |  | 63997 |
| **Broadline Retail — 4.6%** | **Broadline Retail — 4.6%** | **Broadline Retail — 4.6%** |
| Amazon.com, Inc. \* (a) | 671 | 147200 |
| **Building Products — 1.6%** | **Building Products — 1.6%** | **Building Products — 1.6%** |
| Carrier Global Corp. | 266 | 19423 |
| Masco Corp. | 110 | 7077 |
| Trane Technologies plc | 61 | 26780 |
|  |  | 53280 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — 2.2%** | **Capital Markets — 2.2%** | **Capital Markets — 2.2%** |
| Ameriprise Financial, Inc. | 28 | 15140 |
| Charles Schwab Corp. (The) | 308 | 28105 |
| CME Group, Inc. | 61 | 16757 |
| Raymond James Financial, Inc. | 31 | 4745 |
| State Street Corp. | 67 | 7099 |
|  |  | 71846 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Linde plc | 58 | 27280 |
| LyondellBasell Industries NV, Class A | 87 | 5049 |
| PPG Industries, Inc. | 72 | 8123 |
| Sherwin-Williams Co. (The) | 15 | 5159 |
|  |  | 45611 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Arista Networks, Inc. \* | 77 | 7847 |
| Motorola Solutions, Inc. | 10 | 4476 |
|  |  | 12323 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Martin Marietta Materials, Inc. | 10 | 5459 |
| Vulcan Materials Co. | 19 | 4940 |
|  |  | 10399 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
| American Express Co. | 39 | 12342 |
| Capital One Financial Corp. | 49 | 10516 |
|  |  | 22858 |
| **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** |
| Costco Wholesale Corp. | 7 | 7041 |
| Walmart, Inc. | 308 | 30097 |
|  |  | 37138 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| AT&T, Inc. | 529 | 15315 |
| **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** |
| Entergy Corp. | 27 | 2271 |
| NextEra Energy, Inc. | 359 | 24914 |
| NRG Energy, Inc. | 14 | 2213 |
| PG&E Corp. | 387 | 5397 |
| Southern Co. (The) | 306 | 28100 |
|  |  | 62895 |
| **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** |
| Eaton Corp. plc | 40 | 14346 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 27

------

JPMorgan Hedged Equity 3 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electrical Equipment — continued** | **Electrical Equipment — continued** | **Electrical Equipment — continued** |
| Emerson Electric Co. | 35 | 4607 |
| GE Vernova, Inc. | 9 | 4966 |
|  |  | 23919 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co. | 199 | 7636 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Netflix, Inc. \* | 16 | 21389 |
| Walt Disney Co. (The) | 170 | 21064 |
| Warner Music Group Corp., Class A | 96 | 2626 |
|  |  | 45079 |
| **Financial Services — 6.4%** | **Financial Services — 6.4%** | **Financial Services — 6.4%** |
| Apollo Global Management, Inc. | 63 | 8896 |
| Berkshire Hathaway, Inc., Class B \* | 103 | 50103 |
| Corpay, Inc. \* | 45 | 14985 |
| Fidelity National Information Services, Inc. | 204 | 16610 |
| Mastercard, Inc., Class A | 101 | 56822 |
| Toast, Inc., Class A \* | 121 | 5346 |
| Visa, Inc., Class A | 148 | 52625 |
| WEX, Inc. \* | 9 | 1302 |
|  |  | 206689 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Mondelez International, Inc., Class A | 320 | 21602 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Uber Technologies, Inc. \* | 144 | 13483 |
| **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** |
| Baxter International, Inc. | 57 | 1726 |
| Boston Scientific Corp. \* | 195 | 20942 |
| Edwards Lifesciences Corp. \* | 134 | 10496 |
| Medtronic plc | 207 | 18060 |
| Stryker Corp. | 63 | 24745 |
| Zimmer Biomet Holdings, Inc. | 13 | 1163 |
|  |  | 77132 |
| **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** |
| Cigna Group (The) | 47 | 15498 |
| HCA Healthcare, Inc. | 10 | 3975 |
| Humana, Inc. | 24 | 5835 |
| McKesson Corp. | 8 | 6186 |
| UnitedHealth Group, Inc. | 88 | 27375 |
|  |  | 58869 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Alexandria Real Estate Equities, Inc. | 16 | 1162 |
| Ventas, Inc. | 232 | 14688 |
| Welltower, Inc. | 66 | 10132 |
|  |  | 25982 |
| **Hotels, Restaurants & Leisure — 3.8%** | **Hotels, Restaurants & Leisure — 3.8%** | **Hotels, Restaurants & Leisure — 3.8%** |
| Booking Holdings, Inc. | 2 | 11891 |
| Carnival Corp. \* | 372 | 10461 |
| Chipotle Mexican Grill, Inc. \* | 315 | 17672 |
| DoorDash, Inc., Class A \* | 29 | 7237 |
| Expedia Group, Inc. | 55 | 9178 |
| Hilton Worldwide Holdings, Inc. | 70 | 18752 |
| McDonald's Corp. | 100 | 29311 |
| Yum! Brands, Inc. | 112 | 16570 |
|  |  | 121072 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Lennar Corp., Class A | 32 | 3504 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Church & Dwight Co., Inc. | 46 | 4439 |
| **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** |
| Vistra Corp. | 81 | 15682 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| 3M Co. | 95 | 14524 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| Prologis, Inc. | 88 | 9232 |
| **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** |
| Aon plc, Class A | 40 | 14318 |
| Arthur J Gallagher & Co. | 61 | 19470 |
| Progressive Corp. (The) | 96 | 25536 |
|  |  | 59324 |
| **Interactive Media & Services — 6.9%** | **Interactive Media & Services — 6.9%** | **Interactive Media & Services — 6.9%** |
| Alphabet, Inc., Class A | 375 | 66114 |
| Alphabet, Inc., Class C | 203 | 35926 |
| Meta Platforms, Inc., Class A | 165 | 121724 |
|  |  | 223764 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Cognizant Technology Solutions Corp., Class A | 197 | 15352 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| Thermo Fisher Scientific, Inc. | 58 | 23452 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Machinery — 1.9%** | **Machinery — 1.9%** | **Machinery — 1.9%** |
| Caterpillar, Inc. | 30 | 11614 |
| Deere & Co. | 40 | 20456 |
| Ingersoll Rand, Inc. | 70 | 5866 |
| Otis Worldwide Corp. | 158 | 15661 |
| PACCAR, Inc. | 87 | 8230 |
|  |  | 61827 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Charter Communications, Inc., Class A \* | 27 | 11132 |
| Comcast Corp., Class A | 504 | 17978 |
|  |  | 29110 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| Freeport-McMoRan, Inc. | 132 | 5721 |
| Nucor Corp. | 23 | 3035 |
|  |  | 8756 |
| **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** |
| ConocoPhillips | 195 | 17556 |
| Diamondback Energy, Inc. | 54 | 7428 |
| EOG Resources, Inc. | 174 | 20811 |
| Exxon Mobil Corp. | 429 | 46225 |
|  |  | 92020 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Delta Air Lines, Inc. | 113 | 5541 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Kenvue, Inc. | 252 | 5266 |
| **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |
| Bristol-Myers Squibb Co. | 375 | 17333 |
| Eli Lilly & Co. | 44 | 33977 |
| Johnson & Johnson | 194 | 29662 |
| Merck & Co., Inc. | 69 | 5487 |
|  |  | 86459 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Leidos Holdings, Inc. | 78 | 12234 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| Equity LifeStyle Properties, Inc. | 81 | 4995 |
| **Semiconductors & Semiconductor Equipment — 14.2%** | **Semiconductors & Semiconductor Equipment — 14.2%** | **Semiconductors & Semiconductor Equipment — 14.2%** |
| Analog Devices, Inc. | 108 | 25849 |
| Broadcom, Inc. | 296 | 81565 |
| Lam Research Corp. | 269 | 26243 |
| Micron Technology, Inc. | 122 | 15024 |
| NVIDIA Corp. (a) | 1652 | 260946 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| NXP Semiconductors NV (Netherlands) | 96 | 20954 |
| Texas Instruments, Inc. | 126 | 26100 |
|  |  | 456681 |
| **Software — 12.3%** | **Software — 12.3%** | **Software — 12.3%** |
| Cadence Design Systems, Inc. \* | 29 | 8963 |
| Crowdstrike Holdings, Inc., Class A \* | 3 | 1715 |
| Intuit, Inc. | 16 | 12986 |
| Microsoft Corp. (a) | 539 | 268016 |
| Oracle Corp. | 170 | 37212 |
| Palantir Technologies, Inc., Class A \* | 87 | 11800 |
| Salesforce, Inc. | 102 | 27834 |
| ServiceNow, Inc. \* | 26 | 26498 |
|  |  | 395024 |
| **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |
| Equinix, Inc. | 14 | 11154 |
| SBA Communications Corp. | 45 | 10552 |
|  |  | 21706 |
| **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** |
| AutoZone, Inc. \* | 1 | 5327 |
| Burlington Stores, Inc. \* | 39 | 8993 |
| Lowe's Cos., Inc. | 133 | 29441 |
| Ross Stores, Inc. | 122 | 15543 |
|  |  | 59304 |
| **Technology Hardware, Storage & Peripherals — 6.6%** | **Technology Hardware, Storage & Peripherals — 6.6%** | **Technology Hardware, Storage & Peripherals — 6.6%** |
| Apple, Inc. (a) | 933 | 191394 |
| Seagate Technology Holdings plc | 143 | 20657 |
| Western Digital Corp. | 23 | 1470 |
|  |  | 213521 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| NIKE, Inc., Class B | 74 | 5238 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| Altria Group, Inc. | 108 | 6322 |
| Philip Morris International, Inc. | 85 | 15500 |
|  |  | 21822 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| United Rentals, Inc. | 6 | 4628 |
| Total Common Stocks <br>(Cost $2,252,091)<br>|  | 3338450 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 29

------

JPMorgan Hedged Equity 3 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **CONTRACTS**<br>| **VALUE** <br>**($000)**<br>|
| **Options Purchased — 0.5%** | **Options Purchased — 0.5%** | **Options Purchased — 0.5%** |
| **Put Options Purchased — 0.5%** | **Put Options Purchased — 0.5%** | **Put Options Purchased — 0.5%** |
| S&P 500 Index |  |  |
| 8/29/2025 at USD 5,595.00, European Style |  |  |
| Notional Amount: USD 3,365,565 |  |  |
| Counterparty: Exchange-Traded \* (Cost $54,471) | 5424 | 16001 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** |
| **Investment Companies — 0.7%** | **Investment Companies — 0.7%** | **Investment Companies — 0.7%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (b) (c) <br>(Cost $21,549)<br>| 21549 | 21549 |
| **Total Investments — 104.7%** <br>**(Cost $2,328,111)**<br>|  | **3376000** |
| **Liabilities in Excess of Other Assets — (4.7)%** |  | **(152409)**<br>|
| **NET ASSETS — 100.0%** |  | **3223591** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) All or a portion of the security is segregated as collateral for options written. 

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

(c) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30 J.P. Morgan Large Cap Funds June 30, 2025

------

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 25941 | &nbsp;&nbsp;&nbsp;&nbsp; 912 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange-Traded | 5424 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 3,365,565<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 6,210.00<br>| 8/29/2025 | &nbsp;&nbsp; (87381)<br>|
| **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange-Traded | 5424 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 3,365,565<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 4,710.00<br>| 8/29/2025 | &nbsp;&nbsp; (3607)<br>|
| Total Written Options Contracts (Premiums Received $49,982) | Total Written Options Contracts (Premiums Received $49,982) | Total Written Options Contracts (Premiums Received $49,982) | Total Written Options Contracts (Premiums Received $49,982) | Total Written Options Contracts (Premiums Received $49,982) | Total Written Options Contracts (Premiums Received $49,982) | &nbsp;&nbsp; (90988)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 31

------

JPMorgan Large Cap Growth Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.4%** | **Common Stocks — 99.4%** | **Common Stocks — 99.4%** |
| **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** |
| RTX Corp. | 2920 | 426425 |
| TransDigm Group, Inc. | 671 | 1019658 |
|  |  | 1446083 |
| **Automobiles — 2.9%** | **Automobiles — 2.9%** | **Automobiles — 2.9%** |
| Tesla, Inc. \* | 10425 | 3311668 |
| **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** |
| Coca-Cola Co. (The) | 19457 | 1376589 |
| Monster Beverage Corp. \* | 2314 | 144937 |
|  |  | 1521526 |
| **Biotechnology — 2.4%** | **Biotechnology — 2.4%** | **Biotechnology — 2.4%** |
| AbbVie, Inc. | 4339 | 805316 |
| Gilead Sciences, Inc. | 6369 | 706177 |
| Insmed, Inc. \* | 5531 | 556645 |
| Natera, Inc. \* | 3926 | 663301 |
|  |  | 2731439 |
| **Broadline Retail — 6.9%** | **Broadline Retail — 6.9%** | **Broadline Retail — 6.9%** |
| Alibaba Group Holding Ltd., ADR (China) | 7751 | 879069 |
| Amazon.com, Inc. \* | 24156 | 5299473 |
| MercadoLibre, Inc. (Brazil) \* | 632 | 1652917 |
|  |  | 7831459 |
| **Building Products — 0.5%** | **Building Products — 0.5%** | **Building Products — 0.5%** |
| Trane Technologies plc | 1287 | 562894 |
| **Capital Markets — 3.5%** | **Capital Markets — 3.5%** | **Capital Markets — 3.5%** |
| Blackstone, Inc. | 2850 | 426309 |
| Charles Schwab Corp. (The) | 7590 | 692461 |
| Goldman Sachs Group, Inc. (The) | 2048 | 1449673 |
| Intercontinental Exchange, Inc. | 1771 | 324996 |
| KKR & Co., Inc. | 2432 | 323505 |
| Robinhood Markets, Inc., Class A \* | 8248 | 772225 |
|  |  | 3989169 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Arista Networks, Inc. \* | 4413 | 451513 |
| **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** |
| Quanta Services, Inc. | 1502 | 567928 |
| **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** |
| Walmart, Inc. | 21548 | 2106956 |
| **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** |
| Eaton Corp. plc | 1011 | 361048 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** |
| Amphenol Corp., Class A | 6256 | 617819 |
| **Entertainment — 5.2%** | **Entertainment — 5.2%** | **Entertainment — 5.2%** |
| Netflix, Inc. \* | 3106 | 4158804 |
| Sea Ltd., ADR (Singapore) \* | 3008 | 481043 |
| Spotify Technology SA \* (a) | 1650 | 1266483 |
|  |  | 5906330 |
| **Financial Services — 5.2%** | **Financial Services — 5.2%** | **Financial Services — 5.2%** |
| Berkshire Hathaway, Inc., Class B \* | 1615 | 784525 |
| Mastercard, Inc., Class A | 5993 | 3367576 |
| Visa, Inc., Class A | 5159 | 1831795 |
|  |  | 5983896 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| Uber Technologies, Inc. \* | 10929 | 1019687 |
| **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** |
| Abbott Laboratories | 10434 | 1419169 |
| Edwards Lifesciences Corp. \* | 4036 | 315665 |
| Intuitive Surgical, Inc. \* | 1749 | 950254 |
|  |  | 2685088 |
| **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** |
| McKesson Corp. | 1584 | 1161000 |
| **Hotels, Restaurants & Leisure — 3.6%** | **Hotels, Restaurants & Leisure — 3.6%** | **Hotels, Restaurants & Leisure — 3.6%** |
| Booking Holdings, Inc. | 204 | 1181943 |
| DoorDash, Inc., Class A \* | 7510 | 1851197 |
| McDonald's Corp. | 3157 | 922352 |
| Starbucks Corp. | 2035 | 186498 |
|  |  | 4141990 |
| **Household Durables — 0.5%** | **Household Durables — 0.5%** | **Household Durables — 0.5%** |
| DR Horton, Inc. | 4278 | 551461 |
| **Industrial Conglomerates — 1.5%** | **Industrial Conglomerates — 1.5%** | **Industrial Conglomerates — 1.5%** |
| 3M Co. | 10972 | 1670321 |
| **Interactive Media & Services — 9.5%** | **Interactive Media & Services — 9.5%** | **Interactive Media & Services — 9.5%** |
| Alphabet, Inc., Class C | 20970 | 3719813 |
| Meta Platforms, Inc., Class A | 9582 | 7072806 |
|  |  | 10792619 |
| **IT Services — 4.3%** | **IT Services — 4.3%** | **IT Services — 4.3%** |
| Cloudflare, Inc., Class A \* | 2792 | 546807 |
| International Business Machines Corp. | 8844 | 2606953 |
| Shopify, Inc., Class A (Canada) \* | 7728 | 891447 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **IT Services — continued** | **IT Services — continued** | **IT Services — continued** |
| Snowflake, Inc., Class A \* | 1955 | 437376 |
| Twilio, Inc., Class A \* | 3193 | 397112 |
|  |  | 4879695 |
| **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| Deere & Co. | 840 | 427222 |
| **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** |
| Cheniere Energy, Inc. | 1395 | 339585 |
| **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
| Eli Lilly & Co. | 1779 | 1386692 |
| Johnson & Johnson | 3833 | 585554 |
|  |  | 1972246 |
| **Semiconductors & Semiconductor Equipment — 16.3%** | **Semiconductors & Semiconductor Equipment — 16.3%** | **Semiconductors & Semiconductor Equipment — 16.3%** |
| ASML Holding NV (Registered), NYRS (Netherlands) | 77 | 61779 |
| Broadcom, Inc. | 17130 | 4721779 |
| Lam Research Corp. | 3626 | 352989 |
| NVIDIA Corp. | 81095 | 12812232 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR <br> (Taiwan)<br>| 2963 | 671000 |
|  |  | 18619779 |
| **Software — 16.8%** | **Software — 16.8%** | **Software — 16.8%** |
| AppLovin Corp., Class A \* | 1113 | 389597 |
| Crowdstrike Holdings, Inc., Class A \* | 1209 | 615849 |
| Fair Isaac Corp. \* | 235 | 429052 |
| HubSpot, Inc. \* | 800 | 445365 |
| Intuit, Inc. | 1363 | 1073850 |
| Microsoft Corp. | 25046 | 12457831 |
| Oracle Corp. | 5868 | 1282877 |
| Palo Alto Networks, Inc. \* | 2933 | 600114 |
| ServiceNow, Inc. \* | 1596 | 1641218 |
| Synopsys, Inc. \* | 561 | 287656 |
|  |  | 19223409 |
| **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** |
| AutoZone, Inc. \* | 124 | 460847 |
| Carvana Co. \* | 1375 | 463208 |
|  |  | 924055 |
| **Technology Hardware, Storage & Peripherals — 4.5%** | **Technology Hardware, Storage & Peripherals — 4.5%** | **Technology Hardware, Storage & Peripherals — 4.5%** |
| Apple, Inc. | 24759 | 5079696 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Tobacco — 1.8%** | **Tobacco — 1.8%** | **Tobacco — 1.8%** |
| Philip Morris International, Inc. | 11540 | 2101850 |
| **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| WW Grainger, Inc. | 388 | 403917 |
| Total Common Stocks <br>(Cost $66,468,519)<br>|  | 113383348 |
| **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** |
| **Investment Companies — 0.5%** | **Investment Companies — 0.5%** | **Investment Companies — 0.5%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (b) (c) <br>(Cost $588,912)<br>| 588808 | 588926 |
| **Investment of Cash Collateral from Securities Loaned — 0.0% ^** | **Investment of Cash Collateral from Securities Loaned — 0.0% ^** | **Investment of Cash Collateral from Securities Loaned — 0.0% ^** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (b) (c) <br>(Cost $10,377)<br>| 10377 | 10377 |
| Total Short-Term Investments <br>(Cost $599,289)<br>|  | 599303 |
| **Total Investments — 99.9%** <br>**(Cost $67,067,808)**<br>|  | **113982651** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **81747** |
| **NET ASSETS — 100.0%** |  | **114064398** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| NYRS | New York Registry Shares |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | The security or a portion of this security is on loan at <br> June 30, 2025. The total value of securities on loan at <br> June 30, 2025 is $10,104.<br>|
| (b) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (c) | The rate shown is the current yield as of June 30, <br> 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 33

------

JPMorgan Large Cap Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.3%** | **Common Stocks — 99.3%** | **Common Stocks — 99.3%** |
| **Aerospace & Defense — 3.4%** | **Aerospace & Defense — 3.4%** | **Aerospace & Defense — 3.4%** |
| Boeing Co. (The) \* | 182 | 38054 |
| Howmet Aerospace, Inc. | 116 | 21563 |
| RTX Corp. | 558 | 81512 |
| Textron, Inc. | 376 | 30209 |
|  |  | 171338 |
| **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** |
| United Parcel Service, Inc., Class B | 330 | 33288 |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |
| General Motors Co. | 256 | 12588 |
| **Banks — 11.4%** | **Banks — 11.4%** | **Banks — 11.4%** |
| Bank of America Corp. | 3264 | 154447 |
| Citizens Financial Group, Inc. | 900 | 40265 |
| Comerica, Inc. | 393 | 23469 |
| Fifth Third Bancorp | 1515 | 62328 |
| First Citizens BancShares, Inc., Class A | 50 | 97986 |
| First Horizon Corp. | 1931 | 40928 |
| Wells Fargo & Co. | 1951 | 156332 |
|  |  | 575755 |
| **Biotechnology — 1.4%** | **Biotechnology — 1.4%** | **Biotechnology — 1.4%** |
| AbbVie, Inc. | 388 | 72001 |
| **Broadline Retail — 2.3%** | **Broadline Retail — 2.3%** | **Broadline Retail — 2.3%** |
| Amazon.com, Inc. \* | 528 | 115888 |
| **Building Products — 1.1%** | **Building Products — 1.1%** | **Building Products — 1.1%** |
| Carrier Global Corp. | 789 | 57760 |
| **Capital Markets — 1.1%** | **Capital Markets — 1.1%** | **Capital Markets — 1.1%** |
| Ameriprise Financial, Inc. | 107 | 57258 |
| **Chemicals — 2.4%** | **Chemicals — 2.4%** | **Chemicals — 2.4%** |
| Axalta Coating Systems Ltd. \* | 743 | 22053 |
| Chemours Co. (The) | 1434 | 16414 |
| Dow, Inc. | 529 | 14012 |
| FMC Corp. | 1650 | 68890 |
|  |  | 121369 |
| **Construction Materials — 0.5%** | **Construction Materials — 0.5%** | **Construction Materials — 0.5%** |
| Amrize Ltd. \* | 482 | 23880 |
| **Consumer Finance — 2.0%** | **Consumer Finance — 2.0%** | **Consumer Finance — 2.0%** |
| Ally Financial, Inc. | 626 | 24383 |
| American Express Co. | 235 | 75103 |
|  |  | 99486 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** |
| BJ's Wholesale Club Holdings, Inc. \* | 256 | 27606 |
| Performance Food Group Co. \* | 676 | 59133 |
|  |  | 86739 |
| **Containers & Packaging — 2.1%** | **Containers & Packaging — 2.1%** | **Containers & Packaging — 2.1%** |
| Ball Corp. | 1199 | 67247 |
| International Paper Co. | 208 | 9739 |
| Silgan Holdings, Inc. | 504 | 27315 |
|  |  | 104301 |
| **Diversified Telecommunication Services — 1.8%** | **Diversified Telecommunication Services — 1.8%** | **Diversified Telecommunication Services — 1.8%** |
| Verizon Communications, Inc. | 2127 | 92025 |
| **Electric Utilities — 3.4%** | **Electric Utilities — 3.4%** | **Electric Utilities — 3.4%** |
| Edison International | 387 | 19957 |
| NextEra Energy, Inc. | 892 | 61896 |
| Southern Co. (The) | 976 | 89671 |
|  |  | 171524 |
| **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** |
| Emerson Electric Co. | 872 | 116239 |
| **Electronic Equipment, Instruments & Components — 1.8%** | **Electronic Equipment, Instruments & Components — 1.8%** | **Electronic Equipment, Instruments & Components — 1.8%** |
| Corning, Inc. | 399 | 20970 |
| Jabil, Inc. | 129 | 28054 |
| TD SYNNEX Corp. | 328 | 44537 |
|  |  | 93561 |
| **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
| Walt Disney Co. (The) | 540 | 66970 |
| **Financial Services — 3.2%** | **Financial Services — 3.2%** | **Financial Services — 3.2%** |
| Berkshire Hathaway, Inc., Class B \* | 51 | 24951 |
| Corpay, Inc. \* | 161 | 53590 |
| Fiserv, Inc. \* | 122 | 21004 |
| MGIC Investment Corp. | 1178 | 32786 |
| WEX, Inc. \* | 184 | 26980 |
|  |  | 159311 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| Hershey Co. (The) | 149 | 24744 |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| Saia, Inc. \* | 135 | 37066 |
| **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** |
| Align Technology, Inc. \* | 139 | 26368 |
| Medtronic plc | 728 | 63407 |
|  |  | 89775 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care Providers & Services — 8.2%** | **Health Care Providers & Services — 8.2%** | **Health Care Providers & Services — 8.2%** |
| Cigna Group (The) | 310 | 102596 |
| Elevance Health, Inc. | 147 | 57136 |
| Humana, Inc. | 358 | 87555 |
| Labcorp Holdings, Inc. | 185 | 48600 |
| Quest Diagnostics, Inc. | 250 | 44849 |
| UnitedHealth Group, Inc. | 230 | 71813 |
|  |  | 412549 |
| **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** |
| Carnival Corp. \* | 1193 | 33535 |
| **Household Durables — 0.8%** | **Household Durables — 0.8%** | **Household Durables — 0.8%** |
| Mohawk Industries, Inc. \* | 386 | 40459 |
| **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** |
| 3M Co. | 256 | 38968 |
| **Insurance — 1.3%** | **Insurance — 1.3%** | **Insurance — 1.3%** |
| Arch Capital Group Ltd. | 356 | 32394 |
| Oscar Health, Inc., Class A \* | 1607 | 34464 |
|  |  | 66858 |
| **Interactive Media & Services — 0.9%** | **Interactive Media & Services — 0.9%** | **Interactive Media & Services — 0.9%** |
| Meta Platforms, Inc., Class A | 62 | 45958 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Cognizant Technology Solutions Corp., Class A | 324 | 25272 |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| IQVIA Holdings, Inc. \* | 88 | 13797 |
| Thermo Fisher Scientific, Inc. | 36 | 14771 |
|  |  | 28568 |
| **Machinery — 2.8%** | **Machinery — 2.8%** | **Machinery — 2.8%** |
| AGCO Corp. | 674 | 69494 |
| Gates Industrial Corp. plc \* | 2271 | 52308 |
| Middleby Corp. (The) \* | 143 | 20671 |
|  |  | 142473 |
| **Media — 2.4%** | **Media — 2.4%** | **Media — 2.4%** |
| Comcast Corp., Class A | 2265 | 80847 |
| Omnicom Group, Inc. | 537 | 38583 |
|  |  | 119430 |
| **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** |
| Alcoa Corp. | 875 | 25834 |
| Freeport-McMoRan, Inc. | 1178 | 51058 |
|  |  | 76892 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Multi-Utilities — 1.3%** | **Multi-Utilities — 1.3%** | **Multi-Utilities — 1.3%** |
| Dominion Energy, Inc. | 1155 | 65252 |
| **Oil, Gas & Consumable Fuels — 4.8%** | **Oil, Gas & Consumable Fuels — 4.8%** | **Oil, Gas & Consumable Fuels — 4.8%** |
| EOG Resources, Inc. | 202 | 24140 |
| EQT Corp. | 1334 | 77817 |
| Expand Energy Corp. | 429 | 50182 |
| Exxon Mobil Corp. | 426 | 45924 |
| Hess Corp. | 148 | 20503 |
| Range Resources Corp. | 528 | 21456 |
|  |  | 240022 |
| **Passenger Airlines — 1.5%** | **Passenger Airlines — 1.5%** | **Passenger Airlines — 1.5%** |
| Southwest Airlines Co. (a) | 2316 | 75136 |
| **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** |
| Bristol-Myers Squibb Co. | 962 | 44511 |
| Johnson & Johnson | 564 | 86148 |
|  |  | 130659 |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| Zillow Group, Inc., Class C \* | 219 | 15367 |
| **Residential REITs — 1.3%** | **Residential REITs — 1.3%** | **Residential REITs — 1.3%** |
| American Homes 4 Rent, Class A | 667 | 24049 |
| Equity LifeStyle Properties, Inc. | 673 | 41491 |
|  |  | 65540 |
| **Semiconductors & Semiconductor Equipment — 3.6%** | **Semiconductors & Semiconductor Equipment — 3.6%** | **Semiconductors & Semiconductor Equipment — 3.6%** |
| Lam Research Corp. | 234 | 22796 |
| NXP Semiconductors NV (Netherlands) | 322 | 70464 |
| ON Semiconductor Corp. \* | 451 | 23621 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR <br> (Taiwan)<br>| 289 | 65420 |
|  |  | 182301 |
| **Software — 1.1%** | **Software — 1.1%** | **Software — 1.1%** |
| Salesforce, Inc. | 201 | 54927 |
| **Specialized REITs — 3.5%** | **Specialized REITs — 3.5%** | **Specialized REITs — 3.5%** |
| American Tower Corp. | 367 | 81073 |
| Equinix, Inc. | 119 | 94780 |
|  |  | 175853 |
| **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** |
| Ross Stores, Inc. | 119 | 15157 |
| **Technology Hardware, Storage & Peripherals — 5.2%** | **Technology Hardware, Storage & Peripherals — 5.2%** | **Technology Hardware, Storage & Peripherals — 5.2%** |
| Sandisk Corp. \* | 626 | 28360 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 35

------

JPMorgan Large Cap Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Technology Hardware, Storage & Peripherals — continued** | **Technology Hardware, Storage & Peripherals — continued** | **Technology Hardware, Storage & Peripherals — continued** |
| Seagate Technology Holdings plc | 690 | 99630 |
| Western Digital Corp. | 2117 | 135479 |
|  |  | 263469 |
| **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** |
| Kontoor Brands, Inc. | 724 | 47768 |
| **Tobacco — 3.1%** | **Tobacco — 3.1%** | **Tobacco — 3.1%** |
| Philip Morris International, Inc. | 870 | 158505 |
| **Trading Companies & Distributors — 2.2%** | **Trading Companies & Distributors — 2.2%** | **Trading Companies & Distributors — 2.2%** |
| AerCap Holdings NV (Ireland) | 694 | 81215 |
| WESCO International, Inc. | 169 | 31219 |
|  |  | 112434 |
| Total Common Stocks <br>(Cost $4,360,844)<br>|  | 5016218 |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |
| **Investment Companies — 0.6%** | **Investment Companies — 0.6%** | **Investment Companies — 0.6%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (b) (c) <br>(Cost $28,237)<br>| 28234 | 28240 |
| **Investment of Cash Collateral from Securities Loaned — 0.4%** | **Investment of Cash Collateral from Securities Loaned — 0.4%** | **Investment of Cash Collateral from Securities Loaned — 0.4%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (b) (c) <br>(Cost $19,800)<br>| 19800 | 19800 |
| Total Short-Term Investments <br>(Cost $48,037)<br>|  | 48040 |
| **Total Investments — 100.3%** <br>**(Cost $4,408,881)**<br>|  | **5064258** |
| **Liabilities in Excess of Other Assets — (0.3)%** |  | **(14239)**<br>|
| **NET ASSETS — 100.0%** |  | **5050019** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at June 30, 2025. The total value of securities on loan at June 30, 2025 is $19,464. 

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

(c) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36 J.P. Morgan Large Cap Funds June 30, 2025

------

JPMorgan U.S. Applied Data Science Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 100.2%** | **Common Stocks — 100.2%** | **Common Stocks — 100.2%** |
| **Aerospace & Defense — 3.7%** | **Aerospace & Defense — 3.7%** | **Aerospace & Defense — 3.7%** |
| Boeing Co. (The) \* | 2 | 404 |
| General Dynamics Corp. | 3 | 914 |
| Northrop Grumman Corp. | 2 | 796 |
| RTX Corp. | 13 | 1937 |
| Textron, Inc. | 7 | 575 |
| TransDigm Group, Inc. | 1 | 858 |
|  |  | 5484 |
| **Automobile Components — 0.3%** | **Automobile Components — 0.3%** | **Automobile Components — 0.3%** |
| Lear Corp. | 5 | 459 |
| **Banks — 7.7%** | **Banks — 7.7%** | **Banks — 7.7%** |
| Bank of America Corp. | 67 | 3197 |
| Citigroup, Inc. | 11 | 956 |
| Citizens Financial Group, Inc. | 21 | 928 |
| M&T Bank Corp. | 7 | 1312 |
| PNC Financial Services Group, Inc. (The) | 8 | 1446 |
| Wells Fargo & Co. | 45 | 3626 |
|  |  | 11465 |
| **Beverages — 1.5%** | **Beverages — 1.5%** | **Beverages — 1.5%** |
| Coca-Cola Co. (The) | 17 | 1164 |
| PepsiCo, Inc. | 8 | 1083 |
|  |  | 2247 |
| **Biotechnology — 1.8%** | **Biotechnology — 1.8%** | **Biotechnology — 1.8%** |
| AbbVie, Inc. | 6 | 1159 |
| Regeneron Pharmaceuticals, Inc. | 1 | 808 |
| Vertex Pharmaceuticals, Inc. \* | 2 | 750 |
|  |  | 2717 |
| **Broadline Retail — 2.5%** | **Broadline Retail — 2.5%** | **Broadline Retail — 2.5%** |
| Amazon.com, Inc. \* | 17 | 3718 |
| **Building Products — 1.2%** | **Building Products — 1.2%** | **Building Products — 1.2%** |
| Fortune Brands Innovations, Inc. | 11 | 578 |
| Trane Technologies plc | 3 | 1191 |
|  |  | 1769 |
| **Capital Markets — 5.4%** | **Capital Markets — 5.4%** | **Capital Markets — 5.4%** |
| Blackrock, Inc. | 2 | 2052 |
| Charles Schwab Corp. (The) | 17 | 1582 |
| CME Group, Inc. | 5 | 1392 |
| Goldman Sachs Group, Inc. (The) | 1 | 459 |
| Morgan Stanley | 18 | 2555 |
|  |  | 8040 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Chemicals — 2.4%** | **Chemicals — 2.4%** | **Chemicals — 2.4%** |
| Axalta Coating Systems Ltd. \* | 43 | 1289 |
| DuPont de Nemours, Inc. | 9 | 603 |
| Linde plc | 4 | 1656 |
|  |  | 3548 |
| **Construction Materials — 0.5%** | **Construction Materials — 0.5%** | **Construction Materials — 0.5%** |
| Vulcan Materials Co. | 3 | 702 |
| **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** |
| Ally Financial, Inc. | 13 | 526 |
| Capital One Financial Corp. | 4 | 853 |
|  |  | 1379 |
| **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** |
| Target Corp. | 3 | 289 |
| Walmart, Inc. | 16 | 1622 |
|  |  | 1911 |
| **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** |
| Amcor plc | 92 | 844 |
| **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** |
| AT&T, Inc. | 64 | 1850 |
| **Electric Utilities — 3.3%** | **Electric Utilities — 3.3%** | **Electric Utilities — 3.3%** |
| Entergy Corp. | 12 | 999 |
| NextEra Energy, Inc. | 27 | 1892 |
| Southern Co. (The) | 11 | 977 |
| Xcel Energy, Inc. | 16 | 1113 |
|  |  | 4981 |
| **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** |
| Eaton Corp. plc | 6 | 2293 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| Teledyne Technologies, Inc. \* | 2 | 982 |
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| Take-Two Interactive Software, Inc. \* | 3 | 685 |
| Walt Disney Co. (The) | 8 | 1000 |
|  |  | 1685 |
| **Financial Services — 5.0%** | **Financial Services — 5.0%** | **Financial Services — 5.0%** |
| Berkshire Hathaway, Inc., Class B \* | 6 | 3122 |
| Block, Inc. \* | 11 | 713 |
| Corpay, Inc. \* | 2 | 706 |
| Fidelity National Information Services, Inc. | 9 | 715 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 37

------

JPMorgan U.S. Applied Data Science Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| Fiserv, Inc. \* | 6 | 1059 |
| Mastercard, Inc., Class A | 2 | 1144 |
|  |  | 7459 |
| **Food Products — 1.4%** | **Food Products — 1.4%** | **Food Products — 1.4%** |
| Mondelez International, Inc., Class A | 24 | 1638 |
| Tyson Foods, Inc., Class A | 9 | 502 |
|  |  | 2140 |
| **Ground Transportation — 2.0%** | **Ground Transportation — 2.0%** | **Ground Transportation — 2.0%** |
| CSX Corp. | 43 | 1418 |
| Norfolk Southern Corp. | 6 | 1528 |
|  |  | 2946 |
| **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** |
| Abbott Laboratories | 6 | 747 |
| Boston Scientific Corp. \* | 13 | 1441 |
| Medtronic plc | 20 | 1753 |
|  |  | 3941 |
| **Health Care Providers & Services — 2.5%** | **Health Care Providers & Services — 2.5%** | **Health Care Providers & Services — 2.5%** |
| Cigna Group (The) | 4 | 1314 |
| Humana, Inc. | 2 | 563 |
| UnitedHealth Group, Inc. | 6 | 1848 |
|  |  | 3725 |
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Ventas, Inc. | 19 | 1190 |
| **Hotel & Resort REITs — 0.5%** | **Hotel & Resort REITs — 0.5%** | **Hotel & Resort REITs — 0.5%** |
| Host Hotels & Resorts, Inc. | 49 | 746 |
| **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** |
| Expedia Group, Inc. | 5 | 911 |
| McDonald's Corp. | 6 | 1666 |
| Travel + Leisure Co. | 12 | 597 |
|  |  | 3174 |
| **Household Products — 1.0%** | **Household Products — 1.0%** | **Household Products — 1.0%** |
| Procter & Gamble Co. (The) | 10 | 1536 |
| **Industrial Conglomerates — 1.5%** | **Industrial Conglomerates — 1.5%** | **Industrial Conglomerates — 1.5%** |
| 3M Co. | 7 | 1009 |
| Honeywell International, Inc. | 5 | 1212 |
|  |  | 2221 |
| **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** |
| Prologis, Inc. | 11 | 1130 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Insurance — 3.7%** | **Insurance — 3.7%** | **Insurance — 3.7%** |
| Loews Corp. | 24 | 2160 |
| MetLife, Inc. | 11 | 920 |
| Travelers Cos., Inc. (The) | 9 | 2384 |
|  |  | 5464 |
| **Interactive Media & Services — 3.6%** | **Interactive Media & Services — 3.6%** | **Interactive Media & Services — 3.6%** |
| Alphabet, Inc., Class C | 15 | 2713 |
| Meta Platforms, Inc., Class A | 4 | 2606 |
|  |  | 5319 |
| **IT Services — 1.0%** | **IT Services — 1.0%** | **IT Services — 1.0%** |
| Cognizant Technology Solutions Corp., Class A | 14 | 1057 |
| International Business Machines Corp. | 1 | 408 |
|  |  | 1465 |
| **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |
| Danaher Corp. | 7 | 1364 |
| **Machinery — 3.6%** | **Machinery — 3.6%** | **Machinery — 3.6%** |
| Deere & Co. | 3 | 1805 |
| Dover Corp. | 9 | 1625 |
| Parker-Hannifin Corp. | 3 | 1978 |
|  |  | 5408 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| Comcast Corp., Class A | 50 | 1800 |
| **Multi-Utilities — 1.7%** | **Multi-Utilities — 1.7%** | **Multi-Utilities — 1.7%** |
| CMS Energy Corp. | 18 | 1251 |
| Public Service Enterprise Group, Inc. | 15 | 1250 |
|  |  | 2501 |
| **Oil, Gas & Consumable Fuels — 6.5%** | **Oil, Gas & Consumable Fuels — 6.5%** | **Oil, Gas & Consumable Fuels — 6.5%** |
| Cheniere Energy, Inc. | 6 | 1337 |
| ConocoPhillips | 23 | 2096 |
| Diamondback Energy, Inc. | 6 | 818 |
| EOG Resources, Inc. | 12 | 1488 |
| Exxon Mobil Corp. | 29 | 3142 |
| Phillips 66 | 7 | 833 |
|  |  | 9714 |
| **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** |
| Kenvue, Inc. | 22 | 459 |
| **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** |
| Bristol-Myers Squibb Co. | 32 | 1455 |
| Jazz Pharmaceuticals plc \* | 6 | 653 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| Johnson & Johnson | 10 | 1581 |
| Merck & Co., Inc. | 6 | 461 |
|  |  | 4150 |
| **Professional Services — 1.0%** | **Professional Services — 1.0%** | **Professional Services — 1.0%** |
| Booz Allen Hamilton Holding Corp. | 6 | 566 |
| SS&C Technologies Holdings, Inc. | 10 | 851 |
|  |  | 1417 |
| **Real Estate Management & Development — 1.0%** | **Real Estate Management & Development — 1.0%** | **Real Estate Management & Development — 1.0%** |
| CBRE Group, Inc., Class A \* | 11 | 1501 |
| **Residential REITs — 0.4%** | **Residential REITs — 0.4%** | **Residential REITs — 0.4%** |
| American Homes 4 Rent, Class A | 15 | 554 |
| **Retail REITs — 0.4%** | **Retail REITs — 0.4%** | **Retail REITs — 0.4%** |
| Regency Centers Corp. | 8 | 574 |
| **Semiconductors & Semiconductor Equipment — 4.4%** | **Semiconductors & Semiconductor Equipment — 4.4%** | **Semiconductors & Semiconductor Equipment — 4.4%** |
| Advanced Micro Devices, Inc. \* | 6 | 838 |
| Analog Devices, Inc. | 7 | 1738 |
| Lam Research Corp. | 5 | 447 |
| Marvell Technology, Inc. | 3 | 259 |
| Micron Technology, Inc. | 6 | 761 |
| NXP Semiconductors NV (Netherlands) | 3 | 778 |
| Texas Instruments, Inc. | 9 | 1784 |
|  |  | 6605 |
| **Software — 2.2%** | **Software — 2.2%** | **Software — 2.2%** |
| Microsoft Corp. | 4 | 1830 |
| Salesforce, Inc. | 5 | 1433 |
|  |  | 3263 |
| **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |
| Digital Realty Trust, Inc. | 6 | 1056 |
| **Specialty Retail — 3.4%** | **Specialty Retail — 3.4%** | **Specialty Retail — 3.4%** |
| AutoZone, Inc. \* |  | 1225 |
| Lowe's Cos., Inc. | 8 | 1762 |
| O'Reilly Automotive, Inc. \* | 10 | 935 |
| TJX Cos., Inc. (The) | 9 | 1083 |
|  |  | 5005 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Technology Hardware, Storage & Peripherals — 1.4%** | **Technology Hardware, Storage & Peripherals — 1.4%** | **Technology Hardware, Storage & Peripherals — 1.4%** |
| Hewlett Packard Enterprise Co. | 39 | 803 |
| Seagate Technology Holdings plc | 9 | 1223 |
|  |  | 2026 |
| **Tobacco — 2.1%** | **Tobacco — 2.1%** | **Tobacco — 2.1%** |
| Philip Morris International, Inc. | 17 | 3071 |
| Total Common Stocks <br>(Cost $110,400)<br>|  | 148998 |
| **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** |
| **Investment Companies — 0.4%** | **Investment Companies — 0.4%** | **Investment Companies — 0.4%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b) <br>(Cost $615)<br>| 615 | 615 |
| **Total Investments — 100.6%** <br>**(Cost $111,015)**<br>|  | **149613** |
| **Liabilities in Excess of Other Assets — (0.6)%** |  | **(919)**<br>|
| **NET ASSETS — 100.0%** |  | **148694** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (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. <br> (b) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 39

------

JPMorgan U.S. Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.5%** | **Common Stocks — 99.5%** | **Common Stocks — 99.5%** |
| **Aerospace & Defense — 3.2%** | **Aerospace & Defense — 3.2%** | **Aerospace & Defense — 3.2%** |
| Howmet Aerospace, Inc. | 2662 | 495582 |
| Northrop Grumman Corp. | 1061 | 530320 |
|  |  | 1025902 |
| **Automobiles — 1.1%** | **Automobiles — 1.1%** | **Automobiles — 1.1%** |
| Tesla, Inc. \* | 1123 | 356788 |
| **Banks — 4.0%** | **Banks — 4.0%** | **Banks — 4.0%** |
| US Bancorp | 5405 | 244603 |
| Wells Fargo & Co. | 13196 | 1057235 |
|  |  | 1301838 |
| **Biotechnology — 3.0%** | **Biotechnology — 3.0%** | **Biotechnology — 3.0%** |
| AbbVie, Inc. | 2785 | 516916 |
| Regeneron Pharmaceuticals, Inc. | 378 | 198540 |
| Vertex Pharmaceuticals, Inc. \* | 555 | 247242 |
|  |  | 962698 |
| **Broadline Retail — 4.7%** | **Broadline Retail — 4.7%** | **Broadline Retail — 4.7%** |
| Amazon.com, Inc. \* | 6947 | 1524126 |
| **Building Products — 2.2%** | **Building Products — 2.2%** | **Building Products — 2.2%** |
| Carrier Global Corp. | 6064 | 443845 |
| Trane Technologies plc | 572 | 249964 |
|  |  | 693809 |
| **Capital Markets — 3.4%** | **Capital Markets — 3.4%** | **Capital Markets — 3.4%** |
| Ameriprise Financial, Inc. | 1050 | 560085 |
| Blackstone, Inc. | 962 | 143914 |
| Morgan Stanley | 2798 | 394178 |
|  |  | 1098177 |
| **Construction Materials — 1.8%** | **Construction Materials — 1.8%** | **Construction Materials — 1.8%** |
| Vulcan Materials Co. | 2239 | 584093 |
| **Consumer Finance — 2.6%** | **Consumer Finance — 2.6%** | **Consumer Finance — 2.6%** |
| American Express Co. | 2577 | 821954 |
| **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** |
| Walmart, Inc. | 7175 | 701538 |
| **Electric Utilities — 3.6%** | **Electric Utilities — 3.6%** | **Electric Utilities — 3.6%** |
| Entergy Corp. | 2048 | 170234 |
| NextEra Energy, Inc. | 6273 | 435461 |
| PG&E Corp. | 10537 | 146882 |
| Southern Co. (The) | 4399 | 404022 |
|  |  | 1156599 |
| **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** |
| Eaton Corp. plc | 2110 | 753097 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Energy Equipment & Services — 2.5%** | **Energy Equipment & Services — 2.5%** | **Energy Equipment & Services — 2.5%** |
| Baker Hughes Co. | 20601 | 789846 |
| **Entertainment — 1.5%** | **Entertainment — 1.5%** | **Entertainment — 1.5%** |
| Walt Disney Co. (The) | 3918 | 485865 |
| **Financial Services — 2.7%** | **Financial Services — 2.7%** | **Financial Services — 2.7%** |
| Mastercard, Inc., Class A | 1553 | 872438 |
| **Food Products — 1.0%** | **Food Products — 1.0%** | **Food Products — 1.0%** |
| Mondelez International, Inc., Class A | 4910 | 331122 |
| **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** |
| CSX Corp. | 10060 | 328274 |
| **Health Care Equipment & Supplies — 4.0%** | **Health Care Equipment & Supplies — 4.0%** | **Health Care Equipment & Supplies — 4.0%** |
| Edwards Lifesciences Corp. \* | 4104 | 320969 |
| Medtronic plc | 4724 | 411831 |
| Stryker Corp. | 1429 | 565281 |
|  |  | 1298081 |
| **Hotels, Restaurants & Leisure — 4.3%** | **Hotels, Restaurants & Leisure — 4.3%** | **Hotels, Restaurants & Leisure — 4.3%** |
| Chipotle Mexican Grill, Inc. \* | 6104 | 342732 |
| Marriott International, Inc., Class A | 1419 | 387764 |
| McDonald's Corp. | 2208 | 645102 |
|  |  | 1375598 |
| **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** |
| Prologis, Inc. | 1848 | 194279 |
| **Insurance — 3.0%** | **Insurance — 3.0%** | **Insurance — 3.0%** |
| Arthur J Gallagher & Co. | 1993 | 638097 |
| Travelers Cos., Inc. (The) | 1245 | 333067 |
|  |  | 971164 |
| **Interactive Media & Services — 6.6%** | **Interactive Media & Services — 6.6%** | **Interactive Media & Services — 6.6%** |
| Alphabet, Inc., Class A | 4626 | 815161 |
| Meta Platforms, Inc., Class A | 1760 | 1299171 |
|  |  | 2114332 |
| **Machinery — 1.2%** | **Machinery — 1.2%** | **Machinery — 1.2%** |
| Deere & Co. | 767 | 389856 |
| **Oil, Gas & Consumable Fuels — 1.8%** | **Oil, Gas & Consumable Fuels — 1.8%** | **Oil, Gas & Consumable Fuels — 1.8%** |
| Exxon Mobil Corp. | 5422 | 584496 |
| **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** |
| Eli Lilly & Co. | 358 | 279141 |
| **Semiconductors & Semiconductor Equipment — 13.1%** | **Semiconductors & Semiconductor Equipment — 13.1%** | **Semiconductors & Semiconductor Equipment — 13.1%** |
| ASML Holding NV (Registered), NYRS (Netherlands) | 163 | 130685 |
| Broadcom, Inc. | 3539 | 975545 |
| Micron Technology, Inc. | 1944 | 239542 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| NVIDIA Corp. | 13851 | 2188335 |
| NXP Semiconductors NV (Netherlands) | 3185 | 695911 |
|  |  | 4230018 |
| **Software — 12.5%** | **Software — 12.5%** | **Software — 12.5%** |
| Intuit, Inc. | 553 | 435847 |
| Microsoft Corp. | 5914 | 2941470 |
| Oracle Corp. | 2963 | 647899 |
|  |  | 4025216 |
| **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** |
| Lowe's Cos., Inc. | 2972 | 659293 |
| **Technology Hardware, Storage & Peripherals — 5.9%** | **Technology Hardware, Storage & Peripherals — 5.9%** | **Technology Hardware, Storage & Peripherals — 5.9%** |
| Apple, Inc. | 9175 | 1882353 |
| **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** |
| United Rentals, Inc. | 295 | 222328 |
| Total Common Stocks <br>(Cost $17,267,135)<br>|  | 32014319 |
| **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** |
| **Investment Companies — 0.8%** | **Investment Companies — 0.8%** | **Investment Companies — 0.8%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (a) (b) <br>(Cost $247,608)<br>| 247573 | 247623 |
| **Total Investments — 100.3%** <br>**(Cost $17,514,743)**<br>|  | **32261942** |
| **Liabilities in Excess of Other Assets — (0.3)%** |  | **(83205)**<br>|
| **NET ASSETS — 100.0%** |  | **32178737** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| NYRS | New York Registry Shares |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (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. <br> (b) The rate shown is the current yield as of June 30, 2025.

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 41

------

JPMorgan U.S. GARP Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.2%** | **Common Stocks — 99.2%** | **Common Stocks — 99.2%** |
| **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** |
| GE Aerospace | 22 | 5617 |
| Howmet Aerospace, Inc. | 71 | 13259 |
| RTX Corp. | 58 | 8397 |
| TransDigm Group, Inc. | 6 | 9126 |
|  |  | 36399 |
| **Automobiles — 2.8%** | **Automobiles — 2.8%** | **Automobiles — 2.8%** |
| Tesla, Inc. \* | 162 | 51517 |
| **Banks — 0.4%** | **Banks — 0.4%** | **Banks — 0.4%** |
| Bank of America Corp. | 153 | 7216 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| Coca-Cola Co. (The) | 81 | 5751 |
| PepsiCo, Inc. | 48 | 6333 |
|  |  | 12084 |
| **Biotechnology — 2.4%** | **Biotechnology — 2.4%** | **Biotechnology — 2.4%** |
| AbbVie, Inc. | 180 | 33513 |
| Neurocrine Biosciences, Inc. \* | 33 | 4097 |
| Regeneron Pharmaceuticals, Inc. | 14 | 7208 |
|  |  | 44818 |
| **Broadline Retail — 6.5%** | **Broadline Retail — 6.5%** | **Broadline Retail — 6.5%** |
| Amazon.com, Inc. \* | 556 | 121944 |
| **Building Products — 1.1%** | **Building Products — 1.1%** | **Building Products — 1.1%** |
| Owens Corning | 28 | 3818 |
| Trane Technologies plc | 36 | 15842 |
|  |  | 19660 |
| **Capital Markets — 1.5%** | **Capital Markets — 1.5%** | **Capital Markets — 1.5%** |
| Charles Schwab Corp. (The) | 131 | 11975 |
| Goldman Sachs Group, Inc. (The) | 14 | 9461 |
| S&P Global, Inc. | 12 | 6407 |
|  |  | 27843 |
| **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
| Linde plc | 15 | 7234 |
| **Communications Equipment — 1.4%** | **Communications Equipment — 1.4%** | **Communications Equipment — 1.4%** |
| Arista Networks, Inc. \* | 151 | 15453 |
| Motorola Solutions, Inc. | 27 | 11212 |
|  |  | 26665 |
| **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** |
| Quanta Services, Inc. | 25 | 9437 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Martin Marietta Materials, Inc. | 9 | 5122 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |
| American Express Co. | 33 | 10566 |
| Capital One Financial Corp. | 22 | 4709 |
|  |  | 15275 |
| **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** |
| Costco Wholesale Corp. | 15 | 14122 |
| US Foods Holding Corp. \* | 137 | 10568 |
|  |  | 24690 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| Entergy Corp. | 43 | 3592 |
| NextEra Energy, Inc. | 78 | 5414 |
| Southern Co. (The) | 59 | 5415 |
|  |  | 14421 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| Amphenol Corp., Class A | 120 | 11889 |
| **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** |
| Baker Hughes Co. | 198 | 7585 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Netflix, Inc. \* | 5 | 6835 |
| Spotify Technology SA \* | 8 | 6048 |
| Walt Disney Co. (The) | 108 | 13419 |
|  |  | 26302 |
| **Financial Services — 3.9%** | **Financial Services — 3.9%** | **Financial Services — 3.9%** |
| Fidelity National Information Services, Inc. | 65 | 5265 |
| Mastercard, Inc., Class A | 88 | 49620 |
| Visa, Inc., Class A | 49 | 17543 |
|  |  | 72428 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| Uber Technologies, Inc. \* | 179 | 16722 |
| **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** |
| Boston Scientific Corp. \* | 81 | 8677 |
| Intuitive Surgical, Inc. \* | 13 | 7142 |
| Stryker Corp. | 21 | 8273 |
|  |  | 24092 |
| **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| Cigna Group (The) | 16 | 5189 |
| UnitedHealth Group, Inc. | 27 | 8592 |
|  |  | 13781 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| Ventas, Inc. | 89 | 5608 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hotels, Restaurants & Leisure — 3.0%** | **Hotels, Restaurants & Leisure — 3.0%** | **Hotels, Restaurants & Leisure — 3.0%** |
| Chipotle Mexican Grill, Inc. \* | 226 | 12712 |
| DoorDash, Inc., Class A \* | 84 | 20813 |
| Hilton Worldwide Holdings, Inc. | 56 | 14769 |
| McDonald's Corp. | 27 | 7762 |
|  |  | 56056 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| Arthur J Gallagher & Co. | 27 | 8683 |
| MetLife, Inc. | 65 | 5220 |
|  |  | 13903 |
| **Interactive Media & Services — 10.3%** | **Interactive Media & Services — 10.3%** | **Interactive Media & Services — 10.3%** |
| Alphabet, Inc., Class A | 303 | 53408 |
| Alphabet, Inc., Class C | 204 | 36240 |
| Meta Platforms, Inc., Class A | 129 | 95231 |
| Pinterest, Inc., Class A \* | 215 | 7712 |
|  |  | 192591 |
| **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
| Danaher Corp. | 18 | 3456 |
| **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** |
| EOG Resources, Inc. | 37 | 4435 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Delta Air Lines, Inc. | 85 | 4175 |
| **Pharmaceuticals — 2.2%** | **Pharmaceuticals — 2.2%** | **Pharmaceuticals — 2.2%** |
| Bristol-Myers Squibb Co. | 113 | 5222 |
| Eli Lilly & Co. | 37 | 29115 |
| Johnson & Johnson | 41 | 6304 |
|  |  | 40641 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Booz Allen Hamilton Holding Corp. | 70 | 7329 |
| **Semiconductors & Semiconductor Equipment — 19.1%** | **Semiconductors & Semiconductor Equipment — 19.1%** | **Semiconductors & Semiconductor Equipment — 19.1%** |
| Advanced Micro Devices, Inc. \* | 40 | 5766 |
| Analog Devices, Inc. | 49 | 11576 |
| Broadcom, Inc. | 240 | 66323 |
| Lam Research Corp. | 151 | 14702 |
| NVIDIA Corp. | 1469 | 232063 |
| NXP Semiconductors NV (Netherlands) | 25 | 5417 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR <br> (Taiwan)<br>| 54 | 12162 |
| Texas Instruments, Inc. | 45 | 9346 |
|  |  | 357355 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Software — 19.8%** | **Software — 19.8%** | **Software — 19.8%** |
| Adobe, Inc. \* | 10 | 4019 |
| AppLovin Corp., Class A \* | 16 | 5506 |
| Autodesk, Inc. \* | 17 | 5414 |
| Cadence Design Systems, Inc. \* | 33 | 10087 |
| Crowdstrike Holdings, Inc., Class A \* | 31 | 15929 |
| Fair Isaac Corp. \* | 6 | 10805 |
| Intuit, Inc. | 29 | 22651 |
| Microsoft Corp. | 467 | 232087 |
| Oracle Corp. | 104 | 22719 |
| Palantir Technologies, Inc., Class A \* | 25 | 3468 |
| Salesforce, Inc. | 51 | 13769 |
| ServiceNow, Inc. \* | 24 | 24642 |
|  |  | 371096 |
| **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** |
| Equinix, Inc. | 6 | 4486 |
| **Specialty Retail — 1.5%** | **Specialty Retail — 1.5%** | **Specialty Retail — 1.5%** |
| Lowe's Cos., Inc. | 88 | 19435 |
| TJX Cos., Inc. (The) | 67 | 8293 |
|  |  | 27728 |
| **Technology Hardware, Storage & Peripherals — 8.8%** | **Technology Hardware, Storage & Peripherals — 8.8%** | **Technology Hardware, Storage & Peripherals — 8.8%** |
| Apple, Inc. | 735 | 150905 |
| Seagate Technology Holdings plc | 89 | 12837 |
|  |  | 163742 |
| **Tobacco — 0.4%** | **Tobacco — 0.4%** | **Tobacco — 0.4%** |
| Altria Group, Inc. | 136 | 7955 |
| Total Common Stocks <br>(Cost $929,566)<br>|  | 1857680 |
| **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** |
| **Investment Companies — 0.6%** | **Investment Companies — 0.6%** | **Investment Companies — 0.6%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b) <br>(Cost $10,766)<br>| 10765 | 10767 |
| **Total Investments — 99.8%** <br>**(Cost $940,332)**<br>|  | **1868447** |
| **Other Assets in Excess of Liabilities — 0.2%** |  | **3018** |
| **NET ASSETS — 100.0%** |  | **1871465** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 43

------

JPMorgan U.S. GARP Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the current yield as of June 30, 2025.

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9064 | &nbsp;&nbsp;&nbsp;&nbsp; 311 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44 J.P. Morgan Large Cap Funds June 30, 2025

------

JPMorgan U.S. Large Cap Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Long Positions — 119.7%** | **Long Positions — 119.7%** | **Long Positions — 119.7%** |
| **Common Stocks — 116.6%** | **Common Stocks — 116.6%** | **Common Stocks — 116.6%** |
| **Aerospace & Defense — 5.3%** | **Aerospace & Defense — 5.3%** | **Aerospace & Defense — 5.3%** |
| Boeing Co. (The) \* | 23 | 4744 |
| Howmet Aerospace, Inc. (a) | 361 | 67194 |
| Northrop Grumman Corp. | 32 | 16093 |
| RTX Corp. | 344 | 50254 |
| TransDigm Group, Inc. | 25 | 37730 |
|  |  | 176015 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| FedEx Corp. | 13 | 2982 |
| **Banks — 4.4%** | **Banks — 4.4%** | **Banks — 4.4%** |
| Bank of America Corp. (a) | 935 | 44255 |
| Fifth Third Bancorp | 614 | 25262 |
| Wells Fargo & Co. (a) | 949 | 76024 |
|  |  | 145541 |
| **Beverages — 1.2%** | **Beverages — 1.2%** | **Beverages — 1.2%** |
| Coca-Cola Co. (The) (a) | 344 | 24356 |
| Keurig Dr Pepper, Inc. | 288 | 9520 |
| PepsiCo, Inc. (a) | 53 | 6916 |
|  |  | 40792 |
| **Biotechnology — 2.3%** | **Biotechnology — 2.3%** | **Biotechnology — 2.3%** |
| AbbVie, Inc. (a) | 268 | 49805 |
| Regeneron Pharmaceuticals, Inc. | 18 | 9459 |
| Vertex Pharmaceuticals, Inc. \* (a) | 41 | 18062 |
|  |  | 77326 |
| **Broadline Retail — 5.4%** | **Broadline Retail — 5.4%** | **Broadline Retail — 5.4%** |
| Amazon.com, Inc. \* (a) | 817 | 179147 |
| **Building Products — 2.1%** | **Building Products — 2.1%** | **Building Products — 2.1%** |
| Carrier Global Corp. | 310 | 22705 |
| Trane Technologies plc | 106 | 46163 |
|  |  | 68868 |
| **Capital Markets — 3.3%** | **Capital Markets — 3.3%** | **Capital Markets — 3.3%** |
| Ameriprise Financial, Inc. (a) | 63 | 33413 |
| Blackstone, Inc. | 4 | 595 |
| Charles Schwab Corp. (The) (a) | 394 | 35950 |
| CME Group, Inc. | 21 | 5881 |
| Goldman Sachs Group, Inc. (The) (a) | 24 | 17131 |
| MSCI, Inc. | 26 | 14899 |
| Raymond James Financial, Inc. | 22 | 3332 |
|  |  | 111201 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Ecolab, Inc. | 87 | 23508 |
| Linde plc | 37 | 17037 |
| Sherwin-Williams Co. (The) | 21 | 7304 |
|  |  | 47849 |
| **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** |
| Arista Networks, Inc. \* | 62 | 6353 |
| **Construction Materials — 0.7%** | **Construction Materials — 0.7%** | **Construction Materials — 0.7%** |
| Martin Marietta Materials, Inc. | 45 | 24633 |
| **Consumer Finance — 1.4%** | **Consumer Finance — 1.4%** | **Consumer Finance — 1.4%** |
| American Express Co. (a) | 91 | 29234 |
| Capital One Financial Corp. | 89 | 18895 |
|  |  | 48129 |
| **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** |
| Costco Wholesale Corp. | 15 | 14470 |
| Maplebear, Inc. \* | 85 | 3845 |
| Walmart, Inc. | 204 | 19979 |
|  |  | 38294 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| AT&T, Inc. | 774 | 22390 |
| **Electric Utilities — 3.2%** | **Electric Utilities — 3.2%** | **Electric Utilities — 3.2%** |
| Entergy Corp. (a) | 229 | 19049 |
| NextEra Energy, Inc. | 482 | 33442 |
| Southern Co. (The) | 584 | 53682 |
|  |  | 106173 |
| **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** |
| AMETEK, Inc. | 8 | 1514 |
| Eaton Corp. plc | 66 | 23355 |
| Emerson Electric Co. | 153 | 20433 |
|  |  | 45302 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co. (a) | 182 | 6974 |
| **Entertainment — 1.8%** | **Entertainment — 1.8%** | **Entertainment — 1.8%** |
| Live Nation Entertainment, Inc. \* | 16 | 2373 |
| Walt Disney Co. (The) (a) | 344 | 42717 |
| Warner Bros Discovery, Inc. \* | 375 | 4296 |
| Warner Music Group Corp., Class A | 341 | 9276 |
|  |  | 58662 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 45

------

JPMorgan U.S. Large Cap Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Financial Services — 6.1%** | **Financial Services — 6.1%** | **Financial Services — 6.1%** |
| Affirm Holdings, Inc. \* | 68 | 4701 |
| Apollo Global Management, Inc. | 23 | 3294 |
| Berkshire Hathaway, Inc., Class B \* | 7 | 3230 |
| Corpay, Inc. \* | 103 | 34045 |
| Fidelity National Information Services, Inc. (a) | 633 | 51579 |
| Mastercard, Inc., Class A (a) | 179 | 100352 |
| Toast, Inc., Class A \* | 89 | 3947 |
| WEX, Inc. \* | 11 | 1618 |
|  |  | 202766 |
| **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| Mondelez International, Inc., Class A (a) | 168 | 11306 |
| **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** |
| Canadian Pacific Kansas City Ltd. (Canada) | 374 | 29638 |
| XPO, Inc. \* | 79 | 9997 |
|  |  | 39635 |
| **Health Care Equipment & Supplies — 2.5%** | **Health Care Equipment & Supplies — 2.5%** | **Health Care Equipment & Supplies — 2.5%** |
| Boston Scientific Corp. \* (a) | 214 | 22974 |
| Edwards Lifesciences Corp. \* | 133 | 10387 |
| Intuitive Surgical, Inc. \* | 22 | 12158 |
| Medtronic plc | 116 | 10069 |
| Stryker Corp. (a) | 71 | 28203 |
|  |  | 83791 |
| **Health Care Providers & Services — 1.4%** | **Health Care Providers & Services — 1.4%** | **Health Care Providers & Services — 1.4%** |
| Cigna Group (The) | 22 | 7429 |
| Humana, Inc. | 11 | 2664 |
| McKesson Corp. | 3 | 2203 |
| Tenet Healthcare Corp. \* | 25 | 4338 |
| UnitedHealth Group, Inc. (a) | 101 | 31580 |
|  |  | 48214 |
| **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** |
| Ventas, Inc. | 240 | 15146 |
| Welltower, Inc. | 19 | 2937 |
|  |  | 18083 |
| **Hotels, Restaurants & Leisure — 4.9%** | **Hotels, Restaurants & Leisure — 4.9%** | **Hotels, Restaurants & Leisure — 4.9%** |
| Booking Holdings, Inc. (a) | 4 | 24535 |
| Carnival Corp. \* | 771 | 21673 |
| Chipotle Mexican Grill, Inc. \* (a) | 386 | 21702 |
| Darden Restaurants, Inc. | 19 | 4103 |
| Hilton Worldwide Holdings, Inc. (a) | 106 | 28162 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| McDonald's Corp. (a) | 114 | 33218 |
| Yum! Brands, Inc. (a) | 206 | 30548 |
|  |  | 163941 |
| **Household Products — 0.4%** | **Household Products — 0.4%** | **Household Products — 0.4%** |
| Church & Dwight Co., Inc. | 61 | 5925 |
| Procter & Gamble Co. (The) (a) | 49 | 7783 |
|  |  | 13708 |
| **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** |
| Vistra Corp. | 62 | 12109 |
| **Industrial Conglomerates — 1.1%** | **Industrial Conglomerates — 1.1%** | **Industrial Conglomerates — 1.1%** |
| 3M Co. | 238 | 36184 |
| **Insurance — 3.0%** | **Insurance — 3.0%** | **Insurance — 3.0%** |
| Aon plc, Class A | 119 | 42506 |
| Arch Capital Group Ltd. | 27 | 2419 |
| Arthur J Gallagher & Co. (a) | 123 | 39442 |
| Progressive Corp. (The) (a) | 64 | 17087 |
|  |  | 101454 |
| **Interactive Media & Services — 7.5%** | **Interactive Media & Services — 7.5%** | **Interactive Media & Services — 7.5%** |
| Alphabet, Inc., Class C | 117 | 20809 |
| Alphabet, Inc., Class A (a) | 525 | 92513 |
| Meta Platforms, Inc., Class A (a) | 179 | 131703 |
| Pinterest, Inc., Class A \* | 155 | 5560 |
|  |  | 250585 |
| **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| Cognizant Technology Solutions Corp., Class A | 259 | 20195 |
| **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** |
| Agilent Technologies, Inc. | 41 | 4866 |
| Danaher Corp. | 116 | 22919 |
| Thermo Fisher Scientific, Inc. (a) | 15 | 5885 |
|  |  | 33670 |
| **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** |
| Deere & Co. | 6 | 3150 |
| Ingersoll Rand, Inc. | 121 | 10046 |
| Otis Worldwide Corp. | 168 | 16607 |
|  |  | 29803 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Charter Communications, Inc., Class A \* | 22 | 8890 |
| Omnicom Group, Inc. | 82 | 5948 |
|  |  | 14838 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| Freeport-McMoRan, Inc. | 42 | 1827 |
| **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** |
| Ameren Corp. | 129 | 12432 |
| CMS Energy Corp. | 186 | 12860 |
| Dominion Energy, Inc. | 103 | 5802 |
| NiSource, Inc. | 86 | 3470 |
|  |  | 34564 |
| **Oil, Gas & Consumable Fuels — 3.4%** | **Oil, Gas & Consumable Fuels — 3.4%** | **Oil, Gas & Consumable Fuels — 3.4%** |
| Cheniere Energy, Inc. (a) | 28 | 6728 |
| ConocoPhillips (a) | 22 | 1945 |
| Diamondback Energy, Inc. | 13 | 1813 |
| EOG Resources, Inc. | 163 | 19542 |
| EQT Corp. | 85 | 4939 |
| Exxon Mobil Corp. (a) | 515 | 55562 |
| TC Energy Corp. (Canada) | 498 | 24322 |
|  |  | 114851 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| Delta Air Lines, Inc. | 60 | 2937 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Kenvue, Inc. | 207 | 4339 |
| **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |
| Bristol-Myers Squibb Co. (a) | 303 | 14002 |
| Eli Lilly & Co. (a) | 39 | 30675 |
| Johnson & Johnson (a) | 294 | 44923 |
|  |  | 89600 |
| **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| Leidos Holdings, Inc. | 55 | 8711 |
| **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |
| American Homes 4 Rent, Class A | 197 | 7111 |
| Camden Property Trust | 20 | 2284 |
| Equity LifeStyle Properties, Inc. | 32 | 1938 |
|  |  | 11333 |
| **Semiconductors & Semiconductor Equipment — 16.1%** | **Semiconductors & Semiconductor Equipment — 16.1%** | **Semiconductors & Semiconductor Equipment — 16.1%** |
| Analog Devices, Inc. | 216 | 51486 |
| Applied Materials, Inc. | 9 | 1685 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| ASML Holding NV (Registered), NYRS (Netherlands) | 12 | 9929 |
| Broadcom, Inc. (a) | 126 | 34741 |
| Lam Research Corp. | 127 | 12324 |
| Marvell Technology, Inc. | 22 | 1707 |
| Microchip Technology, Inc. | 32 | 2250 |
| Micron Technology, Inc. | 147 | 18097 |
| NVIDIA Corp. (a) | 1766 | 279001 |
| NXP Semiconductors NV (Netherlands) | 110 | 24078 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR <br> (Taiwan)<br>| 170 | 38454 |
| Texas Instruments, Inc. (a) | 302 | 62709 |
|  |  | 536461 |
| **Software — 11.9%** | **Software — 11.9%** | **Software — 11.9%** |
| Autodesk, Inc. \* | 10 | 3192 |
| Cadence Design Systems, Inc. \* | 21 | 6530 |
| Crowdstrike Holdings, Inc., Class A \* | 8 | 3995 |
| Microsoft Corp. (a) | 560 | 278457 |
| Oracle Corp. | 108 | 23551 |
| Roper Technologies, Inc. | 8 | 4817 |
| Salesforce, Inc. (a) | 114 | 31060 |
| ServiceNow, Inc. \* | 35 | 35507 |
| Synopsys, Inc. \* | 16 | 8470 |
|  |  | 395579 |
| **Specialized REITs — 2.3%** | **Specialized REITs — 2.3%** | **Specialized REITs — 2.3%** |
| American Tower Corp. | 166 | 36683 |
| Equinix, Inc. | 35 | 28063 |
| Extra Space Storage, Inc. | 41 | 6012 |
| SBA Communications Corp. | 22 | 5096 |
|  |  | 75854 |
| **Specialty Retail — 3.0%** | **Specialty Retail — 3.0%** | **Specialty Retail — 3.0%** |
| AutoZone, Inc. \* | 3 | 10635 |
| Burlington Stores, Inc. \* (a) | 134 | 31265 |
| Lowe's Cos., Inc. (a) | 207 | 45850 |
| Ross Stores, Inc. | 73 | 9306 |
| Tractor Supply Co. | 52 | 2777 |
|  |  | 99833 |
| **Technology Hardware, Storage & Peripherals — 6.6%** | **Technology Hardware, Storage & Peripherals — 6.6%** | **Technology Hardware, Storage & Peripherals — 6.6%** |
| Apple, Inc. (a) | 793 | 162674 |
| Hewlett Packard Enterprise Co. | 276 | 5652 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 47

------

JPMorgan U.S. Large Cap Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Technology Hardware, Storage & Peripherals — continued** | **Technology Hardware, Storage & Peripherals — continued** | **Technology Hardware, Storage & Peripherals — continued** |
| Seagate Technology Holdings plc | 286 | 41234 |
| Western Digital Corp. (a) | 143 | 9165 |
|  |  | 218725 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| NIKE, Inc., Class B | 49 | 3513 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| United Rentals, Inc. | 4 | 3372 |
| WW Grainger, Inc. | 2 | 1555 |
|  |  | 4927 |
| Total Common Stocks <br>(Cost $2,445,043)<br>|  | 3889967 |
| **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** |
| **Investment Companies — 3.1%** | **Investment Companies — 3.1%** | **Investment Companies — 3.1%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (b) (c)(Cost $104,254)<br>| 104237 | 104257 |
| Total Long Positions <br>(Cost $2,549,297)<br>|  | 3994224 |
| **Short Positions — (19.5)%** | **Short Positions — (19.5)%** | **Short Positions — (19.5)%** |
| **Common Stocks — (19.5)%** | **Common Stocks — (19.5)%** | **Common Stocks — (19.5)%** |
| **Aerospace & Defense — (0.4)%** | **Aerospace & Defense — (0.4)%** | **Aerospace & Defense — (0.4)%** |
| General Dynamics Corp. | (13)<br>| (3880)<br>|
| Huntington Ingalls Industries, Inc. | (29)<br>| (6974)<br>|
| Lockheed Martin Corp. | (5)<br>| (2413)<br>|
|  |  | (13267)<br>|
| **Air Freight & Logistics — (0.2)%** | **Air Freight & Logistics — (0.2)%** | **Air Freight & Logistics — (0.2)%** |
| Expeditors International of Washington, Inc. | (32)<br>| (3610)<br>|
| United Parcel Service, Inc., Class B | (28)<br>| (2882)<br>|
|  |  | (6492)<br>|
| **Automobiles — (0.3)%** | **Automobiles — (0.3)%** | **Automobiles — (0.3)%** |
| Ford Motor Co. | (1038)<br>| (11259)<br>|
| **Banks — (0.6)%** | **Banks — (0.6)%** | **Banks — (0.6)%** |
| Huntington Bancshares, Inc. | (96)<br>| (1613)<br>|
| M&T Bank Corp. | (25)<br>| (4855)<br>|
| PNC Financial Services Group, Inc. (The) | (71)<br>| (13275)<br>|
|  |  | (19743)<br>|
| **Beverages — (0.1)%** | **Beverages — (0.1)%** | **Beverages — (0.1)%** |
| Molson Coors Beverage Co., Class B | (63)<br>| (3013)<br>|
| **Biotechnology — (0.4)%** | **Biotechnology — (0.4)%** | **Biotechnology — (0.4)%** |
| Amgen, Inc. | (35)<br>| (9751)<br>|

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| Gilead Sciences, Inc. | (27)<br>| (2985)<br>|
| Moderna, Inc. \* | (60)<br>| (1665)<br>|
|  |  | (14401)<br>|
| **Broadline Retail — (0.3)%** | **Broadline Retail — (0.3)%** | **Broadline Retail — (0.3)%** |
| eBay, Inc. | (126)<br>| (9381)<br>|
| **Building Products — (0.2)%** | **Building Products — (0.2)%** | **Building Products — (0.2)%** |
| Johnson Controls International plc | (16)<br>| (1730)<br>|
| Lennox International, Inc. | (8)<br>| (4552)<br>|
|  |  | (6282)<br>|
| **Capital Markets — (1.0)%** | **Capital Markets — (1.0)%** | **Capital Markets — (1.0)%** |
| Bank of New York Mellon Corp. (The) | (52)<br>| (4758)<br>|
| Blackrock, Inc. | (3)<br>| (3436)<br>|
| Carlyle Group, Inc. (The) | (50)<br>| (2569)<br>|
| Cboe Global Markets, Inc. | (13)<br>| (3095)<br>|
| FactSet Research Systems, Inc. | (9)<br>| (3944)<br>|
| Franklin Resources, Inc. | (451)<br>| (10745)<br>|
| LPL Financial Holdings, Inc. | (8)<br>| (3103)<br>|
| Moody's Corp. | (7)<br>| (3216)<br>|
|  |  | (34866)<br>|
| **Chemicals — (0.2)%** | **Chemicals — (0.2)%** | **Chemicals — (0.2)%** |
| Eastman Chemical Co. | (110)<br>| (8243)<br>|
| **Commercial Services & Supplies — (0.2)%** | **Commercial Services & Supplies — (0.2)%** | **Commercial Services & Supplies — (0.2)%** |
| Veralto Corp. | (63)<br>| (6410)<br>|
| **Communications Equipment — (0.1)%** | **Communications Equipment — (0.1)%** | **Communications Equipment — (0.1)%** |
| Cisco Systems, Inc. | (46)<br>| (3208)<br>|
| **Consumer Finance — (0.3)%** | **Consumer Finance — (0.3)%** | **Consumer Finance — (0.3)%** |
| Synchrony Financial | (148)<br>| (9908)<br>|
| **Consumer Staples Distribution & Retail — (1.1)%** | **Consumer Staples Distribution & Retail — (1.1)%** | **Consumer Staples Distribution & Retail — (1.1)%** |
| Dollar Tree, Inc. \* | (74)<br>| (7336)<br>|
| Kroger Co. (The) | (24)<br>| (1731)<br>|
| Sysco Corp. | (201)<br>| (15199)<br>|
| Target Corp. | (112)<br>| (11050)<br>|
|  |  | (35316)<br>|
| **Containers & Packaging — (0.1)%** | **Containers & Packaging — (0.1)%** | **Containers & Packaging — (0.1)%** |
| International Paper Co. | (81)<br>| (3782)<br>|
| **Distributors — (0.1)%** | **Distributors — (0.1)%** | **Distributors — (0.1)%** |
| Pool Corp. | (14)<br>| (3975)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electric Utilities — (1.3)%** | **Electric Utilities — (1.3)%** | **Electric Utilities — (1.3)%** |
| American Electric Power Co., Inc. | (108)<br>| (11216)<br>|
| Eversource Energy | (183)<br>| (11670)<br>|
| FirstEnergy Corp. | (232)<br>| (9334)<br>|
| Pinnacle West Capital Corp. | (34)<br>| (3048)<br>|
| PPL Corp. | (197)<br>| (6677)<br>|
|  |  | (41945)<br>|
| **Electrical Equipment — (0.1)%** | **Electrical Equipment — (0.1)%** | **Electrical Equipment — (0.1)%** |
| Acuity, Inc. | (14)<br>| (4131)<br>|
| **Electronic Equipment, Instruments & Components — (0.2)%** | **Electronic Equipment, Instruments & Components — (0.2)%** | **Electronic Equipment, Instruments & Components — (0.2)%** |
| Corning, Inc. | (127)<br>| (6657)<br>|
| **Energy Equipment & Services — (0.1)%** | **Energy Equipment & Services — (0.1)%** | **Energy Equipment & Services — (0.1)%** |
| Halliburton Co. | (199)<br>| (4047)<br>|
| **Entertainment — (0.2)%** | **Entertainment — (0.2)%** | **Entertainment — (0.2)%** |
| Electronic Arts, Inc. | (20)<br>| (3082)<br>|
| TKO Group Holdings, Inc. | (19)<br>| (3497)<br>|
|  |  | (6579)<br>|
| **Financial Services — (0.6)%** | **Financial Services — (0.6)%** | **Financial Services — (0.6)%** |
| Block, Inc. \* | (24)<br>| (1649)<br>|
| PayPal Holdings, Inc. \* | (141)<br>| (10466)<br>|
| Voya Financial, Inc. | (39)<br>| (2769)<br>|
| Western Union Co. (The) | (496)<br>| (4174)<br>|
|  |  | (19058)<br>|
| **Food Products — (0.2)%** | **Food Products — (0.2)%** | **Food Products — (0.2)%** |
| General Mills, Inc. | (24)<br>| (1229)<br>|
| Kraft Heinz Co. (The) | (202)<br>| (5229)<br>|
|  |  | (6458)<br>|
| **Ground Transportation — (0.2)%** | **Ground Transportation — (0.2)%** | **Ground Transportation — (0.2)%** |
| Uber Technologies, Inc. \* | (69)<br>| (6401)<br>|
| **Health Care Equipment & Supplies — (0.2)%** | **Health Care Equipment & Supplies — (0.2)%** | **Health Care Equipment & Supplies — (0.2)%** |
| Dentsply Sirona, Inc. | (211)<br>| (3356)<br>|
| Zimmer Biomet Holdings, Inc. | (34)<br>| (3105)<br>|
|  |  | (6461)<br>|
| **Health Care Providers & Services — (0.3)%** | **Health Care Providers & Services — (0.3)%** | **Health Care Providers & Services — (0.3)%** |
| Centene Corp. \* | (77)<br>| (4160)<br>|
| Elevance Health, Inc. | (5)<br>| (1875)<br>|
| Molina Healthcare, Inc. \* | (9)<br>| (2807)<br>|
|  |  | (8842)<br>|

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hotels, Restaurants & Leisure — (0.3)%** | **Hotels, Restaurants & Leisure — (0.3)%** | **Hotels, Restaurants & Leisure — (0.3)%** |
| Choice Hotels International, Inc. | (33)<br>| (4188)<br>|
| Starbucks Corp. | (62)<br>| (5667)<br>|
|  |  | (9855)<br>|
| **Insurance — (1.6)%** | **Insurance — (1.6)%** | **Insurance — (1.6)%** |
| Aflac, Inc. | (71)<br>| (7441)<br>|
| Allstate Corp. (The) | (74)<br>| (15005)<br>|
| American International Group, Inc. | (129)<br>| (11047)<br>|
| Globe Life, Inc. | (23)<br>| (2883)<br>|
| Hartford Insurance Group, Inc. (The) | (36)<br>| (4549)<br>|
| Kinsale Capital Group, Inc. | (13)<br>| (6322)<br>|
| RenaissanceRe Holdings Ltd. (Bermuda) | (10)<br>| (2387)<br>|
| Willis Towers Watson plc | (10)<br>| (3057)<br>|
|  |  | (52691)<br>|
| **Interactive Media & Services — (0.1)%** | **Interactive Media & Services — (0.1)%** | **Interactive Media & Services — (0.1)%** |
| Snap, Inc., Class A \* | (479)<br>| (4166)<br>|
| **IT Services — (0.5)%** | **IT Services — (0.5)%** | **IT Services — (0.5)%** |
| Accenture plc (Ireland), Class A | (21)<br>| (6125)<br>|
| Infosys Ltd. (India) | (204)<br>| (3784)<br>|
| International Business Machines Corp. | (13)<br>| (3735)<br>|
| MongoDB, Inc. \* | (13)<br>| (2722)<br>|
| Shopify, Inc. (Canada), Class A \* | (14)<br>| (1648)<br>|
|  |  | (18014)<br>|
| **Life Sciences Tools & Services — (0.5)%** | **Life Sciences Tools & Services — (0.5)%** | **Life Sciences Tools & Services — (0.5)%** |
| Bruker Corp. | (147)<br>| (6069)<br>|
| Illumina, Inc. \* | (49)<br>| (4695)<br>|
| Revvity, Inc. | (57)<br>| (5468)<br>|
|  |  | (16232)<br>|
| **Machinery — (1.0)%** | **Machinery — (1.0)%** | **Machinery — (1.0)%** |
| Donaldson Co., Inc. | (106)<br>| (7324)<br>|
| Illinois Tool Works, Inc. | (55)<br>| (13647)<br>|
| Snap-on, Inc. | (23)<br>| (7050)<br>|
| Stanley Black & Decker, Inc. | (102)<br>| (6939)<br>|
|  |  | (34960)<br>|
| **Media — (0.0)% ^** | **Media — (0.0)% ^** | **Media — (0.0)% ^** |
| Fox Corp., Class A | (3)<br>| (164)<br>|
| **Multi-Utilities — (0.4)%** | **Multi-Utilities — (0.4)%** | **Multi-Utilities — (0.4)%** |
| Consolidated Edison, Inc. | (85)<br>| (8541)<br>|
| WEC Energy Group, Inc. | (54)<br>| (5641)<br>|
|  |  | (14182)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 49

------

JPMorgan U.S. Large Cap Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Office REITs — (0.0)% ^** | **Office REITs — (0.0)% ^** | **Office REITs — (0.0)% ^** |
| SL Green Realty Corp. |  |  |
| **Oil, Gas & Consumable Fuels — (0.9)%** | **Oil, Gas & Consumable Fuels — (0.9)%** | **Oil, Gas & Consumable Fuels — (0.9)%** |
| APA Corp. | (67)<br>| (1218)<br>|
| Devon Energy Corp. | (247)<br>| (7874)<br>|
| Enbridge, Inc. (Canada) | (121)<br>| (5489)<br>|
| Kinder Morgan, Inc. | (179)<br>| (5249)<br>|
| Occidental Petroleum Corp. | (161)<br>| (6762)<br>|
| ONEOK, Inc. | (34)<br>| (2758)<br>|
|  |  | (29350)<br>|
| **Passenger Airlines — (0.1)%** | **Passenger Airlines — (0.1)%** | **Passenger Airlines — (0.1)%** |
| Southwest Airlines Co. | (103)<br>| (3341)<br>|
| **Pharmaceuticals — (0.2)%** | **Pharmaceuticals — (0.2)%** | **Pharmaceuticals — (0.2)%** |
| Pfizer, Inc. | (70)<br>| (1700)<br>|
| Zoetis, Inc. | (29)<br>| (4544)<br>|
|  |  | (6244)<br>|
| **Professional Services — (0.4)%** | **Professional Services — (0.4)%** | **Professional Services — (0.4)%** |
| Automatic Data Processing, Inc. | (10)<br>| (2943)<br>|
| Dayforce, Inc. \* | (67)<br>| (3725)<br>|
| Paychex, Inc. | (19)<br>| (2842)<br>|
| Paycom Software, Inc. | (10)<br>| (2220)<br>|
|  |  | (11730)<br>|
| **Residential REITs — (0.1)%** | **Residential REITs — (0.1)%** | **Residential REITs — (0.1)%** |
| Mid-America Apartment Communities, Inc. | (27)<br>| (3991)<br>|
| **Retail REITs — (0.7)%** | **Retail REITs — (0.7)%** | **Retail REITs — (0.7)%** |
| NNN REIT, Inc. | (182)<br>| (7861)<br>|
| Realty Income Corp. | (223)<br>| (12826)<br>|
| Simon Property Group, Inc. | (8)<br>| (1289)<br>|
|  |  | (21976)<br>|
| **Semiconductors & Semiconductor Equipment — (2.3)%** | **Semiconductors & Semiconductor Equipment — (2.3)%** | **Semiconductors & Semiconductor Equipment — (2.3)%** |
| ARM Holdings plc \* | (107)<br>| (17331)<br>|
| Intel Corp. | (227)<br>| (5087)<br>|
| KLA Corp. | (20)<br>| (17991)<br>|
| Monolithic Power Systems, Inc. | (23)<br>| (16591)<br>|
| ON Semiconductor Corp. \* | (29)<br>| (1535)<br>|
| QUALCOMM, Inc. | (32)<br>| (5153)<br>|
| Skyworks Solutions, Inc. | (116)<br>| (8615)<br>|
| Teradyne, Inc. | (40)<br>| (3594)<br>|
|  |  | (75897)<br>|

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Software — (0.7)%** | **Software — (0.7)%** | **Software — (0.7)%** |
| Adobe, Inc. \* | (26)<br>| (9919)<br>|
| Bill Holdings, Inc. \* | (53)<br>| (2439)<br>|
| Palo Alto Networks, Inc. \* | (6)<br>| (1326)<br>|
| Workday, Inc., Class A \* | (36)<br>| (8563)<br>|
|  |  | (22247)<br>|
| **Specialized REITs — (0.2)%** | **Specialized REITs — (0.2)%** | **Specialized REITs — (0.2)%** |
| Iron Mountain, Inc. | (16)<br>| (1618)<br>|
| Public Storage | (20)<br>| (5825)<br>|
|  |  | (7443)<br>|
| **Specialty Retail — (0.1)%** | **Specialty Retail — (0.1)%** | **Specialty Retail — (0.1)%** |
| Home Depot, Inc. (The) | (11)<br>| (4211)<br>|
| **Technology Hardware, Storage & Peripherals — (0.4)%** | **Technology Hardware, Storage & Peripherals — (0.4)%** | **Technology Hardware, Storage & Peripherals — (0.4)%** |
| Dell Technologies, Inc., Class C | (13)<br>| (1618)<br>|
| HP, Inc. | (141)<br>| (3459)<br>|
| NetApp, Inc. | (75)<br>| (7977)<br>|
|  |  | (13054)<br>|
| **Trading Companies & Distributors — (0.0)% ^** | **Trading Companies & Distributors — (0.0)% ^** | **Trading Companies & Distributors — (0.0)% ^** |
| Fastenal Co. | (18)<br>| (743)<br>|
| Total Common Stocks <br>(Proceeds $(651215))<br>|  | (650616)<br>|
| Total Short Positions <br>(Proceeds $(651215))<br>|  | (650616)<br>|
| **Total Investments — 100.2%** <br>**(Cost $1,898,082)**<br>|  | **3343608** |
| **Liabilities in Excess of Other Assets — (0.2)%** |  | **(5374)**<br>|
| **Net Assets — 100.0%** |  | **3338234** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| NYRS | New York Registry Shares |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | All or a portion of this security is segregated as <br> collateral for short sales. The total value of securities <br> segregated as collateral is $886,527.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the current yield as of June 30, 2025.

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 45318 | &nbsp;&nbsp;&nbsp;&nbsp; 1581 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 51

------

JPMorgan U.S. Research Enhanced Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** |
| **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** |
| Howmet Aerospace, Inc. | 558 | 103809 |
| RTX Corp. | 458 | 66928 |
| Textron, Inc. | 293 | 23506 |
| TransDigm Group, Inc. | 42 | 64472 |
|  |  | 258715 |
| **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** |
| FedEx Corp. | 122 | 27726 |
| United Parcel Service, Inc., Class B | 375 | 37831 |
|  |  | 65557 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv plc (Jersey) \* | 136 | 9288 |
| **Automobiles — 1.6%** | **Automobiles — 1.6%** | **Automobiles — 1.6%** |
| Tesla, Inc. \* | 555 | 176345 |
| **Banks — 3.7%** | **Banks — 3.7%** | **Banks — 3.7%** |
| Bank of America Corp. | 2943 | 139246 |
| Citigroup, Inc. | 608 | 51789 |
| Fifth Third Bancorp | 1045 | 42968 |
| Truist Financial Corp. | 452 | 19433 |
| US Bancorp | 769 | 34820 |
| Wells Fargo & Co. | 1505 | 120588 |
|  |  | 408844 |
| **Beverages — 1.9%** | **Beverages — 1.9%** | **Beverages — 1.9%** |
| Coca-Cola Co. (The) | 829 | 58618 |
| Keurig Dr Pepper, Inc. | 1744 | 57656 |
| PepsiCo, Inc. | 697 | 92094 |
|  |  | 208368 |
| **Biotechnology — 1.9%** | **Biotechnology — 1.9%** | **Biotechnology — 1.9%** |
| AbbVie, Inc. | 666 | 123659 |
| Neurocrine Biosciences, Inc. \* | 65 | 8162 |
| Regeneron Pharmaceuticals, Inc. | 68 | 35833 |
| Vertex Pharmaceuticals, Inc. \* | 98 | 43451 |
|  |  | 211105 |
| **Broadline Retail — 4.4%** | **Broadline Retail — 4.4%** | **Broadline Retail — 4.4%** |
| Amazon.com, Inc. \* | 2213 | 485559 |
| **Building Products — 1.6%** | **Building Products — 1.6%** | **Building Products — 1.6%** |
| Carrier Global Corp. | 875 | 64069 |
| Masco Corp. | 363 | 23346 |
| Trane Technologies plc | 202 | 88338 |
|  |  | 175753 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — 2.1%** | **Capital Markets — 2.1%** | **Capital Markets — 2.1%** |
| Ameriprise Financial, Inc. | 94 | 49941 |
| Charles Schwab Corp. (The) | 1016 | 92713 |
| CME Group, Inc. | 201 | 55277 |
| Raymond James Financial, Inc. | 102 | 15652 |
| State Street Corp. | 220 | 23425 |
|  |  | 237008 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Linde plc | 192 | 89989 |
| LyondellBasell Industries NV, Class A | 288 | 16654 |
| PPG Industries, Inc. | 235 | 26795 |
| Sherwin-Williams Co. (The) | 50 | 17018 |
|  |  | 150456 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Arista Networks, Inc. \* | 253 | 25885 |
| Motorola Solutions, Inc. | 35 | 14765 |
|  |  | 40650 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Martin Marietta Materials, Inc. | 33 | 18007 |
| Vulcan Materials Co. | 62 | 16297 |
|  |  | 34304 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
| American Express Co. | 128 | 40712 |
| Capital One Financial Corp. | 163 | 34687 |
|  |  | 75399 |
| **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** |
| Costco Wholesale Corp. | 24 | 23213 |
| Walmart, Inc. | 1015 | 99282 |
|  |  | 122495 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| AT&T, Inc. | 1746 | 50520 |
| **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** |
| Entergy Corp. | 90 | 7493 |
| NextEra Energy, Inc. | 1184 | 82182 |
| NRG Energy, Inc. | 46 | 7299 |
| PG&E Corp. | 1278 | 17817 |
| Southern Co. (The) | 1009 | 92691 |
|  |  | 207482 |
| **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** |
| Eaton Corp. plc | 132 | 47322 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

52 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electrical Equipment — continued** | **Electrical Equipment — continued** | **Electrical Equipment — continued** |
| Emerson Electric Co. | 114 | 15196 |
| GE Vernova, Inc. | 31 | 16382 |
|  |  | 78900 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co. | 657 | 25188 |
| **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
| Netflix, Inc. \* | 53 | 70555 |
| Walt Disney Co. (The) | 560 | 69484 |
| Warner Music Group Corp., Class A | 330 | 8985 |
|  |  | 149024 |
| **Financial Services — 6.2%** | **Financial Services — 6.2%** | **Financial Services — 6.2%** |
| Apollo Global Management, Inc. | 207 | 29345 |
| Berkshire Hathaway, Inc., Class B \* | 340 | 165272 |
| Corpay, Inc. \* | 149 | 49429 |
| Fidelity National Information Services, Inc. | 673 | 54790 |
| Mastercard, Inc., Class A | 334 | 187437 |
| Toast, Inc., Class A \* | 398 | 17635 |
| Visa, Inc., Class A | 489 | 173592 |
| WEX, Inc. \* | 29 | 4295 |
|  |  | 681795 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Mondelez International, Inc., Class A | 1057 | 71256 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Uber Technologies, Inc. \* | 477 | 44477 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |
| Baxter International, Inc. | 188 | 5694 |
| Boston Scientific Corp. \* | 643 | 69080 |
| Edwards Lifesciences Corp. \* | 443 | 34625 |
| Medtronic plc | 684 | 59575 |
| Stryker Corp. | 206 | 81625 |
| Zimmer Biomet Holdings, Inc. | 42 | 3834 |
|  |  | 254433 |
| **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** |
| Cigna Group (The) | 155 | 51124 |
| HCA Healthcare, Inc. | 34 | 13113 |
| Humana, Inc. | 79 | 19249 |
| McKesson Corp. | 28 | 20405 |
| UnitedHealth Group, Inc. | 289 | 90299 |
|  |  | 194190 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Alexandria Real Estate Equities, Inc. | 53 | 3831 |
| Ventas, Inc. | 767 | 48451 |
| Welltower, Inc. | 217 | 33423 |
|  |  | 85705 |
| **Hotels, Restaurants & Leisure — 3.6%** | **Hotels, Restaurants & Leisure — 3.6%** | **Hotels, Restaurants & Leisure — 3.6%** |
| Booking Holdings, Inc. | 7 | 39222 |
| Carnival Corp. \* | 1227 | 34506 |
| Chipotle Mexican Grill, Inc. \* | 1038 | 58292 |
| DoorDash, Inc., Class A \* | 97 | 23872 |
| Expedia Group, Inc. | 179 | 30276 |
| Hilton Worldwide Holdings, Inc. | 232 | 61858 |
| McDonald's Corp. | 331 | 96686 |
| Yum! Brands, Inc. | 369 | 54658 |
|  |  | 399370 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Lennar Corp., Class A | 104 | 11557 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Church & Dwight Co., Inc. | 152 | 14643 |
| **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** |
| Vistra Corp. | 267 | 51733 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| 3M Co. | 315 | 47910 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| Prologis, Inc. | 290 | 30454 |
| **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** |
| Aon plc, Class A | 132 | 47231 |
| Arthur J Gallagher & Co. | 201 | 64224 |
| Progressive Corp. (The) | 316 | 84233 |
|  |  | 195688 |
| **Interactive Media & Services — 6.7%** | **Interactive Media & Services — 6.7%** | **Interactive Media & Services — 6.7%** |
| Alphabet, Inc., Class A | 1238 | 218086 |
| Alphabet, Inc., Class C | 668 | 118507 |
| Meta Platforms, Inc., Class A | 544 | 401523 |
|  |  | 738116 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Cognizant Technology Solutions Corp., Class A | 649 | 50642 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| Thermo Fisher Scientific, Inc. | 191 | 77359 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 53

------

JPMorgan U.S. Research Enhanced Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Machinery — 1.8%** | **Machinery — 1.8%** | **Machinery — 1.8%** |
| Caterpillar, Inc. | 99 | 38310 |
| Deere & Co. | 133 | 67477 |
| Ingersoll Rand, Inc. | 232 | 19349 |
| Otis Worldwide Corp. | 522 | 51663 |
| PACCAR, Inc. | 285 | 27147 |
|  |  | 203946 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Charter Communications, Inc., Class A \* | 90 | 36720 |
| Comcast Corp., Class A | 1661 | 59303 |
|  |  | 96023 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| Freeport-McMoRan, Inc. | 436 | 18872 |
| Nucor Corp. | 77 | 10009 |
|  |  | 28881 |
| **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** |
| ConocoPhillips | 645 | 57911 |
| Diamondback Energy, Inc. | 178 | 24504 |
| EOG Resources, Inc. | 574 | 68649 |
| Exxon Mobil Corp. | 1415 | 152478 |
|  |  | 303542 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Delta Air Lines, Inc. | 372 | 18277 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Kenvue, Inc. | 830 | 17371 |
| **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** |
| Bristol-Myers Squibb Co. | 1235 | 57176 |
| Eli Lilly & Co. | 144 | 112076 |
| Johnson & Johnson | 640 | 97845 |
| Merck & Co., Inc. | 229 | 18102 |
|  |  | 285199 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Leidos Holdings, Inc. | 256 | 40356 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Equity LifeStyle Properties, Inc. | 267 | 16475 |
| **Semiconductors & Semiconductor Equipment — 13.7%** | **Semiconductors & Semiconductor Equipment — 13.7%** | **Semiconductors & Semiconductor Equipment — 13.7%** |
| Analog Devices, Inc. | 358 | 85266 |
| Broadcom, Inc. | 976 | 269053 |
| Lam Research Corp. | 889 | 86566 |
| Micron Technology, Inc. | 402 | 49557 |
| NVIDIA Corp. | 5448 | 860765 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| NXP Semiconductors NV (Netherlands) | 317 | 69119 |
| Texas Instruments, Inc. | 415 | 86095 |
|  |  | 1506421 |
| **Software — 11.8%** | **Software — 11.8%** | **Software — 11.8%** |
| Cadence Design Systems, Inc. \* | 96 | 29568 |
| Crowdstrike Holdings, Inc., Class A \* | 11 | 5656 |
| Intuit, Inc. | 54 | 42840 |
| Microsoft Corp. | 1777 | 884086 |
| Oracle Corp. | 562 | 122749 |
| Palantir Technologies, Inc., Class A \* | 286 | 38923 |
| Salesforce, Inc. | 337 | 91815 |
| ServiceNow, Inc. \* | 85 | 87408 |
|  |  | 1303045 |
| **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** |
| Equinix, Inc. | 46 | 36792 |
| SBA Communications Corp. | 148 | 34809 |
|  |  | 71601 |
| **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** |
| AutoZone, Inc. \* | 5 | 17574 |
| Burlington Stores, Inc. \* | 127 | 29666 |
| Lowe's Cos., Inc. | 438 | 97116 |
| Ross Stores, Inc. | 402 | 51269 |
|  |  | 195625 |
| **Technology Hardware, Storage & Peripherals — 6.4%** | **Technology Hardware, Storage & Peripherals — 6.4%** | **Technology Hardware, Storage & Peripherals — 6.4%** |
| Apple, Inc. | 3077 | 631340 |
| Seagate Technology Holdings plc | 472 | 68139 |
| Western Digital Corp. | 76 | 4850 |
|  |  | 704329 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| NIKE, Inc., Class B | 243 | 17279 |
| **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
| Altria Group, Inc. | 355 | 20853 |
| Philip Morris International, Inc. | 281 | 51130 |
|  |  | 71983 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| United Rentals, Inc. | 20 | 15268 |
| Total Common Stocks <br>(Cost $6,139,934)<br>|  | 11015909 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

54 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** |
| **Investment Companies — 0.4%** | **Investment Companies — 0.4%** | **Investment Companies — 0.4%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b) <br>(Cost $49,268)<br>| 49265 | 49275 |
| **Total Investments — 100.3%** <br>**(Cost $6,189,202)**<br>|  | **11065184** |
| **Liabilities in Excess of Other Assets — (0.3)%** |  | **(32646)**<br>|
| **NET ASSETS — 100.0%** |  | **11032538** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (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. <br> (b) The rate shown is the current yield as of June 30, 2025.

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19377 | &nbsp;&nbsp;&nbsp;&nbsp; 694 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 55

------

JPMorgan U.S. Sustainable Leaders Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 98.8%** | **Common Stocks — 98.8%** | **Common Stocks — 98.8%** |
| **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** |
| Howmet Aerospace, Inc. | 28 | 5187 |
| **Automobiles — 1.2%** | **Automobiles — 1.2%** | **Automobiles — 1.2%** |
| Tesla, Inc. \* | 10 | 3156 |
| **Banks — 3.5%** | **Banks — 3.5%** | **Banks — 3.5%** |
| Bank of America Corp. | 86 | 4039 |
| Fifth Third Bancorp | 42 | 1730 |
| Wells Fargo & Co. | 47 | 3789 |
|  |  | 9558 |
| **Biotechnology — 3.7%** | **Biotechnology — 3.7%** | **Biotechnology — 3.7%** |
| AbbVie, Inc. | 32 | 5944 |
| Regeneron Pharmaceuticals, Inc. | 3 | 1770 |
| Vertex Pharmaceuticals, Inc. \* | 5 | 2260 |
|  |  | 9974 |
| **Broadline Retail — 4.9%** | **Broadline Retail — 4.9%** | **Broadline Retail — 4.9%** |
| Amazon.com, Inc. \* | 61 | 13280 |
| **Building Products — 1.7%** | **Building Products — 1.7%** | **Building Products — 1.7%** |
| Trane Technologies plc | 11 | 4604 |
| **Capital Markets — 2.0%** | **Capital Markets — 2.0%** | **Capital Markets — 2.0%** |
| Ameriprise Financial, Inc. | 3 | 1922 |
| Charles Schwab Corp. (The) | 39 | 3532 |
|  |  | 5454 |
| **Chemicals — 2.2%** | **Chemicals — 2.2%** | **Chemicals — 2.2%** |
| Ecolab, Inc. | 10 | 2596 |
| Linde plc | 7 | 3346 |
|  |  | 5942 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
| American Express Co. | 6 | 1777 |
| **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** |
| AT&T, Inc. | 129 | 3735 |
| **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
| NextEra Energy, Inc. | 51 | 3511 |
| PG&E Corp. | 91 | 1277 |
|  |  | 4788 |
| **Electrical Equipment — 2.0%** | **Electrical Equipment — 2.0%** | **Electrical Equipment — 2.0%** |
| Eaton Corp. plc | 8 | 2807 |
| Emerson Electric Co. | 19 | 2579 |
|  |  | 5386 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Entertainment — 1.7%** | **Entertainment — 1.7%** | **Entertainment — 1.7%** |
| Walt Disney Co. (The) | 30 | 3672 |
| Warner Music Group Corp., Class A | 35 | 963 |
|  |  | 4635 |
| **Financial Services — 7.2%** | **Financial Services — 7.2%** | **Financial Services — 7.2%** |
| Corpay, Inc. \* | 8 | 2627 |
| Fidelity National Information Services, Inc. | 44 | 3599 |
| Mastercard, Inc., Class A | 22 | 12154 |
| Toast, Inc., Class A \* | 25 | 1106 |
|  |  | 19486 |
| **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** |
| CSX Corp. | 71 | 2314 |
| **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** |
| Edwards Lifesciences Corp. \* | 28 | 2166 |
| Medtronic plc | 21 | 1862 |
| Stryker Corp. | 9 | 3625 |
|  |  | 7653 |
| **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** |
| UnitedHealth Group, Inc. | 12 | 3654 |
| **Health Care REITs — 1.1%** | **Health Care REITs — 1.1%** | **Health Care REITs — 1.1%** |
| Alexandria Real Estate Equities, Inc. | 13 | 929 |
| Ventas, Inc. | 31 | 1942 |
|  |  | 2871 |
| **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** |
| Chipotle Mexican Grill, Inc. \* | 62 | 3514 |
| Hilton Worldwide Holdings, Inc. | 10 | 2633 |
|  |  | 6147 |
| **Household Products — 1.7%** | **Household Products — 1.7%** | **Household Products — 1.7%** |
| Procter & Gamble Co. (The) | 30 | 4710 |
| **Insurance — 3.1%** | **Insurance — 3.1%** | **Insurance — 3.1%** |
| Aon plc, Class A | 12 | 4129 |
| Arthur J Gallagher & Co. | 13 | 4175 |
|  |  | 8304 |
| **Interactive Media & Services — 3.1%** | **Interactive Media & Services — 3.1%** | **Interactive Media & Services — 3.1%** |
| Alphabet, Inc., Class A | 48 | 8503 |
| **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** |
| Cognizant Technology Solutions Corp., Class A | 27 | 2113 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

56 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** |
| Danaher Corp. | 8 | 1580 |
| Thermo Fisher Scientific, Inc. | 4 | 1822 |
|  |  | 3402 |
| **Machinery — 2.3%** | **Machinery — 2.3%** | **Machinery — 2.3%** |
| Ingersoll Rand, Inc. | 38 | 3187 |
| Otis Worldwide Corp. | 32 | 3181 |
|  |  | 6368 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| Charter Communications, Inc., Class A \* | 5 | 2181 |
| **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** |
| Bristol-Myers Squibb Co. | 55 | 2523 |
| Eli Lilly & Co. | 2 | 1706 |
|  |  | 4229 |
| **Semiconductors & Semiconductor Equipment — 14.8%** | **Semiconductors & Semiconductor Equipment — 14.8%** | **Semiconductors & Semiconductor Equipment — 14.8%** |
| Analog Devices, Inc. | 12 | 2974 |
| Broadcom, Inc. | 16 | 4425 |
| Micron Technology, Inc. | 13 | 1658 |
| NVIDIA Corp. | 148 | 23304 |
| NXP Semiconductors NV (Netherlands) | 11 | 2420 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR <br> (Taiwan)<br>| 11 | 2492 |
| Texas Instruments, Inc. | 14 | 2859 |
|  |  | 40132 |
| **Software — 13.0%** | **Software — 13.0%** | **Software — 13.0%** |
| Microsoft Corp. | 55 | 27435 |
| Oracle Corp. | 23 | 4966 |
| Salesforce, Inc. | 11 | 2962 |
|  |  | 35363 |
| **Specialized REITs — 1.4%** | **Specialized REITs — 1.4%** | **Specialized REITs — 1.4%** |
| American Tower Corp. | 9 | 2007 |
| Equinix, Inc. | 2 | 1808 |
|  |  | 3815 |
| **Specialty Retail — 3.1%** | **Specialty Retail — 3.1%** | **Specialty Retail — 3.1%** |
| Burlington Stores, Inc. \* | 11 | 2638 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| Lowe's Cos., Inc. | 18 | 3968 |
| Ross Stores, Inc. | 14 | 1784 |
|  |  | 8390 |
| **Technology Hardware, Storage & Peripherals — 6.8%** | **Technology Hardware, Storage & Peripherals — 6.8%** | **Technology Hardware, Storage & Peripherals — 6.8%** |
| Apple, Inc. | 80 | 16403 |
| Western Digital Corp. | 31 | 2017 |
|  |  | 18420 |
| **Trading Companies & Distributors — 0.8%** | **Trading Companies & Distributors — 0.8%** | **Trading Companies & Distributors — 0.8%** |
| United Rentals, Inc. | 3 | 2267 |
| Total Common Stocks <br>(Cost $198,980)<br>|  | 267798 |
| **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** |
| **Investment Companies — 1.1%** | **Investment Companies — 1.1%** | **Investment Companies — 1.1%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b) <br>(Cost $3,095)<br>| 3095 | 3096 |
| **Total Investments — 99.9%** <br>**(Cost $202,075)**<br>|  | **270894** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **213** |
| **NET ASSETS — 100.0%** |  | **271107** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (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. <br> (b) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 57

------

JPMorgan U.S. Sustainable Leaders Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 54 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

58 J.P. Morgan Large Cap Funds June 30, 2025

------

JPMorgan U.S. Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.0%** | **Common Stocks — 97.0%** | **Common Stocks — 97.0%** |
| **Aerospace & Defense — 3.9%** | **Aerospace & Defense — 3.9%** | **Aerospace & Defense — 3.9%** |
| General Dynamics Corp. | 347 | 101225 |
| Northrop Grumman Corp. | 82 | 41059 |
| RTX Corp. | 714 | 104181 |
|  |  | 246465 |
| **Banks — 8.4%** | **Banks — 8.4%** | **Banks — 8.4%** |
| Bank of America Corp. | 3440 | 162796 |
| First Citizens BancShares, Inc., Class A | 28 | 54196 |
| M&T Bank Corp. | 332 | 64391 |
| PNC Financial Services Group, Inc. (The) | 144 | 26913 |
| Wells Fargo & Co. | 2827 | 226498 |
|  |  | 534794 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| PepsiCo, Inc. | 325 | 42916 |
| **Biotechnology — 2.2%** | **Biotechnology — 2.2%** | **Biotechnology — 2.2%** |
| AbbVie, Inc. | 392 | 72734 |
| Regeneron Pharmaceuticals, Inc. | 58 | 30444 |
| Vertex Pharmaceuticals, Inc. \* | 83 | 37144 |
|  |  | 140322 |
| **Broadline Retail — 1.1%** | **Broadline Retail — 1.1%** | **Broadline Retail — 1.1%** |
| Amazon.com, Inc. \* | 309 | 67831 |
| **Building Products — 2.2%** | **Building Products — 2.2%** | **Building Products — 2.2%** |
| Carrier Global Corp. | 1887 | 138105 |
| **Capital Markets — 7.6%** | **Capital Markets — 7.6%** | **Capital Markets — 7.6%** |
| Ares Management Corp. (a) | 337 | 58310 |
| Blackrock, Inc. | 48 | 50525 |
| Blackstone, Inc. | 370 | 55272 |
| Charles Schwab Corp. (The) | 1527 | 139330 |
| Goldman Sachs Group, Inc. (The) | 118 | 83658 |
| Morgan Stanley | 686 | 96649 |
|  |  | 483744 |
| **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** |
| Air Products and Chemicals, Inc. | 370 | 104411 |
| Axalta Coating Systems Ltd. \* | 1433 | 42539 |
|  |  | 146950 |
| **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |
| Republic Services, Inc. | 115 | 28423 |
| **Construction Materials — 1.2%** | **Construction Materials — 1.2%** | **Construction Materials — 1.2%** |
| Vulcan Materials Co. | 298 | 77701 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Consumer Finance — 3.3%** | **Consumer Finance — 3.3%** | **Consumer Finance — 3.3%** |
| American Express Co. | 321 | 102345 |
| Capital One Financial Corp. | 503 | 107139 |
|  |  | 209484 |
| **Consumer Staples Distribution & Retail — 0.9%** | **Consumer Staples Distribution & Retail — 0.9%** | **Consumer Staples Distribution & Retail — 0.9%** |
| Walmart, Inc. | 619 | 60588 |
| **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** |
| Ball Corp. | 699 | 39201 |
| **Electric Utilities — 2.2%** | **Electric Utilities — 2.2%** | **Electric Utilities — 2.2%** |
| Entergy Corp. | 397 | 32970 |
| NextEra Energy, Inc. | 936 | 64985 |
| Xcel Energy, Inc. | 623 | 42447 |
|  |  | 140402 |
| **Electrical Equipment — 1.9%** | **Electrical Equipment — 1.9%** | **Electrical Equipment — 1.9%** |
| Eaton Corp. plc | 348 | 124131 |
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| Walt Disney Co. (The) | 549 | 68062 |
| **Financial Services — 3.7%** | **Financial Services — 3.7%** | **Financial Services — 3.7%** |
| Berkshire Hathaway, Inc., Class B \* | 241 | 117151 |
| Fidelity National Information Services, Inc. | 592 | 48228 |
| Fiserv, Inc. \* | 408 | 70269 |
|  |  | 235648 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Mondelez International, Inc., Class A | 699 | 47154 |
| **Ground Transportation — 2.5%** | **Ground Transportation — 2.5%** | **Ground Transportation — 2.5%** |
| CSX Corp. | 2600 | 84843 |
| Union Pacific Corp. | 334 | 76743 |
|  |  | 161586 |
| **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** |
| Becton Dickinson & Co. | 216 | 37242 |
| Boston Scientific Corp. \* | 466 | 49996 |
| Medtronic plc | 375 | 32729 |
|  |  | 119967 |
| **Health Care Providers & Services — 4.4%** | **Health Care Providers & Services — 4.4%** | **Health Care Providers & Services — 4.4%** |
| Cardinal Health, Inc. | 329 | 55253 |
| Cigna Group (The) | 231 | 76363 |
| CVS Health Corp. | 714 | 49251 |
| UnitedHealth Group, Inc. | 313 | 97628 |
|  |  | 278495 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 59

------

JPMorgan U.S. Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** |
| Ventas, Inc. | 659 | 41603 |
| **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** |
| Host Hotels & Resorts, Inc. | 2313 | 35531 |
| **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** |
| Booking Holdings, Inc. | 7 | 37086 |
| McDonald's Corp. | 280 | 81922 |
|  |  | 119008 |
| **Household Products — 1.0%** | **Household Products — 1.0%** | **Household Products — 1.0%** |
| Procter & Gamble Co. (The) | 422 | 67243 |
| **Industrial Conglomerates — 0.9%** | **Industrial Conglomerates — 0.9%** | **Industrial Conglomerates — 0.9%** |
| 3M Co. | 394 | 59973 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| Prologis, Inc. | 199 | 20887 |
| **Insurance — 3.2%** | **Insurance — 3.2%** | **Insurance — 3.2%** |
| Arthur J Gallagher & Co. | 189 | 60417 |
| Chubb Ltd. | 202 | 58693 |
| Progressive Corp. (The) | 229 | 61029 |
| Travelers Cos., Inc. (The) | 82 | 21966 |
|  |  | 202105 |
| **Interactive Media & Services — 1.8%** | **Interactive Media & Services — 1.8%** | **Interactive Media & Services — 1.8%** |
| Alphabet, Inc., Class C | 371 | 65865 |
| Meta Platforms, Inc., Class A | 69 | 50550 |
|  |  | 116415 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| International Business Machines Corp. | 153 | 45032 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| Thermo Fisher Scientific, Inc. | 111 | 45104 |
| **Machinery — 3.5%** | **Machinery — 3.5%** | **Machinery — 3.5%** |
| Deere & Co. | 142 | 72223 |
| Dover Corp. | 485 | 88865 |
| Parker-Hannifin Corp. | 92 | 64365 |
|  |  | 225453 |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
| Comcast Corp., Class A | 1866 | 66592 |
| **Multi-Utilities — 1.7%** | **Multi-Utilities — 1.7%** | **Multi-Utilities — 1.7%** |
| CMS Energy Corp. | 860 | 59552 |
| Public Service Enterprise Group, Inc. | 553 | 46580 |
|  |  | 106132 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — 5.6%** | **Oil, Gas & Consumable Fuels — 5.6%** | **Oil, Gas & Consumable Fuels — 5.6%** |
| Chevron Corp. | 728 | 104227 |
| ConocoPhillips | 1240 | 111257 |
| EOG Resources, Inc. | 661 | 79043 |
| Exxon Mobil Corp. | 599 | 64594 |
|  |  | 359121 |
| **Pharmaceuticals — 3.6%** | **Pharmaceuticals — 3.6%** | **Pharmaceuticals — 3.6%** |
| Bristol-Myers Squibb Co. | 1512 | 69992 |
| Eli Lilly & Co. | 44 | 34443 |
| Johnson & Johnson | 514 | 78511 |
| Merck & Co., Inc. | 630 | 49848 |
|  |  | 232794 |
| **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |
| AvalonBay Communities, Inc. | 92 | 18773 |
| **Semiconductors & Semiconductor Equipment — 5.7%** | **Semiconductors & Semiconductor Equipment — 5.7%** | **Semiconductors & Semiconductor Equipment — 5.7%** |
| Advanced Micro Devices, Inc. \* | 264 | 37438 |
| Analog Devices, Inc. | 483 | 114873 |
| Micron Technology, Inc. | 316 | 39019 |
| NXP Semiconductors NV (Netherlands) | 314 | 68560 |
| Texas Instruments, Inc. | 495 | 102772 |
|  |  | 362662 |
| **Software — 1.8%** | **Software — 1.8%** | **Software — 1.8%** |
| Microsoft Corp. | 236 | 117572 |
| **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| American Tower Corp. | 147 | 32439 |
| **Specialty Retail — 5.5%** | **Specialty Retail — 5.5%** | **Specialty Retail — 5.5%** |
| AutoZone, Inc. \* | 14 | 53671 |
| Home Depot, Inc. (The) | 229 | 83862 |
| Lowe's Cos., Inc. | 431 | 95647 |
| O'Reilly Automotive, Inc. \* | 443 | 39935 |
| TJX Cos., Inc. (The) | 655 | 80871 |
|  |  | 353986 |
| **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** |
| Western Digital Corp. | 677 | 43302 |
| **Tobacco — 2.2%** | **Tobacco — 2.2%** | **Tobacco — 2.2%** |
| Philip Morris International, Inc. | 778 | 141750 |
| Total Common Stocks <br>(Cost $4,576,049)<br>|  | 6205446 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — 3.3%** | **Short-Term Investments — 3.3%** | **Short-Term Investments — 3.3%** |
| **Investment Companies — 2.9%** | **Investment Companies — 2.9%** | **Investment Companies — 2.9%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (b) (c) <br>(Cost $184,748)<br>| 184714 | 184750 |
| **Investment of Cash Collateral from Securities Loaned — 0.4%** | **Investment of Cash Collateral from Securities Loaned — 0.4%** | **Investment of Cash Collateral from Securities Loaned — 0.4%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (b) (c) <br>(Cost $23,649)<br>| 23649 | 23649 |
| Total Short-Term Investments <br>(Cost $208,397)<br>|  | 208399 |
| **Total Investments — 100.3%** <br>**(Cost $4,784,446)**<br>|  | **6413845** |
| **Liabilities in Excess of Other Assets — (0.3)%** |  | **(16824)**<br>|
| **NET ASSETS — 100.0%** |  | **6397021** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at June 30, 2025. The total value of securities on loan at June 30, 2025 is $23,174. 

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

(c) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 61

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Equity Income** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Equity Index** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Equity Premium** <br>**Income Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Hedged** <br>**Equity Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $43725594 | &nbsp;&nbsp;&nbsp; $11195594 | &nbsp;&nbsp;&nbsp; $6335511 | &nbsp;&nbsp;&nbsp; $20947622 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 76341 | &nbsp;&nbsp;&nbsp; 203994 | &nbsp;&nbsp;&nbsp; 9909 | &nbsp;&nbsp;&nbsp; 1013700 |
| Options purchased, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 292067 |
| Cash | &nbsp;&nbsp;&nbsp; 574 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 55073 | &nbsp;&nbsp;&nbsp; — |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2699 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 75388 |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 86289 | &nbsp;&nbsp;&nbsp; 142614 | &nbsp;&nbsp;&nbsp; 62948 | &nbsp;&nbsp;&nbsp; 848981 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 16489 | &nbsp;&nbsp;&nbsp; 1244 | &nbsp;&nbsp;&nbsp; 9042 | &nbsp;&nbsp;&nbsp; 100369 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 22287 | &nbsp;&nbsp;&nbsp; — |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 41329 | &nbsp;&nbsp;&nbsp; 5772 | &nbsp;&nbsp;&nbsp; 4483 | &nbsp;&nbsp;&nbsp; 12305 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 947 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4156 |
| Due from adviser | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 43946625 | &nbsp;&nbsp;&nbsp; 11552172 | &nbsp;&nbsp;&nbsp; 6499254 | &nbsp;&nbsp;&nbsp; 23295535 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1210 | &nbsp;&nbsp;&nbsp; — |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 2203 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 74278 | &nbsp;&nbsp;&nbsp; 1918799 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 85463 | &nbsp;&nbsp;&nbsp; 138329 | &nbsp;&nbsp;&nbsp; 24994 | &nbsp;&nbsp;&nbsp; 33463 |
| Outstanding options written, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 276096 |
| Accrued liabilities: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 14177 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1291 | &nbsp;&nbsp;&nbsp; 4228 |
| Administration fees | &nbsp;&nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp; 389 | &nbsp;&nbsp;&nbsp; 1026 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 1382 | &nbsp;&nbsp;&nbsp; 257 | &nbsp;&nbsp;&nbsp; 316 | &nbsp;&nbsp;&nbsp; 659 |
| Service fees | &nbsp;&nbsp;&nbsp; 4323 | &nbsp;&nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp; 1091 | &nbsp;&nbsp;&nbsp; 3880 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 114 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp; 1558 | &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp; 253 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 110603 | &nbsp;&nbsp;&nbsp; 139442 | &nbsp;&nbsp;&nbsp; 103793 | &nbsp;&nbsp;&nbsp; 2238518 |
| Net Assets | &nbsp;&nbsp;&nbsp; $43836022 | &nbsp;&nbsp;&nbsp; $11412730 | &nbsp;&nbsp;&nbsp; $6395461 | &nbsp;&nbsp;&nbsp; $21057017 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

62 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Equity Income**<br> **Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Equity Index**<br> **Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Equity Premium**<br> **Income Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Hedged**<br>**Equity Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $25130519 | &nbsp;&nbsp;&nbsp; $4098018 | &nbsp;&nbsp;&nbsp; $6604475 | &nbsp;&nbsp;&nbsp; $13762492 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 18705503 | &nbsp;&nbsp;&nbsp; 7314712 | &nbsp;&nbsp;&nbsp; (209014)<br>| &nbsp;&nbsp;&nbsp; 7294525 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $43836022 | &nbsp;&nbsp;&nbsp; $11412730 | &nbsp;&nbsp;&nbsp; $6395461 | &nbsp;&nbsp;&nbsp; $21057017 |
| Net Assets: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $4653837 | &nbsp;&nbsp;&nbsp; $1055685 | &nbsp;&nbsp;&nbsp; $572077 | &nbsp;&nbsp;&nbsp; $1452343 |
| Class C | &nbsp;&nbsp;&nbsp; 613883 | &nbsp;&nbsp;&nbsp; 77065 | &nbsp;&nbsp;&nbsp; 329783 | &nbsp;&nbsp;&nbsp; 592540 |
| Class I | &nbsp;&nbsp;&nbsp; 15445719 | &nbsp;&nbsp;&nbsp; 1434328 | &nbsp;&nbsp;&nbsp; 4482797 | &nbsp;&nbsp;&nbsp; 16970246 |
| Class R2 | &nbsp;&nbsp;&nbsp; 93165 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 168022 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; 127515 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 691394 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp; 3132 |
| Class R6 | &nbsp;&nbsp;&nbsp; 22042487 | &nbsp;&nbsp;&nbsp; 8845652 | &nbsp;&nbsp;&nbsp; 1010271 | &nbsp;&nbsp;&nbsp; 2038756 |
| Total | &nbsp;&nbsp;&nbsp; $43836022 | &nbsp;&nbsp;&nbsp; $11412730 | &nbsp;&nbsp;&nbsp; $6395461 | &nbsp;&nbsp;&nbsp; $21057017 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 188796 | &nbsp;&nbsp;&nbsp; 11356 | &nbsp;&nbsp;&nbsp; 40712 | &nbsp;&nbsp;&nbsp; 44004 |
| Class C | &nbsp;&nbsp;&nbsp; 25557 | &nbsp;&nbsp;&nbsp; 838 | &nbsp;&nbsp;&nbsp; 23469 | &nbsp;&nbsp;&nbsp; 18107 |
| Class I | &nbsp;&nbsp;&nbsp; 612694 | &nbsp;&nbsp;&nbsp; 15406 | &nbsp;&nbsp;&nbsp; 318944 | &nbsp;&nbsp;&nbsp; 512452 |
| Class R2 | &nbsp;&nbsp;&nbsp; 3803 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 6823 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; 5062 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 27399 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 94 |
| Class R6 | &nbsp;&nbsp;&nbsp; 874434 | &nbsp;&nbsp;&nbsp; 94979 | &nbsp;&nbsp;&nbsp; 71895 | &nbsp;&nbsp;&nbsp; 61418 |
| Net Asset Value (a): |  |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $24.65 | &nbsp;&nbsp;&nbsp; $92.97 | &nbsp;&nbsp;&nbsp; $14.05 | &nbsp;&nbsp;&nbsp; $33.00 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;24.02 | &nbsp;&nbsp;&nbsp;&nbsp;91.98 | &nbsp;&nbsp;&nbsp;&nbsp;14.05 | &nbsp;&nbsp;&nbsp;&nbsp;32.72 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;25.21 | &nbsp;&nbsp;&nbsp;&nbsp;93.10 | &nbsp;&nbsp;&nbsp;&nbsp;14.06 | &nbsp;&nbsp;&nbsp;&nbsp;33.12 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;24.50 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;24.62 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;25.19 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;25.23 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;14.05 | &nbsp;&nbsp;&nbsp;&nbsp;33.18 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;25.21 | &nbsp;&nbsp;&nbsp;&nbsp;93.13 | &nbsp;&nbsp;&nbsp;&nbsp;14.05 | &nbsp;&nbsp;&nbsp;&nbsp;33.19 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $26.02 | &nbsp;&nbsp;&nbsp; $98.12 | &nbsp;&nbsp;&nbsp; $14.83 | &nbsp;&nbsp;&nbsp; $34.83 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $26943744 | &nbsp;&nbsp;&nbsp; $3765701 | &nbsp;&nbsp;&nbsp; $5232517 | &nbsp;&nbsp;&nbsp; $11494121 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 76334 | &nbsp;&nbsp;&nbsp; 68896 | &nbsp;&nbsp;&nbsp; 9909 | &nbsp;&nbsp;&nbsp; 1013700 |
| Cost of options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 288125 |
| Premiums received from options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 276232 |

---

------

(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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 63

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025 (continued)

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Hedged** <br>**Equity 2 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Hedged** <br>**Equity 3 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Large Cap** <br>**Growth Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Large Cap** <br>**Value Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $5456177 | &nbsp;&nbsp;&nbsp; $3338450 | &nbsp;&nbsp;&nbsp; $113383348 | &nbsp;&nbsp;&nbsp; $5016218 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 64889 | &nbsp;&nbsp;&nbsp; 21549 | &nbsp;&nbsp;&nbsp; 588926 | &nbsp;&nbsp;&nbsp; 28240 |
| Investments of cash collateral received from securities loaned, at <br> value (See Note 2.C.) <br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10377 | &nbsp;&nbsp;&nbsp; 19800 |
| Options purchased, at value | &nbsp;&nbsp;&nbsp; 4190 | &nbsp;&nbsp;&nbsp; 16001 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Restricted cash for exchange-traded options | &nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; 2156 | &nbsp;&nbsp;&nbsp; 359 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 3044 | &nbsp;&nbsp;&nbsp; 2634 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 2465 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 174236 | &nbsp;&nbsp;&nbsp; 2735 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 3159 | &nbsp;&nbsp;&nbsp; 2186 | &nbsp;&nbsp;&nbsp; 233797 | &nbsp;&nbsp;&nbsp; 2732 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 127 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 3118 | &nbsp;&nbsp;&nbsp; 1899 | &nbsp;&nbsp;&nbsp; 50201 | &nbsp;&nbsp;&nbsp; 7210 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 3 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 |
| Total Assets | &nbsp;&nbsp;&nbsp; 5537325 | &nbsp;&nbsp;&nbsp; 3382892 | &nbsp;&nbsp;&nbsp; 114443113 | &nbsp;&nbsp;&nbsp; 5077426 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 192888 | &nbsp;&nbsp;&nbsp; 1872 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10377 | &nbsp;&nbsp;&nbsp; 19800 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 17687 | &nbsp;&nbsp;&nbsp; 66336 | &nbsp;&nbsp;&nbsp; 125375 | &nbsp;&nbsp;&nbsp; 3093 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Outstanding options written, at value | &nbsp;&nbsp;&nbsp; 327689 | &nbsp;&nbsp;&nbsp; 90988 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 1055 | &nbsp;&nbsp;&nbsp; 662 | &nbsp;&nbsp;&nbsp; 37247 | &nbsp;&nbsp;&nbsp; 1461 |
| Administration fees | &nbsp;&nbsp;&nbsp; 317 | &nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 201 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp; 2482 | &nbsp;&nbsp;&nbsp; 119 |
| Service fees | &nbsp;&nbsp;&nbsp; 969 | &nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp; 7986 | &nbsp;&nbsp;&nbsp; 535 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp; 27 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; 1765 | &nbsp;&nbsp;&nbsp; 299 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 348307 | &nbsp;&nbsp;&nbsp; 159301 | &nbsp;&nbsp;&nbsp; 378715 | &nbsp;&nbsp;&nbsp; 27407 |
| Net Assets | &nbsp;&nbsp;&nbsp; $5189018 | &nbsp;&nbsp;&nbsp; $3223591 | &nbsp;&nbsp;&nbsp; $114064398 | &nbsp;&nbsp;&nbsp; $5050019 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Hedged**<br> **Equity 2 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Hedged**<br> **Equity 3 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Large Cap**<br> **Growth Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Large Cap**<br>**Value Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $4520527 | &nbsp;&nbsp;&nbsp; $2636832 | &nbsp;&nbsp;&nbsp; $61373587 | &nbsp;&nbsp;&nbsp; $4309403 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 668491 | &nbsp;&nbsp;&nbsp; 586759 | &nbsp;&nbsp;&nbsp; 52690811 | &nbsp;&nbsp;&nbsp; 740616 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $5189018 | &nbsp;&nbsp;&nbsp; $3223591 | &nbsp;&nbsp;&nbsp; $114064398 | &nbsp;&nbsp;&nbsp; $5050019 |
| Net Assets: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $251200 | &nbsp;&nbsp;&nbsp; $157121 | &nbsp;&nbsp;&nbsp; $7748457 | &nbsp;&nbsp;&nbsp; $318828 |
| Class C | &nbsp;&nbsp;&nbsp; 243213 | &nbsp;&nbsp;&nbsp; 149074 | &nbsp;&nbsp;&nbsp; 1143570 | &nbsp;&nbsp;&nbsp; 75725 |
| Class I | &nbsp;&nbsp;&nbsp; 4261391 | &nbsp;&nbsp;&nbsp; 2599366 | &nbsp;&nbsp;&nbsp; 29837081 | &nbsp;&nbsp;&nbsp; 2256860 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 273635 | &nbsp;&nbsp;&nbsp; 17020 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 834854 | &nbsp;&nbsp;&nbsp; 14922 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 725170 | &nbsp;&nbsp;&nbsp; 1210 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1081 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 992766 | &nbsp;&nbsp;&nbsp; 29907 |
| Class R6 | &nbsp;&nbsp;&nbsp; 432133 | &nbsp;&nbsp;&nbsp; 317998 | &nbsp;&nbsp;&nbsp; 72508865 | &nbsp;&nbsp;&nbsp; 2335547 |
| Total | &nbsp;&nbsp;&nbsp; $5189018 | &nbsp;&nbsp;&nbsp; $3223591 | &nbsp;&nbsp;&nbsp; $114064398 | &nbsp;&nbsp;&nbsp; $5050019 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 13341 | &nbsp;&nbsp;&nbsp; 8012 | &nbsp;&nbsp;&nbsp; 94189 | &nbsp;&nbsp;&nbsp; 15288 |
| Class C | &nbsp;&nbsp;&nbsp; 12961 | &nbsp;&nbsp;&nbsp; 7632 | &nbsp;&nbsp;&nbsp; 21383 | &nbsp;&nbsp;&nbsp; 3868 |
| Class I | &nbsp;&nbsp;&nbsp; 226047 | &nbsp;&nbsp;&nbsp; 132345 | &nbsp;&nbsp;&nbsp; 351528 | &nbsp;&nbsp;&nbsp; 111042 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3569 | &nbsp;&nbsp;&nbsp; 826 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10081 | &nbsp;&nbsp;&nbsp; 737 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8565 | &nbsp;&nbsp;&nbsp; 58 |
| Class R5 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 11271 | &nbsp;&nbsp;&nbsp; 1448 |
| Class R6 | &nbsp;&nbsp;&nbsp; 22905 | &nbsp;&nbsp;&nbsp; 16174 | &nbsp;&nbsp;&nbsp; 812224 | &nbsp;&nbsp;&nbsp; 114247 |
| Net Asset Value (a): |  |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $18.83 | &nbsp;&nbsp;&nbsp; $19.61 | &nbsp;&nbsp;&nbsp; $82.27 | &nbsp;&nbsp;&nbsp; $20.86 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;18.77 | &nbsp;&nbsp;&nbsp;&nbsp;19.53 | &nbsp;&nbsp;&nbsp;&nbsp;53.48 | &nbsp;&nbsp;&nbsp;&nbsp;19.58 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;18.85 | &nbsp;&nbsp;&nbsp;&nbsp;19.64 | &nbsp;&nbsp;&nbsp;&nbsp;84.88 | &nbsp;&nbsp;&nbsp;&nbsp;20.32 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;76.67 | &nbsp;&nbsp;&nbsp;&nbsp;20.60 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;82.81 | &nbsp;&nbsp;&nbsp;&nbsp;20.26 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;84.67 | &nbsp;&nbsp;&nbsp;&nbsp;20.88 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;18.86 | &nbsp;&nbsp;&nbsp;&nbsp;19.66 | &nbsp;&nbsp;&nbsp;&nbsp;88.09 | &nbsp;&nbsp;&nbsp;&nbsp;20.64 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;18.87 | &nbsp;&nbsp;&nbsp;&nbsp;19.66 | &nbsp;&nbsp;&nbsp;&nbsp;89.27 | &nbsp;&nbsp;&nbsp;&nbsp;20.44 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $19.87 | &nbsp;&nbsp;&nbsp; $20.70 | &nbsp;&nbsp;&nbsp; $86.83 | &nbsp;&nbsp;&nbsp; $22.02 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $3629528 | &nbsp;&nbsp;&nbsp; $2252091 | &nbsp;&nbsp;&nbsp; $66468519 | &nbsp;&nbsp;&nbsp; $4360844 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 64889 | &nbsp;&nbsp;&nbsp; 21549 | &nbsp;&nbsp;&nbsp; 588912 | &nbsp;&nbsp;&nbsp; 28237 |
| Cost of options purchased | &nbsp;&nbsp;&nbsp; 112254 | &nbsp;&nbsp;&nbsp; 54471 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10104 | &nbsp;&nbsp;&nbsp; 19464 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10377 | &nbsp;&nbsp;&nbsp; 19800 |
| Premiums received from options written | &nbsp;&nbsp;&nbsp; 119287 | &nbsp;&nbsp;&nbsp; 49982 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

------

(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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 65

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025 (continued)

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**U.S. Applied** <br>**Data Science** <br>**Value Fund** <br>| &nbsp;&nbsp; **JPMorgan U.S.** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. GARP** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Large** <br>**Cap Core** <br>**Plus Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $148998 | &nbsp;&nbsp;&nbsp; $32014319 | &nbsp;&nbsp;&nbsp; $1857680 | &nbsp;&nbsp;&nbsp; $3889967 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp; 247623 | &nbsp;&nbsp;&nbsp; 10767 | &nbsp;&nbsp;&nbsp; 104257 |
| Cash | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 922 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 350 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp; 1107 | &nbsp;&nbsp;&nbsp; 4248 |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 1264 | &nbsp;&nbsp;&nbsp; 79144 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1862 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 12899 | &nbsp;&nbsp;&nbsp; 2601 | &nbsp;&nbsp;&nbsp; 2677 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 15951 | &nbsp;&nbsp;&nbsp; 676 | &nbsp;&nbsp;&nbsp; 2427 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 12 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 41 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 255 |
| Total Assets | &nbsp;&nbsp;&nbsp; 151024 | &nbsp;&nbsp;&nbsp; 32371183 | &nbsp;&nbsp;&nbsp; 1872935 | &nbsp;&nbsp;&nbsp; 4006096 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Securities sold short, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 650616 |
| Dividend expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 828 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 1264 | &nbsp;&nbsp;&nbsp; 28777 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6535 |
| Interest expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 286 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 977 | &nbsp;&nbsp;&nbsp; 148703 | &nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp; 7638 |
| Accrued liabilities: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 9939 | &nbsp;&nbsp;&nbsp; 373 | &nbsp;&nbsp;&nbsp; 1549 |
| Administration fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 903 | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 87 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 1082 | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 131 |
| Service fees | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 2271 | &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; 100 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 26 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 594 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 66 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 2330 | &nbsp;&nbsp;&nbsp; 192446 | &nbsp;&nbsp;&nbsp; 1470 | &nbsp;&nbsp;&nbsp; 667862 |
| Net Assets | &nbsp;&nbsp;&nbsp; $148694 | &nbsp;&nbsp;&nbsp; $32178737 | &nbsp;&nbsp;&nbsp; $1871465 | &nbsp;&nbsp;&nbsp; $3338234 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

66 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **U.S. Applied**<br> **Data Science**<br> **Value Fund** <br>| &nbsp;&nbsp; **JPMorgan U.S.**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. GARP**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Large**<br> **Cap Core**<br>**Plus Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $101209 | &nbsp;&nbsp;&nbsp; $16797769 | &nbsp;&nbsp;&nbsp; $851290 | &nbsp;&nbsp;&nbsp; $1917987 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 47485 | &nbsp;&nbsp;&nbsp; 15380968 | &nbsp;&nbsp;&nbsp; 1020175 | &nbsp;&nbsp;&nbsp; 1420247 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $148694 | &nbsp;&nbsp;&nbsp; $32178737 | &nbsp;&nbsp;&nbsp; $1871465 | &nbsp;&nbsp;&nbsp; $3338234 |
| Net Assets: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $39134 | &nbsp;&nbsp;&nbsp; $2913795 | &nbsp;&nbsp;&nbsp; $213578 | &nbsp;&nbsp;&nbsp; $362828 |
| Class C | &nbsp;&nbsp;&nbsp; 1839 | &nbsp;&nbsp;&nbsp; 533614 | &nbsp;&nbsp;&nbsp; 11478 | &nbsp;&nbsp;&nbsp; 92937 |
| Class I | &nbsp;&nbsp;&nbsp; 68103 | &nbsp;&nbsp;&nbsp; 5575707 | &nbsp;&nbsp;&nbsp; 339058 | &nbsp;&nbsp;&nbsp; 2027630 |
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3137481 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; 2670 | &nbsp;&nbsp;&nbsp; 315455 | &nbsp;&nbsp;&nbsp; 49843 | &nbsp;&nbsp;&nbsp; 8540 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 277165 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 118291 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 3532 | &nbsp;&nbsp;&nbsp; 1215149 | &nbsp;&nbsp;&nbsp; 166104 | &nbsp;&nbsp;&nbsp; 46122 |
| Class R6 | &nbsp;&nbsp;&nbsp; 33416 | &nbsp;&nbsp;&nbsp; 18092080 | &nbsp;&nbsp;&nbsp; 1091404 | &nbsp;&nbsp;&nbsp; 800177 |
| Total | &nbsp;&nbsp;&nbsp; $148694 | &nbsp;&nbsp;&nbsp; $32178737 | &nbsp;&nbsp;&nbsp; $1871465 | &nbsp;&nbsp;&nbsp; $3338234 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1271 | &nbsp;&nbsp;&nbsp; 112593 | &nbsp;&nbsp;&nbsp; 2417 | &nbsp;&nbsp;&nbsp; 17321 |
| Class C | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 21881 | &nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp; 5825 |
| Class I | &nbsp;&nbsp;&nbsp; 2178 | &nbsp;&nbsp;&nbsp; 214459 | &nbsp;&nbsp;&nbsp; 3712 | &nbsp;&nbsp;&nbsp; 91154 |
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 120331 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 12384 | &nbsp;&nbsp;&nbsp; 593 | &nbsp;&nbsp;&nbsp; 474 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10770 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4558 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp; 46578 | &nbsp;&nbsp;&nbsp; 1859 | &nbsp;&nbsp;&nbsp; 2038 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1066 | &nbsp;&nbsp;&nbsp; 691450 | &nbsp;&nbsp;&nbsp; 12217 | &nbsp;&nbsp;&nbsp; 35351 |
| Net Asset Value (a): |  |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $30.79 | &nbsp;&nbsp;&nbsp; $25.88 | &nbsp;&nbsp;&nbsp; $88.39 | &nbsp;&nbsp;&nbsp; $20.95 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;29.92 | &nbsp;&nbsp;&nbsp;&nbsp;24.39 | &nbsp;&nbsp;&nbsp;&nbsp;83.67 | &nbsp;&nbsp;&nbsp;&nbsp;15.95 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;31.26 | &nbsp;&nbsp;&nbsp;&nbsp;26.00 | &nbsp;&nbsp;&nbsp;&nbsp;91.35 | &nbsp;&nbsp;&nbsp;&nbsp;22.24 |
| Class L — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;26.07 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;30.24 | &nbsp;&nbsp;&nbsp;&nbsp;25.47 | &nbsp;&nbsp;&nbsp;&nbsp;84.01 | &nbsp;&nbsp;&nbsp;&nbsp;18.02 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;25.74 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;25.95 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;31.35 | &nbsp;&nbsp;&nbsp;&nbsp;26.09 | &nbsp;&nbsp;&nbsp;&nbsp;89.33 | &nbsp;&nbsp;&nbsp;&nbsp;22.64 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;31.35 | &nbsp;&nbsp;&nbsp;&nbsp;26.17 | &nbsp;&nbsp;&nbsp;&nbsp;89.33 | &nbsp;&nbsp;&nbsp;&nbsp;22.64 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $32.50 | &nbsp;&nbsp;&nbsp; $27.31 | &nbsp;&nbsp;&nbsp; $93.29 | &nbsp;&nbsp;&nbsp; $22.11 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $110400 | &nbsp;&nbsp;&nbsp; $17267135 | &nbsp;&nbsp;&nbsp; $929566 | &nbsp;&nbsp;&nbsp; $2445043 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp; 247608 | &nbsp;&nbsp;&nbsp; 10766 | &nbsp;&nbsp;&nbsp; 104254 |
| Proceeds from securities sold short | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 651215 |

---

------

(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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 67

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025 (continued)

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**U.S. Research** <br>**Enhanced** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Sustainable** <br>**Leaders Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Value** <br>**Fund**  |
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $11015909 | &nbsp;&nbsp;&nbsp; $267798 | &nbsp;&nbsp;&nbsp; $6205446 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 49275 | &nbsp;&nbsp;&nbsp; 3096 | &nbsp;&nbsp;&nbsp; 184750 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C.)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23649 |
| Cash | &nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 617 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 3948 | &nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6555 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 3132 | &nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp; 7089 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 6295 | &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; 4545 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 22 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 11079105 | &nbsp;&nbsp;&nbsp; 271452 | &nbsp;&nbsp;&nbsp; 6432674 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 318 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23649 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 44179 | &nbsp;&nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp; 8084 |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 1694 | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 1873 |
| Administration fees | &nbsp;&nbsp;&nbsp; 306 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 281 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 373 |
| Service fees | &nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 852 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 34 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 189 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 46567 | &nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp; 35653 |
| Net Assets | &nbsp;&nbsp;&nbsp; $11032538 | &nbsp;&nbsp;&nbsp; $271107 | &nbsp;&nbsp;&nbsp; $6397021 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

68 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **U.S. Research**<br> **Enhanced**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Sustainable**<br> **Leaders Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Value**<br>**Fund**  |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $5908687 | &nbsp;&nbsp;&nbsp; $186887 | &nbsp;&nbsp;&nbsp; $4624316 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 5123851 | &nbsp;&nbsp;&nbsp; 84220 | &nbsp;&nbsp;&nbsp; 1772705 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $11032538 | &nbsp;&nbsp;&nbsp; $271107 | &nbsp;&nbsp;&nbsp; $6397021 |
| Net Assets: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $573535 | &nbsp;&nbsp;&nbsp; $91240 | &nbsp;&nbsp;&nbsp; $1475038 |
| Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4469 | &nbsp;&nbsp;&nbsp; 116915 |
| Class I | &nbsp;&nbsp;&nbsp; 1284221 | &nbsp;&nbsp;&nbsp; 102634 | &nbsp;&nbsp;&nbsp; 2773567 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6751 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13543 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3616 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14215 |
| Class R6 | &nbsp;&nbsp;&nbsp; 9174782 | &nbsp;&nbsp;&nbsp; 72764 | &nbsp;&nbsp;&nbsp; 1993376 |
| Total | &nbsp;&nbsp;&nbsp; $11032538 | &nbsp;&nbsp;&nbsp; $271107 | &nbsp;&nbsp;&nbsp; $6397021 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 12737 | &nbsp;&nbsp;&nbsp; 1142 | &nbsp;&nbsp;&nbsp; 18238 |
| Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 1653 |
| Class I | &nbsp;&nbsp;&nbsp; 28102 | &nbsp;&nbsp;&nbsp; 1271 | &nbsp;&nbsp;&nbsp; 32108 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 83 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 157 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 42 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 163 |
| Class R6 | &nbsp;&nbsp;&nbsp; 201102 | &nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 22871 |
| Net Asset Value (a): |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $45.03 | &nbsp;&nbsp;&nbsp; $79.94 | &nbsp;&nbsp;&nbsp; $80.87 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;78.10 | &nbsp;&nbsp;&nbsp;&nbsp;70.71 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;45.70 | &nbsp;&nbsp;&nbsp;&nbsp;80.79 | &nbsp;&nbsp;&nbsp;&nbsp;86.38 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;81.01 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;86.12 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;86.39 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;87.12 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;45.62 | &nbsp;&nbsp;&nbsp;&nbsp;80.78 | &nbsp;&nbsp;&nbsp;&nbsp;87.16 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $47.53 | &nbsp;&nbsp;&nbsp; $84.37 | &nbsp;&nbsp;&nbsp; $85.35 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $6139934 | &nbsp;&nbsp;&nbsp; $198980 | &nbsp;&nbsp;&nbsp; $4576049 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 49268 | &nbsp;&nbsp;&nbsp; 3095 | &nbsp;&nbsp;&nbsp; 184748 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23174 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23649 |

---

------

(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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 69

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Equity Income** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Equity Index** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Equity Premium** <br>**Income Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Hedged** <br>**Equity Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $103 | &nbsp;&nbsp;&nbsp; $464393 | &nbsp;&nbsp;&nbsp; $852 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 1104706 | &nbsp;&nbsp;&nbsp; 140786 | &nbsp;&nbsp;&nbsp; 89706 | &nbsp;&nbsp;&nbsp; 263617 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 6542 | &nbsp;&nbsp;&nbsp; 4576 | &nbsp;&nbsp;&nbsp; 1921 | &nbsp;&nbsp;&nbsp; 13863 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 1111249 | &nbsp;&nbsp;&nbsp; 145478 | &nbsp;&nbsp;&nbsp; 556020 | &nbsp;&nbsp;&nbsp; 278346 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 179024 | &nbsp;&nbsp;&nbsp; 4354 | &nbsp;&nbsp;&nbsp; 15921 | &nbsp;&nbsp;&nbsp; 51582 |
| Administration fees | &nbsp;&nbsp;&nbsp; 15742 | &nbsp;&nbsp;&nbsp; 7949 | &nbsp;&nbsp;&nbsp; 4783 | &nbsp;&nbsp;&nbsp; 12666 |
| Distribution fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 11541 | &nbsp;&nbsp;&nbsp; 2487 | &nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp; 3625 |
| Class C | &nbsp;&nbsp;&nbsp; 5255 | &nbsp;&nbsp;&nbsp; 646 | &nbsp;&nbsp;&nbsp; 2374 | &nbsp;&nbsp;&nbsp; 4206 |
| Class R2 | &nbsp;&nbsp;&nbsp; 481 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Service fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 11541 | &nbsp;&nbsp;&nbsp; 2487 | &nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp; 3625 |
| Class C | &nbsp;&nbsp;&nbsp; 1752 | &nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; 791 | &nbsp;&nbsp;&nbsp; 1402 |
| Class I | &nbsp;&nbsp;&nbsp; 39659 | &nbsp;&nbsp;&nbsp; 3425 | &nbsp;&nbsp;&nbsp; 10927 | &nbsp;&nbsp;&nbsp; 41251 |
| Class R2 | &nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; 424 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 838 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 5 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 1346 | &nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp; 643 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 14 |
| Professional fees | &nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 164 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 79 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 2326 | &nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp; 788 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 69 |
| Transfer agency fees (See Note 2.K.) | &nbsp;&nbsp;&nbsp; 937 | &nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp; 251 |
| Other | &nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 175 |
| Total expenses | &nbsp;&nbsp;&nbsp; 272839 | &nbsp;&nbsp;&nbsp; 22634 | &nbsp;&nbsp;&nbsp; 38679 | &nbsp;&nbsp;&nbsp; 120545 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (155)<br>| &nbsp;&nbsp;&nbsp; (10723)<br>| &nbsp;&nbsp;&nbsp; (57)<br>| &nbsp;&nbsp;&nbsp; (667)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (57)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 272684 | &nbsp;&nbsp;&nbsp; 11854 | &nbsp;&nbsp;&nbsp; 38622 | &nbsp;&nbsp;&nbsp; 119878 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 838565 | &nbsp;&nbsp;&nbsp; 133624 | &nbsp;&nbsp;&nbsp; 517398 | &nbsp;&nbsp;&nbsp; 158468 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

70 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Equity Income**<br> **Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Equity Index**<br> **Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Equity Premium**<br> **Income Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Hedged**<br>**Equity Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $3632065 | &nbsp;&nbsp;&nbsp; $83081 | &nbsp;&nbsp;&nbsp; $(102076)<br>| &nbsp;&nbsp;&nbsp; $1125971 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (53)<br>| &nbsp;&nbsp;&nbsp; 4221 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; — |
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1035773)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2301 | &nbsp;&nbsp;&nbsp; 1553 | &nbsp;&nbsp;&nbsp; 89720 |
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (122882)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 3632012 | &nbsp;&nbsp;&nbsp; 89603 | &nbsp;&nbsp;&nbsp; (100504)<br>| &nbsp;&nbsp;&nbsp; 57036 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 1251884 | &nbsp;&nbsp;&nbsp; 1277494 | &nbsp;&nbsp;&nbsp; 87977 | &nbsp;&nbsp;&nbsp; 1200812 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 50385 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3259 |
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 989 | &nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp; (692)<br>|
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2418)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 1251891 | &nbsp;&nbsp;&nbsp; 1328868 | &nbsp;&nbsp;&nbsp; 87958 | &nbsp;&nbsp;&nbsp; 1200961 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 4883903 | &nbsp;&nbsp;&nbsp; 1418471 | &nbsp;&nbsp;&nbsp; (12546)<br>| &nbsp;&nbsp;&nbsp; 1257997 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $5722468 | &nbsp;&nbsp;&nbsp; $1552095 | &nbsp;&nbsp;&nbsp; $504852 | &nbsp;&nbsp;&nbsp; $1416465 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 71

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025 (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Hedged** <br>**Equity 2 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Hedged** <br>**Equity 3 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Large Cap** <br>**Growth Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Large Cap** <br>**Value Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $194 | &nbsp;&nbsp;&nbsp; $134 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 67069 | &nbsp;&nbsp;&nbsp; 38681 | &nbsp;&nbsp;&nbsp; 643101 | &nbsp;&nbsp;&nbsp; 94814 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 3163 | &nbsp;&nbsp;&nbsp; 2210 | &nbsp;&nbsp;&nbsp; 204620 | &nbsp;&nbsp;&nbsp; 4627 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 142 |
| Total investment income | &nbsp;&nbsp;&nbsp; 70431 | &nbsp;&nbsp;&nbsp; 41025 | &nbsp;&nbsp;&nbsp; 847740 | &nbsp;&nbsp;&nbsp; 99583 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 13027 | &nbsp;&nbsp;&nbsp; 7648 | &nbsp;&nbsp;&nbsp; 453016 | &nbsp;&nbsp;&nbsp; 19299 |
| Administration fees | &nbsp;&nbsp;&nbsp; 3914 | &nbsp;&nbsp;&nbsp; 2298 | &nbsp;&nbsp;&nbsp; 21352 | &nbsp;&nbsp;&nbsp; 3624 |
| Distribution fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 637 | &nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp; 17508 | &nbsp;&nbsp;&nbsp; 780 |
| Class C | &nbsp;&nbsp;&nbsp; 1791 | &nbsp;&nbsp;&nbsp; 976 | &nbsp;&nbsp;&nbsp; 7463 | &nbsp;&nbsp;&nbsp; 602 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1217 | &nbsp;&nbsp;&nbsp; 79 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1894 | &nbsp;&nbsp;&nbsp; 35 |
| Service fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 637 | &nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp; 17508 | &nbsp;&nbsp;&nbsp; 780 |
| Class C | &nbsp;&nbsp;&nbsp; 597 | &nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp; 2487 | &nbsp;&nbsp;&nbsp; 201 |
| Class I | &nbsp;&nbsp;&nbsp; 10386 | &nbsp;&nbsp;&nbsp; 6008 | &nbsp;&nbsp;&nbsp; 62855 | &nbsp;&nbsp;&nbsp; 5483 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 609 | &nbsp;&nbsp;&nbsp; 39 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1894 | &nbsp;&nbsp;&nbsp; 35 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1807 | &nbsp;&nbsp;&nbsp; 4 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp;&nbsp; 35 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; 3105 | &nbsp;&nbsp;&nbsp; 160 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 14 |
| Professional fees | &nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 452 | &nbsp;&nbsp;&nbsp; 72 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 294 | &nbsp;&nbsp;&nbsp; 37 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; 3912 | &nbsp;&nbsp;&nbsp; 289 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 1786 | &nbsp;&nbsp;&nbsp; 277 |
| Transfer agency fees (See Note 2.K.) | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 1621 | &nbsp;&nbsp;&nbsp; 136 |
| Other | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 12809 | &nbsp;&nbsp;&nbsp; 55 |
| Total expenses | &nbsp;&nbsp;&nbsp; 31836 | &nbsp;&nbsp;&nbsp; 18490 | &nbsp;&nbsp;&nbsp; 614531 | &nbsp;&nbsp;&nbsp; 32036 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (84)<br>| &nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp; (60170)<br>| &nbsp;&nbsp;&nbsp; (2831)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (188)<br>| &nbsp;&nbsp;&nbsp; (23)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 31752 | &nbsp;&nbsp;&nbsp; 18434 | &nbsp;&nbsp;&nbsp; 554173 | &nbsp;&nbsp;&nbsp; 29182 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 38679 | &nbsp;&nbsp;&nbsp; 22591 | &nbsp;&nbsp;&nbsp; 293567 | &nbsp;&nbsp;&nbsp; 70401 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

72 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Hedged**<br> **Equity 2 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Hedged**<br> **Equity 3 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Large Cap**<br> **Growth Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Large Cap**<br>**Value Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $186299 | &nbsp;&nbsp;&nbsp; $161486 | &nbsp;&nbsp;&nbsp; $8078742 | &nbsp;&nbsp;&nbsp; $266671 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (342)<br>| &nbsp;&nbsp;&nbsp; 4 |
| Options purchased | &nbsp;&nbsp;&nbsp; (58619)<br>| &nbsp;&nbsp;&nbsp; (108470)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; 8194 | &nbsp;&nbsp;&nbsp; 5142 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp;&nbsp; (3834)<br>| &nbsp;&nbsp;&nbsp; 10015 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 132040 | &nbsp;&nbsp;&nbsp; 68173 | &nbsp;&nbsp;&nbsp; 8078400 | &nbsp;&nbsp;&nbsp; 266675 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 369359 | &nbsp;&nbsp;&nbsp; 199493 | &nbsp;&nbsp;&nbsp; 6169431 | &nbsp;&nbsp;&nbsp; 249086 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp; 3 |
| Options purchased | &nbsp;&nbsp;&nbsp; (67036)<br>| &nbsp;&nbsp;&nbsp; (26215)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; 937 | &nbsp;&nbsp;&nbsp; 723 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp;&nbsp; (87510)<br>| &nbsp;&nbsp;&nbsp; (21205)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 215751 | &nbsp;&nbsp;&nbsp; 152796 | &nbsp;&nbsp;&nbsp; 6169405 | &nbsp;&nbsp;&nbsp; 249089 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 347791 | &nbsp;&nbsp;&nbsp; 220969 | &nbsp;&nbsp;&nbsp; 14247805 | &nbsp;&nbsp;&nbsp; 515764 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $386470 | &nbsp;&nbsp;&nbsp; $243560 | &nbsp;&nbsp;&nbsp; $14541372 | &nbsp;&nbsp;&nbsp; $586165 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 73

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025 (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**U.S. Applied** <br>**Data Science** <br>**Value Fund** <br>| &nbsp;&nbsp; **JPMorgan U.S.** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. GARP** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Large** <br>**Cap Core** <br>**Plus Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $11 | &nbsp;&nbsp;&nbsp; $131 | &nbsp;&nbsp;&nbsp; $41 | &nbsp;&nbsp;&nbsp; $40 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 3337 | &nbsp;&nbsp;&nbsp; 357394 | &nbsp;&nbsp;&nbsp; 11952 | &nbsp;&nbsp;&nbsp; 43048 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp; 11661 | &nbsp;&nbsp;&nbsp; 859 | &nbsp;&nbsp;&nbsp; 2977 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 3467 | &nbsp;&nbsp;&nbsp; 369190 | &nbsp;&nbsp;&nbsp; 12854 | &nbsp;&nbsp;&nbsp; 46065 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 504 | &nbsp;&nbsp;&nbsp; 125310 | &nbsp;&nbsp;&nbsp; 4991 | &nbsp;&nbsp;&nbsp; 18383 |
| Administration fees | &nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 14390 | &nbsp;&nbsp;&nbsp; 1249 | &nbsp;&nbsp;&nbsp; 2124 |
| Distribution fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 6915 | &nbsp;&nbsp;&nbsp; 476 | &nbsp;&nbsp;&nbsp; 857 |
| Class C | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 3802 | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 582 |
| Class R2 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 1535 | &nbsp;&nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp; 40 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 634 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Service fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 6915 | &nbsp;&nbsp;&nbsp; 476 | &nbsp;&nbsp;&nbsp; 857 |
| Class C | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 1267 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 194 |
| Class I | &nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp; 13492 | &nbsp;&nbsp;&nbsp; 657 | &nbsp;&nbsp;&nbsp; 4367 |
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3360 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 767 | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; 20 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 634 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 1268 | &nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp; 45 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 968 | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 117 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Professional fees | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 73 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 32 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 1506 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 100 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 449 | &nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 229 |
| Transfer agency fees (See Note 2.K.) | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 60 |
| Dividend expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15781 |
| Interest expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3730 |
| Other | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 36 |
| Total expenses | &nbsp;&nbsp;&nbsp; 1312 | &nbsp;&nbsp;&nbsp; 184682 | &nbsp;&nbsp;&nbsp; 8922 | &nbsp;&nbsp;&nbsp; 47627 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (461)<br>| &nbsp;&nbsp;&nbsp; (5969)<br>| &nbsp;&nbsp;&nbsp; (1037)<br>| &nbsp;&nbsp;&nbsp; (7171)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (212)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 851 | &nbsp;&nbsp;&nbsp; 178501 | &nbsp;&nbsp;&nbsp; 7884 | &nbsp;&nbsp;&nbsp; 40456 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 2616 | &nbsp;&nbsp;&nbsp; 190689 | &nbsp;&nbsp;&nbsp; 4970 | &nbsp;&nbsp;&nbsp; 5609 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

74 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **U.S. Applied**<br> **Data Science**<br> **Value Fund** <br>| &nbsp;&nbsp; **JPMorgan U.S.**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. GARP**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Large**<br> **Cap Core**<br>**Plus Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $11863 | &nbsp;&nbsp;&nbsp; $1056945 | &nbsp;&nbsp;&nbsp; $122865 | &nbsp;&nbsp;&nbsp; $85084 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 4 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 463 | &nbsp;&nbsp;&nbsp; (527)<br>| &nbsp;&nbsp;&nbsp; 2037 | &nbsp;&nbsp;&nbsp; (560)<br>|
| Securities sold short | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (36704)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 12326 | &nbsp;&nbsp;&nbsp; 1056495 | &nbsp;&nbsp;&nbsp; 124902 | &nbsp;&nbsp;&nbsp; 47824 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 3892 | &nbsp;&nbsp;&nbsp; 2378922 | &nbsp;&nbsp;&nbsp; 108543 | &nbsp;&nbsp;&nbsp; 303060 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 3 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 262 | &nbsp;&nbsp;&nbsp; 1616 |
| Securities sold short | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (24429)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 3888 | &nbsp;&nbsp;&nbsp; 2378950 | &nbsp;&nbsp;&nbsp; 108805 | &nbsp;&nbsp;&nbsp; 280250 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 16214 | &nbsp;&nbsp;&nbsp; 3435445 | &nbsp;&nbsp;&nbsp; 233707 | &nbsp;&nbsp;&nbsp; 328074 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $18830 | &nbsp;&nbsp;&nbsp; $3626134 | &nbsp;&nbsp;&nbsp; $238677 | &nbsp;&nbsp;&nbsp; $333683 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 75

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025 (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**U.S. Research** <br>**Enhanced** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Sustainable** <br>**Leaders Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Value** <br>**Fund**  |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $411 | &nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp;&nbsp; $— |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 130277 | &nbsp;&nbsp;&nbsp; 2539 | &nbsp;&nbsp;&nbsp; 120790 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 6862 | &nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp; 5203 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Total investment income | &nbsp;&nbsp;&nbsp; 137551 | &nbsp;&nbsp;&nbsp; 2758 | &nbsp;&nbsp;&nbsp; 125994 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 25541 | &nbsp;&nbsp;&nbsp; 706 | &nbsp;&nbsp;&nbsp; 24434 |
| Administration fees | &nbsp;&nbsp;&nbsp; 7615 | &nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; 4588 |
| Distribution fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 699 | &nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp; 3462 |
| Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 896 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 25 |
| Service fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 699 | &nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp; 3462 |
| Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 299 |
| Class I | &nbsp;&nbsp;&nbsp; 2822 | &nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp; 6594 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 25 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 193 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Professional fees | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 77 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 42 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 249 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 324 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 76 |
| Transfer agency fees (See Note 2.K.) | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 222 |
| Other | &nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 66 |
| Total expenses | &nbsp;&nbsp;&nbsp; 38460 | &nbsp;&nbsp;&nbsp; 1727 | &nbsp;&nbsp;&nbsp; 44852 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (10942)<br>| &nbsp;&nbsp;&nbsp; (640)<br>| &nbsp;&nbsp;&nbsp; (3223)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (35)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 27518 | &nbsp;&nbsp;&nbsp; 1087 | &nbsp;&nbsp;&nbsp; 41594 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 110033 | &nbsp;&nbsp;&nbsp; 1671 | &nbsp;&nbsp;&nbsp; 84400 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

76 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **U.S. Research**<br> **Enhanced**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Sustainable**<br> **Leaders Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Value**<br>**Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $490637 | &nbsp;&nbsp;&nbsp; $31751 | &nbsp;&nbsp;&nbsp; $203537 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (9)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; (2554)<br>| &nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 488124 | &nbsp;&nbsp;&nbsp; 31960 | &nbsp;&nbsp;&nbsp; 203528 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 722109 | &nbsp;&nbsp;&nbsp; (4997)<br>| &nbsp;&nbsp;&nbsp; 368895 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 722307 | &nbsp;&nbsp;&nbsp; (4942)<br>| &nbsp;&nbsp;&nbsp; 368897 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 1210431 | &nbsp;&nbsp;&nbsp; 27018 | &nbsp;&nbsp;&nbsp; 572425 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $1320464 | &nbsp;&nbsp;&nbsp; $28689 | &nbsp;&nbsp;&nbsp; $656825 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 77

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Income Fund**  | **JPMorgan Equity Income Fund**  | **JPMorgan Equity Index Fund**  | **JPMorgan Equity Index Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $838565 | &nbsp;&nbsp;&nbsp; $967577 | &nbsp;&nbsp;&nbsp; $133624 | &nbsp;&nbsp;&nbsp; $125583 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 3632012 | &nbsp;&nbsp;&nbsp; 1672053 | &nbsp;&nbsp;&nbsp; 89603 | &nbsp;&nbsp;&nbsp; 2286 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 1251891 | &nbsp;&nbsp;&nbsp; 1970620 | &nbsp;&nbsp;&nbsp; 1328868 | &nbsp;&nbsp;&nbsp; 1877339 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 5722468 | &nbsp;&nbsp;&nbsp; 4610250 | &nbsp;&nbsp;&nbsp; 1552095 | &nbsp;&nbsp;&nbsp; 2005208 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (350071)<br>| &nbsp;&nbsp;&nbsp; (112167)<br>| &nbsp;&nbsp;&nbsp; (8784)<br>| &nbsp;&nbsp;&nbsp; (8930)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (51812)<br>| &nbsp;&nbsp;&nbsp; (18317)<br>| &nbsp;&nbsp;&nbsp; (225)<br>| &nbsp;&nbsp;&nbsp; (423)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (1213461)<br>| &nbsp;&nbsp;&nbsp; (468850)<br>| &nbsp;&nbsp;&nbsp; (15600)<br>| &nbsp;&nbsp;&nbsp; (14562)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (7022)<br>| &nbsp;&nbsp;&nbsp; (2327)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; (13098)<br>| &nbsp;&nbsp;&nbsp; (5254)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; (12783)<br>| &nbsp;&nbsp;&nbsp; (5968)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; (65204)<br>| &nbsp;&nbsp;&nbsp; (33424)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; (1755520)<br>| &nbsp;&nbsp;&nbsp; (659708)<br>| &nbsp;&nbsp;&nbsp; (108455)<br>| &nbsp;&nbsp;&nbsp; (101653)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (3468971)<br>| &nbsp;&nbsp;&nbsp; (1306015)<br>| &nbsp;&nbsp;&nbsp; (133064)<br>| &nbsp;&nbsp;&nbsp; (125568)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (2984260)<br>| &nbsp;&nbsp;&nbsp; (6628397)<br>| &nbsp;&nbsp;&nbsp; (345226)<br>| &nbsp;&nbsp;&nbsp; 437146 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (730763)<br>| &nbsp;&nbsp;&nbsp; (3324162)<br>| &nbsp;&nbsp;&nbsp; 1073805 | &nbsp;&nbsp;&nbsp; 2316786 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 44566785 | &nbsp;&nbsp;&nbsp; 47890947 | &nbsp;&nbsp;&nbsp; 10338925 | &nbsp;&nbsp;&nbsp; 8022139 |
| End of period | &nbsp;&nbsp;&nbsp; $43836022 | &nbsp;&nbsp;&nbsp; $44566785 | &nbsp;&nbsp;&nbsp; $11412730 | &nbsp;&nbsp;&nbsp; $10338925 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

78 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Premium** <br>**Income Fund**  | **JPMorgan Equity Premium** <br>**Income Fund**  | **JPMorgan Hedged Equity Fund**  | **JPMorgan Hedged Equity Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $517398 | &nbsp;&nbsp;&nbsp; $436248 | &nbsp;&nbsp;&nbsp; $158468 | &nbsp;&nbsp;&nbsp; $159643 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (100504)<br>| &nbsp;&nbsp;&nbsp; (458247)<br>| &nbsp;&nbsp;&nbsp; 57036 | &nbsp;&nbsp;&nbsp; (704124)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 87958 | &nbsp;&nbsp;&nbsp; 602515 | &nbsp;&nbsp;&nbsp; 1200961 | &nbsp;&nbsp;&nbsp; 2853258 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 504852 | &nbsp;&nbsp;&nbsp; 580516 | &nbsp;&nbsp;&nbsp; 1416465 | &nbsp;&nbsp;&nbsp; 2308777 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (44323)<br>| &nbsp;&nbsp;&nbsp; (32790)<br>| &nbsp;&nbsp;&nbsp; (7480)<br>| &nbsp;&nbsp;&nbsp; (8877)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (23497)<br>| &nbsp;&nbsp;&nbsp; (17436)<br>| &nbsp;&nbsp;&nbsp; (387)<br>| &nbsp;&nbsp;&nbsp; (1002)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (356815)<br>| &nbsp;&nbsp;&nbsp; (281176)<br>| &nbsp;&nbsp;&nbsp; (126088)<br>| &nbsp;&nbsp;&nbsp; (127914)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (40)<br>| &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp; (63)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (93384)<br>| &nbsp;&nbsp;&nbsp; (105843)<br>| &nbsp;&nbsp;&nbsp; (21402)<br>| &nbsp;&nbsp;&nbsp; (21019)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (518059)<br>| &nbsp;&nbsp;&nbsp; (437278)<br>| &nbsp;&nbsp;&nbsp; (155399)<br>| &nbsp;&nbsp;&nbsp; (158875)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 182010 | &nbsp;&nbsp;&nbsp; 261302 | &nbsp;&nbsp;&nbsp; 104501 | &nbsp;&nbsp;&nbsp; 1532084 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 168803 | &nbsp;&nbsp;&nbsp; 404540 | &nbsp;&nbsp;&nbsp; 1365567 | &nbsp;&nbsp;&nbsp; 3681986 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 6226658 | &nbsp;&nbsp;&nbsp; 5822118 | &nbsp;&nbsp;&nbsp; 19691450 | &nbsp;&nbsp;&nbsp; 16009464 |
| End of period | &nbsp;&nbsp;&nbsp; $6395461 | &nbsp;&nbsp;&nbsp; $6226658 | &nbsp;&nbsp;&nbsp; $21057017 | &nbsp;&nbsp;&nbsp; $19691450 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 79

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Hedged Equity 2 Fund**  | **JPMorgan Hedged Equity 2 Fund**  | **JPMorgan Hedged Equity 3 Fund**  | **JPMorgan Hedged Equity 3 Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| **Year Ended** <br>**June 30, 2024** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $38679 | &nbsp;&nbsp;&nbsp; $42041 | &nbsp;&nbsp;&nbsp; $22591 | &nbsp;&nbsp;&nbsp; $23775 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 132040 | &nbsp;&nbsp;&nbsp; (296445)<br>| &nbsp;&nbsp;&nbsp; 68173 | &nbsp;&nbsp;&nbsp; (116734)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 215751 | &nbsp;&nbsp;&nbsp; 811804 | &nbsp;&nbsp;&nbsp; 152796 | &nbsp;&nbsp;&nbsp; 563782 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 386470 | &nbsp;&nbsp;&nbsp; 557400 | &nbsp;&nbsp;&nbsp; 243560 | &nbsp;&nbsp;&nbsp; 470823 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1231)<br>| &nbsp;&nbsp;&nbsp; (1710)<br>| &nbsp;&nbsp;&nbsp; (654)<br>| &nbsp;&nbsp;&nbsp; (813)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (141)<br>| &nbsp;&nbsp;&nbsp; (423)<br>| &nbsp;&nbsp;&nbsp; (68)<br>| &nbsp;&nbsp;&nbsp; (203)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (30799)<br>| &nbsp;&nbsp;&nbsp; (34362)<br>| &nbsp;&nbsp;&nbsp; (17571)<br>| &nbsp;&nbsp;&nbsp; (19234)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (5788)<br>| &nbsp;&nbsp;&nbsp; (5646)<br>| &nbsp;&nbsp;&nbsp; (3828)<br>| &nbsp;&nbsp;&nbsp; (3412)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (37967)<br>| &nbsp;&nbsp;&nbsp; (42150)<br>| &nbsp;&nbsp;&nbsp; (22121)<br>| &nbsp;&nbsp;&nbsp; (23662)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 87975 | &nbsp;&nbsp;&nbsp; (376204)<br>| &nbsp;&nbsp;&nbsp; 95306 | &nbsp;&nbsp;&nbsp; 126169 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 436478 | &nbsp;&nbsp;&nbsp; 139046 | &nbsp;&nbsp;&nbsp; 316745 | &nbsp;&nbsp;&nbsp; 573330 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 4752540 | &nbsp;&nbsp;&nbsp; 4613494 | &nbsp;&nbsp;&nbsp; 2906846 | &nbsp;&nbsp;&nbsp; 2333516 |
| End of period | &nbsp;&nbsp;&nbsp; $5189018 | &nbsp;&nbsp;&nbsp; $4752540 | &nbsp;&nbsp;&nbsp; $3223591 | &nbsp;&nbsp;&nbsp; $2906846 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

80 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Large Cap Growth Fund**  | **JPMorgan Large Cap Growth Fund**  | **JPMorgan Large Cap Value Fund**  | **JPMorgan Large Cap Value Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $293567 | &nbsp;&nbsp;&nbsp; $114173 | &nbsp;&nbsp;&nbsp; $70401 | &nbsp;&nbsp;&nbsp; $65058 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 8078400 | &nbsp;&nbsp;&nbsp; 954304 | &nbsp;&nbsp;&nbsp; 266675 | &nbsp;&nbsp;&nbsp; 322875 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 6169405 | &nbsp;&nbsp;&nbsp; 23164754 | &nbsp;&nbsp;&nbsp; 249089 | &nbsp;&nbsp;&nbsp; 76976 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 14541372 | &nbsp;&nbsp;&nbsp; 24233231 | &nbsp;&nbsp;&nbsp; 586165 | &nbsp;&nbsp;&nbsp; 464909 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (73377)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (30009)<br>| &nbsp;&nbsp;&nbsp; (14392)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (15893)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8026)<br>| &nbsp;&nbsp;&nbsp; (3999)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (254318)<br>| &nbsp;&nbsp;&nbsp; (21930)<br>| &nbsp;&nbsp;&nbsp; (229234)<br>| &nbsp;&nbsp;&nbsp; (74780)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (2693)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1495)<br>| &nbsp;&nbsp;&nbsp; (679)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (7938)<br>| &nbsp;&nbsp;&nbsp; (347)<br>| &nbsp;&nbsp;&nbsp; (1406)<br>| &nbsp;&nbsp;&nbsp; (632)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (7545)<br>| &nbsp;&nbsp;&nbsp; (851)<br>| &nbsp;&nbsp;&nbsp; (171)<br>| &nbsp;&nbsp;&nbsp; (78)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (10307)<br>| &nbsp;&nbsp;&nbsp; (2077)<br>| &nbsp;&nbsp;&nbsp; (3551)<br>| &nbsp;&nbsp;&nbsp; (1765)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (770115)<br>| &nbsp;&nbsp;&nbsp; (144889)<br>| &nbsp;&nbsp;&nbsp; (224967)<br>| &nbsp;&nbsp;&nbsp; (101287)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (1142186)<br>| &nbsp;&nbsp;&nbsp; (170094)<br>| &nbsp;&nbsp;&nbsp; (498859)<br>| &nbsp;&nbsp;&nbsp; (197612)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 6585164 | &nbsp;&nbsp;&nbsp; 9430366 | &nbsp;&nbsp;&nbsp; 722622 | &nbsp;&nbsp;&nbsp; 505241 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 19984350 | &nbsp;&nbsp;&nbsp; 33493503 | &nbsp;&nbsp;&nbsp; 809928 | &nbsp;&nbsp;&nbsp; 772538 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 94080048 | &nbsp;&nbsp;&nbsp; 60586545 | &nbsp;&nbsp;&nbsp; 4240091 | &nbsp;&nbsp;&nbsp; 3467553 |
| End of period | &nbsp;&nbsp;&nbsp; $114064398 | &nbsp;&nbsp;&nbsp; $94080048 | &nbsp;&nbsp;&nbsp; $5050019 | &nbsp;&nbsp;&nbsp; $4240091 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 81

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Applied** <br>**Data Science Value Fund**  | **JPMorgan U.S. Applied** <br>**Data Science Value Fund**  | **JPMorgan U.S. Equity Fund**  | **JPMorgan U.S. Equity Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $2616 | &nbsp;&nbsp;&nbsp; $3043 | &nbsp;&nbsp;&nbsp; $190689 | &nbsp;&nbsp;&nbsp; $226826 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 12326 | &nbsp;&nbsp;&nbsp; 10911 | &nbsp;&nbsp;&nbsp; 1056495 | &nbsp;&nbsp;&nbsp; 1497047 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 3888 | &nbsp;&nbsp;&nbsp; 10558 | &nbsp;&nbsp;&nbsp; 2378950 | &nbsp;&nbsp;&nbsp; 4443808 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 18830 | &nbsp;&nbsp;&nbsp; 24512 | &nbsp;&nbsp;&nbsp; 3626134 | &nbsp;&nbsp;&nbsp; 6167681 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (3119)<br>| &nbsp;&nbsp;&nbsp; (2997)<br>| &nbsp;&nbsp;&nbsp; (160572)<br>| &nbsp;&nbsp;&nbsp; (34267)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (154)<br>| &nbsp;&nbsp;&nbsp; (217)<br>| &nbsp;&nbsp;&nbsp; (29799)<br>| &nbsp;&nbsp;&nbsp; (5216)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (6047)<br>| &nbsp;&nbsp;&nbsp; (5794)<br>| &nbsp;&nbsp;&nbsp; (325048)<br>| &nbsp;&nbsp;&nbsp; (75398)<br>|
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (222450)<br>| &nbsp;&nbsp;&nbsp; (43883)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (194)<br>| &nbsp;&nbsp;&nbsp; (171)<br>| &nbsp;&nbsp;&nbsp; (17541)<br>| &nbsp;&nbsp;&nbsp; (3653)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14448)<br>| &nbsp;&nbsp;&nbsp; (3237)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6843)<br>| &nbsp;&nbsp;&nbsp; (1479)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (292)<br>| &nbsp;&nbsp;&nbsp; (281)<br>| &nbsp;&nbsp;&nbsp; (78964)<br>| &nbsp;&nbsp;&nbsp; (22826)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (2876)<br>| &nbsp;&nbsp;&nbsp; (2739)<br>| &nbsp;&nbsp;&nbsp; (1064602)<br>| &nbsp;&nbsp;&nbsp; (300012)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (12682)<br>| &nbsp;&nbsp;&nbsp; (12199)<br>| &nbsp;&nbsp;&nbsp; (1920267)<br>| &nbsp;&nbsp;&nbsp; (489971)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (26844)<br>| &nbsp;&nbsp;&nbsp; (20502)<br>| &nbsp;&nbsp;&nbsp; 659457 | &nbsp;&nbsp;&nbsp; 962638 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (20696)<br>| &nbsp;&nbsp;&nbsp; (8189)<br>| &nbsp;&nbsp;&nbsp; 2365324 | &nbsp;&nbsp;&nbsp; 6640348 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 169390 | &nbsp;&nbsp;&nbsp; 177579 | &nbsp;&nbsp;&nbsp; 29813413 | &nbsp;&nbsp;&nbsp; 23173065 |
| End of period | &nbsp;&nbsp;&nbsp; $148694 | &nbsp;&nbsp;&nbsp; $169390 | &nbsp;&nbsp;&nbsp; $32178737 | &nbsp;&nbsp;&nbsp; $29813413 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

82 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. GARP Equity Fund**  | **JPMorgan U.S. GARP Equity Fund**  | **JPMorgan U.S. Large Cap Core Plus Fund**  | **JPMorgan U.S. Large Cap Core Plus Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $4970 | &nbsp;&nbsp;&nbsp; $4220 | &nbsp;&nbsp;&nbsp; $5609 | &nbsp;&nbsp;&nbsp; $2221 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 124902 | &nbsp;&nbsp;&nbsp; 71910 | &nbsp;&nbsp;&nbsp; 47824 | &nbsp;&nbsp;&nbsp; 148703 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 108805 | &nbsp;&nbsp;&nbsp; 322150 | &nbsp;&nbsp;&nbsp; 280250 | &nbsp;&nbsp;&nbsp; 356094 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 238677 | &nbsp;&nbsp;&nbsp; 398280 | &nbsp;&nbsp;&nbsp; 333683 | &nbsp;&nbsp;&nbsp; 507018 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (10778)<br>| &nbsp;&nbsp;&nbsp; (930)<br>| &nbsp;&nbsp;&nbsp; (22370)<br>| &nbsp;&nbsp;&nbsp; (26732)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (683)<br>| &nbsp;&nbsp;&nbsp; (78)<br>| &nbsp;&nbsp;&nbsp; (6307)<br>| &nbsp;&nbsp;&nbsp; (5198)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (11444)<br>| &nbsp;&nbsp;&nbsp; (1115)<br>| &nbsp;&nbsp;&nbsp; (107912)<br>| &nbsp;&nbsp;&nbsp; (100147)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (2874)<br>| &nbsp;&nbsp;&nbsp; (264)<br>| &nbsp;&nbsp;&nbsp; (592)<br>| &nbsp;&nbsp;&nbsp; (770)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (9189)<br>| &nbsp;&nbsp;&nbsp; (1369)<br>| &nbsp;&nbsp;&nbsp; (2791)<br>| &nbsp;&nbsp;&nbsp; (3591)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (57887)<br>| &nbsp;&nbsp;&nbsp; (8988)<br>| &nbsp;&nbsp;&nbsp; (35849)<br>| &nbsp;&nbsp;&nbsp; (32343)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (92855)<br>| &nbsp;&nbsp;&nbsp; (12744)<br>| &nbsp;&nbsp;&nbsp; (175821)<br>| &nbsp;&nbsp;&nbsp; (168781)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 211261 | &nbsp;&nbsp;&nbsp; (17228)<br>| &nbsp;&nbsp;&nbsp; 792132 | &nbsp;&nbsp;&nbsp; 621584 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 357083 | &nbsp;&nbsp;&nbsp; 368308 | &nbsp;&nbsp;&nbsp; 949994 | &nbsp;&nbsp;&nbsp; 959821 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 1514382 | &nbsp;&nbsp;&nbsp; 1146074 | &nbsp;&nbsp;&nbsp; 2388240 | &nbsp;&nbsp;&nbsp; 1428419 |
| End of period | &nbsp;&nbsp;&nbsp; $1871465 | &nbsp;&nbsp;&nbsp; $1514382 | &nbsp;&nbsp;&nbsp; $3338234 | &nbsp;&nbsp;&nbsp; $2388240 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 83

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Research** <br>**Enhanced Equity Fund**  | **JPMorgan U.S. Research** <br>**Enhanced Equity Fund**  | **JPMorgan U.S. Sustainable Leaders Fund**  | **JPMorgan U.S. Sustainable Leaders Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $110033 | &nbsp;&nbsp;&nbsp; $96297 | &nbsp;&nbsp;&nbsp; $1671 | &nbsp;&nbsp;&nbsp; $1672 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 488124 | &nbsp;&nbsp;&nbsp; 389481 | &nbsp;&nbsp;&nbsp; 31960 | &nbsp;&nbsp;&nbsp; 7449 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 722307 | &nbsp;&nbsp;&nbsp; 1483268 | &nbsp;&nbsp;&nbsp; (4942)<br>| &nbsp;&nbsp;&nbsp; 38938 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 1320464 | &nbsp;&nbsp;&nbsp; 1969046 | &nbsp;&nbsp;&nbsp; 28689 | &nbsp;&nbsp;&nbsp; 48059 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (11151)<br>| &nbsp;&nbsp;&nbsp; (1743)<br>| &nbsp;&nbsp;&nbsp; (369)<br>| &nbsp;&nbsp;&nbsp; (381)<br>|
| Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (10)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (70693)<br>| &nbsp;&nbsp;&nbsp; (9378)<br>| &nbsp;&nbsp;&nbsp; (680)<br>| &nbsp;&nbsp;&nbsp; (761)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (531861)<br>| &nbsp;&nbsp;&nbsp; (94354)<br>| &nbsp;&nbsp;&nbsp; (570)<br>| &nbsp;&nbsp;&nbsp; (586)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (613705)<br>| &nbsp;&nbsp;&nbsp; (105475)<br>| &nbsp;&nbsp;&nbsp; (1620)<br>| &nbsp;&nbsp;&nbsp; (1738)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 954145 | &nbsp;&nbsp;&nbsp; (52956)<br>| &nbsp;&nbsp;&nbsp; 26567 | &nbsp;&nbsp;&nbsp; (4851)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 1660904 | &nbsp;&nbsp;&nbsp; 1810615 | &nbsp;&nbsp;&nbsp; 53636 | &nbsp;&nbsp;&nbsp; 41470 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 9371634 | &nbsp;&nbsp;&nbsp; 7561019 | &nbsp;&nbsp;&nbsp; 217471 | &nbsp;&nbsp;&nbsp; 176001 |
| End of period | &nbsp;&nbsp;&nbsp; $11032538 | &nbsp;&nbsp;&nbsp; $9371634 | &nbsp;&nbsp;&nbsp; $271107 | &nbsp;&nbsp;&nbsp; $217471 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

84 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan U.S. Value Fund**  | **JPMorgan U.S. Value Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $84400 | &nbsp;&nbsp;&nbsp; $81408 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 203528 | &nbsp;&nbsp;&nbsp; 51708 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 368897 | &nbsp;&nbsp;&nbsp; 568618 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 656825 | &nbsp;&nbsp;&nbsp; 701734 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (37003)<br>| &nbsp;&nbsp;&nbsp; (15859)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (3127)<br>| &nbsp;&nbsp;&nbsp; (1227)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (71787)<br>| &nbsp;&nbsp;&nbsp; (35684)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (158)<br>| &nbsp;&nbsp;&nbsp; (63)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (254)<br>| &nbsp;&nbsp;&nbsp; (126)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp; (48)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (397)<br>| &nbsp;&nbsp;&nbsp; (164)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (56148)<br>| &nbsp;&nbsp;&nbsp; (29023)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (168932)<br>| &nbsp;&nbsp;&nbsp; (82194)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 211140 | &nbsp;&nbsp;&nbsp; 373543 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 699033 | &nbsp;&nbsp;&nbsp; 993083 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 5697988 | &nbsp;&nbsp;&nbsp; 4704905 |
| End of period | &nbsp;&nbsp;&nbsp; $6397021 | &nbsp;&nbsp;&nbsp; $5697988 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 85

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Income Fund** | **JPMorgan Equity Income Fund** | **JPMorgan Equity Index Fund** | **JPMorgan Equity Index Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $555740 | &nbsp;&nbsp;&nbsp; $474879 | &nbsp;&nbsp;&nbsp; $99188 | &nbsp;&nbsp;&nbsp; $101173 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 324641 | &nbsp;&nbsp;&nbsp; 104336 | &nbsp;&nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp; 8584 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (894899)<br>| &nbsp;&nbsp;&nbsp; (867859)<br>| &nbsp;&nbsp;&nbsp; (132757)<br>| &nbsp;&nbsp;&nbsp; (102906)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (14518)<br>| &nbsp;&nbsp;&nbsp; (288644)<br>| &nbsp;&nbsp;&nbsp; (25169)<br>| &nbsp;&nbsp;&nbsp; 6851 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 49178 | &nbsp;&nbsp;&nbsp; 27076 | &nbsp;&nbsp;&nbsp; 6265 | &nbsp;&nbsp;&nbsp; 9259 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 48821 | &nbsp;&nbsp;&nbsp; 16905 | &nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp; 379 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (273537)<br>| &nbsp;&nbsp;&nbsp; (343123)<br>| &nbsp;&nbsp;&nbsp; (32004)<br>| &nbsp;&nbsp;&nbsp; (27876)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (175538)<br>| &nbsp;&nbsp;&nbsp; (299142)<br>| &nbsp;&nbsp;&nbsp; (25526)<br>| &nbsp;&nbsp;&nbsp; (18238)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1949103 | &nbsp;&nbsp;&nbsp; 2197361 | &nbsp;&nbsp;&nbsp; 415258 | &nbsp;&nbsp;&nbsp; 284182 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1095729 | &nbsp;&nbsp;&nbsp; 424957 | &nbsp;&nbsp;&nbsp; 14937 | &nbsp;&nbsp;&nbsp; 13817 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4522118)<br>| &nbsp;&nbsp;&nbsp; (6220404)<br>| &nbsp;&nbsp;&nbsp; (432614)<br>| &nbsp;&nbsp;&nbsp; (231292)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (1477286)<br>| &nbsp;&nbsp;&nbsp; (3598086)<br>| &nbsp;&nbsp;&nbsp; (2419)<br>| &nbsp;&nbsp;&nbsp; 66707 |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 11718 | &nbsp;&nbsp;&nbsp; 10900 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 6934 | &nbsp;&nbsp;&nbsp; 2295 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (26808)<br>| &nbsp;&nbsp;&nbsp; (28544)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; (8156)<br>| &nbsp;&nbsp;&nbsp; (15349)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 28040 | &nbsp;&nbsp;&nbsp; 31210 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 10554 | &nbsp;&nbsp;&nbsp; 4282 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (55097)<br>| &nbsp;&nbsp;&nbsp; (105455)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; (16503)<br>| &nbsp;&nbsp;&nbsp; (69963)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 36575 | &nbsp;&nbsp;&nbsp; 26494 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 12783 | &nbsp;&nbsp;&nbsp; 5968 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (132388)<br>| &nbsp;&nbsp;&nbsp; (97769)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; (83030)<br>| &nbsp;&nbsp;&nbsp; (65307)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 91207 | &nbsp;&nbsp;&nbsp; 160612 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 63131 | &nbsp;&nbsp;&nbsp; 32722 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (367523)<br>| &nbsp;&nbsp;&nbsp; (667169)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; (213185)<br>| &nbsp;&nbsp;&nbsp; (473835)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

86 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Income Fund** | **JPMorgan Equity Income Fund** | **JPMorgan Equity Index Fund** | **JPMorgan Equity Index Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $2524007 | &nbsp;&nbsp;&nbsp; $2874729 | &nbsp;&nbsp;&nbsp; $1238525 | &nbsp;&nbsp;&nbsp; $1054010 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1704252 | &nbsp;&nbsp;&nbsp; 636688 | &nbsp;&nbsp;&nbsp; 107688 | &nbsp;&nbsp;&nbsp; 100847 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (5224303)<br>| &nbsp;&nbsp;&nbsp; (5329488)<br>| &nbsp;&nbsp;&nbsp; (1638325)<br>| &nbsp;&nbsp;&nbsp; (773031)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (996044)<br>| &nbsp;&nbsp;&nbsp; (1818071)<br>| &nbsp;&nbsp;&nbsp; (292112)<br>| &nbsp;&nbsp;&nbsp; 381826 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(2984260)<br>| &nbsp;&nbsp;&nbsp; $(6628397)<br>| &nbsp;&nbsp;&nbsp; $(345226)<br>| &nbsp;&nbsp;&nbsp; $437146 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 22818 | &nbsp;&nbsp;&nbsp; 21168 | &nbsp;&nbsp;&nbsp; 1144 | &nbsp;&nbsp;&nbsp; 1423 |
| Reinvested | &nbsp;&nbsp;&nbsp; 13333 | &nbsp;&nbsp;&nbsp; 4674 | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 118 |
| Redeemed | &nbsp;&nbsp;&nbsp; (36814)<br>| &nbsp;&nbsp;&nbsp; (38804)<br>| &nbsp;&nbsp;&nbsp; (1539)<br>| &nbsp;&nbsp;&nbsp; (1449)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (663)<br>| &nbsp;&nbsp;&nbsp; (12962)<br>| &nbsp;&nbsp;&nbsp; (299)<br>| &nbsp;&nbsp;&nbsp; 92 |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2069 | &nbsp;&nbsp;&nbsp; 1226 | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 134 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2058 | &nbsp;&nbsp;&nbsp; 777 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 5 |
| Redeemed | &nbsp;&nbsp;&nbsp; (11531)<br>| &nbsp;&nbsp;&nbsp; (15780)<br>| &nbsp;&nbsp;&nbsp; (374)<br>| &nbsp;&nbsp;&nbsp; (400)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (7404)<br>| &nbsp;&nbsp;&nbsp; (13777)<br>| &nbsp;&nbsp;&nbsp; (297)<br>| &nbsp;&nbsp;&nbsp; (261)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 78437 | &nbsp;&nbsp;&nbsp; 96189 | &nbsp;&nbsp;&nbsp; 4848 | &nbsp;&nbsp;&nbsp; 4014 |
| Reinvested | &nbsp;&nbsp;&nbsp; 43999 | &nbsp;&nbsp;&nbsp; 18672 | &nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; 190 |
| Redeemed | &nbsp;&nbsp;&nbsp; (181387)<br>| &nbsp;&nbsp;&nbsp; (272863)<br>| &nbsp;&nbsp;&nbsp; (5053)<br>| &nbsp;&nbsp;&nbsp; (3211)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (58951)<br>| &nbsp;&nbsp;&nbsp; (158002)<br>| &nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp; 993 |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp; 488 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (1103)<br>| &nbsp;&nbsp;&nbsp; (1286)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (331)<br>| &nbsp;&nbsp;&nbsp; (694)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1156 | &nbsp;&nbsp;&nbsp; 1384 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 434 | &nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (2258)<br>| &nbsp;&nbsp;&nbsp; (4608)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; (668)<br>| &nbsp;&nbsp;&nbsp; (3032)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1465 | &nbsp;&nbsp;&nbsp; 1160 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 514 | &nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (5322)<br>| &nbsp;&nbsp;&nbsp; (4363)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; (3343)<br>| &nbsp;&nbsp;&nbsp; (2940)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 87

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Income Fund** | **JPMorgan Equity Income Fund** | **JPMorgan Equity Index Fund** | **JPMorgan Equity Index Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3653 | &nbsp;&nbsp;&nbsp; 7004 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 2532 | &nbsp;&nbsp;&nbsp; 1438 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (14705)<br>| &nbsp;&nbsp;&nbsp; (28437)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (8520)<br>| &nbsp;&nbsp;&nbsp; (19995)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 101438 | &nbsp;&nbsp;&nbsp; 125803 | &nbsp;&nbsp;&nbsp; 14545 | &nbsp;&nbsp;&nbsp; 14642 |
| Reinvested | &nbsp;&nbsp;&nbsp; 68428 | &nbsp;&nbsp;&nbsp; 27943 | &nbsp;&nbsp;&nbsp; 1225 | &nbsp;&nbsp;&nbsp; 1384 |
| Redeemed | &nbsp;&nbsp;&nbsp; (209602)<br>| &nbsp;&nbsp;&nbsp; (232690)<br>| &nbsp;&nbsp;&nbsp; (18797)<br>| &nbsp;&nbsp;&nbsp; (10801)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (39736)<br>| &nbsp;&nbsp;&nbsp; (78944)<br>| &nbsp;&nbsp;&nbsp; (3027)<br>| &nbsp;&nbsp;&nbsp; 5225 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

88 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Premium** <br>**Income Fund** | **JPMorgan Equity Premium** <br>**Income Fund** | **JPMorgan Hedged Equity Fund** | **JPMorgan Hedged Equity Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $167635 | &nbsp;&nbsp;&nbsp; $251147 | &nbsp;&nbsp;&nbsp; $433602 | &nbsp;&nbsp;&nbsp; $366327 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 43974 | &nbsp;&nbsp;&nbsp; 32489 | &nbsp;&nbsp;&nbsp; 7426 | &nbsp;&nbsp;&nbsp; 8829 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (165062)<br>| &nbsp;&nbsp;&nbsp; (151996)<br>| &nbsp;&nbsp;&nbsp; (468982)<br>| &nbsp;&nbsp;&nbsp; (414037)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 46547 | &nbsp;&nbsp;&nbsp; 131640 | &nbsp;&nbsp;&nbsp; (27954)<br>| &nbsp;&nbsp;&nbsp; (38881)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 72603 | &nbsp;&nbsp;&nbsp; 91300 | &nbsp;&nbsp;&nbsp; 151872 | &nbsp;&nbsp;&nbsp; 105638 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 23363 | &nbsp;&nbsp;&nbsp; 17368 | &nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp; 1002 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (61736)<br>| &nbsp;&nbsp;&nbsp; (42446)<br>| &nbsp;&nbsp;&nbsp; (101015)<br>| &nbsp;&nbsp;&nbsp; (89357)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 34230 | &nbsp;&nbsp;&nbsp; 66222 | &nbsp;&nbsp;&nbsp; 51242 | &nbsp;&nbsp;&nbsp; 17283 |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1860331 | &nbsp;&nbsp;&nbsp; 1899414 | &nbsp;&nbsp;&nbsp; 4931189 | &nbsp;&nbsp;&nbsp; 4608281 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 348924 | &nbsp;&nbsp;&nbsp; 274702 | &nbsp;&nbsp;&nbsp; 123002 | &nbsp;&nbsp;&nbsp; 124164 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1874710)<br>| &nbsp;&nbsp;&nbsp; (1747336)<br>| &nbsp;&nbsp;&nbsp; (4629408)<br>| &nbsp;&nbsp;&nbsp; (3579626)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 334545 | &nbsp;&nbsp;&nbsp; 426780 | &nbsp;&nbsp;&nbsp; 424783 | &nbsp;&nbsp;&nbsp; 1152819 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 596 | &nbsp;&nbsp;&nbsp; 374 | &nbsp;&nbsp;&nbsp; 755 | &nbsp;&nbsp;&nbsp; 661 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 63 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (368)<br>| &nbsp;&nbsp;&nbsp; (824)<br>| &nbsp;&nbsp;&nbsp; (3745)<br>| &nbsp;&nbsp;&nbsp; (1654)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; (417)<br>| &nbsp;&nbsp;&nbsp; (2948)<br>| &nbsp;&nbsp;&nbsp; (930)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 46941 | &nbsp;&nbsp;&nbsp; 89356 | &nbsp;&nbsp;&nbsp; 1051969 | &nbsp;&nbsp;&nbsp; 994924 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 87749 | &nbsp;&nbsp;&nbsp; 99145 | &nbsp;&nbsp;&nbsp; 11285 | &nbsp;&nbsp;&nbsp; 10673 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (368269)<br>| &nbsp;&nbsp;&nbsp; (551424)<br>| &nbsp;&nbsp;&nbsp; (1403876)<br>| &nbsp;&nbsp;&nbsp; (603804)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (233579)<br>| &nbsp;&nbsp;&nbsp; (362923)<br>| &nbsp;&nbsp;&nbsp; (340622)<br>| &nbsp;&nbsp;&nbsp; 401793 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $182010 | &nbsp;&nbsp;&nbsp; $261302 | &nbsp;&nbsp;&nbsp; $104501 | &nbsp;&nbsp;&nbsp; $1532084 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 11673 | &nbsp;&nbsp;&nbsp; 18250 | &nbsp;&nbsp;&nbsp; 13424 | &nbsp;&nbsp;&nbsp; 12875 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3068 | &nbsp;&nbsp;&nbsp; 2356 | &nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp; 310 |
| Redeemed | &nbsp;&nbsp;&nbsp; (11580)<br>| &nbsp;&nbsp;&nbsp; (11084)<br>| &nbsp;&nbsp;&nbsp; (14512)<br>| &nbsp;&nbsp;&nbsp; (14536)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 3161 | &nbsp;&nbsp;&nbsp; 9522 | &nbsp;&nbsp;&nbsp; (860)<br>| &nbsp;&nbsp;&nbsp; (1351)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5047 | &nbsp;&nbsp;&nbsp; 6633 | &nbsp;&nbsp;&nbsp; 4714 | &nbsp;&nbsp;&nbsp; 3734 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1631 | &nbsp;&nbsp;&nbsp; 1259 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 36 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4314)<br>| &nbsp;&nbsp;&nbsp; (3070)<br>| &nbsp;&nbsp;&nbsp; (3148)<br>| &nbsp;&nbsp;&nbsp; (3196)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 2364 | &nbsp;&nbsp;&nbsp; 4822 | &nbsp;&nbsp;&nbsp; 1578 | &nbsp;&nbsp;&nbsp; 574 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 89

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Premium**<br> **Income Fund** | **JPMorgan Equity Premium**<br> **Income Fund** | **JPMorgan Hedged Equity Fund** | **JPMorgan Hedged Equity Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 130053 | &nbsp;&nbsp;&nbsp; 137688 | &nbsp;&nbsp;&nbsp; 152732 | &nbsp;&nbsp;&nbsp; 161008 |
| Reinvested | &nbsp;&nbsp;&nbsp; 24338 | &nbsp;&nbsp;&nbsp; 19915 | &nbsp;&nbsp;&nbsp; 3759 | &nbsp;&nbsp;&nbsp; 4320 |
| Redeemed | &nbsp;&nbsp;&nbsp; (131228)<br>| &nbsp;&nbsp;&nbsp; (127259)<br>| &nbsp;&nbsp;&nbsp; (143167)<br>| &nbsp;&nbsp;&nbsp; (125195)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 23163 | &nbsp;&nbsp;&nbsp; 30344 | &nbsp;&nbsp;&nbsp; 13324 | &nbsp;&nbsp;&nbsp; 40133 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 24 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 |
| Redeemed | &nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; (60)<br>| &nbsp;&nbsp;&nbsp; (116)<br>| &nbsp;&nbsp;&nbsp; (58)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; (31)<br>| &nbsp;&nbsp;&nbsp; (92)<br>| &nbsp;&nbsp;&nbsp; (32)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3279 | &nbsp;&nbsp;&nbsp; 6496 | &nbsp;&nbsp;&nbsp; 32862 | &nbsp;&nbsp;&nbsp; 34871 |
| Reinvested | &nbsp;&nbsp;&nbsp; 6113 | &nbsp;&nbsp;&nbsp; 7203 | &nbsp;&nbsp;&nbsp; 344 | &nbsp;&nbsp;&nbsp; 369 |
| Redeemed | &nbsp;&nbsp;&nbsp; (25699)<br>| &nbsp;&nbsp;&nbsp; (40090)<br>| &nbsp;&nbsp;&nbsp; (43210)<br>| &nbsp;&nbsp;&nbsp; (21331)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (16307)<br>| &nbsp;&nbsp;&nbsp; (26391)<br>| &nbsp;&nbsp;&nbsp; (10004)<br>| &nbsp;&nbsp;&nbsp; 13909 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

90 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Hedged Equity 2 Fund** | **JPMorgan Hedged Equity 2 Fund** | **JPMorgan Hedged Equity 3 Fund** | **JPMorgan Hedged Equity 3 Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $53180 | &nbsp;&nbsp;&nbsp; $52638 | &nbsp;&nbsp;&nbsp; $50870 | &nbsp;&nbsp;&nbsp; $41397 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1227 | &nbsp;&nbsp;&nbsp; 1707 | &nbsp;&nbsp;&nbsp; 653 | &nbsp;&nbsp;&nbsp; 810 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (72587)<br>| &nbsp;&nbsp;&nbsp; (99956)<br>| &nbsp;&nbsp;&nbsp; (43353)<br>| &nbsp;&nbsp;&nbsp; (42917)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (18180)<br>| &nbsp;&nbsp;&nbsp; (45611)<br>| &nbsp;&nbsp;&nbsp; 8170 | &nbsp;&nbsp;&nbsp; (710)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 46176 | &nbsp;&nbsp;&nbsp; 32284 | &nbsp;&nbsp;&nbsp; 37734 | &nbsp;&nbsp;&nbsp; 26762 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 201 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (47195)<br>| &nbsp;&nbsp;&nbsp; (63073)<br>| &nbsp;&nbsp;&nbsp; (18575)<br>| &nbsp;&nbsp;&nbsp; (28818)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (879)<br>| &nbsp;&nbsp;&nbsp; (30367)<br>| &nbsp;&nbsp;&nbsp; 19226 | &nbsp;&nbsp;&nbsp; (1855)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1709276 | &nbsp;&nbsp;&nbsp; 1701540 | &nbsp;&nbsp;&nbsp; 1248542 | &nbsp;&nbsp;&nbsp; 1157344 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 30066 | &nbsp;&nbsp;&nbsp; 33482 | &nbsp;&nbsp;&nbsp; 17272 | &nbsp;&nbsp;&nbsp; 18942 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1617312)<br>| &nbsp;&nbsp;&nbsp; (1918291)<br>| &nbsp;&nbsp;&nbsp; (1121441)<br>| &nbsp;&nbsp;&nbsp; (1170627)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 122030 | &nbsp;&nbsp;&nbsp; (183269)<br>| &nbsp;&nbsp;&nbsp; 144373 | &nbsp;&nbsp;&nbsp; 5659 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 356 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (229)<br>| &nbsp;&nbsp;&nbsp; (108)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (5)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (5)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 696148 | &nbsp;&nbsp;&nbsp; 311448 | &nbsp;&nbsp;&nbsp; 229540 | &nbsp;&nbsp;&nbsp; 258885 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 5347 | &nbsp;&nbsp;&nbsp; 5331 | &nbsp;&nbsp;&nbsp; 3368 | &nbsp;&nbsp;&nbsp; 3148 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (716626)<br>| &nbsp;&nbsp;&nbsp; (433708)<br>| &nbsp;&nbsp;&nbsp; (309377)<br>| &nbsp;&nbsp;&nbsp; (138953)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (15131)<br>| &nbsp;&nbsp;&nbsp; (116929)<br>| &nbsp;&nbsp;&nbsp; (76469)<br>| &nbsp;&nbsp;&nbsp; 123080 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $87975 | &nbsp;&nbsp;&nbsp; $(376204)<br>| &nbsp;&nbsp;&nbsp; $95306 | &nbsp;&nbsp;&nbsp; $126169 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2896 | &nbsp;&nbsp;&nbsp; 3318 | &nbsp;&nbsp;&nbsp; 2659 | &nbsp;&nbsp;&nbsp; 2520 |
| Reinvested | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 49 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3965)<br>| &nbsp;&nbsp;&nbsp; (6235)<br>| &nbsp;&nbsp;&nbsp; (2287)<br>| &nbsp;&nbsp;&nbsp; (2598)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (1002)<br>| &nbsp;&nbsp;&nbsp; (2811)<br>| &nbsp;&nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp; (29)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2525 | &nbsp;&nbsp;&nbsp; 2018 | &nbsp;&nbsp;&nbsp; 1986 | &nbsp;&nbsp;&nbsp; 1654 |
| Reinvested | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 12 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2589)<br>| &nbsp;&nbsp;&nbsp; (3959)<br>| &nbsp;&nbsp;&nbsp; (985)<br>| &nbsp;&nbsp;&nbsp; (1759)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp; (1914)<br>| &nbsp;&nbsp;&nbsp; 1005 | &nbsp;&nbsp;&nbsp; (93)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 91

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Hedged Equity 2 Fund** | **JPMorgan Hedged Equity 2 Fund** | **JPMorgan Hedged Equity 3 Fund** | **JPMorgan Hedged Equity 3 Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 93439 | &nbsp;&nbsp;&nbsp; 106534 | &nbsp;&nbsp;&nbsp; 65878 | &nbsp;&nbsp;&nbsp; 70639 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1630 | &nbsp;&nbsp;&nbsp; 2072 | &nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 1131 |
| Redeemed | &nbsp;&nbsp;&nbsp; (88889)<br>| &nbsp;&nbsp;&nbsp; (119230)<br>| &nbsp;&nbsp;&nbsp; (59100)<br>| &nbsp;&nbsp;&nbsp; (70009)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 6180 | &nbsp;&nbsp;&nbsp; (10624)<br>| &nbsp;&nbsp;&nbsp; 7678 | &nbsp;&nbsp;&nbsp; 1761 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (1)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 38309 | &nbsp;&nbsp;&nbsp; 19836 | &nbsp;&nbsp;&nbsp; 12266 | &nbsp;&nbsp;&nbsp; 15990 |
| Reinvested | &nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp; 332 | &nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp; 186 |
| Redeemed | &nbsp;&nbsp;&nbsp; (39290)<br>| &nbsp;&nbsp;&nbsp; (26802)<br>| &nbsp;&nbsp;&nbsp; (16225)<br>| &nbsp;&nbsp;&nbsp; (8076)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (691)<br>| &nbsp;&nbsp;&nbsp; (6634)<br>| &nbsp;&nbsp;&nbsp; (3783)<br>| &nbsp;&nbsp;&nbsp; 8100 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

92 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Large Cap Growth Fund** | **JPMorgan Large Cap Growth Fund** | **JPMorgan Large Cap Value Fund** | **JPMorgan Large Cap Value Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1365507 | &nbsp;&nbsp;&nbsp; $1164930 | &nbsp;&nbsp;&nbsp; $52975 | &nbsp;&nbsp;&nbsp; $42710 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 68401 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29497 | &nbsp;&nbsp;&nbsp; 14115 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1303748)<br>| &nbsp;&nbsp;&nbsp; (909031)<br>| &nbsp;&nbsp;&nbsp; (68031)<br>| &nbsp;&nbsp;&nbsp; (70402)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 130160 | &nbsp;&nbsp;&nbsp; 255899 | &nbsp;&nbsp;&nbsp; 14441 | &nbsp;&nbsp;&nbsp; (13577)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 314836 | &nbsp;&nbsp;&nbsp; 216550 | &nbsp;&nbsp;&nbsp; 10817 | &nbsp;&nbsp;&nbsp; 10707 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 14918 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8012 | &nbsp;&nbsp;&nbsp; 3987 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (205022)<br>| &nbsp;&nbsp;&nbsp; (174049)<br>| &nbsp;&nbsp;&nbsp; (25659)<br>| &nbsp;&nbsp;&nbsp; (30486)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 124732 | &nbsp;&nbsp;&nbsp; 42501 | &nbsp;&nbsp;&nbsp; (6830)<br>| &nbsp;&nbsp;&nbsp; (15792)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 8851531 | &nbsp;&nbsp;&nbsp; 6590720 | &nbsp;&nbsp;&nbsp; 1038031 | &nbsp;&nbsp;&nbsp; 1012719 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 229506 | &nbsp;&nbsp;&nbsp; 19621 | &nbsp;&nbsp;&nbsp; 209647 | &nbsp;&nbsp;&nbsp; 68827 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (5429101)<br>| &nbsp;&nbsp;&nbsp; (5408878)<br>| &nbsp;&nbsp;&nbsp; (853169)<br>| &nbsp;&nbsp;&nbsp; (643129)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 3651936 | &nbsp;&nbsp;&nbsp; 1201463 | &nbsp;&nbsp;&nbsp; 394509 | &nbsp;&nbsp;&nbsp; 438417 |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 84283 | &nbsp;&nbsp;&nbsp; 100595 | &nbsp;&nbsp;&nbsp; 3248 | &nbsp;&nbsp;&nbsp; 3239 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2674 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1490 | &nbsp;&nbsp;&nbsp; 677 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (81309)<br>| &nbsp;&nbsp;&nbsp; (51352)<br>| &nbsp;&nbsp;&nbsp; (2633)<br>| &nbsp;&nbsp;&nbsp; (4134)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; 5648 | &nbsp;&nbsp;&nbsp; 49243 | &nbsp;&nbsp;&nbsp; 2105 | &nbsp;&nbsp;&nbsp; (218)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 233009 | &nbsp;&nbsp;&nbsp; 383762 | &nbsp;&nbsp;&nbsp; 1737 | &nbsp;&nbsp;&nbsp; 3405 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 6361 | &nbsp;&nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp; 1405 | &nbsp;&nbsp;&nbsp; 632 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (224034)<br>| &nbsp;&nbsp;&nbsp; (217533)<br>| &nbsp;&nbsp;&nbsp; (1945)<br>| &nbsp;&nbsp;&nbsp; (2295)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; 15336 | &nbsp;&nbsp;&nbsp; 166512 | &nbsp;&nbsp;&nbsp; 1197 | &nbsp;&nbsp;&nbsp; 1742 |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 200144 | &nbsp;&nbsp;&nbsp; 214168 | &nbsp;&nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp; 884 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 7273 | &nbsp;&nbsp;&nbsp; 826 | &nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; 77 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (267198)<br>| &nbsp;&nbsp;&nbsp; (190307)<br>| &nbsp;&nbsp;&nbsp; (1279)<br>| &nbsp;&nbsp;&nbsp; (191)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; (59781)<br>| &nbsp;&nbsp;&nbsp; 24687 | &nbsp;&nbsp;&nbsp; (921)<br>| &nbsp;&nbsp;&nbsp; 770 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 244615 | &nbsp;&nbsp;&nbsp; 198025 | &nbsp;&nbsp;&nbsp; 5017 | &nbsp;&nbsp;&nbsp; 9664 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 9991 | &nbsp;&nbsp;&nbsp; 2028 | &nbsp;&nbsp;&nbsp; 3309 | &nbsp;&nbsp;&nbsp; 1658 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (379940)<br>| &nbsp;&nbsp;&nbsp; (443519)<br>| &nbsp;&nbsp;&nbsp; (15297)<br>| &nbsp;&nbsp;&nbsp; (7983)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; (125334)<br>| &nbsp;&nbsp;&nbsp; (243466)<br>| &nbsp;&nbsp;&nbsp; (6971)<br>| &nbsp;&nbsp;&nbsp; 3339 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 93

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Large Cap Growth Fund** | **JPMorgan Large Cap Growth Fund** | **JPMorgan Large Cap Value Fund** | **JPMorgan Large Cap Value Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $15792636 | &nbsp;&nbsp;&nbsp; $16706100 | &nbsp;&nbsp;&nbsp; $481222 | &nbsp;&nbsp;&nbsp; $341179 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 734332 | &nbsp;&nbsp;&nbsp; 137456 | &nbsp;&nbsp;&nbsp; 219587 | &nbsp;&nbsp;&nbsp; 99088 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (13684501)<br>| &nbsp;&nbsp;&nbsp; (8910029)<br>| &nbsp;&nbsp;&nbsp; (375717)<br>| &nbsp;&nbsp;&nbsp; (349707)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 2842467 | &nbsp;&nbsp;&nbsp; 7933527 | &nbsp;&nbsp;&nbsp; 325092 | &nbsp;&nbsp;&nbsp; 90560 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $6585164 | &nbsp;&nbsp;&nbsp; $9430366 | &nbsp;&nbsp;&nbsp; $722622 | &nbsp;&nbsp;&nbsp; $505241 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 18154 | &nbsp;&nbsp;&nbsp; 19277 | &nbsp;&nbsp;&nbsp; 2536 | &nbsp;&nbsp;&nbsp; 2226 |
| Reinvested | &nbsp;&nbsp;&nbsp; 856 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1399 | &nbsp;&nbsp;&nbsp; 742 |
| Redeemed | &nbsp;&nbsp;&nbsp; (17409)<br>| &nbsp;&nbsp;&nbsp; (15062)<br>| &nbsp;&nbsp;&nbsp; (3254)<br>| &nbsp;&nbsp;&nbsp; (3655)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 1601 | &nbsp;&nbsp;&nbsp; 4215 | &nbsp;&nbsp;&nbsp; 681 | &nbsp;&nbsp;&nbsp; (687)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6392 | &nbsp;&nbsp;&nbsp; 5351 | &nbsp;&nbsp;&nbsp; 551 | &nbsp;&nbsp;&nbsp; 588 |
| Reinvested | &nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp; 222 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4184)<br>| &nbsp;&nbsp;&nbsp; (4419)<br>| &nbsp;&nbsp;&nbsp; (1311)<br>| &nbsp;&nbsp;&nbsp; (1686)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 2494 | &nbsp;&nbsp;&nbsp; 932 | &nbsp;&nbsp;&nbsp; (356)<br>| &nbsp;&nbsp;&nbsp; (876)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 114687 | &nbsp;&nbsp;&nbsp; 106184 | &nbsp;&nbsp;&nbsp; 50643 | &nbsp;&nbsp;&nbsp; 52517 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2788 | &nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp; 10201 | &nbsp;&nbsp;&nbsp; 3692 |
| Redeemed | &nbsp;&nbsp;&nbsp; (70456)<br>| &nbsp;&nbsp;&nbsp; (86145)<br>| &nbsp;&nbsp;&nbsp; (42072)<br>| &nbsp;&nbsp;&nbsp; (34003)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 47019 | &nbsp;&nbsp;&nbsp; 20369 | &nbsp;&nbsp;&nbsp; 18772 | &nbsp;&nbsp;&nbsp; 22206 |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1215 | &nbsp;&nbsp;&nbsp; 1826 | &nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp; 169 |
| Reinvested | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 36 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1153)<br>| &nbsp;&nbsp;&nbsp; (908)<br>| &nbsp;&nbsp;&nbsp; (126)<br>| &nbsp;&nbsp;&nbsp; (214)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 918 | &nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; (9)<br>|
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3070 | &nbsp;&nbsp;&nbsp; 6632 | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 185 |
| Reinvested | &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 34 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2963)<br>| &nbsp;&nbsp;&nbsp; (3390)<br>| &nbsp;&nbsp;&nbsp; (97)<br>| &nbsp;&nbsp;&nbsp; (122)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp; 3247 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 97 |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2579 | &nbsp;&nbsp;&nbsp; 3562 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 44 |
| Reinvested | &nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 4 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3495)<br>| &nbsp;&nbsp;&nbsp; (3025)<br>| &nbsp;&nbsp;&nbsp; (63)<br>| &nbsp;&nbsp;&nbsp; (10)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; (827)<br>| &nbsp;&nbsp;&nbsp; 551 | &nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp; 38 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

94 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Large Cap Growth Fund** | **JPMorgan Large Cap Growth Fund** | **JPMorgan Large Cap Value Fund** | **JPMorgan Large Cap Value Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3109 | &nbsp;&nbsp;&nbsp; 3155 | &nbsp;&nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp; 509 |
| Reinvested | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; 88 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4765)<br>| &nbsp;&nbsp;&nbsp; (7123)<br>| &nbsp;&nbsp;&nbsp; (731)<br>| &nbsp;&nbsp;&nbsp; (417)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (1539)<br>| &nbsp;&nbsp;&nbsp; (3935)<br>| &nbsp;&nbsp;&nbsp; (330)<br>| &nbsp;&nbsp;&nbsp; 180 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 194227 | &nbsp;&nbsp;&nbsp; 260917 | &nbsp;&nbsp;&nbsp; 24023 | &nbsp;&nbsp;&nbsp; 18164 |
| Reinvested | &nbsp;&nbsp;&nbsp; 8521 | &nbsp;&nbsp;&nbsp; 2206 | &nbsp;&nbsp;&nbsp; 10624 | &nbsp;&nbsp;&nbsp; 5288 |
| Redeemed | &nbsp;&nbsp;&nbsp; (168387)<br>| &nbsp;&nbsp;&nbsp; (134731)<br>| &nbsp;&nbsp;&nbsp; (18433)<br>| &nbsp;&nbsp;&nbsp; (18626)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 34361 | &nbsp;&nbsp;&nbsp; 128392 | &nbsp;&nbsp;&nbsp; 16214 | &nbsp;&nbsp;&nbsp; 4826 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 95

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Applied** <br>**Data Science Value Fund** | **JPMorgan U.S. Applied** <br>**Data Science Value Fund** | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. Equity Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $2723 | &nbsp;&nbsp;&nbsp; $2696 | &nbsp;&nbsp;&nbsp; $569469 | &nbsp;&nbsp;&nbsp; $516558 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2998 | &nbsp;&nbsp;&nbsp; 2890 | &nbsp;&nbsp;&nbsp; 153797 | &nbsp;&nbsp;&nbsp; 32444 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (8823)<br>| &nbsp;&nbsp;&nbsp; (14989)<br>| &nbsp;&nbsp;&nbsp; (549132)<br>| &nbsp;&nbsp;&nbsp; (374492)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (3102)<br>| &nbsp;&nbsp;&nbsp; (9403)<br>| &nbsp;&nbsp;&nbsp; 174134 | &nbsp;&nbsp;&nbsp; 174510 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 126148 | &nbsp;&nbsp;&nbsp; 119408 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp; 29002 | &nbsp;&nbsp;&nbsp; 5089 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1007)<br>| &nbsp;&nbsp;&nbsp; (2032)<br>| &nbsp;&nbsp;&nbsp; (126062)<br>| &nbsp;&nbsp;&nbsp; (133496)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (695)<br>| &nbsp;&nbsp;&nbsp; (1746)<br>| &nbsp;&nbsp;&nbsp; 29088 | &nbsp;&nbsp;&nbsp; (8999)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 3279 | &nbsp;&nbsp;&nbsp; 4012 | &nbsp;&nbsp;&nbsp; 1461424 | &nbsp;&nbsp;&nbsp; 1840142 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 6016 | &nbsp;&nbsp;&nbsp; 5750 | &nbsp;&nbsp;&nbsp; 309179 | &nbsp;&nbsp;&nbsp; 73038 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (25480)<br>| &nbsp;&nbsp;&nbsp; (17778)<br>| &nbsp;&nbsp;&nbsp; (1659072)<br>| &nbsp;&nbsp;&nbsp; (936297)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (16185)<br>| &nbsp;&nbsp;&nbsp; (8016)<br>| &nbsp;&nbsp;&nbsp; 111531 | &nbsp;&nbsp;&nbsp; 976883 |
| **Class L** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1352168 | &nbsp;&nbsp;&nbsp; 801284 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 219329 | &nbsp;&nbsp;&nbsp; 40704 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1492277)<br>| &nbsp;&nbsp;&nbsp; (586876)<br>|
| Change in net assets resulting from Class L capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 79220 | &nbsp;&nbsp;&nbsp; 255112 |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 338 | &nbsp;&nbsp;&nbsp; 452 | &nbsp;&nbsp;&nbsp; 48938 | &nbsp;&nbsp;&nbsp; 47504 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; 17513 | &nbsp;&nbsp;&nbsp; 3647 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (491)<br>| &nbsp;&nbsp;&nbsp; (756)<br>| &nbsp;&nbsp;&nbsp; (72275)<br>| &nbsp;&nbsp;&nbsp; (61552)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; (133)<br>| &nbsp;&nbsp;&nbsp; (5824)<br>| &nbsp;&nbsp;&nbsp; (10401)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 59112 | &nbsp;&nbsp;&nbsp; 59007 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13155 | &nbsp;&nbsp;&nbsp; 2921 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (59642)<br>| &nbsp;&nbsp;&nbsp; (50439)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12625 | &nbsp;&nbsp;&nbsp; 11489 |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34630 | &nbsp;&nbsp;&nbsp; 31595 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6843 | &nbsp;&nbsp;&nbsp; 1479 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (28388)<br>| &nbsp;&nbsp;&nbsp; (18882)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13085 | &nbsp;&nbsp;&nbsp; 14192 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 371 | &nbsp;&nbsp;&nbsp; 153564 | &nbsp;&nbsp;&nbsp; 163186 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp; 281 | &nbsp;&nbsp;&nbsp; 76557 | &nbsp;&nbsp;&nbsp; 21850 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1631)<br>| &nbsp;&nbsp;&nbsp; (475)<br>| &nbsp;&nbsp;&nbsp; (369833)<br>| &nbsp;&nbsp;&nbsp; (243355)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; (939)<br>| &nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; (139712)<br>| &nbsp;&nbsp;&nbsp; (58319)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

96 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Applied**<br> **Data Science Value Fund** | **JPMorgan U.S. Applied**<br> **Data Science Value Fund** | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. Equity Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $7368 | &nbsp;&nbsp;&nbsp; $8975 | &nbsp;&nbsp;&nbsp; $3636203 | &nbsp;&nbsp;&nbsp; $3316400 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2876 | &nbsp;&nbsp;&nbsp; 2739 | &nbsp;&nbsp;&nbsp; 1027536 | &nbsp;&nbsp;&nbsp; 291482 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (16208)<br>| &nbsp;&nbsp;&nbsp; (13095)<br>| &nbsp;&nbsp;&nbsp; (4278429)<br>| &nbsp;&nbsp;&nbsp; (3999711)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (5964)<br>| &nbsp;&nbsp;&nbsp; (1381)<br>| &nbsp;&nbsp;&nbsp; 385310 | &nbsp;&nbsp;&nbsp; (391829)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(26844)<br>| &nbsp;&nbsp;&nbsp; $(20502)<br>| &nbsp;&nbsp;&nbsp; $659457 | &nbsp;&nbsp;&nbsp; $962638 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; 22837 | &nbsp;&nbsp;&nbsp; 24290 |
| Reinvested | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 6005 | &nbsp;&nbsp;&nbsp; 1547 |
| Redeemed | &nbsp;&nbsp;&nbsp; (288)<br>| &nbsp;&nbsp;&nbsp; (538)<br>| &nbsp;&nbsp;&nbsp; (22079)<br>| &nbsp;&nbsp;&nbsp; (17487)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (103)<br>| &nbsp;&nbsp;&nbsp; (336)<br>| &nbsp;&nbsp;&nbsp; 6763 | &nbsp;&nbsp;&nbsp; 8350 |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 5356 | &nbsp;&nbsp;&nbsp; 5891 |
| Reinvested | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 1199 | &nbsp;&nbsp;&nbsp; 258 |
| Redeemed | &nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp; (74)<br>| &nbsp;&nbsp;&nbsp; (5376)<br>| &nbsp;&nbsp;&nbsp; (6704)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; (62)<br>| &nbsp;&nbsp;&nbsp; 1179 | &nbsp;&nbsp;&nbsp; (555)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; 58432 | &nbsp;&nbsp;&nbsp; 86518 |
| Reinvested | &nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp; 12026 | &nbsp;&nbsp;&nbsp; 3445 |
| Redeemed | &nbsp;&nbsp;&nbsp; (820)<br>| &nbsp;&nbsp;&nbsp; (625)<br>| &nbsp;&nbsp;&nbsp; (66634)<br>| &nbsp;&nbsp;&nbsp; (43211)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (523)<br>| &nbsp;&nbsp;&nbsp; (280)<br>| &nbsp;&nbsp;&nbsp; 3824 | &nbsp;&nbsp;&nbsp; 46752 |
| **Class L** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 53957 | &nbsp;&nbsp;&nbsp; 36125 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8509 | &nbsp;&nbsp;&nbsp; 1905 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (60678)<br>| &nbsp;&nbsp;&nbsp; (27597)<br>|
| Change in Class L Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1788 | &nbsp;&nbsp;&nbsp; 10433 |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 1998 | &nbsp;&nbsp;&nbsp; 2261 |
| Reinvested | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 694 | &nbsp;&nbsp;&nbsp; 178 |
| Redeemed | &nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp; (2941)<br>| &nbsp;&nbsp;&nbsp; (2938)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (249)<br>| &nbsp;&nbsp;&nbsp; (499)<br>|
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2429 | &nbsp;&nbsp;&nbsp; 2723 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 517 | &nbsp;&nbsp;&nbsp; 140 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2379)<br>| &nbsp;&nbsp;&nbsp; (2386)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 567 | &nbsp;&nbsp;&nbsp; 477 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 97

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Applied**<br> **Data Science Value Fund** | **JPMorgan U.S. Applied**<br> **Data Science Value Fund** | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. Equity Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1394 | &nbsp;&nbsp;&nbsp; 1461 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; 70 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1182)<br>| &nbsp;&nbsp;&nbsp; (844)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 479 | &nbsp;&nbsp;&nbsp; 687 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 6107 | &nbsp;&nbsp;&nbsp; 7542 |
| Reinvested | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 2968 | &nbsp;&nbsp;&nbsp; 1026 |
| Redeemed | &nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; (14816)<br>| &nbsp;&nbsp;&nbsp; (11204)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (5741)<br>| &nbsp;&nbsp;&nbsp; (2636)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp; 144904 | &nbsp;&nbsp;&nbsp; 154693 |
| Reinvested | &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 39740 | &nbsp;&nbsp;&nbsp; 13627 |
| Redeemed | &nbsp;&nbsp;&nbsp; (519)<br>| &nbsp;&nbsp;&nbsp; (456)<br>| &nbsp;&nbsp;&nbsp; (169319)<br>| &nbsp;&nbsp;&nbsp; (186087)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (194)<br>| &nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp; 15325 | &nbsp;&nbsp;&nbsp; (17767)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

98 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. GARP Equity Fund** | **JPMorgan U.S. GARP Equity Fund** | **JPMorgan U.S. Large Cap Core Plus Fund** | **JPMorgan U.S. Large Cap Core Plus Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $64942 | &nbsp;&nbsp;&nbsp; $33296 | &nbsp;&nbsp;&nbsp; $74877 | &nbsp;&nbsp;&nbsp; $64718 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 8363 | &nbsp;&nbsp;&nbsp; 694 | &nbsp;&nbsp;&nbsp; 21141 | &nbsp;&nbsp;&nbsp; 24938 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (44821)<br>| &nbsp;&nbsp;&nbsp; (21103)<br>| &nbsp;&nbsp;&nbsp; (70089)<br>| &nbsp;&nbsp;&nbsp; (55910)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 28484 | &nbsp;&nbsp;&nbsp; 12887 | &nbsp;&nbsp;&nbsp; 25929 | &nbsp;&nbsp;&nbsp; 33746 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2811 | &nbsp;&nbsp;&nbsp; 2711 | &nbsp;&nbsp;&nbsp; 41280 | &nbsp;&nbsp;&nbsp; 31452 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 631 | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 6210 | &nbsp;&nbsp;&nbsp; 5042 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (5035)<br>| &nbsp;&nbsp;&nbsp; (5777)<br>| &nbsp;&nbsp;&nbsp; (18342)<br>| &nbsp;&nbsp;&nbsp; (13145)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (1593)<br>| &nbsp;&nbsp;&nbsp; (2993)<br>| &nbsp;&nbsp;&nbsp; 29148 | &nbsp;&nbsp;&nbsp; 23349 |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 283020 | &nbsp;&nbsp;&nbsp; 61987 | &nbsp;&nbsp;&nbsp; 948040 | &nbsp;&nbsp;&nbsp; 596167 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 9887 | &nbsp;&nbsp;&nbsp; 928 | &nbsp;&nbsp;&nbsp; 105451 | &nbsp;&nbsp;&nbsp; 97364 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (154031)<br>| &nbsp;&nbsp;&nbsp; (28256)<br>| &nbsp;&nbsp;&nbsp; (599365)<br>| &nbsp;&nbsp;&nbsp; (256578)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 138876 | &nbsp;&nbsp;&nbsp; 34659 | &nbsp;&nbsp;&nbsp; 454126 | &nbsp;&nbsp;&nbsp; 436953 |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 10669 | &nbsp;&nbsp;&nbsp; 9064 | &nbsp;&nbsp;&nbsp; 1102 | &nbsp;&nbsp;&nbsp; 818 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2864 | &nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp; 770 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (17224)<br>| &nbsp;&nbsp;&nbsp; (9808)<br>| &nbsp;&nbsp;&nbsp; (967)<br>| &nbsp;&nbsp;&nbsp; (820)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; (3691)<br>| &nbsp;&nbsp;&nbsp; (481)<br>| &nbsp;&nbsp;&nbsp; 726 | &nbsp;&nbsp;&nbsp; 768 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 23648 | &nbsp;&nbsp;&nbsp; 23210 | &nbsp;&nbsp;&nbsp; 10258 | &nbsp;&nbsp;&nbsp; 13121 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 9179 | &nbsp;&nbsp;&nbsp; 1369 | &nbsp;&nbsp;&nbsp; 2689 | &nbsp;&nbsp;&nbsp; 3428 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (38651)<br>| &nbsp;&nbsp;&nbsp; (27279)<br>| &nbsp;&nbsp;&nbsp; (14001)<br>| &nbsp;&nbsp;&nbsp; (9310)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; (5824)<br>| &nbsp;&nbsp;&nbsp; (2700)<br>| &nbsp;&nbsp;&nbsp; (1054)<br>| &nbsp;&nbsp;&nbsp; 7239 |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 106830 | &nbsp;&nbsp;&nbsp; 45206 | &nbsp;&nbsp;&nbsp; 369467 | &nbsp;&nbsp;&nbsp; 181885 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 56642 | &nbsp;&nbsp;&nbsp; 8688 | &nbsp;&nbsp;&nbsp; 29153 | &nbsp;&nbsp;&nbsp; 23448 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (108463)<br>| &nbsp;&nbsp;&nbsp; (112494)<br>| &nbsp;&nbsp;&nbsp; (115363)<br>| &nbsp;&nbsp;&nbsp; (85804)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 55009 | &nbsp;&nbsp;&nbsp; (58600)<br>| &nbsp;&nbsp;&nbsp; 283257 | &nbsp;&nbsp;&nbsp; 119529 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $211261 | &nbsp;&nbsp;&nbsp; $(17228)<br>| &nbsp;&nbsp;&nbsp; $792132 | &nbsp;&nbsp;&nbsp; $621584 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 782 | &nbsp;&nbsp;&nbsp; 477 | &nbsp;&nbsp;&nbsp; 3713 | &nbsp;&nbsp;&nbsp; 3719 |
| Reinvested | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 1026 | &nbsp;&nbsp;&nbsp; 1535 |
| Redeemed | &nbsp;&nbsp;&nbsp; (548)<br>| &nbsp;&nbsp;&nbsp; (310)<br>| &nbsp;&nbsp;&nbsp; (3501)<br>| &nbsp;&nbsp;&nbsp; (3214)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp; 1238 | &nbsp;&nbsp;&nbsp; 2040 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 99

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. GARP Equity** <br> **Fund** | **JPMorgan U.S. GARP Equity** <br> **Fund** | **JPMorgan U.S. Large Cap Core Plus** <br> **Fund** | **JPMorgan U.S. Large Cap Core Plus** <br> **Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 2673 | &nbsp;&nbsp;&nbsp; 2218 |
| Reinvested | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp; 397 |
| Redeemed | &nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp; (91)<br>| &nbsp;&nbsp;&nbsp; (1204)<br>| &nbsp;&nbsp;&nbsp; (939)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp; 1863 | &nbsp;&nbsp;&nbsp; 1676 |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3306 | &nbsp;&nbsp;&nbsp; 874 | &nbsp;&nbsp;&nbsp; 44390 | &nbsp;&nbsp;&nbsp; 31461 |
| Reinvested | &nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 4823 | &nbsp;&nbsp;&nbsp; 5665 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1833)<br>| &nbsp;&nbsp;&nbsp; (389)<br>| &nbsp;&nbsp;&nbsp; (28502)<br>| &nbsp;&nbsp;&nbsp; (13923)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 1584 | &nbsp;&nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp; 20711 | &nbsp;&nbsp;&nbsp; 23203 |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 52 |
| Reinvested | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 54 |
| Redeemed | &nbsp;&nbsp;&nbsp; (220)<br>| &nbsp;&nbsp;&nbsp; (150)<br>| &nbsp;&nbsp;&nbsp; (57)<br>| &nbsp;&nbsp;&nbsp; (54)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 52 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp; 471 | &nbsp;&nbsp;&nbsp; 692 |
| Reinvested | &nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; 196 |
| Redeemed | &nbsp;&nbsp;&nbsp; (467)<br>| &nbsp;&nbsp;&nbsp; (394)<br>| &nbsp;&nbsp;&nbsp; (652)<br>| &nbsp;&nbsp;&nbsp; (494)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; (60)<br>| &nbsp;&nbsp;&nbsp; 394 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1298 | &nbsp;&nbsp;&nbsp; 657 | &nbsp;&nbsp;&nbsp; 17139 | &nbsp;&nbsp;&nbsp; 9639 |
| Reinvested | &nbsp;&nbsp;&nbsp; 651 | &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; 1310 | &nbsp;&nbsp;&nbsp; 1342 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1290)<br>| &nbsp;&nbsp;&nbsp; (1701)<br>| &nbsp;&nbsp;&nbsp; (5316)<br>| &nbsp;&nbsp;&nbsp; (4653)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 659 | &nbsp;&nbsp;&nbsp; (913)<br>| &nbsp;&nbsp;&nbsp; 13133 | &nbsp;&nbsp;&nbsp; 6328 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

100 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Research** <br>**Enhanced Equity Fund** | **JPMorgan U.S. Research** <br>**Enhanced Equity Fund** | **JPMorgan U.S. Sustainable Leaders Fund** | **JPMorgan U.S. Sustainable Leaders Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $625524 | &nbsp;&nbsp;&nbsp; $36300 | &nbsp;&nbsp;&nbsp; $39391 | &nbsp;&nbsp;&nbsp; $11713 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 11086 | &nbsp;&nbsp;&nbsp; 1733 | &nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp; 377 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (300798)<br>| &nbsp;&nbsp;&nbsp; (62673)<br>| &nbsp;&nbsp;&nbsp; (17158)<br>| &nbsp;&nbsp;&nbsp; (10547)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 335812 | &nbsp;&nbsp;&nbsp; (24640)<br>| &nbsp;&nbsp;&nbsp; 22598 | &nbsp;&nbsp;&nbsp; 1543 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp; 604 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 10 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1112)<br>| &nbsp;&nbsp;&nbsp; (1129)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (843)<br>| &nbsp;&nbsp;&nbsp; (515)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 670378 | &nbsp;&nbsp;&nbsp; 154807 | &nbsp;&nbsp;&nbsp; 24995 | &nbsp;&nbsp;&nbsp; 14638 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 45383 | &nbsp;&nbsp;&nbsp; 6931 | &nbsp;&nbsp;&nbsp; 678 | &nbsp;&nbsp;&nbsp; 726 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (352664)<br>| &nbsp;&nbsp;&nbsp; (192898)<br>| &nbsp;&nbsp;&nbsp; (18389)<br>| &nbsp;&nbsp;&nbsp; (22484)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 363097 | &nbsp;&nbsp;&nbsp; (31160)<br>| &nbsp;&nbsp;&nbsp; 7284 | &nbsp;&nbsp;&nbsp; (7120)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1475645 | &nbsp;&nbsp;&nbsp; 1760186 | &nbsp;&nbsp;&nbsp; 11627 | &nbsp;&nbsp;&nbsp; 12331 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 522922 | &nbsp;&nbsp;&nbsp; 93718 | &nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp; 586 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1743331)<br>| &nbsp;&nbsp;&nbsp; (1851060)<br>| &nbsp;&nbsp;&nbsp; (14669)<br>| &nbsp;&nbsp;&nbsp; (11676)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 255236 | &nbsp;&nbsp;&nbsp; 2844 | &nbsp;&nbsp;&nbsp; (2472)<br>| &nbsp;&nbsp;&nbsp; 1241 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $954145 | &nbsp;&nbsp;&nbsp; $(52956)<br>| &nbsp;&nbsp;&nbsp; $26567 | &nbsp;&nbsp;&nbsp; $(4851)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 15453 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 554 | &nbsp;&nbsp;&nbsp; 188 |
| Reinvested | &nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 6 |
| Redeemed | &nbsp;&nbsp;&nbsp; (7448)<br>| &nbsp;&nbsp;&nbsp; (1721)<br>| &nbsp;&nbsp;&nbsp; (229)<br>| &nbsp;&nbsp;&nbsp; (169)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 8257 | &nbsp;&nbsp;&nbsp; (674)<br>| &nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp; 25 |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 10 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; (19)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; (9)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 15343 | &nbsp;&nbsp;&nbsp; 4292 | &nbsp;&nbsp;&nbsp; 327 | &nbsp;&nbsp;&nbsp; 234 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1013 | &nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 12 |
| Redeemed | &nbsp;&nbsp;&nbsp; (8205)<br>| &nbsp;&nbsp;&nbsp; (5260)<br>| &nbsp;&nbsp;&nbsp; (243)<br>| &nbsp;&nbsp;&nbsp; (357)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 8151 | &nbsp;&nbsp;&nbsp; (783)<br>| &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; (111)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 101

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Research**<br> **Enhanced Equity Fund** | **JPMorgan U.S. Research**<br> **Enhanced Equity Fund** | **JPMorgan U.S. Sustainable Leaders Fund** | **JPMorgan U.S. Sustainable Leaders Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 34292 | &nbsp;&nbsp;&nbsp; 47236 | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 194 |
| Reinvested | &nbsp;&nbsp;&nbsp; 11702 | &nbsp;&nbsp;&nbsp; 2492 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 10 |
| Redeemed | &nbsp;&nbsp;&nbsp; (39785)<br>| &nbsp;&nbsp;&nbsp; (49778)<br>| &nbsp;&nbsp;&nbsp; (193)<br>| &nbsp;&nbsp;&nbsp; (185)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 6209 | &nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; 19 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

102 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan U.S. Value Fund** | **JPMorgan U.S. Value Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $245906 | &nbsp;&nbsp;&nbsp; $239178 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 34970 | &nbsp;&nbsp;&nbsp; 14915 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (170834)<br>| &nbsp;&nbsp;&nbsp; (175303)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 110042 | &nbsp;&nbsp;&nbsp; 78790 |
| **Class C** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 15965 | &nbsp;&nbsp;&nbsp; 21829 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2906 | &nbsp;&nbsp;&nbsp; 1126 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (23703)<br>| &nbsp;&nbsp;&nbsp; (29179)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (4832)<br>| &nbsp;&nbsp;&nbsp; (6224)<br>|
| **Class I** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 796511 | &nbsp;&nbsp;&nbsp; 843634 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 66988 | &nbsp;&nbsp;&nbsp; 33467 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (735443)<br>| &nbsp;&nbsp;&nbsp; (916296)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 128056 | &nbsp;&nbsp;&nbsp; (39195)<br>|
| **Class R2** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1462 | &nbsp;&nbsp;&nbsp; 1108 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; 63 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1625)<br>| &nbsp;&nbsp;&nbsp; (1025)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; 146 |
| **Class R3** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 6036 | &nbsp;&nbsp;&nbsp; 5745 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 69 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2333)<br>| &nbsp;&nbsp;&nbsp; (6310)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; 3789 | &nbsp;&nbsp;&nbsp; (496)<br>|
| **Class R4** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2147 | &nbsp;&nbsp;&nbsp; 925 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 48 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1678)<br>| &nbsp;&nbsp;&nbsp; (3013)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; 527 | &nbsp;&nbsp;&nbsp; (2040)<br>|
| **Class R5** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 7843 | &nbsp;&nbsp;&nbsp; 8482 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp; 154 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4389)<br>| &nbsp;&nbsp;&nbsp; (9314)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 3834 | &nbsp;&nbsp;&nbsp; (678)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 103

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **JPMorgan U.S. Value Fund** | **JPMorgan U.S. Value Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |
| **Class R6** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $455431 | &nbsp;&nbsp;&nbsp; $708739 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 54483 | &nbsp;&nbsp;&nbsp; 28276 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (540185)<br>| &nbsp;&nbsp;&nbsp; (393775)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (30271)<br>| &nbsp;&nbsp;&nbsp; 343240 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $211140 | &nbsp;&nbsp;&nbsp; $373543 |
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3111 | &nbsp;&nbsp;&nbsp; 3463 |
| Reinvested | &nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp; 214 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2166)<br>| &nbsp;&nbsp;&nbsp; (2531)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 1382 | &nbsp;&nbsp;&nbsp; 1146 |
| **Class C** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp; 361 |
| Reinvested | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 18 |
| Redeemed | &nbsp;&nbsp;&nbsp; (344)<br>| &nbsp;&nbsp;&nbsp; (481)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (74)<br>| &nbsp;&nbsp;&nbsp; (102)<br>|
| **Class I** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 9480 | &nbsp;&nbsp;&nbsp; 11481 |
| Reinvested | &nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp;&nbsp; 452 |
| Redeemed | &nbsp;&nbsp;&nbsp; (8768)<br>| &nbsp;&nbsp;&nbsp; (12435)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 1497 | &nbsp;&nbsp;&nbsp; (502)<br>|
| **Class R2** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 17 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp; (15)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 3 |
| **Class R3** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 79 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; (83)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; (3)<br>|
| **Class R4** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 11 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; (42)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; (30)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

104 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | **JPMorgan U.S. Value Fund** | **JPMorgan U.S. Value Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |
| **Class R5** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; 114 |
| Reinvested | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 2 |
| Redeemed | &nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp; (119)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; (3)<br>|
| **Class R6** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5360 | &nbsp;&nbsp;&nbsp; 9582 |
| Reinvested | &nbsp;&nbsp;&nbsp; 634 | &nbsp;&nbsp;&nbsp; 376 |
| Redeemed | &nbsp;&nbsp;&nbsp; (6319)<br>| &nbsp;&nbsp;&nbsp; (5220)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (325)<br>| &nbsp;&nbsp;&nbsp; 4738 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 105

------

**STATEMENT OF CASH FLOWS**

FOR THE YEAR ENDED June 30, 2025

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **JPMorgan** <br>**U.S. Large** <br>**Cap Core** <br>**Plus Fund** <br>|
| **INCREASE (DECREASE) IN CASH** |  |
| **Cash flows provided (used) by operating activities:** |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $333683 |
| **Adjustments to reconcile net increase/decrease in net assets resulting** <br>**from operations to net cash provided (used) by operating activities:**<br>|  |
| Purchases of investment securities | &nbsp;&nbsp; (3049530)<br>|
| Proceeds from disposition of investment securities | &nbsp;&nbsp; 2427627 |
| Covers of investment securities sold short | &nbsp;&nbsp; (980342)<br>|
| Proceeds from investment securities sold short | &nbsp;&nbsp; 1017297 |
| Purchases of short-term investments — affiliates, net | &nbsp;&nbsp; (41412)<br>|
| Change in unrealized (appreciation)/depreciation on investments in non-affiliates | &nbsp;&nbsp; (303060)<br>|
| Change in unrealized (appreciation)/depreciation on investments in affiliates | &nbsp;&nbsp; (3)<br>|
| Change in unrealized (appreciation)/depreciation on investment securities sold short | &nbsp;&nbsp; 24429 |
| Net realized (gain)/loss on investments in non-affiliates | &nbsp;&nbsp; (85084)<br>|
| Net realized (gain)/loss on investments in affiliates | &nbsp;&nbsp; (4)<br>|
| Net realized (gain)/loss on securities sold short | &nbsp;&nbsp; 36704 |
| Increase in dividends receivable from affiliates | &nbsp;&nbsp; (3)<br>|
| Increase in dividends receivable from non-affiliates | &nbsp;&nbsp; (1333)<br>|
| Increase in tax reclaims receivable | &nbsp;&nbsp; (41)<br>|
| Increase in variation margin receivable | &nbsp;&nbsp; (255)<br>|
| Increase in dividend expense payable to non-affiliates on securities sold short | &nbsp;&nbsp; 287 |
| Increase in interest expense payable to non-affiliates on securities sold short | &nbsp;&nbsp; 49 |
| Decrease in variation margin payable | &nbsp;&nbsp; (99)<br>|
| Increase in investment advisory fees payable | &nbsp;&nbsp; 464 |
| Increase in administration fees payable | &nbsp;&nbsp; 42 |
| Increase in distribution fees payable | &nbsp;&nbsp; 27 |
| Increase in service fees payable | &nbsp;&nbsp; 26 |
| Decrease in custodian and accounting fees payable | &nbsp;&nbsp; (8)<br>|
| Increase in Trustees' and Chief Compliance Officer's fees  | &nbsp;&nbsp; —<br> (a)<br>|
| Increase in other accrued expenses payable | &nbsp;&nbsp; 28 |
| Net cash provided (used) by operating activities | &nbsp;&nbsp; (620511)<br>|
| **Cash flows provided (used) by financing activities:** |  |
| Proceeds from shares issued | &nbsp;&nbsp; 1445948 |
| Payment for shares redeemed | &nbsp;&nbsp; (811493)<br>|
| Cash distributions paid to shareholders (net of reinvestments $165,235) | &nbsp;&nbsp; (10586)<br>|
| Net cash provided (used) by financing activities | &nbsp;&nbsp; 623869 |
| **Cash:** |  |
| Net increase (decrease) in restricted and unrestricted cash and deposits at broker | &nbsp;&nbsp; 3358 |
| Restricted and unrestricted cash and deposits at broker at beginning of year | &nbsp;&nbsp; 1240 |
| Restricted and unrestricted cash and deposits at broker at end of year | &nbsp;&nbsp; $4598 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

Supplemental disclosure of cash flow information:

For the year ended June 30, 2025 the Fund paid approximately $3,681 in interest expense.

For purposes of reporting the Statement of Cash Flows, the Fund considers all cash accounts that are not subject to withdrawal restrictions or penalties to be cash equivalents.

Reconciliation of restricted and unrestricted cash and deposits at broker at the end of period to the Statements of Assets and Liabilities:

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

106 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**U.S. Large** <br>**Cap Core** <br>**Plus Fund**<br>| **JPMorgan** <br>**U.S. Large** <br>**Cap Core** <br>**Plus Fund**<br>|
|  | **June 30, 2024** | **June 30, 2025** |
| Cash | &nbsp;&nbsp; $162 | &nbsp;&nbsp; $350 |
| Deposits at broker: |  |  |
| Futures contracts | &nbsp;&nbsp; 966 | &nbsp;&nbsp; 4248 |
| Securities sold short | &nbsp;&nbsp; 112 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1240 | &nbsp;&nbsp; $4598 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 107

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Equity Income Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $23.49 | &nbsp;&nbsp; $0.37 | &nbsp;&nbsp; $2.68 | &nbsp;&nbsp; $3.05 | &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $(1.50)<br>| &nbsp;&nbsp; $(1.89)<br>|
| Year Ended June 30, 2024 | 21.85 | 0.40 | 1.81 | 2.21 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.57)<br>|
| Year Ended June 30, 2023 | 21.15 | 0.40 | 1.11 | 1.51 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.81)<br>|
| Year Ended June 30, 2022 | 22.34 | 0.34 | &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.77)<br>|
| Year Ended June 30, 2021 | 16.22 | 0.29 | 6.12 | 6.41 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 22.93 | 0.25 | 2.61 | 2.86 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.77)<br>|
| Year Ended June 30, 2024 | 21.35 | 0.28 | 1.76 | 2.04 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.46)<br>|
| Year Ended June 30, 2023 | 20.68 | 0.28 | 1.09 | 1.37 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.70)<br>|
| Year Ended June 30, 2022 | 21.87 | 0.22 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.66)<br>|
| Year Ended June 30, 2021 | 15.88 | 0.19 | 6.00 | 6.19 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 23.98 | 0.44 | 2.74 | 3.18 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.95)<br>|
| Year Ended June 30, 2024 | 22.29 | 0.46 | 1.86 | 2.32 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.63)<br>|
| Year Ended June 30, 2023 | 21.56 | 0.46 | 1.13 | 1.59 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.86)<br>|
| Year Ended June 30, 2022 | 22.76 | 0.40 | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.83)<br>|
| Year Ended June 30, 2021 | 16.52 | 0.35 | 6.23 | 6.58 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 23.36 | 0.31 | 2.65 | 2.96 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.82)<br>|
| Year Ended June 30, 2024 | 21.73 | 0.34 | 1.81 | 2.15 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2023 | 21.04 | 0.34 | 1.10 | 1.44 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.75)<br>|
| Year Ended June 30, 2022 | 22.23 | 0.29 | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.71)<br>|
| Year Ended June 30, 2021 | 16.14 | 0.23 | 6.10 | 6.33 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 23.47 | 0.37 | 2.67 | 3.04 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.89)<br>|
| Year Ended June 30, 2024 | 21.83 | 0.40 | 1.81 | 2.21 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.57)<br>|
| Year Ended June 30, 2023 | 21.13 | 0.40 | 1.11 | 1.51 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.81)<br>|
| Year Ended June 30, 2022 | 22.32 | 0.33 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.77)<br>|
| Year Ended June 30, 2021 | 16.21 | 0.29 | 6.11 | 6.40 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 23.96 | 0.44 | 2.73 | 3.17 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.94)<br>|
| Year Ended June 30, 2024 | 22.28 | 0.46 | 1.85 | 2.31 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.63)<br>|
| Year Ended June 30, 2023 | 21.54 | 0.46 | 1.14 | 1.60 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.86)<br>|
| Year Ended June 30, 2022 | 22.75 | 0.40 | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.83)<br>|
| Year Ended June 30, 2021 | 16.51 | 0.35 | 6.23 | 6.58 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 24.00 | 0.48 | 2.73 | 3.21 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.98)<br>|
| Year Ended June 30, 2024 | 22.31 | 0.50 | 1.85 | 2.35 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.66)<br>|
| Year Ended June 30, 2023 | 21.58 | 0.50 | 1.12 | 1.62 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.89)<br>|
| Year Ended June 30, 2022 | 22.78 | 0.43 | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.86)<br>|
| Year Ended June 30, 2021 | 16.53 | 0.37 | 6.25 | 6.62 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 23.98 | 0.51 | 2.73 | 3.24 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (2.01)<br>|
| Year Ended June 30, 2024 | 22.29 | 0.52 | 1.86 | 2.38 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.69)<br>|
| Year Ended June 30, 2023 | 21.56 | 0.52 | 1.13 | 1.65 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.92)<br>|
| Year Ended June 30, 2022 | 22.76 | 0.46 | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.89)<br>|
| Year Ended June 30, 2021 | 16.52 | 0.39 | 6.24 | 6.63 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

108 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4653837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4450073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4423141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4562270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4715916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 613883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 997751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1206824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1493408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15445719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16105559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18495976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17614254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17980353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 862123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1247583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1655531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22042487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21919414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22139090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20740383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19952074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 109

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Equity Index Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $81.79 | &nbsp;&nbsp; $0.77 | &nbsp;&nbsp; $11.18 | &nbsp;&nbsp; $11.95 | &nbsp;&nbsp; $(0.77)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.77)<br>|
| Year Ended June 30, 2024 | 66.66 | 0.77 | 15.13 | 15.90 | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.77)<br>|
| Year Ended June 30, 2023 | 56.74 | 0.75 | 9.94 | 10.69 | &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.77)<br>|
| Year Ended June 30, 2022 | 65.24 | 0.65 | &nbsp;&nbsp; (7.60)<br>| &nbsp;&nbsp; (6.95)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.55)<br>|
| Year Ended June 30, 2021 | 47.11 | 0.62 | 18.24 | 18.86 | &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.73)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 80.91 | 0.24 | 11.06 | 11.30 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23)<br>|
| Year Ended June 30, 2024 | 65.96 | 0.34 | 14.95 | 15.29 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2023 | 56.14 | 0.39 | 9.83 | 10.22 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.40)<br>|
| Year Ended June 30, 2022 | 64.55 | 0.25 | &nbsp;&nbsp; (7.51)<br>| &nbsp;&nbsp; (7.26)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.15)<br>|
| Year Ended June 30, 2021 | 46.65 | 0.28 | 18.00 | 18.28 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 81.90 | 0.98 | 11.20 | 12.18 | &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2024 | 66.76 | 0.96 | 15.13 | 16.09 | &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.95)<br>|
| Year Ended June 30, 2023 | 56.81 | 0.90 | 9.96 | 10.86 | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.91)<br>|
| Year Ended June 30, 2022 | 65.33 | 0.81 | &nbsp;&nbsp; (7.62)<br>| &nbsp;&nbsp; (6.81)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.71)<br>|
| Year Ended June 30, 2021 | 47.22 | 0.77 | 18.21 | 18.98 | &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.87)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 81.93 | 1.12 | 11.20 | 12.32 | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.12)<br>|
| Year Ended June 30, 2024 | 66.77 | 1.07 | 15.15 | 16.22 | &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.06)<br>|
| Year Ended June 30, 2023 | 56.83 | 1.00 | 9.95 | 10.95 | &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.01)<br>|
| Year Ended June 30, 2022 | 65.35 | 0.92 | &nbsp;&nbsp; (7.62)<br>| &nbsp;&nbsp; (6.70)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.82)<br>|
| Year Ended June 30, 2021 | 47.21 | 0.85 | 18.25 | 19.10 | &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.96)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Net expenses for Class R6 Shares are 0.044% for the year ended June 30, 2025, 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 and 0.044% for the year ended June 30, 2021. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

110 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $92.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1055685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 953255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 654422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1434328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1264640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 964430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1121519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 991703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8845652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8029206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6194790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5395106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4793114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 111

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net asset <br>value, <br>end of <br>period<br>|
| **JPMorgan Equity Premium Income Fund** |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $14.06 | &nbsp;&nbsp; $1.13 | &nbsp;&nbsp; $(0.01)<br>| &nbsp;&nbsp; $1.12 | &nbsp;&nbsp; $(1.13)<br>| &nbsp;&nbsp; $14.05 |
| Year Ended June 30, 2024 | 13.72 | 0.97 | 0.34 | 1.31 | &nbsp;&nbsp; (0.97)<br>| 14.06 |
| Year Ended June 30, 2023 | 13.79 | 1.53 | &nbsp;&nbsp; (0.13)<br>| 1.40 | &nbsp;&nbsp; (1.47)<br>| 13.72 |
| Year Ended June 30, 2022 | 15.23 | 1.46 | &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (1.34)<br>| 13.79 |
| Year Ended June 30, 2021 | 12.96 | 1.26 | 2.40 | 3.66 | &nbsp;&nbsp; (1.39)<br>| 15.23 |
| **Class C** |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 14.06 | 1.06 | &nbsp;&nbsp; (0.01)<br>| 1.05 | &nbsp;&nbsp; (1.06)<br>| 14.05 |
| Year Ended June 30, 2024 | 13.72 | 0.90 | 0.35 | 1.25 | &nbsp;&nbsp; (0.91)<br>| 14.06 |
| Year Ended June 30, 2023 | 13.79 | 1.48 | &nbsp;&nbsp; (0.15)<br>| 1.33 | &nbsp;&nbsp; (1.40)<br>| 13.72 |
| Year Ended June 30, 2022 | 15.23 | 1.38 | &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.26)<br>| 13.79 |
| Year Ended June 30, 2021 | 12.96 | 1.15 | 2.44 | 3.59 | &nbsp;&nbsp; (1.32)<br>| 15.23 |
| **Class I** |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 14.07 | 1.17 | &nbsp;&nbsp; (0.02)<br>| 1.15 | &nbsp;&nbsp; (1.16)<br>| 14.06 |
| Year Ended June 30, 2024 | 13.72 | 1.01 | 0.35 | 1.36 | &nbsp;&nbsp; (1.01)<br>| 14.07 |
| Year Ended June 30, 2023 | 13.80 | 1.46 | &nbsp;&nbsp; (0.03)<br>| 1.43 | &nbsp;&nbsp; (1.51)<br>| 13.72 |
| Year Ended June 30, 2022 | 15.23 | 1.48 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (1.37)<br>| 13.80 |
| Year Ended June 30, 2021 | 12.96 | 1.38 | 2.32 | 3.70 | &nbsp;&nbsp; (1.43)<br>| 15.23 |
| **Class R5** |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 14.07 | 1.20 | &nbsp;&nbsp; (0.04)<br>| 1.16 | &nbsp;&nbsp; (1.18)<br>| 14.05 |
| Year Ended June 30, 2024 | 13.72 | 1.03 | 0.35 | 1.38 | &nbsp;&nbsp; (1.03)<br>| 14.07 |
| Year Ended June 30, 2023 | 13.79 | 1.45 | 0.01 | 1.46 | &nbsp;&nbsp; (1.53)<br>| 13.72 |
| Year Ended June 30, 2022 | 15.23 | 1.48 | &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (1.40)<br>| 13.79 |
| Year Ended June 30, 2021 | 12.96 | 1.37 | 2.35 | 3.72 | &nbsp;&nbsp; (1.45)<br>| 15.23 |
| **Class R6** |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 14.06 | 1.19 | &nbsp;&nbsp; —<br> (d)<br>| 1.19 | &nbsp;&nbsp; (1.20)<br>| 14.05 |
| Year Ended June 30, 2024 | 13.72 | 1.04 | 0.34 | 1.38 | &nbsp;&nbsp; (1.04)<br>| 14.06 |
| Year Ended June 30, 2023 | 13.80 | 1.45 | 0.01 | 1.46 | &nbsp;&nbsp; (1.54)<br>| 13.72 |
| Year Ended June 30, 2022 | 15.23 | 1.50 | &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (1.41)<br>| 13.80 |
| Year Ended June 30, 2021 | 12.96 | 1.43 | 2.30 | 3.73 | &nbsp;&nbsp; (1.46)<br>| 15.23 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

112 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $572077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 905284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 756008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4482797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4160918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3641748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1859617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1010271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1240522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1571873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 113

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net asset <br>value, <br>end of <br>period<br>|
| **JPMorgan Hedged Equity Fund** |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $31.06 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $1.94 | &nbsp;&nbsp; $2.11 | &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $33.00 |
| Year Ended June 30, 2024 | 27.57 | 0.20 | 3.48 | 3.68 | &nbsp;&nbsp; (0.19)<br>| 31.06 |
| Year Ended June 30, 2023 | 24.20 | 0.20 | 3.38 | 3.58 | &nbsp;&nbsp; (0.21)<br>| 27.57 |
| Year Ended June 30, 2022 | 25.90 | 0.13 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (0.13)<br>| 24.20 |
| Year Ended June 30, 2021 | 21.83 | 0.15 | 4.11 | 4.26 | &nbsp;&nbsp; (0.19)<br>| 25.90 |
| **Class C** |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 30.81 | 0.01 | 1.92 | 1.93 | &nbsp;&nbsp; (0.02)<br>| 32.72 |
| Year Ended June 30, 2024 | 27.37 | 0.05 | 3.45 | 3.50 | &nbsp;&nbsp; (0.06)<br>| 30.81 |
| Year Ended June 30, 2023 | 24.02 | 0.08 | 3.35 | 3.43 | &nbsp;&nbsp; (0.08)<br>| 27.37 |
| Year Ended June 30, 2022 | 25.72 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (0.02)<br>| 24.02 |
| Year Ended June 30, 2021 | 21.70 | 0.03 | 4.07 | 4.10 | &nbsp;&nbsp; (0.08)<br>| 25.72 |
| **Class I** |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 31.16 | 0.25 | 1.96 | 2.21 | &nbsp;&nbsp; (0.25)<br>| 33.12 |
| Year Ended June 30, 2024 | 27.66 | 0.27 | 3.50 | 3.77 | &nbsp;&nbsp; (0.27)<br>| 31.16 |
| Year Ended June 30, 2023 | 24.28 | 0.27 | 3.38 | 3.65 | &nbsp;&nbsp; (0.27)<br>| 27.66 |
| Year Ended June 30, 2022 | 25.98 | 0.20 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (0.20)<br>| 24.28 |
| Year Ended June 30, 2021 | 21.90 | 0.21 | 4.11 | 4.32 | &nbsp;&nbsp; (0.24)<br>| 25.98 |
| **Class R5** |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 31.21 | 0.29 | 1.97 | 2.26 | &nbsp;&nbsp; (0.29)<br>| 33.18 |
| Year Ended June 30, 2024 | 27.71 | 0.31 | 3.50 | 3.81 | &nbsp;&nbsp; (0.31)<br>| 31.21 |
| Year Ended June 30, 2023 | 24.32 | 0.31 | 3.39 | 3.70 | &nbsp;&nbsp; (0.31)<br>| 27.71 |
| Year Ended June 30, 2022 | 26.02 | 0.24 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (0.24)<br>| 24.32 |
| Year Ended June 30, 2021 | 21.93 | 0.25 | 4.11 | 4.36 | &nbsp;&nbsp; (0.27)<br>| 26.02 |
| **Class R6** |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 31.23 | 0.34 | 1.95 | 2.29 | &nbsp;&nbsp; (0.33)<br>| 33.19 |
| Year Ended June 30, 2024 | 27.73 | 0.34 | 3.50 | 3.84 | &nbsp;&nbsp; (0.34)<br>| 31.23 |
| Year Ended June 30, 2023 | 24.33 | 0.33 | 3.40 | 3.73 | &nbsp;&nbsp; (0.33)<br>| 27.73 |
| Year Ended June 30, 2022 | 26.04 | 0.27 | &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (0.26)<br>| 24.33 |
| Year Ended June 30, 2021 | 21.95 | 0.28 | 4.11 | 4.39 | &nbsp;&nbsp; (0.30)<br>| 26.04 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

114 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1452343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1393286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1274360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1647387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1778457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16970246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15552472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12697762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12790417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14416679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2038756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2230651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1594675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1614304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1591643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 115

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Hedged Equity 2 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $17.53 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $1.30 | &nbsp;&nbsp; $1.39 | &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.09)<br>|
| Year Ended June 30, 2024 | 15.74 | 0.11 | 1.79 | 1.90 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.11)<br>|
| Year Ended June 30, 2023 | 14.87 | 0.11 | 1.70 | 1.81 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.94)<br>|
| Year Ended June 30, 2022 | 15.97 | 0.09 | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.03 | 0.95 | 0.98 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 17.48 | &nbsp;&nbsp; —<br> (h)<br>| 1.30 | 1.30 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended June 30, 2024 | 15.70 | 0.03 | 1.78 | 1.81 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended June 30, 2023 | 14.84 | 0.04 | 1.69 | 1.73 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.87)<br>|
| Year Ended June 30, 2022 | 15.95 | 0.01 | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | &nbsp;&nbsp; —<br> (h)<br>| 0.95 | 0.95 | &nbsp;&nbsp; —<br> (h)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 17.55 | 0.14 | 1.30 | 1.44 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>|
| Year Ended June 30, 2024 | 15.76 | 0.15 | 1.79 | 1.94 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>|
| Year Ended June 30, 2023 | 14.89 | 0.15 | 1.70 | 1.85 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2022 | 15.98 | 0.13 | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.04 | 0.96 | 1.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 17.55 | 0.16 | 1.31 | 1.47 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.16)<br>|
| Year Ended June 30, 2024 | 15.76 | 0.17 | 1.79 | 1.96 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| Year Ended June 30, 2023 | 14.89 | 0.17 | 1.70 | 1.87 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.00)<br>|
| Year Ended June 30, 2022 | 15.98 | 0.15 | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.05 | 0.95 | 1.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 17.56 | 0.19 | 1.30 | 1.49 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| Year Ended June 30, 2024 | 15.77 | 0.19 | 1.79 | 1.98 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>|
| Year Ended June 30, 2023 | 14.90 | 0.18 | 1.70 | 1.88 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.01)<br>|
| Year Ended June 30, 2022 | 15.99 | 0.18 | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.05 | 0.96 | 1.01 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Commencement of operations.

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

(h) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

116 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $251200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4261391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3858374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3631690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4110283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1018781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 117

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Hedged Equity 3 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $18.27 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $1.34 | &nbsp;&nbsp; $1.43 | &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.09)<br>|
| Year Ended June 30, 2024 | 15.63 | 0.11 | 2.64 | 2.75 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.11)<br>|
| Year Ended June 30, 2023 | 14.34 | 0.11 | 1.45 | 1.56 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.27)<br>|
| Year Ended June 30, 2022 | 15.96 | 0.09 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.03 | 0.95 | 0.98 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.22 | &nbsp;&nbsp; —<br> (h)<br>| 1.32 | 1.32 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended June 30, 2024 | 15.59 | 0.03 | 2.63 | 2.66 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended June 30, 2023 | 14.30 | 0.04 | 1.44 | 1.48 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.19)<br>|
| Year Ended June 30, 2022 | 15.95 | 0.01 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | &nbsp;&nbsp; —<br> (h)<br>| 0.96 | 0.96 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.30 | 0.14 | 1.34 | 1.48 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>|
| Year Ended June 30, 2024 | 15.65 | 0.15 | 2.65 | 2.80 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>|
| Year Ended June 30, 2023 | 14.36 | 0.15 | 1.44 | 1.59 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2022 | 15.98 | 0.13 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.04 | 0.96 | 1.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.32 | 0.17 | 1.34 | 1.51 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| Year Ended June 30, 2024 | 15.67 | 0.17 | 2.65 | 2.82 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| Year Ended June 30, 2023 | 14.37 | 0.16 | 1.46 | 1.62 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.32)<br>|
| Year Ended June 30, 2022 | 15.98 | 0.17 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.05 | 0.95 | 1.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.32 | 0.19 | 1.33 | 1.52 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| Year Ended June 30, 2024 | 15.67 | 0.20 | 2.64 | 2.84 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>|
| Year Ended June 30, 2023 | 14.37 | 0.18 | 1.46 | 1.64 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2022 | 15.98 | 0.17 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.06 | 0.94 | 1.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Commencement of operations.

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

(h) Amount rounds to less than $0.005.

(i) Amount rounds to less than 0.005%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

118 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $157121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2599366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2281551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1923674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2257577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.22<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 119

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Large Cap Growth Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $72.60 | &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $10.47 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.80)<br>| &nbsp;&nbsp; $(0.80)<br>|
| Year Ended June 30, 2024 | 53.66 | &nbsp;&nbsp; (0.14)(d)<br>| 19.08 | 18.94 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 44.12 | 0.11 | 10.83 | 10.94 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.40)<br>|
| Year Ended June 30, 2022 | 64.22 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (10.74)<br>| &nbsp;&nbsp; (10.86)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 48.04 | &nbsp;&nbsp; (0.27)<br>| 19.59 | 19.32 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.14)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 47.68 | &nbsp;&nbsp; (0.29)<br>| 6.89 | 6.60 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2024 | 35.42 | &nbsp;&nbsp; (0.29)(d)<br>| 12.55 | 12.26 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 29.67 | &nbsp;&nbsp; (0.08)<br>| 7.18 | 7.10 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.35)<br>|
| Year Ended June 30, 2022 | 46.21 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (7.01)<br>| &nbsp;&nbsp; (7.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 35.43 | &nbsp;&nbsp; (0.41)<br>| 14.33 | 13.92 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.14)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 74.70 | 0.12 | 10.86 | 10.98 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2024 | 55.14 | 0.01 | 19.62 | 19.63 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2023 | 45.32 | 0.22 | 11.13 | 11.35 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.53)<br>|
| Year Ended June 30, 2022 | 65.59 | 0.03 | &nbsp;&nbsp; (11.06)<br>| &nbsp;&nbsp; (11.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 48.91 | &nbsp;&nbsp; (0.12)<br>| 19.97 | 19.85 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.17)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 67.88 | &nbsp;&nbsp; (0.24)<br>| 9.83 | 9.59 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2024 | 50.29 | &nbsp;&nbsp; (0.27)(d)<br>| 17.86 | 17.59 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 41.49 | &nbsp;&nbsp; (0.01)<br>| 10.16 | 10.15 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.35)<br>|
| Year Ended June 30, 2022 | 61.05 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (10.06)<br>| &nbsp;&nbsp; (10.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 45.90 | &nbsp;&nbsp; (0.39)<br>| 18.68 | 18.29 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.14)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 73.08 | &nbsp;&nbsp; (0.07)<br>| 10.60 | 10.53 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2024 | 54.04 | &nbsp;&nbsp; (0.16)(d)<br>| 19.23 | 19.07 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended June 30, 2023 | 44.45 | 0.10 | 10.91 | 11.01 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.42)<br>|
| Year Ended June 30, 2022 | 64.64 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (10.83)<br>| &nbsp;&nbsp; (10.95)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 48.34 | &nbsp;&nbsp; (0.27)<br>| 19.72 | 19.45 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.15)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 74.52 | 0.12 | 10.83 | 10.95 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2024 | 55.02 | 0.01 | 19.58 | 19.59 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2023 | 45.23 | 0.19 | 11.13 | 11.32 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.53)<br>|
| Year Ended June 30, 2022 | 65.47 | 0.02 | &nbsp;&nbsp; (11.02)<br>| &nbsp;&nbsp; (11.00)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 48.84 | &nbsp;&nbsp; (0.12)<br>| 19.94 | 19.82 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.19)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 77.47 | 0.24 | 11.28 | 11.52 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.90)<br>|
| Year Ended June 30, 2024 | 57.16 | 0.11 | 20.34 | 20.45 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>|
| Year Ended June 30, 2023 | 46.91 | 0.30 | 11.53 | 11.83 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.58)<br>|
| Year Ended June 30, 2022 | 67.49 | 0.12 | &nbsp;&nbsp; (11.46)<br>| &nbsp;&nbsp; (11.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 50.20 | &nbsp;&nbsp; (0.04)<br>| 20.52 | 20.48 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.19)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 78.50 | 0.33 | 11.41 | 11.74 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.97)<br>|
| Year Ended June 30, 2024 | 57.91 | 0.18 | 20.61 | 20.79 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 47.51 | 0.35 | 11.69 | 12.04 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.64)<br>|
| Year Ended June 30, 2022 | 68.18 | 0.19 | &nbsp;&nbsp; (11.62)<br>| &nbsp;&nbsp; (11.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 50.66 | 0.03 | 20.71 | 20.74 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.22)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) 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. 

(e) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

120 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $82.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7748457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6722152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4742066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3734120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4970767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1143570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.73)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29837081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22747050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15667641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9509669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10983173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.48)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 834854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 723139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 486413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72508865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61059217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37609592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16482609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19127249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 121

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Large Cap Value Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $20.36 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $2.38 | &nbsp;&nbsp; $2.62 | &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(1.90)<br>| &nbsp;&nbsp; $(2.12)<br>|
| Year Ended June 30, 2024 | 18.93 | 0.28 | 2.13 | 2.41 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2023 | 17.90 | 0.24 | 1.82 | 2.06 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.03)<br>|
| Year Ended June 30, 2022 | 20.48 | 0.19 | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.56)<br>|
| Year Ended June 30, 2021 | 12.72 | 0.11 | 7.73 | 7.84 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.23 | 0.12 | 2.25 | 2.37 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.02)<br>|
| Year Ended June 30, 2024 | 17.93 | 0.17 | 2.01 | 2.18 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.88)<br>|
| Year Ended June 30, 2023 | 17.01 | 0.14 | 1.72 | 1.86 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.94)<br>|
| Year Ended June 30, 2022 | 19.55 | 0.09 | &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.47)<br>|
| Year Ended June 30, 2021 | 12.17 | 0.02 | 7.39 | 7.41 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.89 | 0.28 | 2.32 | 2.60 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.17)<br>|
| Year Ended June 30, 2024 | 18.51 | 0.32 | 2.08 | 2.40 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (1.02)<br>|
| Year Ended June 30, 2023 | 17.53 | 0.28 | 1.77 | 2.05 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.07)<br>|
| Year Ended June 30, 2022 | 20.10 | 0.23 | &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.61)<br>|
| Year Ended June 30, 2021 | 12.49 | 0.15 | 7.59 | 7.74 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 20.13 | 0.18 | 2.36 | 2.54 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.07)<br>|
| Year Ended June 30, 2024 | 18.73 | 0.23 | 2.10 | 2.33 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.93)<br>|
| Year Ended June 30, 2023 | 17.72 | 0.19 | 1.80 | 1.99 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2022 | 20.30 | 0.14 | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.51)<br>|
| Year Ended June 30, 2021 | 12.61 | 0.06 | 7.67 | 7.73 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.84 | 0.23 | 2.31 | 2.54 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.12)<br>|
| Year Ended June 30, 2024 | 18.47 | 0.27 | 2.08 | 2.35 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2023 | 17.49 | 0.24 | 1.77 | 2.01 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.03)<br>|
| Year Ended June 30, 2022 | 20.09 | 0.20 | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.59)<br>|
| Year Ended June 30, 2021 | 12.48 | 0.10 | 7.59 | 7.69 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 20.38 | 0.28 | 2.38 | 2.66 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.16)<br>|
| Year Ended June 30, 2024 | 18.94 | 0.33 | 2.13 | 2.46 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (1.02)<br>|
| Year Ended June 30, 2023 | 17.92 | 0.30 | 1.80 | 2.10 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.08)<br>|
| Year Ended June 30, 2022 | 20.50 | 0.26 | &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.61)<br>|
| Year Ended June 30, 2021 | 12.73 | 0.12 | 7.77 | 7.89 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 20.17 | 0.31 | 2.36 | 2.67 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.20)<br>|
| Year Ended June 30, 2024 | 18.75 | 0.35 | 2.12 | 2.47 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (1.05)<br>|
| Year Ended June 30, 2023 | 17.75 | 0.31 | 1.79 | 2.10 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.10)<br>|
| Year Ended June 30, 2022 | 20.32 | 0.26 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.63)<br>|
| Year Ended June 30, 2021 | 12.62 | 0.17 | 7.68 | 7.85 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.99 | 0.33 | 2.34 | 2.67 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.22)<br>|
| Year Ended June 30, 2024 | 18.60 | 0.37 | 2.09 | 2.46 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (1.07)<br>|
| Year Ended June 30, 2023 | 17.61 | 0.33 | 1.78 | 2.11 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.12)<br>|
| Year Ended June 30, 2022 | 20.18 | 0.28 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.65)<br>|
| Year Ended June 30, 2021 | 12.53 | 0.19 | 7.63 | 7.82 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

122 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $318828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2256860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1835424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1297201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1275387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1418653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2335547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1960039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1733785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1564013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2606033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 123

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. Applied Data Science Value Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $29.68 | &nbsp;&nbsp; $0.44 | &nbsp;&nbsp; $3.02 | &nbsp;&nbsp; $3.46 | &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp; $(1.90)<br>| &nbsp;&nbsp; $(2.35)<br>|
| Year Ended June 30, 2024 | 27.61 | 0.45 | 3.65 | 4.10 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (2.03)<br>|
| Year Ended June 30, 2023 | 26.56 | 0.46 | 2.32 | 2.78 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.73)<br>|
| Year Ended June 30, 2022 | 36.38 | 0.45 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (8.75)<br>| &nbsp;&nbsp; (9.17)<br>|
| Year Ended June 30, 2021 | 25.83 | 0.42 | 11.10 | 11.52 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.97)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 28.90 | 0.32 | 2.95 | 3.27 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.25)<br>|
| Year Ended June 30, 2024 | 26.93 | 0.30 | 3.54 | 3.84 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (1.87)<br>|
| Year Ended June 30, 2023 | 25.93 | 0.31 | 2.28 | 2.59 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.59)<br>|
| Year Ended June 30, 2022 | 35.72 | 0.27 | &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (8.75)<br>| &nbsp;&nbsp; (9.02)<br>|
| Year Ended June 30, 2021 | 25.36 | 0.28 | 10.90 | 11.18 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.82)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 30.10 | 0.49 | 3.07 | 3.56 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.40)<br>|
| Year Ended June 30, 2024 | 27.97 | 0.53 | 3.69 | 4.22 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (2.09)<br>|
| Year Ended June 30, 2023 | 26.89 | 0.53 | 2.35 | 2.88 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.80)<br>|
| Year Ended June 30, 2022 | 36.72 | 0.53 | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (8.75)<br>| &nbsp;&nbsp; (9.25)<br>|
| Year Ended June 30, 2021 | 25.79 | 0.50 | 11.48 | 11.98 | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.05)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 29.19 | 0.35 | 2.97 | 3.32 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.27)<br>|
| Year Ended June 30, 2024 | 27.19 | 0.34 | 3.58 | 3.92 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (1.92)<br>|
| Year Ended June 30, 2023 | 26.18 | 0.36 | 2.29 | 2.65 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.64)<br>|
| Year Ended June 30, 2022 | 35.99 | 0.33 | &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (8.75)<br>| &nbsp;&nbsp; (9.07)<br>|
| Year Ended June 30, 2021 | 25.55 | 0.33 | 11.01 | 11.34 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.90)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 30.18 | 0.51 | 3.08 | 3.59 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.42)<br>|
| Year Ended June 30, 2024 | 28.04 | 0.54 | 3.71 | 4.25 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (2.11)<br>|
| Year Ended June 30, 2023 | 26.95 | 0.55 | 2.35 | 2.90 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.81)<br>|
| Year Ended June 30, 2022 | 36.78 | 0.55 | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (8.75)<br>| &nbsp;&nbsp; (9.27)<br>|
| Year Ended June 30, 2021 | 25.66 | 0.59 | 11.63 | 12.22 | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.10)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 30.18 | 0.54 | 3.08 | 3.62 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.45)<br>|
| Year Ended June 30, 2024 | 28.04 | 0.57 | 3.71 | 4.28 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (2.14)<br>|
| Year Ended June 30, 2023 | 26.95 | 0.58 | 2.35 | 2.93 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.84)<br>|
| Year Ended June 30, 2022 | 36.78 | 0.58 | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (8.75)<br>| &nbsp;&nbsp; (9.30)<br>|
| Year Ended June 30, 2021 | 26.06 | 0.57 | 11.28 | 11.85 | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.13)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

124 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $39134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 125

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $24.46 | &nbsp;&nbsp; $0.06 | &nbsp;&nbsp; $2.83 | &nbsp;&nbsp; $2.89 | &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $(1.41)<br>| &nbsp;&nbsp; $(1.47)<br>|
| Year Ended June 30, 2024 | 19.75 | 0.11 | 4.93 | 5.04 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.33)<br>|
| Year Ended June 30, 2023 | 17.48 | 0.14 | 2.94 | 3.08 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.81)<br>|
| Year Ended June 30, 2022 | 21.51 | 0.08 | &nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.30)<br>|
| Year Ended June 30, 2021 | 16.22 | 0.09 | 6.39 | 6.48 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.19)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 23.18 | &nbsp;&nbsp; (0.06)<br>| 2.68 | 2.62 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.41)<br>|
| Year Ended June 30, 2024 | 18.76 | &nbsp;&nbsp; —<br> (d)<br>| 4.68 | 4.68 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.26)<br>|
| Year Ended June 30, 2023 | 16.65 | 0.05 | 2.79 | 2.84 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.73)<br>|
| Year Ended June 30, 2022 | 20.61 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.24)<br>|
| Year Ended June 30, 2021 | 15.60 | &nbsp;&nbsp; (0.01)<br>| 6.14 | 6.13 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.12)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 24.57 | 0.12 | 2.84 | 2.96 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.53)<br>|
| Year Ended June 30, 2024 | 19.83 | 0.16 | 4.97 | 5.13 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.39)<br>|
| Year Ended June 30, 2023 | 17.56 | 0.19 | 2.94 | 3.13 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.86)<br>|
| Year Ended June 30, 2022 | 21.59 | 0.13 | &nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.35)<br>|
| Year Ended June 30, 2021 | 16.27 | 0.13 | 6.43 | 6.56 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.24)<br>|
| **Class L** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 24.63 | 0.16 | 2.85 | 3.01 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.57)<br>|
| Year Ended June 30, 2024 | 19.88 | 0.20 | 4.97 | 5.17 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2023 | 17.60 | 0.22 | 2.94 | 3.16 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.88)<br>|
| Year Ended June 30, 2022 | 21.63 | 0.16 | &nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.38)<br>|
| Year Ended June 30, 2021 | 16.30 | 0.16 | 6.44 | 6.60 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.27)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 24.11 | &nbsp;&nbsp; —<br> (d)<br>| 2.78 | 2.78 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.42)<br>|
| Year Ended June 30, 2024 | 19.48 | 0.06 | 4.85 | 4.91 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.28)<br>|
| Year Ended June 30, 2023 | 17.25 | 0.10 | 2.90 | 3.00 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.77)<br>|
| Year Ended June 30, 2022 | 21.26 | 0.02 | &nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.25)<br>|
| Year Ended June 30, 2021 | 16.04 | 0.04 | 6.33 | 6.37 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.15)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 24.33 | 0.06 | 2.82 | 2.88 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.47)<br>|
| Year Ended June 30, 2024 | 19.65 | 0.11 | 4.90 | 5.01 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.33)<br>|
| Year Ended June 30, 2023 | 17.40 | 0.14 | 2.92 | 3.06 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.81)<br>|
| Year Ended June 30, 2022 | 21.42 | 0.08 | &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.30)<br>|
| Year Ended June 30, 2021 | 16.15 | 0.09 | 6.38 | 6.47 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.20)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 24.52 | 0.12 | 2.84 | 2.96 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.53)<br>|
| Year Ended June 30, 2024 | 19.80 | 0.16 | 4.95 | 5.11 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.39)<br>|
| Year Ended June 30, 2023 | 17.52 | 0.19 | 2.94 | 3.13 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.85)<br>|
| Year Ended June 30, 2022 | 21.55 | 0.13 | &nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.35)<br>|
| Year Ended June 30, 2021 | 16.25 | 0.13 | 6.41 | 6.54 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.24)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 24.64 | 0.16 | 2.86 | 3.02 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.57)<br>|
| Year Ended June 30, 2024 | 19.89 | 0.20 | 4.97 | 5.17 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2023 | 17.60 | 0.22 | 2.95 | 3.17 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.88)<br>|
| Year Ended June 30, 2022 | 21.64 | 0.16 | &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.38)<br>|
| Year Ended June 30, 2021 | 16.31 | 0.16 | 6.44 | 6.60 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.27)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

126 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2913795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2588595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1925367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1577771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1642046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5575707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5174279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3250488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1863855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1731572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3137481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2919844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2149699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1578191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1907620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1215149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1289344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1093256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 911961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1089931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 127

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. Equity Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $24.71 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $2.86 | &nbsp;&nbsp; $3.05 | &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(1.41)<br>| &nbsp;&nbsp; $(1.59)<br>|
| Year Ended June 30, 2024 | 19.95 | 0.22 | 4.98 | 5.20 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.44)<br>|
| Year Ended June 30, 2023 | 17.65 | 0.24 | 2.96 | 3.20 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.90)<br>|
| Year Ended June 30, 2022 | 21.69 | 0.19 | &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.41)<br>|
| Year Ended June 30, 2021 | 16.34 | 0.18 | 6.46 | 6.64 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.29)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

128 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18092080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16708451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13841409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11891028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12615063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 129

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. GARP Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $81.19 | &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $11.97 | &nbsp;&nbsp; $11.92 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4.72)<br>| &nbsp;&nbsp; $(4.72)<br>|
| Year Ended June 30, 2024 | 60.47 | &nbsp;&nbsp; (0.03)(d)<br>| 21.23 | 21.20 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.48)<br>|
| Year Ended June 30, 2023 | 49.61 | 0.09 | 12.73 | 12.82 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (1.96)<br>|
| Year Ended June 30, 2022 | 73.40 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (8.99)<br>| &nbsp;&nbsp; (9.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp; (14.78)<br>|
| Year Ended June 30, 2021 | 57.64 | &nbsp;&nbsp; (0.01)<br>| 21.89 | 21.88 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (5.60)<br>| &nbsp;&nbsp; (6.12)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 77.45 | &nbsp;&nbsp; (0.44)<br>| 11.38 | 10.94 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (4.72)<br>|
| Year Ended June 30, 2024 | 57.93 | &nbsp;&nbsp; (0.35)(d)<br>| 20.28 | 19.93 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.41)<br>|
| Year Ended June 30, 2023 | 47.82 | &nbsp;&nbsp; (0.16)<br>| 12.21 | 12.05 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (1.94)<br>|
| Year Ended June 30, 2022 | 71.55 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (8.60)<br>| &nbsp;&nbsp; (8.95)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp; (14.78)<br>|
| Year Ended June 30, 2021 | 56.26 | &nbsp;&nbsp; (0.32)<br>| 21.36 | 21.04 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (5.60)<br>| &nbsp;&nbsp; (5.75)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 83.69 | 0.16 | 12.35 | 12.51 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (4.85)<br>|
| Year Ended June 30, 2024 | 62.29 | 0.15 | 21.87 | 22.02 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.62)<br>|
| Year Ended June 30, 2023 | 51.05 | 0.23 | 13.10 | 13.33 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (2.09)<br>|
| Year Ended June 30, 2022 | 75.08 | 0.15 | &nbsp;&nbsp; (9.28)<br>| &nbsp;&nbsp; (9.13)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp; (14.90)<br>|
| Year Ended June 30, 2021 | 58.80 | 0.16 | 22.37 | 22.53 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (5.60)<br>| &nbsp;&nbsp; (6.25)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 77.56 | &nbsp;&nbsp; (0.25)<br>| 11.42 | 11.17 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (4.72)<br>|
| Year Ended June 30, 2024 | 57.87 | &nbsp;&nbsp; (0.19)(d)<br>| 20.29 | 20.10 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.41)<br>|
| Year Ended June 30, 2023 | 47.65 | &nbsp;&nbsp; (0.04)<br>| 12.20 | 12.16 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (1.94)<br>|
| Year Ended June 30, 2022 | 71.18 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (8.57)<br>| &nbsp;&nbsp; (8.75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp; (14.78)<br>|
| Year Ended June 30, 2021 | 56.08 | &nbsp;&nbsp; (0.17)<br>| 21.26 | 21.09 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (5.60)<br>| &nbsp;&nbsp; (5.99)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 81.89 | 0.27 | 12.11 | 12.38 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (4.94)<br>|
| Year Ended June 30, 2024 | 60.95 | 0.25 | 21.39 | 21.64 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.70)<br>|
| Year Ended June 30, 2023 | 50.02 | 0.31 | 12.80 | 13.11 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (2.18)<br>|
| Year Ended June 30, 2022 | 73.80 | 0.24 | &nbsp;&nbsp; (9.05)<br>| &nbsp;&nbsp; (8.81)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp; (14.97)<br>|
| Year Ended June 30, 2021 | 57.93 | 0.26 | 21.96 | 22.22 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (5.60)<br>| &nbsp;&nbsp; (6.35)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 81.89 | 0.36 | 12.09 | 12.45 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (5.01)<br>|
| Year Ended June 30, 2024 | 60.94 | 0.31 | 21.40 | 21.71 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.76)<br>|
| Year Ended June 30, 2023 | 50.02 | 0.36 | 12.80 | 13.16 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (2.24)<br>|
| Year Ended June 30, 2022 | 73.81 | 0.31 | &nbsp;&nbsp; (9.04)<br>| &nbsp;&nbsp; (8.73)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp; (15.06)<br>|
| Year Ended June 30, 2021 | 57.93 | 0.33 | 21.96 | 22.29 | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (5.60)<br>| &nbsp;&nbsp; (6.41)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) 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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

130 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $88.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $213578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1091404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 759948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 131

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. Large Cap Core Plus Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $19.89 | &nbsp;&nbsp; $—<br> (e)<br>| &nbsp;&nbsp; $2.41 | &nbsp;&nbsp; $2.41 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1.35)<br>| &nbsp;&nbsp; $(1.35)<br>|
| Year Ended June 30, 2024 | 16.89 | &nbsp;&nbsp; (0.01)(g)<br>| 5.00 | 4.99 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (1.99)<br>|
| Year Ended June 30, 2023 | 18.03 | &nbsp;&nbsp; (0.01)<br>| 3.71 | 3.70 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (4.84)<br>|
| Year Ended June 30, 2022 | 26.84 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.78)<br>| &nbsp;&nbsp; (6.78)<br>|
| Year Ended June 30, 2021 | 24.58 | &nbsp;&nbsp; (0.10)<br>| 9.21 | 9.11 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (6.82)<br>| &nbsp;&nbsp; (6.85)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 15.51 | &nbsp;&nbsp; (0.08)<br>| 1.87 | 1.79 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.35)<br>|
| Year Ended June 30, 2024 | 13.64 | &nbsp;&nbsp; (0.08)(g)<br>| 3.94 | 3.86 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (1.99)<br>|
| Year Ended June 30, 2023 | 15.48 | &nbsp;&nbsp; (0.07)<br>| 3.07 | 3.00 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (4.84)<br>|
| Year Ended June 30, 2022 | 24.01 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.78)<br>| &nbsp;&nbsp; (6.78)<br>|
| Year Ended June 30, 2021 | 22.67 | &nbsp;&nbsp; (0.21)<br>| 8.37 | 8.16 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6.82)<br>| &nbsp;&nbsp; (6.82)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 21.01 | 0.05 | 2.55 | 2.60 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.37)<br>|
| Year Ended June 30, 2024 | 17.73 | 0.03 | 5.28 | 5.31 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (2.03)<br>|
| Year Ended June 30, 2023 | 18.68 | 0.04 | 3.87 | 3.91 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (4.86)<br>|
| Year Ended June 30, 2022 | 27.53 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.78)<br>| &nbsp;&nbsp; (6.78)<br>|
| Year Ended June 30, 2021 | 25.04 | &nbsp;&nbsp; (0.03)<br>| 9.41 | 9.38 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (6.82)<br>| &nbsp;&nbsp; (6.89)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 17.35 | &nbsp;&nbsp; (0.08)<br>| 2.10 | 2.02 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.35)<br>|
| Year Ended June 30, 2024 | 15.03 | &nbsp;&nbsp; (0.08)(g)<br>| 4.39 | 4.31 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (1.99)<br>|
| Year Ended June 30, 2023 | 16.59 | &nbsp;&nbsp; (0.07)<br>| 3.35 | 3.28 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (4.84)<br>|
| Year Ended June 30, 2022 | 25.27 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.78)<br>| &nbsp;&nbsp; (6.78)<br>|
| Year Ended June 30, 2021 | 23.54 | &nbsp;&nbsp; (0.18)<br>| 8.74 | 8.56 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (6.82)<br>| &nbsp;&nbsp; (6.83)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 21.36 | 0.04 | 2.60 | 2.64 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.36)<br>|
| Year Ended June 30, 2024 | 18.00 | 0.02 | 5.36 | 5.38 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (2.02)<br>|
| Year Ended June 30, 2023 | 18.91 | 0.04 | 3.92 | 3.96 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (4.87)<br>|
| Year Ended June 30, 2022 | 27.78 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.78)<br>| &nbsp;&nbsp; (6.78)<br>|
| Year Ended June 30, 2021 | 25.20 | &nbsp;&nbsp; (0.02)<br>| 9.49 | 9.47 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (6.82)<br>| &nbsp;&nbsp; (6.89)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 21.36 | 0.06 | 2.60 | 2.66 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.38)<br>|
| Year Ended June 30, 2024 | 17.99 | 0.04 | 5.37 | 5.41 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (2.04)<br>|
| Year Ended June 30, 2023 | 18.90 | 0.05 | 3.93 | 3.98 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (4.89)<br>|
| Year Ended June 30, 2022 | 27.75 | 0.02 | &nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.78)<br>| &nbsp;&nbsp; (6.78)<br>|
| Year Ended June 30, 2021 | 25.18 | &nbsp;&nbsp; —<br> (e)<br>| 9.47 | 9.47 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (6.82)<br>| &nbsp;&nbsp; (6.90)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) nan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses (excluding dividend and interest expense for <br> securities sold short)<br>|  |  |  |  |  |
| Class A | 0.95<br> %<br>| 0.95<br> %<br>| 1.01<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>|
| Class C | 1.44 | 1.44 | 1.51 | 1.60 | 1.59 |
| Class I | 0.70 | 0.69 | 0.76 | 0.85 | 0.85 |
| Class R2 | 1.40 | 1.40 | 1.42 | 1.45 | 1.45 |
| Class R5 | 0.75 | 0.75 | 0.77 | 0.80 | 0.80 |
| Class R6 | 0.64 | 0.64 | 0.67 | 0.70 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without waivers and reimbursements (excluding <br> dividend and interest expense for securities sold short)<br>|  |  |  |  |  |
| Class A | 1.25 | 1.25 | 1.26 | 1.25 | 1.25 |
| Class C | 1.75 | 1.75 | 1.76 | 1.76 | 1.74 |
| Class I | 1.00 | 1.00 | 1.00 | 1.00 | 0.99 |
| Class R2 | 1.51 | 1.52 | 1.52 | 1.51 | 1.50 |
| Class R5 | 0.85 | 0.85 | 0.86 | 0.85 | 0.84 |
| Class R6 | 0.74 | 0.74 | 0.75 | 0.75 | 0.74 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(e) Amount rounds to less than $0.005.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(f) Interest expense on securities sold short is 0.13%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(g) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(h) Interest expense on securities sold short is 0.14%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(i) Interest expense on securities sold short is 0.62%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(j) Interest expense on securities sold short is 0.16%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

132 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp; Net <br>expenses <br>(including dividend <br>and interest expense <br>for securities sold <br>short)(c)(d)<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements <br>(including dividend <br>and interest expense <br>for securities sold <br>short)(d)<br>| &nbsp;&nbsp; Portfolio <br>turnover rate <br>(excluding securities <br>sold short)<br>| &nbsp;&nbsp; Portfolio <br>turnover rate <br>(including securities <br>sold short)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.95 | &nbsp;&nbsp;&nbsp;&nbsp; 12.21<br> %<br>| &nbsp;&nbsp;&nbsp; $362828 | &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %(f)<br>| &nbsp;&nbsp;&nbsp; (0.01)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>| &nbsp;&nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 100<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.89 | &nbsp;&nbsp;&nbsp;&nbsp;32.19 | &nbsp;&nbsp;&nbsp; 319841 | &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> (h)<br>| &nbsp;&nbsp;&nbsp; (0.08)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.89 | &nbsp;&nbsp;&nbsp;&nbsp;24.17 | &nbsp;&nbsp;&nbsp; 237165 | &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> (h)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.03 | &nbsp;&nbsp;&nbsp; (12.89)<br>| &nbsp;&nbsp;&nbsp; 240209 | &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> (i)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.84 | &nbsp;&nbsp;&nbsp;&nbsp;42.30 | &nbsp;&nbsp;&nbsp; 335206 | &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> (j)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.95 | &nbsp;&nbsp;&nbsp;&nbsp;11.64 | &nbsp;&nbsp;&nbsp; 92937 | &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> (f)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.51 | &nbsp;&nbsp;&nbsp;&nbsp;31.50 | &nbsp;&nbsp;&nbsp; 61460 | &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> (h)<br>| &nbsp;&nbsp;&nbsp; (0.57)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.64 | &nbsp;&nbsp;&nbsp;&nbsp;23.54 | &nbsp;&nbsp;&nbsp; 31189 | &nbsp;&nbsp;&nbsp;&nbsp; 2.29<br> (h)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.48 | &nbsp;&nbsp;&nbsp; (13.31)<br>| &nbsp;&nbsp;&nbsp; 28297 | &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> (i)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.01 | &nbsp;&nbsp;&nbsp;&nbsp;41.55 | &nbsp;&nbsp;&nbsp; 36784 | &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> (j)<br>| &nbsp;&nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.24 | &nbsp;&nbsp;&nbsp;&nbsp;12.48 | &nbsp;&nbsp;&nbsp; 2027630 | &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.01 | &nbsp;&nbsp;&nbsp;&nbsp;32.52 | &nbsp;&nbsp;&nbsp; 1480079 | &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.73 | &nbsp;&nbsp;&nbsp;&nbsp;24.50 | &nbsp;&nbsp;&nbsp; 837722 | &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.68 | &nbsp;&nbsp;&nbsp; (12.70)<br>| &nbsp;&nbsp;&nbsp; 970509 | &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> (i)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.53 | &nbsp;&nbsp;&nbsp;&nbsp;42.65 | &nbsp;&nbsp;&nbsp; 1702566 | &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> (j)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.02 | &nbsp;&nbsp;&nbsp;&nbsp;11.73 | &nbsp;&nbsp;&nbsp; 8540 | &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> (f)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.35 | &nbsp;&nbsp;&nbsp;&nbsp;31.58 | &nbsp;&nbsp;&nbsp; 7541 | &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> (h)<br>| &nbsp;&nbsp;&nbsp; (0.52)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.03 | &nbsp;&nbsp;&nbsp;&nbsp;23.65 | &nbsp;&nbsp;&nbsp; 5757 | &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> (h)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.59 | &nbsp;&nbsp;&nbsp; (13.23)<br>| &nbsp;&nbsp;&nbsp; 4602 | &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> (i)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.27 | &nbsp;&nbsp;&nbsp;&nbsp;41.77 | &nbsp;&nbsp;&nbsp; 5838 | &nbsp;&nbsp;&nbsp;&nbsp; 2.29<br> (j)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.64 | &nbsp;&nbsp;&nbsp;&nbsp;12.46 | &nbsp;&nbsp;&nbsp; 46122 | &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.36 | &nbsp;&nbsp;&nbsp;&nbsp;32.43 | &nbsp;&nbsp;&nbsp; 44798 | &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.00 | &nbsp;&nbsp;&nbsp;&nbsp;24.48 | &nbsp;&nbsp;&nbsp; 30667 | &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.91 | &nbsp;&nbsp;&nbsp; (12.65)<br>| &nbsp;&nbsp;&nbsp; 27541 | &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> (i)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.78 | &nbsp;&nbsp;&nbsp;&nbsp;42.75 | &nbsp;&nbsp;&nbsp; 34191 | &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> (j)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.64 | &nbsp;&nbsp;&nbsp;&nbsp;12.56 | &nbsp;&nbsp;&nbsp; 800177 | &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.36 | &nbsp;&nbsp;&nbsp;&nbsp;32.61 | &nbsp;&nbsp;&nbsp; 474521 | &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.99 | &nbsp;&nbsp;&nbsp;&nbsp;24.60 | &nbsp;&nbsp;&nbsp; 285919 | &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.90 | &nbsp;&nbsp;&nbsp; (12.58)<br>| &nbsp;&nbsp;&nbsp; 365912 | &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.75 | &nbsp;&nbsp;&nbsp;&nbsp;42.86 | &nbsp;&nbsp;&nbsp; 536661 | &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 96 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 133

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**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. Research Enhanced Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $42.22 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $5.05 | &nbsp;&nbsp; $5.37 | &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(2.23)<br>| &nbsp;&nbsp; $(2.56)<br>|
| Year Ended June 30, 2024 | 33.84 | 0.31 | 8.44 | 8.75 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.37)<br>|
| Year Ended June 30, 2023 | 28.88 | 0.31 | 5.41 | 5.72 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.76)<br>|
| Year Ended June 30, 2022 | 36.46 | 0.27 | &nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (4.40)<br>| &nbsp;&nbsp; (4.65)<br>|
| Year Ended June 30, 2021 | 26.55 | 0.27 | 10.81 | 11.08 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (1.17)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 42.81 | 0.44 | 5.10 | 5.54 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.65)<br>|
| Year Ended June 30, 2024 | 34.30 | 0.41 | 8.57 | 8.98 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.47)<br>|
| Year Ended June 30, 2023 | 29.26 | 0.39 | 5.49 | 5.88 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.84)<br>|
| Year Ended June 30, 2022 | 36.89 | 0.36 | &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (2.90)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (4.40)<br>| &nbsp;&nbsp; (4.73)<br>|
| Year Ended June 30, 2021 | 26.85 | 0.35 | 10.94 | 11.29 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (1.25)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 42.73 | 0.48 | 5.10 | 5.58 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.69)<br>|
| Year Ended June 30, 2024 | 34.24 | 0.45 | 8.54 | 8.99 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2023 | 29.21 | 0.42 | 5.48 | 5.90 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.87)<br>|
| Year Ended June 30, 2022 | 36.84 | 0.40 | &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (2.86)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (4.40)<br>| &nbsp;&nbsp; (4.77)<br>|
| Year Ended June 30, 2021 | 26.81 | 0.38 | 10.93 | 11.31 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (1.28)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

134 J.P. Morgan Large Cap Funds June 30, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $45.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $573535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1284221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 854011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 686545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9174782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8328482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6675403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5994312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4185201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 135

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. Sustainable Leaders Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $72.21 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $7.75 | &nbsp;&nbsp; $8.15 | &nbsp;&nbsp; $(0.42)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.42)<br>|
| Year Ended June 30, 2024 | 57.02 | 0.43 | 15.24 | 15.67 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>|
| Year Ended June 30, 2023 | 48.80 | 0.41 | 8.30 | 8.71 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49)<br>|
| Year Ended June 30, 2022 | 59.20 | 0.39 | &nbsp;&nbsp; (8.35)<br>| &nbsp;&nbsp; (7.96)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (2.44)<br>|
| Year Ended June 30, 2021 | 42.76 | 0.42 | 16.81 | 17.23 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.79)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 70.53 | 0.03 | 7.55 | 7.58 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended June 30, 2024 | 55.67 | 0.12 | 14.89 | 15.01 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>|
| Year Ended June 30, 2023 | 47.61 | 0.15 | 8.10 | 8.25 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>|
| Year Ended June 30, 2022 | 57.87 | 0.09 | &nbsp;&nbsp; (8.14)<br>| &nbsp;&nbsp; (8.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (2.21)<br>|
| Year Ended June 30, 2021 | 41.80 | 0.16 | 16.43 | 16.59 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.52)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 72.95 | 0.60 | 7.82 | 8.42 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>|
| Year Ended June 30, 2024 | 57.58 | 0.59 | 15.39 | 15.98 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>|
| Year Ended June 30, 2023 | 49.27 | 0.54 | 8.38 | 8.92 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>|
| Year Ended June 30, 2022 | 59.71 | 0.54 | &nbsp;&nbsp; (8.43)<br>| &nbsp;&nbsp; (7.89)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (2.55)<br>|
| Year Ended June 30, 2021 | 43.11 | 0.55 | 16.95 | 17.50 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.90)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 72.93 | 0.63 | 7.84 | 8.47 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.62)<br>|
| Year Ended June 30, 2024 | 57.57 | 0.63 | 15.37 | 16.00 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.64)<br>|
| Year Ended June 30, 2023 | 49.27 | 0.57 | 8.37 | 8.94 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.64)<br>|
| Year Ended June 30, 2022 | 59.69 | 0.57 | &nbsp;&nbsp; (8.42)<br>| &nbsp;&nbsp; (7.85)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (2.57)<br>|
| September 30, 2020 (f) through June 30, 2021 | 46.79 | 0.43 | 13.40 | 13.83 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.93)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Commencement of offering of class of shares.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

136 J.P. Morgan Large Cap Funds June 30, 2025

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $79.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $91240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 137

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. Value Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $74.67 | &nbsp;&nbsp; $0.89 | &nbsp;&nbsp; $7.43 | &nbsp;&nbsp; $8.32 | &nbsp;&nbsp; $(0.95)<br>| &nbsp;&nbsp; $(1.17)<br>| &nbsp;&nbsp; $(2.12)<br>|
| Year Ended June 30, 2024 | 66.58 | 0.90 | 8.16 | 9.06 | &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.97)<br>|
| Year Ended June 30, 2023 | 60.21 | 0.90 | 6.53 | 7.43 | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.06)<br>|
| Year Ended June 30, 2022 | 64.61 | 0.74 | &nbsp;&nbsp; (3.22)<br>| &nbsp;&nbsp; (2.48)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.92)<br>|
| Year Ended June 30, 2021 | 45.62 | 0.64 | 19.59 | 20.23 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.24)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 65.56 | 0.43 | 6.53 | 6.96 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (1.81)<br>|
| Year Ended June 30, 2024 | 58.61 | 0.49 | 7.15 | 7.64 | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.69)<br>|
| Year Ended June 30, 2023 | 53.16 | 0.51 | 5.76 | 6.27 | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.82)<br>|
| Year Ended June 30, 2022 | 57.32 | 0.38 | &nbsp;&nbsp; (2.84)<br>| &nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.70)<br>|
| Year Ended June 30, 2021 | 40.63 | 0.32 | 17.40 | 17.72 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.03)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 79.59 | 1.16 | 7.93 | 9.09 | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (2.30)<br>|
| Year Ended June 30, 2024 | 70.89 | 1.15 | 8.68 | 9.83 | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.13)<br>|
| Year Ended June 30, 2023 | 64.02 | 1.13 | 6.94 | 8.07 | &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.20)<br>|
| Year Ended June 30, 2022 | 68.55 | 0.97 | &nbsp;&nbsp; (3.43)<br>| &nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (2.07)<br>|
| Year Ended June 30, 2021 | 48.34 | 0.83 | 20.76 | 21.59 | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.38)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 74.78 | 0.69 | 7.45 | 8.14 | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (1.91)<br>|
| Year Ended June 30, 2024 | 66.68 | 0.73 | 8.16 | 8.89 | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.79)<br>|
| Year Ended June 30, 2023 | 60.30 | 0.74 | 6.53 | 7.27 | &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.89)<br>|
| Year Ended June 30, 2022 | 64.73 | 0.59 | &nbsp;&nbsp; (3.24)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.78)<br>|
| Year Ended June 30, 2021 | 45.72 | 0.50 | 19.63 | 20.13 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.12)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 79.38 | 0.94 | 7.91 | 8.85 | &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (2.11)<br>|
| Year Ended June 30, 2024 | 70.69 | 0.96 | 8.66 | 9.62 | &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.93)<br>|
| Year Ended June 30, 2023 | 63.83 | 0.93 | 6.95 | 7.88 | &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.02)<br>|
| Year Ended June 30, 2022 | 68.41 | 0.80 | &nbsp;&nbsp; (3.44)<br>| &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.94)<br>|
| Year Ended June 30, 2021 | 48.25 | 0.68 | 20.73 | 21.41 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.25)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 79.60 | 1.19 | 7.90 | 9.09 | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (2.30)<br>|
| Year Ended June 30, 2024 | 70.87 | 1.15 | 8.68 | 9.83 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.10)<br>|
| Year Ended June 30, 2023 | 64.04 | 1.22 | 6.85 | 8.07 | &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.24)<br>|
| Year Ended June 30, 2022 | 68.60 | 0.94 | &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (2.09)<br>|
| Year Ended June 30, 2021 | 48.31 | 0.79 | 20.81 | 21.60 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.31)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 80.25 | 1.31 | 7.99 | 9.30 | &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (2.43)<br>|
| Year Ended June 30, 2024 | 71.45 | 1.27 | 8.75 | 10.02 | &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.22)<br>|
| Year Ended June 30, 2023 | 64.52 | 1.25 | 6.98 | 8.23 | &nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.30)<br>|
| Year Ended June 30, 2022 | 69.09 | 1.12 | &nbsp;&nbsp; (3.51)<br>| &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (2.18)<br>|
| Year Ended June 30, 2021 | 48.69 | 0.93 | 20.93 | 21.86 | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.46)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 80.28 | 1.38 | 8.01 | 9.39 | &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (2.51)<br>|
| Year Ended June 30, 2024 | 71.49 | 1.34 | 8.76 | 10.10 | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.31)<br>|
| Year Ended June 30, 2023 | 64.55 | 1.33 | 6.98 | 8.31 | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.37)<br>|
| Year Ended June 30, 2022 | 69.10 | 1.16 | &nbsp;&nbsp; (3.47)<br>| &nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (2.24)<br>|
| Year Ended June 30, 2021 | 48.70 | 1.02 | 20.89 | 21.91 | &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.51)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

138 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $80.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1475038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1258586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1045975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 723238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2773567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2436511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2205435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1440632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 868339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1993376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1862143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1319430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 139

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

JPMorgan Trust I ("JPM I"), JPMorgan Trust II ("JPM II") and JPMorgan Trust IV ("JPM IV") (collectively, the "Trusts") were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies.

The following are 15 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | | | |
|:---|:---|:---|:---|
|  | **Classes Offered** | **Trust** | **Diversification Classification** |
| JPMorgan Equity Income Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, <br> Class R5 and Class R6<br>| JPM II | Diversified |
| JPMorgan Equity Index Fund | Class A, Class C, Class I and Class R6 | JPM II | Diversified |
| JPMorgan Equity Premium Income Fund | Class A, Class C, Class I, Class R5 and Class R6 | JPM IV | Diversified |
| JPMorgan Hedged Equity Fund | Class A, Class C, Class I, Class R5 and Class R6 | JPM I | Diversified |
| JPMorgan Hedged Equity 2 Fund | Class A, Class C, Class I, Class R5 and Class R6 | JPM IV | Diversified |
| JPMorgan Hedged Equity 3 Fund | Class A, Class C, Class I, Class R5 and Class R6 | JPM IV | Diversified |
| JPMorgan Large Cap Growth Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, <br> Class R5 and Class R6<br>| JPM II | Non-Diversified\* |
| JPMorgan Large Cap Value Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, <br> Class R5 and Class R6<br>| JPM II | Diversified |
| JPMorgan U.S. Applied Data Science Value Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified |
| JPMorgan U.S. Equity Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class L, Class R2, Class R3, <br> Class R4, Class R5 and Class R6<br>| JPM I | Diversified |
| JPMorgan U.S. GARP Equity Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Non-Diversified\*\* |
| JPMorgan U.S. Large Cap Core Plus Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified |
| JPMorgan U.S. Research Enhanced Equity Fund | Class A, Class I and Class R6 | JPM I | Diversified |
| JPMorgan U.S. Sustainable Leaders Fund | Class A, Class C, Class I and Class R6 | JPM I | Diversified |
| JPMorgan U.S. Value Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, <br> Class R5 and Class R6<br>| JPM I | Diversified |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>\*</sup> Prior to March 5, 2025, JPMorgan Large Cap Growth Fund operated as a diversified company. <br> <sup>\*\*</sup> Prior to December 2, 2024, JPMorgan U.S. GARP Equity Fund operated as a diversified company.

Effective March 1, 2025, Class A and Class C Shares of U.S. Applied Data Sciences Value Fund were publicly offered on a limited basis. Investors are not eligible to purchase Class A Shares and Class C Shares of U.S. Applied Data Science Value Fund unless they meet certain requirements as described in the Funds' prospectus.

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.

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140 J.P. Morgan Large Cap Funds June 30, 2025

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The investment objective of JPMorgan U.S. Research Enhanced Equity Fund ("U.S. Research Enhanced Equity Fund") is to seek to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and Poor's 500 Composite Stock Price Index.

The investment objective of JPMorgan U.S. Value Fund ("U.S. Value Fund") is to seek to provide capital growth over the long-term and to earn income from dividends.

Class L Shares of U.S. Equity Fund and Class A Shares of U.S. Research Enhanced Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of the Funds unless they meet certain requirements as described in the Funds' prospectus.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds' prospectus. Effective March 1, 2025, no sales charge was imposed on purchases of Class A Shares of U.S. Applied Data Science Value Fund and no CDSC was imposed on redemptions of Class A Shares and Class C Shares of U.S. Applied Data Science Value Fund. 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 Securities and Exchange Commission ("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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 141

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**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Funds are calculated on a valuation date.

Investments in open-end investment companies ("Underlying Funds") are valued at each Underlying Fund's NAV per share as of the report date.

Futures contracts and options are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

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"):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Income Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $43801935 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $43801935 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Index Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $11370091 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11370091 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 29487 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29487 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $11399578 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp;&nbsp;&nbsp; $11399588 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1083 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1083 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Premium Income Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $5522317 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5522317 |
| Equity Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 813194 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 813194 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

142 J.P. Morgan Large Cap Funds June 30, 2025

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Premium Income Fund** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; $9909 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9909 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $5532226 | &nbsp;&nbsp;&nbsp;&nbsp; $813194 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6345420 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hedged Equity Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $22253389 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $22253389 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $1347 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1347 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written (a) |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(215440)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(215440)<br>|
| Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (60656)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (60656)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(274749)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(274749)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hedged Equity 2 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $5525256 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5525256 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $1303 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1303 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written (a) |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(326512)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(326512)<br>|
| Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (1177)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1177)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(326386)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(326386)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hedged Equity 3 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $3376000 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3376000 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $912 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $912 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written (a) |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(87381)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(87381)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 143

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**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hedged Equity 3 Fund** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(3607)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(3607)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(90076)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(90076)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Cap Growth Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $113982651 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $113982651 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Cap Value Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $5064258 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5064258 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Applied Data Science Value Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $149613 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $149613 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Equity Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $32261942 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $32261942 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $13 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $13 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. GARP Equity Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $1868447 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1868447 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

144 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. GARP Equity Fund** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $311 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $311 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Large Cap Core Plus Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $3994224 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3994224 |
| **Total Liabilities in Securities Sold Short** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $(650616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(650616)<br>|
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $1581 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1581 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Research Enhanced Equity Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $11065184 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11065184 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $694 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $694 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Sustainable Leaders Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $270894 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $270894 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $54 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $54 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Value Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $6413845 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6413845 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 145

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

As of June 30, 2025, 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, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment Securities** <br>**on Loan, at value,** <br>**Presented on the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Cash Collateral** <br>**Posted by Borrower\***<br>| **Net Amount Due** <br>**to Counterparty** <br>**(not less than zero)**<br>|
| Large Cap Growth Fund | &nbsp;&nbsp; $10104 | &nbsp;&nbsp; $(10104)<br>| &nbsp;&nbsp; $— |
| Large Cap Value Fund | &nbsp;&nbsp; 19464 | &nbsp;&nbsp; (19464)<br>| &nbsp;&nbsp; — |
| U.S. Value Fund | &nbsp;&nbsp; 23174 | &nbsp;&nbsp; (23174)<br>| &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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, 2025, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:

---

| | |
|:---|:---|
| Equity Index Fund | &nbsp;&nbsp; $—<br> (a)<br>|
| Large Cap Growth Fund | &nbsp;&nbsp; 1 |
| Large Cap Value Fund | &nbsp;&nbsp; —<br> (a)<br>|
| U.S. GARP Equity Fund | &nbsp;&nbsp; —<br> (a)<br>|
| U.S. Value Fund | &nbsp;&nbsp; —<br> (a)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

146 J.P. Morgan Large Cap Funds June 30, 2025

------

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 Index Fund, Equity Premium Income Fund, U.S. Applied Data Science Value Fund, U.S. Equity Fund and U.S. GARP Equity Fund did not have any securities out on loan at June 30, 2025. Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, U.S. Equity 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, 2025.

**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.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b)<br>| $75282 | $5340048 | $5338943 | $(53)<br>| $7 | $76341 | 76326 | $6542 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (a) (b)<br>|  | 39580 | 39580 |  |  |  |  | 5<br> \*<br>|  |
| **Total** | $75282 | $5379628 | $5378523 | $(53)<br>| $7 | $76341 |  | $6547 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Chase & Co. (a) | $130535 | $13912 | $24546 | $4221 | $50385 | $174507 | 602 | $3206 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (b) (c)<br>| 10453 | 158996 | 171247 | 1,798<br> \*<br>|  |  |  | 345<br> \*<br>|  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (b) (c)<br>| 2022 | 19657 | 21679 |  |  |  |  | 23<br> \*<br>|  |
| JPMorgan U.S. Government Money Market Fund <br> Class Institutional Shares, 4.18% (b) (c)<br>| 31098 | 709104 | 710715 |  |  | 29487 | 29487 | 1370 |  |
| **Total** | $174108 | $901669 | $928187 | $6019 | $50385 | $203994 |  | $4944 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.

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

(c) The rate shown is the current yield as of June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 147

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b)<br>| $— | $3363965 | $3354075 | $19 | $—<br> (c)<br>| $9909 | 9907 | $1921 | $— |
| JPMorgan Securities Lending Money Market Fund Agency <br> SL Class Shares, 4.40% (a) (b)<br>|  | 1105 | 1105 |  |  |  |  | 1<br> \*<br>|  |
| **Total** | $— | $3365070 | $3355180 | $19 | $—<br> (c)<br>| $9909 |  | $1922 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of June 30, 2025.

(c) Amount rounds to less than one thousand.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money Market <br> Fund Class Institutional Shares, 4.18% <br> (a) (b)<br>| $518872 | $3491237 | $2996409 | $— | $— | $1013700 | 1013700 | $13863 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| $97567 | $1198276 | $1230954 | $— | $— | $64889 | 64889 | $3163 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

148 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| $46578 | $891471 | $916500 | $— | $— | $21549 | 21549 | $2210 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class IM Shares, 4.38% (a) (b)<br>| $3765452 | $41637546 | $44813701 | $(342)<br>| $(29)<br>| $588926 | 588808 | $204620 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.40% <br> (a) (b)<br>| 94979 | 196549 | 281159 | 5<br> \*<br>| 3 | 10377 | 10377 | 855<br> \*<br>|  |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.27% (a) (b)<br>| 11095 | 4514 | 15609 |  |  |  |  | 42<br> \*<br>|  |
| **Total** | $3871526 | $41838609 | $45110469 | $(337)<br>| $(26)<br>| $599303 |  | $205517 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (a) (b)<br>| $127054 | $3640366 | $3739187 | $4 | $3 | $28240 | 28234 | $4627 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (a) (b)<br>| 2000 | 188300 | 170501 | 1<br> \*<br>|  | 19800 | 19800 | 290<br> \*<br>|  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 1210 | 14734 | 15944 |  |  |  |  | 16<br> \*<br>|  |
| **Total** | $130264 | $3843400 | $3925632 | $5 | $3 | $48040 |  | $4933 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 149

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b)<br>| $1157 | $32254 | $32796 | $—<br> (c)<br>| $—<br> (c)<br>| $615 | 615 | $119 | $— |
| JPMorgan Securities Lending Money Market Fund Agency <br> SL Class Shares, 4.40% (a) (b)<br>|  | 661 | 661 |  |  |  |  |  |  |
| **Total** | $1157 | $32915 | $33457 | $—<br> (c)<br>| $—<br> (c)<br>| $615 |  | $119 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of June 30, 2025.

(c) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (a) (b)<br>| $269804 | $10170252 | $10192525 | $77 | $15 | $247623 | 247573 | $11661 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.40% (a) (b)<br>|  | 42421 | 42421 |  |  |  |  | 27<br> \*<br>|  |
| **Total** | $269804 | $10212673 | $10234946 | $77 | $15 | $247623 |  | $11688 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b)<br>| $19423 | $390868 | $399524 | $—<br> (c)<br>| $—<br> (c)<br>| $10767 | 10765 | $859 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (a) (b)<br>|  | 12122 | 12122 |  |  |  |  | 25<br> \*<br>|  |
| **Total** | $19423 | $402990 | $411646 | $—<br> (c)<br>| $—<br> (c)<br>| $10767 |  | $884 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of June 30, 2025.

(c) Amount rounds to less than one thousand.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

150 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (a) (b)<br>| $62838 | $1053199 | $1011787 | $4 | $3 | $104257 | 104237 | $2977 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (a) (b)<br>| $193056 | $2126282 | $2270106 | $41 | $2 | $49275 | 49265 | $6862 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b)<br>| $4615 | $76606 | $78126 | $—<br> (c)<br>| $1 | $3096 | 3095 | $209 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of June 30, 2025.

(c) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b)<br>| $81551 | $746015 | $642809 | $(9)<br>| $2 | $184750 | 184714 | $5203 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (a) (b)<br>|  | 33784 | 10135 |  |  | 23649 | 23649 | 58<br> \*<br>|  |
| **Total** | $81551 | $779799 | $652944 | $(9)<br>| $2 | $208399 |  | $5261 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 151

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) The rate shown is the current yield as of June 30, 2025.

\* 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 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 cash or securities for options written. Cash collateral deposited with the broker is recorded as Deposits at broker for option contracts, while cash collateral deposited at the Funds' custodian for the benefit of the broker is recorded as Restricted cash for exchange-traded options on the Statements of Assets and Liabilities. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

152 J.P. Morgan Large Cap Funds June 30, 2025

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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).

**Derivatives Volume**

The table below discloses the volume of the Funds' options and futures contracts activity during the year ended June 30, 2025 (amounts in thousands, except number of contracts):

---

| | | |
|:---|:---|:---|
|  | **Equity Index** <br>**Fund**<br>| **Equity Premium** <br>**Income Fund**<br>|
| **Futures Contracts:** |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $39357 | &nbsp;&nbsp; $3934 |
| Average Notional Balance Short | &nbsp;&nbsp; — | &nbsp;&nbsp; (863)<br>|
| Ending Notional Balance Long | &nbsp;&nbsp; 44068 | &nbsp;&nbsp; — |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Hedged** <br>**Equity** <br>**Fund**<br>| **Hedged** <br>**Equity 2** <br>**Fund**<br>| **Hedged** <br>**Equity 3** <br>**Fund**<br>|
| **Futures Contracts:** |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $323296 | &nbsp;&nbsp; $85607 | &nbsp;&nbsp; $60167 |
| Ending Notional Balance Long | &nbsp;&nbsp; 37505 | &nbsp;&nbsp; 73446 | &nbsp;&nbsp; 25941 |
| **Exchange-Traded Options:** |  |  |  |
| Average Number of Contracts Purchased | &nbsp;&nbsp; 35770 | &nbsp;&nbsp; 9081 | &nbsp;&nbsp; 5296 |
| Average Number of Contracts Written | &nbsp;&nbsp; (71541)<br>| &nbsp;&nbsp; (18162)<br>| &nbsp;&nbsp; (10589)<br>|
| Ending Number of Contracts Purchased | &nbsp;&nbsp; 33981 | &nbsp;&nbsp; 8915 | &nbsp;&nbsp; 5424 |
| Ending Number of Contracts Written | &nbsp;&nbsp; (67962)<br>| &nbsp;&nbsp; (17830)<br>| &nbsp;&nbsp; (10848)<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **U.S.** <br>**Applied Data** <br>**Science** <br>**Value Fund**<br>| **U.S.** <br>**Equity** <br>**Fund**<br>| **U.S.** <br>**GARP** <br>**Equity** <br>**Fund**<br>|
| **Futures Contracts:** |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $2131 | &nbsp;&nbsp; $48419 | &nbsp;&nbsp; $12819 |
| Ending Notional Balance Long | &nbsp;&nbsp; — | &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 9064 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **U.S.** <br>**Large Cap** <br>**Core Plus** <br>**Fund**<br>| **U.S.** <br>**Research** <br>**Enhanced** <br>**Equity** <br>**Fund**<br>| **U.S.** <br>**Sustainable** <br>**Leaders** <br>**Fund**<br>|
| **Futures Contracts:** |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $19364 | &nbsp;&nbsp; $150617 | &nbsp;&nbsp; $3046 |
| Ending Notional Balance Long | &nbsp;&nbsp; 45318 | &nbsp;&nbsp; 19377 | &nbsp;&nbsp; 1875 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 153

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

The Funds' derivatives contracts held at June 30, 2025 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, 2025, Equity Premium Income Fund had outstanding ELNs as listed on its SOI.

**I. Short Sales**— U.S. Large Cap Core Plus Fund engaged in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as Deposits at broker for securities 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 SOI. The Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker's fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net amounts of income or fees are included as interest income or interest expense on securities sold short on the Statements of Operations.

The Fund is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as Dividend expense on securities sold short. The Fund is obligated to pay the broker interest accrued on short positions while the position is outstanding. Interest expense on short positions is reported as Interest expense to non-affiliates on securities sold short on the Statements of Operations. Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Short sale transactions may result in unlimited losses as the security's price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

The Fund will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will record a realized gain if the price of the borrowed security declines between those dates.

As of June 30, 2025, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

154 J.P. Morgan Large Cap Funds June 30, 2025

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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, 2025, are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class L** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** | **Total** |
| **Equity Income Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | $178 | $30 | $256 | n/a | $11 | $7 | $3 | $11 | $441 | $937 |
| **Equity Index Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 168 | 5 | 33 | n/a | n/a | n/a | n/a | n/a | 57 | 263 |
| **Equity Premium Income Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 20 | 14 | 96 | n/a | n/a | n/a | n/a | —<br> (a)<br>| 11 | 141 |
| **Hedged Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 36 | 17 | 149 | n/a | n/a | n/a | n/a | —<br> (a)<br>| 49 | 251 |
| **Hedged Equity 2 Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 8 | 6 | 41 | n/a | n/a | n/a | n/a | —<br> (a)<br>| 14 | 69 |
| **Hedged Equity 3 Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 4 | 3 | 24 | n/a | n/a | n/a | n/a | —<br> (a)<br>| 6 | 37 |
| **Large Cap Growth Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 404 | 31 | 260 | n/a | 37 | 19 | 9 | 16 | 845 | 1621 |
| **Large Cap Value Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 46 | 4 | 48 | n/a | 3 | 1 | —<br> (a)<br>| 3 | 31 | 136 |
| **U.S. Applied Data Science Value Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 2 | 1 | 3 | n/a | 2 | n/a | n/a | —<br> (a)<br>| 2 | 10 |
| **U.S. Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 120 | 17 | 189 | $29 | 10 | 8 | 2 | 13 | 212 | 600 |
| **U.S. GARP Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 15 | 2 | 7 | n/a | 20 | n/a | n/a | 2 | 9 | 55 |
| **U.S. Large Cap Core Plus Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 21 | 3 | 27 | n/a | 1 | n/a | n/a | 1 | 7 | 60 |
| **U.S. Research Enhanced Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 11 | n/a | 20 | n/a | n/a | n/a | n/a | n/a | 81 | 112 |
| **U.S. Sustainable Leaders Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 5 | 1 | 3 | n/a | n/a | n/a | n/a | n/a | 2 | 11 |
| **U.S. Value Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 142 | 9 | 31 | n/a | —<br> (a)<br>| 1 | —<br> (a)<br>| —<br> (a)<br>| 39 | 222 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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, 2025, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 155

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

The following amounts were reclassified within the capital accounts:

---

| | | | |
|:---|:---|:---|:---|
|  | **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $273010 | &nbsp;&nbsp;&nbsp;&nbsp; $3468 | &nbsp;&nbsp;&nbsp;&nbsp; $(276478)<br>|
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 622 | &nbsp;&nbsp;&nbsp;&nbsp; (622)<br>|
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 531455 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (531455)<br>|
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 21831 | &nbsp;&nbsp;&nbsp;&nbsp; 1135 | &nbsp;&nbsp;&nbsp;&nbsp; (22966)<br>|
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 824 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (824)<br>|
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp;&nbsp; (147)<br>|
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; (57)<br>|
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1664 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; (1665)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

The reclassifications for the Funds relate primarily to tax adjustments on certain investments and tax equalization.

**N. Segment Reporting** — The Funds adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**O. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

**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 Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

156 J.P. Morgan Large Cap Funds June 30, 2025

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| | |
|:---|:---|
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|

---

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, 2025, the effective 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R2** | **Class R3** |
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |

---

Effective March 1, 2025, distribution fees on U.S. Applied Data Science Value Fund's Class A, Class C and Class R2 Shares are voluntarily waived by the Distributor. JPMDS waived distribution fees as outlined in Note 3.F.

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, 2025, JPMDS retained the following:

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| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $218 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>|
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 392 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; — |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 157

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; $28 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1103 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

**D. Service Fees**— The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class L** | **Class R2** | **Class R3** | **Class R4** | **Class R5** |
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| U.S. Applied Data Science <br> Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| U.S. Research Enhanced Equity <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**E. Custodian and Accounting Fees**— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

158 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**F. Waivers and Reimbursements**—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>|
| Equity Premium Income <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| U.S. Applied Data Science <br> Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| U.S. Large Cap Core Plus <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| U.S. Research Enhanced <br> Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| U.S. Sustainable Leaders <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |

---

The expense limitation agreements were in effect for the year ended June 30, 2025 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2025.

For the year ended June 30, 2025, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |  | **Voluntary Waivers** |
|  | **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** | **Contractual** <br>**Reimbursements**<br>| **12b-1** |
| Equity Income Fund | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Equity Index Fund | &nbsp;&nbsp; 4354 | &nbsp;&nbsp; 3859 | &nbsp;&nbsp; 2448 | &nbsp;&nbsp; 10661 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; — |
| Equity Premium Income Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Hedged Equity 2 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Hedged Equity 3 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp; — |
| Large Cap Growth Fund | &nbsp;&nbsp; 37718 | &nbsp;&nbsp; 17076 | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 55209 | &nbsp;&nbsp; 188 | &nbsp;&nbsp; — |
| Large Cap Value Fund | &nbsp;&nbsp; 1562 | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 2728 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; — |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp; 178 | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 421 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37 |
| U.S. Equity Fund | &nbsp;&nbsp; 3205 | &nbsp;&nbsp; 2139 | &nbsp;&nbsp; 359 | &nbsp;&nbsp; 5703 | &nbsp;&nbsp; 212 | &nbsp;&nbsp; — |
| U.S. GARP Equity Fund | &nbsp;&nbsp; 597 | &nbsp;&nbsp; 379 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 1017 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp; 1645 | &nbsp;&nbsp; 1097 | &nbsp;&nbsp; 4363 | &nbsp;&nbsp; 7105 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp; 5182 | &nbsp;&nbsp; 3457 | &nbsp;&nbsp; 2131 | &nbsp;&nbsp; 10770 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 635 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Value Fund | &nbsp;&nbsp; 1762 | &nbsp;&nbsp; 1175 | &nbsp;&nbsp; 173 | &nbsp;&nbsp; 3110 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 159

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

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, 2025 were as follows:

---

| | |
|:---|:---|
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $154 |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 62 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 57 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 667 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4961 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 103 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 266 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 113 |

---

**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, 2025, Large Cap Value Fund and U.S. Large Cap Core Plus Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The below Funds used related party broker-dealers during the year ended June 30, 2025, and incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows:

---

| | |
|:---|:---|
|  | **Brokerage Commissions** |
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $106 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 73 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5 |

---

The 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

160 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Investment Transactions** 

During the year ended June 30, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>| **Securities** <br>**Sold Short**<br>| **Covers on** <br>**Securities** <br>**Sold Short**<br>|
| Equity Income Fund | $8773924 | $14397913 | $— | $— |
| Equity Index Fund | 1253935 | 1598212 |  |  |
| Equity Premium Income Fund | 11424234 | 11269619 |  |  |
| Hedged Equity Fund | 5960365 | 6456621 |  |  |
| Hedged Equity 2 Fund | 2262229 | 2183229 |  |  |
| Hedged Equity 3 Fund | 1390323 | 1319302 |  |  |
| Large Cap Growth Fund | 59034633 | 50679169 |  |  |
| Large Cap Value Fund | 9153943 | 8779600 |  |  |
| U.S. Applied Data Science Value Fund | 31460 | 66206 |  |  |
| U.S. Equity Fund | 12251755 | 13293050 |  |  |
| U.S. GARP Equity Fund | 982102 | 844096 |  |  |
| U.S. Large Cap Core Plus Fund | 3044278 | 2412983 | 1014509 | 983568 |
| U.S. Research Enhanced Equity Fund | 3413855 | 2839768 |  |  |
| U.S. Sustainable Leaders Fund | 194671 | 166312 |  |  |
| U.S. Value Fund | 1327406 | 1307512 |  |  |

---

During the year ended June 30, 2025, 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, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $27084373 | &nbsp;&nbsp;&nbsp;&nbsp; $16850331 | &nbsp;&nbsp;&nbsp;&nbsp; $132769 | &nbsp;&nbsp;&nbsp;&nbsp; $16717562 |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4087135 | &nbsp;&nbsp;&nbsp;&nbsp; 7391626 | &nbsp;&nbsp;&nbsp;&nbsp; 78090 | &nbsp;&nbsp;&nbsp;&nbsp; 7313536 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5308285 | &nbsp;&nbsp;&nbsp;&nbsp; 1230921 | &nbsp;&nbsp;&nbsp;&nbsp; 193786 | &nbsp;&nbsp;&nbsp;&nbsp; 1037135 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 12770393 | &nbsp;&nbsp;&nbsp;&nbsp; 9401383 | &nbsp;&nbsp;&nbsp;&nbsp; 193136 | &nbsp;&nbsp;&nbsp;&nbsp; 9208247 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3489898 | &nbsp;&nbsp;&nbsp;&nbsp; 2093538 | &nbsp;&nbsp;&nbsp;&nbsp; 384566 | &nbsp;&nbsp;&nbsp;&nbsp; 1708972 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2311863 | &nbsp;&nbsp;&nbsp;&nbsp; 1109420 | &nbsp;&nbsp;&nbsp;&nbsp; 135359 | &nbsp;&nbsp;&nbsp;&nbsp; 974061 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 67551974 | &nbsp;&nbsp;&nbsp;&nbsp; 46611173 | &nbsp;&nbsp;&nbsp;&nbsp; 180496 | &nbsp;&nbsp;&nbsp;&nbsp; 46430677 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4498261 | &nbsp;&nbsp;&nbsp;&nbsp; 611344 | &nbsp;&nbsp;&nbsp;&nbsp; 45347 | &nbsp;&nbsp;&nbsp;&nbsp; 565997 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 112336 | &nbsp;&nbsp;&nbsp;&nbsp; 40799 | &nbsp;&nbsp;&nbsp;&nbsp; 3522 | &nbsp;&nbsp;&nbsp;&nbsp; 37277 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 17683144 | &nbsp;&nbsp;&nbsp;&nbsp; 14611693 | &nbsp;&nbsp;&nbsp;&nbsp; 32882 | &nbsp;&nbsp;&nbsp;&nbsp; 14578811 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 947956 | &nbsp;&nbsp;&nbsp;&nbsp; 931757 | &nbsp;&nbsp;&nbsp;&nbsp; 10955 | &nbsp;&nbsp;&nbsp;&nbsp; 920802 |
| U.S. Large Cap Core Plus Fund \* | &nbsp;&nbsp;&nbsp;&nbsp; 1952143 | &nbsp;&nbsp;&nbsp;&nbsp; 1433684 | &nbsp;&nbsp;&nbsp;&nbsp; 40638 | &nbsp;&nbsp;&nbsp;&nbsp; 1393046 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 6279257 | &nbsp;&nbsp;&nbsp;&nbsp; 4894170 | &nbsp;&nbsp;&nbsp;&nbsp; 107549 | &nbsp;&nbsp;&nbsp;&nbsp; 4786621 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 205050 | &nbsp;&nbsp;&nbsp;&nbsp; 71328 | &nbsp;&nbsp;&nbsp;&nbsp; 5430 | &nbsp;&nbsp;&nbsp;&nbsp; 65898 |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4800267 | &nbsp;&nbsp;&nbsp;&nbsp; 1751639 | &nbsp;&nbsp;&nbsp;&nbsp; 138061 | &nbsp;&nbsp;&nbsp;&nbsp; 1613578 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 161

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

The tax character of distributions paid during the year ended June 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**Long-Term** <br>**Capital Gains**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $840237 | &nbsp;&nbsp;&nbsp;&nbsp; $2628734 | &nbsp;&nbsp;&nbsp;&nbsp; $3468971 |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 133064 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133064 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 518059 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 518059 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 155399 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 155399 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 37967 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37967 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 22121 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22121 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 140130 | &nbsp;&nbsp;&nbsp;&nbsp; 1002056 | &nbsp;&nbsp;&nbsp;&nbsp; 1142186 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 343655 | &nbsp;&nbsp;&nbsp;&nbsp; 155204 | &nbsp;&nbsp;&nbsp;&nbsp; 498859 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3405 | &nbsp;&nbsp;&nbsp;&nbsp; 9277 | &nbsp;&nbsp;&nbsp;&nbsp; 12682 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 807038 | &nbsp;&nbsp;&nbsp;&nbsp; 1113229 | &nbsp;&nbsp;&nbsp;&nbsp; 1920267 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 30794 | &nbsp;&nbsp;&nbsp;&nbsp; 62061 | &nbsp;&nbsp;&nbsp;&nbsp; 92855 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 11844 | &nbsp;&nbsp;&nbsp;&nbsp; 163977 | &nbsp;&nbsp;&nbsp;&nbsp; 175821 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 232460 | &nbsp;&nbsp;&nbsp;&nbsp; 381245 | &nbsp;&nbsp;&nbsp;&nbsp; 613705 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1620 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1620 |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 96089 | &nbsp;&nbsp;&nbsp;&nbsp; 72843 | &nbsp;&nbsp;&nbsp;&nbsp; 168932 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* 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, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**Long-Term** <br>**Capital Gains**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $976837 | &nbsp;&nbsp;&nbsp;&nbsp; $329178 | &nbsp;&nbsp;&nbsp;&nbsp; $1306015 |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 125568 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125568 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 437278 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 437278 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 158875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158875 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 42150 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42150 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 23662 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23662 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 170094 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 170094 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 64731 | &nbsp;&nbsp;&nbsp;&nbsp; 132881 | &nbsp;&nbsp;&nbsp;&nbsp; 197612 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5421 | &nbsp;&nbsp;&nbsp;&nbsp; 6778 | &nbsp;&nbsp;&nbsp;&nbsp; 12199 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 217330 | &nbsp;&nbsp;&nbsp;&nbsp; 272641 | &nbsp;&nbsp;&nbsp;&nbsp; 489971 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5169 | &nbsp;&nbsp;&nbsp;&nbsp; 7575 | &nbsp;&nbsp;&nbsp;&nbsp; 12744 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3079 | &nbsp;&nbsp;&nbsp;&nbsp; 165702 | &nbsp;&nbsp;&nbsp;&nbsp; 168781 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 95982 | &nbsp;&nbsp;&nbsp;&nbsp; 9493 | &nbsp;&nbsp;&nbsp;&nbsp; 105475 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1738 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1738 |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 82194 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82194 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

162 J.P. Morgan Large Cap Funds June 30, 2025

------

As of June 30, 2025, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $1812 | &nbsp;&nbsp;&nbsp;&nbsp; $1986367 | &nbsp;&nbsp;&nbsp;&nbsp; $16717561 |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4594 | &nbsp;&nbsp;&nbsp;&nbsp; (3265)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7313482 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 16674 | &nbsp;&nbsp;&nbsp;&nbsp; (1161104)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1037135 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 13042 | &nbsp;&nbsp;&nbsp;&nbsp; (1511237)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9208247 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3083 | &nbsp;&nbsp;&nbsp;&nbsp; (960304)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1708972 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1878 | &nbsp;&nbsp;&nbsp;&nbsp; (358356)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 974061 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 178541 | &nbsp;&nbsp;&nbsp;&nbsp; 6081902 | &nbsp;&nbsp;&nbsp;&nbsp; 46430677 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7329 | &nbsp;&nbsp;&nbsp;&nbsp; 175991 | &nbsp;&nbsp;&nbsp;&nbsp; 565997 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp; 10162 | &nbsp;&nbsp;&nbsp;&nbsp; 37277 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 254475 | &nbsp;&nbsp;&nbsp;&nbsp; 547885 | &nbsp;&nbsp;&nbsp;&nbsp; 14578811 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 17164 | &nbsp;&nbsp;&nbsp;&nbsp; 82266 | &nbsp;&nbsp;&nbsp;&nbsp; 920802 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3684 | &nbsp;&nbsp;&nbsp;&nbsp; 74697 | &nbsp;&nbsp;&nbsp;&nbsp; 1393046 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 59868 | &nbsp;&nbsp;&nbsp;&nbsp; 277465 | &nbsp;&nbsp;&nbsp;&nbsp; 4786621 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 806 | &nbsp;&nbsp;&nbsp;&nbsp; 17568 | &nbsp;&nbsp;&nbsp;&nbsp; 65898 |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 13124 | &nbsp;&nbsp;&nbsp;&nbsp; 146076 | &nbsp;&nbsp;&nbsp;&nbsp; 1613578 |

---

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, 2025, the following Funds had net capital loss carryforwards, which are available to offset future realized gains:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
|  | **Short-Term** | **Long-Term** |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3265 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1099073 | &nbsp;&nbsp;&nbsp;&nbsp; 62031 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1063642 | &nbsp;&nbsp;&nbsp;&nbsp; 447595 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 446580 | &nbsp;&nbsp;&nbsp;&nbsp; 513724 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 116617 | &nbsp;&nbsp;&nbsp;&nbsp; 241739 |

---

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, 2025, the Funds deferred to July 1, 2025 the following net capital losses (gains) of:

---

| | | |
|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | **Net Capital Losses (Gains)** |
|  | **Short-Term** | **Long-Term** |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $339900 | &nbsp;&nbsp;&nbsp;&nbsp; $(258944)<br>|
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 401169 | &nbsp;&nbsp;&nbsp;&nbsp; 14264 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 86642 | &nbsp;&nbsp;&nbsp;&nbsp; (3417)<br>|
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 32733 | &nbsp;&nbsp;&nbsp;&nbsp; (1942)<br>|
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 8638 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 51056 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 163

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

During the year ended June 30, 2025, the following Funds utilized capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized**  | **Capital Loss Utilized**  |
|  | **Short-Term** | **Long-Term** |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; $30625 | &nbsp;&nbsp;&nbsp;&nbsp; $62506 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93497 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 541933 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 11932 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |

---

**6. Borrowings** 

The Funds rely upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act).

The 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 28, 2025.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2025.

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 NAV 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 NAV 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. Effective August 5, 2025, 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, 2025.

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

164 J.P. Morgan Large Cap Funds June 30, 2025

------

As of June 30, 2025, the Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Non-Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** |
| Equity Income Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 11.6<br> %<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 34.5<br> %<br>|
| Equity Index Fund | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;31.8 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Equity Premium Income Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;14.0 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;52.7 |
| Hedged Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;41.0 |
| Hedged Equity 2 Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;13.0 | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;52.3 |
| Hedged Equity 3 Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;11.3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;52.7 |
| Large Cap Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;19.9 |
| Large Cap Value Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;11.5 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;29.7 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;36.1 |
| U.S. Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;29.0 |
| U.S. GARP Equity Fund | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;39.8 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;14.1 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;27.6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;35.8 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;37.8 |
| U.S. Value Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;40.7 |

---

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

As of June 30, 2025, 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:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **J.P. Morgan** <br>**Investor** <br>**Funds**<br>| &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Funds**<br>| &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Blend Funds**<br>|
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 64.5<br> %<br>|
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;23.5 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;44.8 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;10.2 | &nbsp;&nbsp;&nbsp;&nbsp;25.8 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's underlying index, if any, or in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

**8. Subsequent Event**

At a meeting held on February 11-13 2025, JPM I's Board of Trustees approved the reorganization (the "Reorganization") of U.S. Applied Data Science Value Fund (the "Acquired Fund") into a newly created exchange-traded fund, JPMorgan Fundamental Data Science Large Value ETF (the "Acquiring Fund"). The Reorganization occurred as of the close of business on July 11, 2025 (the "Closing Date"). Following the Reorganization, the Acquired Fund's performance and financial history were adopted by the Acquiring Fund. In connection with the Reorganization, each shareholder of the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 165

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

Acquired Fund (except as noted below) received shares of the Acquiring Fund equal in value to the number of shares of the Acquired Fund they owned on the Closing Date, including a cash payment in lieu of fractional shares of the Acquiring Fund, which cash payment may be taxable. Shareholders of the Acquired Fund who did not hold their shares through a brokerage account that could accept shares of the Acquiring Fund on the Closing Date had their Acquired Fund shares liquidated, and such shareholders received cash equal in value to their Acquired Fund shares, which cash payment may be taxable. Shareholders of the Acquired Fund who held their shares through a fund direct individual retirement account and did not take action prior to the Reorganization had their Acquired Fund shares exchanged for Morgan Shares of JPMorgan U.S. Government Money Market Fund equal in value to their Acquired Fund shares. The Acquiring Fund is managed in a substantially similar way, but in order to meet the requirements of Rule 35d-1 under the 1940 Act, the Acquiring Fund has a new 80% policy, according to which it invests 80% of its assets in equity securities of large, well-established companies, while the Acquired Fund invested at least 80% of its assets in equity securities of U.S. large and mid-capitalization companies. Effective as of the close of business on July 11, 2025, the Acquired Fund ceased operations in connection with the consummation of the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

166 J.P. Morgan Large Cap Funds June 30, 2025

------

**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, 2025, the related statements of operations for the year ended June 30, 2025, the statement of cash flows for JPMorgan U.S. Large Cap Core Plus Fund for the year ended June 30, 2025, the statements of changes in net assets for each of the two years in the period ended June 30, 2025, 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, 2025, the results of each of their operations for the year then ended, the results of its cash flows for the year then ended for JPMorgan U.S. Large Cap Core Plus Fund, the changes in each of their net assets for each of the two years in the period ended June 30, 2025 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.

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 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 22, 2025

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 167

------

**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, 2025. 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, 2025. The information necessary to complete your income tax returns for the calendar year ending December 31, 2025 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, 2025:

---

| | |
|:---|:---|
|  | **Dividends** <br>**Received** <br>**Deduction**<br>|
| JPMorgan Equity Income Fund | 100.00<br> %<br>|
| JPMorgan Equity Index Fund | 99.00 |
| JPMorgan Equity Premium Income Fund | 15.19 |
| JPMorgan Hedged Equity Fund | 100.00 |
| JPMorgan Hedged Equity 2 Fund | 100.00 |
| JPMorgan Hedged Equity 3 Fund | 100.00 |
| JPMorgan Large Cap Growth Fund | 100.00 |
| JPMorgan Large Cap Value Fund | 22.28 |
| JPMorgan U.S. Applied Data Science Value Fund | 87.59 |
| JPMorgan U.S. Equity Fund | 39.56 |
| JPMorgan U.S. GARP Equity Fund | 33.83 |
| JPMorgan U.S. Large Cap Core Plus Fund | 100.00 |
| JPMorgan U.S. Research Enhanced Equity Fund | 50.03 |
| JPMorgan U.S. Sustainable Leaders Fund | 100.00 |
| JPMorgan U.S. Value Fund | 100.00 |

---

**Long Term Capital Gain**

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2025:

---

| | |
|:---|:---|
|  | **Long-Term** <br>**Capital Gain** <br>**Distribution**<br>|
| JPMorgan Equity Income Fund | &nbsp;&nbsp; $2902340 |
| JPMorgan Large Cap Growth Fund | &nbsp;&nbsp; 1533511 |
| JPMorgan Large Cap Value Fund | &nbsp;&nbsp; 177046 |
| JPMorgan U.S. Applied Data Science Value Fund | &nbsp;&nbsp; 10101 |
| JPMorgan U.S. Equity Fund | &nbsp;&nbsp; 1113229 |
| JPMorgan U.S. GARP Equity Fund | &nbsp;&nbsp; 62061 |
| JPMorgan U.S. Large Cap Core Plus Fund | &nbsp;&nbsp; 163977 |
| JPMorgan U.S. Research Enhanced Equity Fund | &nbsp;&nbsp; 381245 |
| JPMorgan U.S. Sustainable Leaders Fund | &nbsp;&nbsp; 1664 |
| JPMorgan U.S. Value Fund | &nbsp;&nbsp; 72843 |

---

**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, 2025:

---

| | |
|:---|:---|
|  | **Qualified** <br>**Dividend** <br>**Income**<br>|
| JPMorgan Equity Income Fund | &nbsp;&nbsp; $840237 |
| JPMorgan Equity Index Fund | &nbsp;&nbsp; 133064 |
| JPMorgan Equity Premium Income Fund | &nbsp;&nbsp; 85203 |
| JPMorgan Hedged Equity Fund | &nbsp;&nbsp; 155399 |
| JPMorgan Hedged Equity 2 Fund | &nbsp;&nbsp; 37967 |
| JPMorgan Hedged Equity 3 Fund | &nbsp;&nbsp; 22121 |
| JPMorgan Large Cap Growth Fund | &nbsp;&nbsp; 140130 |
| JPMorgan Large Cap Value Fund | &nbsp;&nbsp; 77437 |
| JPMorgan U.S. Applied Data Science Value Fund | &nbsp;&nbsp; 3128 |
| JPMorgan U.S. Equity Fund | &nbsp;&nbsp; 345204 |
| JPMorgan U.S. GARP Equity Fund | &nbsp;&nbsp; 11147 |
| JPMorgan U.S. Large Cap Core Plus Fund | &nbsp;&nbsp; 11844 |
| JPMorgan U.S. Research Enhanced Equity Fund | &nbsp;&nbsp; 124537 |
| JPMorgan U.S. Sustainable Leaders Fund | &nbsp;&nbsp; 1620 |
| JPMorgan U.S. Value Fund | &nbsp;&nbsp; 96089 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

168 J.P. Morgan Large Cap Funds June 30, 2025

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THIS PAGE IS INTENTIONALLY LEFT BLANK

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THIS PAGE IS INTENTIONALLY LEFT BLANK

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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.

![](g76196img5e0a211a2.jpg)

------

![](g76196img3ae15ee23.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2025. All rights reserved. June 2025.

AN-LCE-625

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

JPMorgan Trust I held a special meeting of shareholders on October 2, 2024, for the purpose of considering and voting upon the approval to change the JPMorgan U.S. GARP Equity Fund (the "Fund") from a diversified company to a non-diversified company by eliminating the Fund's related fundamental investment policy. The elimination of the fundamental investment policy was approved by shareholders on October 2, 2024.

The results of the voting were as follows:

---

| | |
|:---|:---|
|  | **Dollar value of**<br> **Votes Received**<br> **(000's)**<br>|
| For | &nbsp;&nbsp;&nbsp;&nbsp; $845181 |
| Against | &nbsp;&nbsp;&nbsp;&nbsp; 3333 |
| Abstain | &nbsp;&nbsp;&nbsp;&nbsp; 1191 |

---

JPMorgan Trust II held a special meeting of shareholders on October 2, 2024 for the purpose of considering and voting upon theapproval to change the JPMorgan Large Cap Growth Fund (the "Fund") from a diversified company to a non-diversified company by eliminating the Fund's related fundamental investment policy.

The special meeting was adjourned to October 30, 2024, November 21, 2024, December 18, 2024, January 30, 2025 and February 27, 2025, to allow shareholders additional time to vote on the proposal. The proposal was not approved by either 67% or more of the shares present or represented by proxy at the meeting, or by more than 50% of the outstanding shares (as of the record date set for the special shareholder meeting) of the Fund, as is required at the October 2, 2024 meeting, the October 30, 2024 meeting, the November 21, 2024 meeting, the December 18, 2024 meeting and the January 30, 2025 meeting. The elimination of the fundamental investment policy was approved by shareholders of the Fund when the special meeting reconvened on February 27, 2025.

---

| | |
|:---|:---|
|  | **Dollar value of**<br> **Votes Received**<br> **(000's)**<br>|
| **October 2, 2024 Meeting:** |  |
| For | &nbsp;&nbsp;&nbsp;&nbsp; $20507361 |
| Against | &nbsp;&nbsp;&nbsp;&nbsp; 2574902 |
| Abstain | &nbsp;&nbsp;&nbsp;&nbsp; 961728 |
| **October 30, 2024 Meeting:** |  |
| For | &nbsp;&nbsp;&nbsp;&nbsp; $22744395 |
| Against | &nbsp;&nbsp;&nbsp;&nbsp; 2854178 |
| Abstain | &nbsp;&nbsp;&nbsp;&nbsp; 1626367 |
| **November 21, 2024 Meeting:** |  |
| For | &nbsp;&nbsp;&nbsp;&nbsp; $27038114 |
| Against | &nbsp;&nbsp;&nbsp;&nbsp; 3821555 |
| Abstain | &nbsp;&nbsp;&nbsp;&nbsp; 2466174 |
| **December 18, 2024 Meeting:** |  |
| For | &nbsp;&nbsp;&nbsp;&nbsp; $24904024 |
| Against | &nbsp;&nbsp;&nbsp;&nbsp; 6694795 |
| Abstain | &nbsp;&nbsp;&nbsp;&nbsp; 2721884 |
| **January 30, 2025 Meeting:** |  |
| For | &nbsp;&nbsp;&nbsp;&nbsp; $33185852 |
| Against | &nbsp;&nbsp;&nbsp;&nbsp; 4337107 |
| Abstain | &nbsp;&nbsp;&nbsp;&nbsp; 3789254 |
| **February 27, 2025 Meeting:** |  |
| For | &nbsp;&nbsp;&nbsp;&nbsp; $34043780 |
| Against | &nbsp;&nbsp;&nbsp;&nbsp; 4371268 |
| Abstain | &nbsp;&nbsp;&nbsp;&nbsp; 4252603 |

---

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

------

**Statement Regarding Basis for Approval of Investment Advisory Agreements**

Not applicable.

------

Annual Financial Statements

J.P. Morgan Mid Cap/Multi-Cap Funds

June 30, 2025

---

| |
|:---|
| JPMorgan Growth Advantage Fund |
| JPMorgan Mid Cap Equity Fund |
| JPMorgan Mid Cap Growth Fund |
| JPMorgan Mid Cap Value Fund |
| JPMorgan Value Advantage Fund |

---

![](g74687imgb0f210e21.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_491e18ce-7964-45b4-a58f-0ee3a461b014_SOI-TOC-ScheduleofInvestments-764_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_491e18ce-7964-45b4-a58f-0ee3a461b014_FS-TOC-FinancialStatement-764_1) | &nbsp;&nbsp; **16** |
| [Financial Highlights](#xx_491e18ce-7964-45b4-a58f-0ee3a461b014_FIHI-TOC-FinancialHighlights-764_1) | &nbsp;&nbsp; **36** |
| [Notes to Financial Statements](#xx_491e18ce-7964-45b4-a58f-0ee3a461b014_NTF-NTFRunningFooter-764_1) | &nbsp;&nbsp; **50** |
| [Report of Independent Registered Public Accounting Firm](#xx_491e18ce-7964-45b4-a58f-0ee3a461b014_AUD-TOC-AuditorsReport-764_1) | &nbsp;&nbsp; **63** |
| [Tax Letter](#xx_491e18ce-7964-45b4-a58f-0ee3a461b014_TL-TAXLETTERCC-764_1) | &nbsp;&nbsp; **64** |

---

**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 INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.3%** | **Common Stocks — 99.3%** | **Common Stocks — 99.3%** |
| **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** |
| Howmet Aerospace, Inc. | 1097 | 204215 |
| **Automobiles — 2.8%** | **Automobiles — 2.8%** | **Automobiles — 2.8%** |
| Tesla, Inc. \* | 1923 | 610840 |
| **Biotechnology — 3.4%** | **Biotechnology — 3.4%** | **Biotechnology — 3.4%** |
| Alnylam Pharmaceuticals, Inc. \* | 480 | 156663 |
| Gilead Sciences, Inc. | 1230 | 136313 |
| Insmed, Inc. \* | 1662 | 167255 |
| Natera, Inc. \* | 1282 | 216574 |
| Neurocrine Biosciences, Inc. \* | 671 | 84345 |
|  |  | 761150 |
| **Broadline Retail — 5.4%** | **Broadline Retail — 5.4%** | **Broadline Retail — 5.4%** |
| Amazon.com, Inc. \* | 5468 | 1199520 |
| **Building Products — 0.6%** | **Building Products — 0.6%** | **Building Products — 0.6%** |
| Trane Technologies plc | 317 | 138697 |
| **Capital Markets — 5.4%** | **Capital Markets — 5.4%** | **Capital Markets — 5.4%** |
| Blackstone, Inc. | 1594 | 238414 |
| Goldman Sachs Group, Inc. (The) | 351 | 248570 |
| Interactive Brokers Group, Inc., Class A | 2923 | 161978 |
| Intercontinental Exchange, Inc. | 437 | 80190 |
| Moody's Corp. | 396 | 198851 |
| Robinhood Markets, Inc., Class A \* | 1664 | 155765 |
| Tradeweb Markets, Inc., Class A | 705 | 103137 |
|  |  | 1186905 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| Copart, Inc. \* | 2559 | 125584 |
| **Construction & Engineering — 1.2%** | **Construction & Engineering — 1.2%** | **Construction & Engineering — 1.2%** |
| Quanta Services, Inc. | 720 | 272246 |
| **Construction Materials — 0.4%** | **Construction Materials — 0.4%** | **Construction Materials — 0.4%** |
| Eagle Materials, Inc. | 395 | 79902 |
| **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** |
| Casey's General Stores, Inc. | 202 | 103311 |
| **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** |
| Bright Horizons Family Solutions, Inc. \* | 636 | 78658 |
| **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** |
| AMETEK, Inc. | 831 | 150437 |
| **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** |
| TechnipFMC plc (United Kingdom) | 5420 | 186657 |
| **Entertainment — 4.5%** | **Entertainment — 4.5%** | **Entertainment — 4.5%** |
| Netflix, Inc. \* | 425 | 568929 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Entertainment — continued** | **Entertainment — continued** | **Entertainment — continued** |
| Spotify Technology SA \* | 275 | 210599 |
| Take-Two Interactive Software, Inc. \* | 885 | 214986 |
|  |  | 994514 |
| **Financial Services — 2.3%** | **Financial Services — 2.3%** | **Financial Services — 2.3%** |
| Mastercard, Inc., Class A | 923 | 518518 |
| **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** |
| Uber Technologies, Inc. \* | 2314 | 215944 |
| **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** |
| Abbott Laboratories | 825 | 112245 |
| Intuitive Surgical, Inc. \* | 586 | 318092 |
|  |  | 430337 |
| **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** |
| McKesson Corp. | 305 | 223622 |
| **Hotels, Restaurants & Leisure — 3.7%** | **Hotels, Restaurants & Leisure — 3.7%** | **Hotels, Restaurants & Leisure — 3.7%** |
| Booking Holdings, Inc. | 59 | 341733 |
| DoorDash, Inc., Class A \* | 1079 | 266044 |
| Flutter Entertainment plc (United Kingdom) \* | 470 | 134251 |
| Hilton Worldwide Holdings, Inc. | 288 | 76588 |
|  |  | 818616 |
| **Household Durables — 0.6%** | **Household Durables — 0.6%** | **Household Durables — 0.6%** |
| Garmin Ltd. | 589 | 122983 |
| **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** |
| Vistra Corp. | 594 | 115154 |
| **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** |
| 3M Co. | 1187 | 180655 |
| **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |
| Progressive Corp. (The) | 391 | 104254 |
| **Interactive Media & Services — 6.8%** | **Interactive Media & Services — 6.8%** | **Interactive Media & Services — 6.8%** |
| Alphabet, Inc., Class C | 2026 | 359458 |
| Meta Platforms, Inc., Class A | 1563 | 1153209 |
|  |  | 1512667 |
| **IT Services — 2.7%** | **IT Services — 2.7%** | **IT Services — 2.7%** |
| CoreWeave, Inc., Class A \* | 974 | 158882 |
| Shopify, Inc., Class A (Canada) \* | 930 | 107301 |
| Snowflake, Inc., Class A \* | 1088 | 243357 |
| Twilio, Inc., Class A \* | 726 | 90258 |
|  |  | 599798 |
| **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** |
| IQVIA Holdings, Inc. \* | 308 | 48615 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 1

------

JPMorgan Growth Advantage Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Life Sciences Tools & Services — continued** | **Life Sciences Tools & Services — continued** | **Life Sciences Tools & Services — continued** |
| Mettler-Toledo International, Inc. \* | 54 | 63662 |
| Thermo Fisher Scientific, Inc. | 289 | 116984 |
|  |  | 229261 |
| **Machinery — 2.1%** | **Machinery — 2.1%** | **Machinery — 2.1%** |
| Deere & Co. | 287 | 145742 |
| Ingersoll Rand, Inc. | 1462 | 121625 |
| ITT, Inc. | 1211 | 189977 |
|  |  | 457344 |
| **Oil, Gas & Consumable Fuels — 1.7%** | **Oil, Gas & Consumable Fuels — 1.7%** | **Oil, Gas & Consumable Fuels — 1.7%** |
| Cheniere Energy, Inc. | 476 | 115791 |
| EOG Resources, Inc. | 1131 | 135305 |
| Williams Cos., Inc. (The) | 1953 | 122656 |
|  |  | 373752 |
| **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** |
| Eli Lilly & Co. | 357 | 278192 |
| **Semiconductors & Semiconductor Equipment — 16.2%** | **Semiconductors & Semiconductor Equipment — 16.2%** | **Semiconductors & Semiconductor Equipment — 16.2%** |
| Broadcom, Inc. | 3586 | 988544 |
| NVIDIA Corp. | 14362 | 2269091 |
| ON Semiconductor Corp. \* | 1761 | 92288 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR <br> (Taiwan)<br>| 713 | 161399 |
| Teradyne, Inc. | 853 | 76750 |
|  |  | 3588072 |
| **Software — 17.7%** | **Software — 17.7%** | **Software — 17.7%** |
| AppLovin Corp., Class A \* | 168 | 58951 |
| Atlassian Corp., Class A \* | 650 | 132043 |
| Crowdstrike Holdings, Inc., Class A \* | 429 | 218261 |
| HubSpot, Inc. \* | 279 | 155472 |
| Intuit, Inc. | 533 | 419580 |
| Microsoft Corp. | 4295 | 2136293 |
| Oracle Corp. | 1274 | 278450 |
| Palo Alto Networks, Inc. \* | 1272 | 260302 |
| ServiceNow, Inc. \* | 126 | 129906 |
| Synopsys, Inc. \* | 276 | 141345 |
|  |  | 3930603 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** |
| American Tower Corp. | 580 | 128299 |
| **Specialty Retail — 2.9%** | **Specialty Retail — 2.9%** | **Specialty Retail — 2.9%** |
| AutoZone, Inc. \* | 51 | 188244 |
| Home Depot, Inc. (The) | 423 | 155195 |
| TJX Cos., Inc. (The) | 1703 | 210315 |
| Ulta Beauty, Inc. \* | 214 | 100159 |
|  |  | 653913 |
| **Technology Hardware, Storage & Peripherals — 6.1%** | **Technology Hardware, Storage & Peripherals — 6.1%** | **Technology Hardware, Storage & Peripherals — 6.1%** |
| Apple, Inc. | 6645 | 1363281 |
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
| Air Lease Corp. | 1261 | 73743 |
| Total Common Stocks <br>(Cost $10,305,379)<br>|  | 22011644 |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |
| **Investment Companies — 1.0%** | **Investment Companies — 1.0%** | **Investment Companies — 1.0%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (a) (b) <br>(Cost $222,578)<br>| 222553 | 222598 |
| **Total Investments — 100.3%** <br>**(Cost $10,527,957)**<br>|  | **22234242** |
| **Liabilities in Excess of Other Assets — (0.3)%** |  | **(70028)**<br>|
| **NET ASSETS — 100.0%** |  | **22164214** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (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. <br> (b) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

JPMorgan Mid Cap Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 98.3%** | **Common Stocks — 98.3%** | **Common Stocks — 98.3%** |
| **Aerospace & Defense — 3.2%** | **Aerospace & Defense — 3.2%** | **Aerospace & Defense — 3.2%** |
| Axon Enterprise, Inc. \* | 48 | 40126 |
| HEICO Corp., Class A | 142 | 36679 |
| Howmet Aerospace, Inc. | 298 | 55405 |
| Rocket Lab Corp. \* (a) | 365 | 13065 |
| Woodward, Inc. | 119 | 29188 |
|  |  | 174463 |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |
| Thor Industries, Inc. (a) | 97 | 8627 |
| **Banks — 3.0%** | **Banks — 3.0%** | **Banks — 3.0%** |
| Columbia Banking System, Inc. | 637 | 14897 |
| Fifth Third Bancorp | 914 | 37599 |
| First Citizens BancShares, Inc., Class A | 24 | 46034 |
| M&T Bank Corp. | 216 | 41921 |
| Regions Financial Corp. | 1080 | 25405 |
|  |  | 165856 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| Constellation Brands, Inc., Class A | 118 | 19187 |
| Keurig Dr Pepper, Inc. | 1124 | 37153 |
|  |  | 56340 |
| **Biotechnology — 2.5%** | **Biotechnology — 2.5%** | **Biotechnology — 2.5%** |
| Alkermes plc \* | 209 | 5972 |
| Alnylam Pharmaceuticals, Inc. \* | 106 | 34556 |
| Insmed, Inc. \* | 257 | 25868 |
| Natera, Inc. \* | 163 | 27647 |
| Neurocrine Biosciences, Inc. \* | 177 | 22219 |
| Nuvalent, Inc., Class A \* | 71 | 5414 |
| Revolution Medicines, Inc. \* | 116 | 4263 |
| Ultragenyx Pharmaceutical, Inc. \* | 195 | 7095 |
| Viking Therapeutics, Inc. \* (a) | 173 | 4583 |
|  |  | 137617 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| Coupang, Inc. (South Korea) \* | 395 | 11818 |
| **Building Products — 1.3%** | **Building Products — 1.3%** | **Building Products — 1.3%** |
| AZEK Co., Inc. (The) \* | 101 | 5467 |
| Carlisle Cos., Inc. | 140 | 52382 |
| Simpson Manufacturing Co., Inc. | 37 | 5673 |
| Trane Technologies plc | 23 | 10141 |
|  |  | 73663 |
| **Capital Markets — 7.5%** | **Capital Markets — 7.5%** | **Capital Markets — 7.5%** |
| Ameriprise Financial, Inc. | 111 | 59203 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| Ares Management Corp. | 197 | 34122 |
| Blue Owl Capital, Inc. | 1081 | 20766 |
| Coinbase Global, Inc., Class A \* | 39 | 13802 |
| FactSet Research Systems, Inc. | 31 | 13643 |
| Interactive Brokers Group, Inc., Class A | 240 | 13309 |
| Jefferies Financial Group, Inc. | 231 | 12655 |
| LPL Financial Holdings, Inc. | 72 | 27155 |
| MSCI, Inc. | 36 | 20892 |
| Northern Trust Corp. | 114 | 14446 |
| Raymond James Financial, Inc. | 446 | 68359 |
| Robinhood Markets, Inc., Class A \* | 307 | 28756 |
| State Street Corp. | 563 | 59845 |
| TPG, Inc. | 139 | 7276 |
| Tradeweb Markets, Inc., Class A | 126 | 18370 |
|  |  | 412599 |
| **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
| RPM International, Inc. | 314 | 34495 |
| **Commercial Services & Supplies — 1.1%** | **Commercial Services & Supplies — 1.1%** | **Commercial Services & Supplies — 1.1%** |
| Copart, Inc. \* | 219 | 10730 |
| MSA Safety, Inc. | 51 | 8576 |
| Veralto Corp. | 382 | 38614 |
|  |  | 57920 |
| **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** |
| Ciena Corp. \* | 134 | 10912 |
| **Construction & Engineering — 1.1%** | **Construction & Engineering — 1.1%** | **Construction & Engineering — 1.1%** |
| Comfort Systems USA, Inc. | 42 | 22647 |
| Quanta Services, Inc. | 104 | 39045 |
|  |  | 61692 |
| **Construction Materials — 1.0%** | **Construction Materials — 1.0%** | **Construction Materials — 1.0%** |
| Eagle Materials, Inc. | 53 | 10801 |
| Martin Marietta Materials, Inc. | 76 | 41656 |
|  |  | 52457 |
| **Consumer Staples Distribution & Retail — 1.5%** | **Consumer Staples Distribution & Retail — 1.5%** | **Consumer Staples Distribution & Retail — 1.5%** |
| Casey's General Stores, Inc. | 35 | 17700 |
| Kroger Co. (The) | 532 | 38166 |
| Performance Food Group Co. \* | 151 | 13262 |
| US Foods Holding Corp. \* | 190 | 14617 |
|  |  | 83745 |
| **Containers & Packaging — 2.4%** | **Containers & Packaging — 2.4%** | **Containers & Packaging — 2.4%** |
| Ball Corp. | 588 | 32987 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 3

------

JPMorgan Mid Cap Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Containers & Packaging — continued** | **Containers & Packaging — continued** | **Containers & Packaging — continued** |
| Graphic Packaging Holding Co. | 731 | 15404 |
| International Paper Co. | 656 | 30740 |
| Packaging Corp. of America | 113 | 21220 |
| Silgan Holdings, Inc. | 592 | 32068 |
|  |  | 132419 |
| **Distributors — 0.7%** | **Distributors — 0.7%** | **Distributors — 0.7%** |
| Genuine Parts Co. | 332 | 40312 |
| **Diversified Consumer Services — 0.3%** | **Diversified Consumer Services — 0.3%** | **Diversified Consumer Services — 0.3%** |
| Bright Horizons Family Solutions, Inc. \* | 123 | 15250 |
| **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** |
| PG&E Corp. | 1632 | 22742 |
| Xcel Energy, Inc. | 741 | 50482 |
|  |  | 73224 |
| **Electrical Equipment — 3.2%** | **Electrical Equipment — 3.2%** | **Electrical Equipment — 3.2%** |
| Acuity, Inc. | 132 | 39290 |
| AMETEK, Inc. | 352 | 63675 |
| Hubbell, Inc. | 116 | 47433 |
| Vertiv Holdings Co., Class A | 225 | 28881 |
|  |  | 179279 |
| **Electronic Equipment, Instruments & Components — 3.9%** | **Electronic Equipment, Instruments & Components — 3.9%** | **Electronic Equipment, Instruments & Components — 3.9%** |
| CDW Corp. | 180 | 32094 |
| Jabil, Inc. | 166 | 36277 |
| TD SYNNEX Corp. | 378 | 51272 |
| Teledyne Technologies, Inc. \* | 107 | 55027 |
| Zebra Technologies Corp., Class A \* | 139 | 42880 |
|  |  | 217550 |
| **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** |
| Baker Hughes Co. | 862 | 33041 |
| TechnipFMC plc (United Kingdom) | 356 | 12247 |
|  |  | 45288 |
| **Entertainment — 1.7%** | **Entertainment — 1.7%** | **Entertainment — 1.7%** |
| ROBLOX Corp., Class A \* | 364 | 38325 |
| Take-Two Interactive Software, Inc. \* | 126 | 30435 |
| Warner Music Group Corp., Class A | 906 | 24676 |
|  |  | 93436 |
| **Financial Services — 2.5%** | **Financial Services — 2.5%** | **Financial Services — 2.5%** |
| Fidelity National Information Services, Inc. | 866 | 70527 |
| MGIC Investment Corp. | 1949 | 54266 |
| Rocket Cos., Inc., Class A (a) | 815 | 11548 |
|  |  | 136341 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Food Products — 1.6%** | **Food Products — 1.6%** | **Food Products — 1.6%** |
| General Mills, Inc. | 657 | 34037 |
| Hershey Co. (The) | 131 | 21841 |
| Post Holdings, Inc. \* | 293 | 31926 |
|  |  | 87804 |
| **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** |
| JB Hunt Transport Services, Inc. | 242 | 34701 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |
| Cooper Cos., Inc. (The) \* | 129 | 9201 |
| Dexcom, Inc. \* | 296 | 25802 |
| Edwards Lifesciences Corp. \* | 89 | 6910 |
| GE HealthCare Technologies, Inc. | 497 | 36806 |
| Globus Medical, Inc., Class A \* | 571 | 33713 |
| Inspire Medical Systems, Inc. \* | 33 | 4314 |
| Penumbra, Inc. \* | 49 | 12579 |
|  |  | 129325 |
| **Health Care Providers & Services — 3.6%** | **Health Care Providers & Services — 3.6%** | **Health Care Providers & Services — 3.6%** |
| Cencora, Inc. | 157 | 47009 |
| Henry Schein, Inc. \* | 621 | 45371 |
| Humana, Inc. | 90 | 22091 |
| McKesson Corp. | 40 | 29701 |
| Quest Diagnostics, Inc. | 314 | 56331 |
|  |  | 200503 |
| **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** |
| Healthpeak Properties, Inc. | 912 | 15974 |
| Ventas, Inc. | 193 | 12176 |
|  |  | 28150 |
| **Health Care Technology — 0.6%** | **Health Care Technology — 0.6%** | **Health Care Technology — 0.6%** |
| Veeva Systems, Inc., Class A \* | 110 | 31680 |
| **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** |
| Host Hotels & Resorts, Inc. | 2251 | 34579 |
| **Hotels, Restaurants & Leisure — 5.1%** | **Hotels, Restaurants & Leisure — 5.1%** | **Hotels, Restaurants & Leisure — 5.1%** |
| Chipotle Mexican Grill, Inc. \* | 196 | 11016 |
| Darden Restaurants, Inc. | 153 | 33241 |
| DoorDash, Inc., Class A \* | 89 | 22039 |
| Expedia Group, Inc. | 160 | 26990 |
| Flutter Entertainment plc (United Kingdom) \* | 174 | 49681 |
| Hilton Worldwide Holdings, Inc. | 214 | 57058 |
| Planet Fitness, Inc., Class A \* | 157 | 17161 |
| Royal Caribbean Cruises Ltd. | 207 | 64748 |
|  |  | 281934 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Household Durables — 1.0%** | **Household Durables — 1.0%** | **Household Durables — 1.0%** |
| Garmin Ltd. | 43 | 8988 |
| Mohawk Industries, Inc. \* | 306 | 32091 |
| Somnigroup International, Inc. | 183 | 12429 |
|  |  | 53508 |
| **Independent Power and Renewable Electricity Producers — 1.1%** | **Independent Power and Renewable Electricity Producers — 1.1%** | **Independent Power and Renewable Electricity Producers — 1.1%** |
| Vistra Corp. | 319 | 61761 |
| **Insurance — 4.5%** | **Insurance — 4.5%** | **Insurance — 4.5%** |
| Arch Capital Group Ltd. | 626 | 56999 |
| Arthur J Gallagher & Co. | 42 | 13342 |
| Hartford Insurance Group, Inc. (The) | 460 | 58319 |
| Loews Corp. | 741 | 67907 |
| WR Berkley Corp. | 692 | 50865 |
|  |  | 247432 |
| **Interactive Media & Services — 1.0%** | **Interactive Media & Services — 1.0%** | **Interactive Media & Services — 1.0%** |
| IAC, Inc. \* | 770 | 28777 |
| Reddit, Inc., Class A \* | 162 | 24344 |
|  |  | 53121 |
| **IT Services — 3.2%** | **IT Services — 3.2%** | **IT Services — 3.2%** |
| Cloudflare, Inc., Class A \* | 199 | 38991 |
| Gartner, Inc. \* | 70 | 28453 |
| GoDaddy, Inc., Class A \* | 266 | 47816 |
| MongoDB, Inc. \* | 57 | 11880 |
| Okta, Inc. \* | 118 | 11821 |
| Snowflake, Inc., Class A \* | 90 | 20086 |
| Twilio, Inc., Class A \* | 128 | 15955 |
|  |  | 175002 |
| **Life Sciences Tools & Services — 1.2%** | **Life Sciences Tools & Services — 1.2%** | **Life Sciences Tools & Services — 1.2%** |
| Agilent Technologies, Inc. | 86 | 10218 |
| IQVIA Holdings, Inc. \* | 272 | 42873 |
| Mettler-Toledo International, Inc. \* | 10 | 11365 |
|  |  | 64456 |
| **Machinery — 4.9%** | **Machinery — 4.9%** | **Machinery — 4.9%** |
| Dover Corp. | 280 | 51314 |
| Esab Corp. | 136 | 16402 |
| Ingersoll Rand, Inc. | 641 | 53316 |
| ITT, Inc. | 422 | 66100 |
| Lincoln Electric Holdings, Inc. | 204 | 42327 |
| Middleby Corp. (The) \* | 208 | 30017 |
| Westinghouse Air Brake Technologies Corp. | 64 | 13404 |
|  |  | 272880 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| Omnicom Group, Inc. | 298 | 21456 |
| Trade Desk, Inc. (The), Class A \* | 195 | 14002 |
|  |  | 35458 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| Freeport-McMoRan, Inc. | 474 | 20556 |
| **Multi-Utilities — 3.2%** | **Multi-Utilities — 3.2%** | **Multi-Utilities — 3.2%** |
| CMS Energy Corp. | 754 | 52230 |
| NiSource, Inc. | 1061 | 42787 |
| Sempra | 162 | 12295 |
| WEC Energy Group, Inc. | 652 | 67968 |
|  |  | 175280 |
| **Oil, Gas & Consumable Fuels — 4.4%** | **Oil, Gas & Consumable Fuels — 4.4%** | **Oil, Gas & Consumable Fuels — 4.4%** |
| Cheniere Energy, Inc. | 218 | 53113 |
| Coterra Energy, Inc. | 1560 | 39600 |
| Diamondback Energy, Inc. | 327 | 44932 |
| EOG Resources, Inc. | 102 | 12165 |
| Marathon Petroleum Corp. | 212 | 35138 |
| Williams Cos., Inc. (The) | 896 | 56292 |
|  |  | 241240 |
| **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
| Jazz Pharmaceuticals plc \* | 259 | 27525 |
| **Professional Services — 1.1%** | **Professional Services — 1.1%** | **Professional Services — 1.1%** |
| Parsons Corp. \* | 459 | 32968 |
| UL Solutions, Inc., Class A | 390 | 28412 |
|  |  | 61380 |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| CBRE Group, Inc., Class A \* | 129 | 18104 |
| **Residential REITs — 1.5%** | **Residential REITs — 1.5%** | **Residential REITs — 1.5%** |
| American Homes 4 Rent, Class A | 1014 | 36563 |
| AvalonBay Communities, Inc. | 188 | 38187 |
| Mid-America Apartment Communities, Inc. | 58 | 8671 |
|  |  | 83421 |
| **Retail REITs — 1.3%** | **Retail REITs — 1.3%** | **Retail REITs — 1.3%** |
| Regency Centers Corp. | 564 | 40174 |
| Simon Property Group, Inc. | 209 | 33640 |
|  |  | 73814 |
| **Semiconductors & Semiconductor Equipment — 1.4%** | **Semiconductors & Semiconductor Equipment — 1.4%** | **Semiconductors & Semiconductor Equipment — 1.4%** |
| Monolithic Power Systems, Inc. | 22 | 16345 |
| ON Semiconductor Corp. \* | 801 | 42000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 5

------

JPMorgan Mid Cap Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| Rambus, Inc. \* | 123 | 7874 |
| Teradyne, Inc. | 132 | 11832 |
|  |  | 78051 |
| **Software — 3.3%** | **Software — 3.3%** | **Software — 3.3%** |
| AppLovin Corp., Class A \* | 24 | 8472 |
| Atlassian Corp., Class A \* | 56 | 11451 |
| Confluent, Inc., Class A \* | 520 | 12970 |
| CyberArk Software Ltd. \* | 41 | 16615 |
| Datadog, Inc., Class A \* | 233 | 31234 |
| Fair Isaac Corp. \* | 5 | 8849 |
| Gitlab, Inc., Class A \* | 108 | 4892 |
| HubSpot, Inc. \* | 51 | 28100 |
| Monday.com Ltd. \* | 44 | 13928 |
| Nutanix, Inc., Class A \* | 257 | 19680 |
| Rubrik, Inc., Class A \* | 88 | 7848 |
| Tyler Technologies, Inc. \* | 17 | 9918 |
| Zoom Communications, Inc., Class A \* | 124 | 9649 |
|  |  | 183606 |
| **Specialized REITs — 2.0%** | **Specialized REITs — 2.0%** | **Specialized REITs — 2.0%** |
| Crown Castle, Inc. | 85 | 8704 |
| Public Storage | 113 | 33078 |
| SBA Communications Corp. | 138 | 32379 |
| Weyerhaeuser Co. | 1434 | 36858 |
|  |  | 111019 |
| **Specialty Retail — 4.0%** | **Specialty Retail — 4.0%** | **Specialty Retail — 4.0%** |
| AutoZone, Inc. \* | 15 | 54729 |
| Bath & Body Works, Inc. | 856 | 25639 |
| Best Buy Co., Inc. | 396 | 26590 |
| Burlington Stores, Inc. \* | 86 | 19922 |
| Carvana Co. \* | 72 | 24445 |
| Floor & Decor Holdings, Inc., Class A \* | 85 | 6424 |
| Ross Stores, Inc. | 244 | 31100 |
| Tractor Supply Co. | 236 | 12478 |
| Ulta Beauty, Inc. \* | 48 | 22638 |
|  |  | 223965 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Textiles, Apparel & Luxury Goods — 1.1%** | **Textiles, Apparel & Luxury Goods — 1.1%** | **Textiles, Apparel & Luxury Goods — 1.1%** |
| On Holding AG, Class A (Switzerland) \* | 441 | 22964 |
| Ralph Lauren Corp. | 144 | 39289 |
|  |  | 62253 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| Air Lease Corp. | 200 | 11704 |
| Total Common Stocks <br>(Cost $4,087,728)<br>|  | 5439515 |
| **Short-Term Investments — 2.0%** | **Short-Term Investments — 2.0%** | **Short-Term Investments — 2.0%** |
| **Investment Companies — 1.6%** | **Investment Companies — 1.6%** | **Investment Companies — 1.6%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (b) (c) <br>(Cost $87,741)<br>| 87739 | 87757 |
| **Investment of Cash Collateral from Securities Loaned — 0.4%** | **Investment of Cash Collateral from Securities Loaned — 0.4%** | **Investment of Cash Collateral from Securities Loaned — 0.4%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (b) (c) <br>(Cost $24,285)<br>| 24285 | 24285 |
| Total Short-Term Investments <br>(Cost $112,026)<br>|  | 112042 |
| **Total Investments — 100.3%** <br>**(Cost $4,199,754)**<br>|  | **5551557** |
| **Liabilities in Excess of Other Assets — (0.3)%** |  | **(14812)**<br>|
| **NET ASSETS — 100.0%** |  | **5536745** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at June 30, 2025. The total value of securities on loan at June 30, 2025 is $23,550. 

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

(c) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

JPMorgan Mid Cap Growth Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.7%** | **Common Stocks — 99.7%** | **Common Stocks — 99.7%** |
| **Aerospace & Defense — 7.3%** | **Aerospace & Defense — 7.3%** | **Aerospace & Defense — 7.3%** |
| Axon Enterprise, Inc. \* | 306 | 253426 |
| HEICO Corp., Class A | 897 | 232203 |
| Howmet Aerospace, Inc. | 1880 | 349925 |
| Rocket Lab Corp. \* (a) | 2307 | 82517 |
|  |  | 918071 |
| **Automobiles — 0.4%** | **Automobiles — 0.4%** | **Automobiles — 0.4%** |
| Thor Industries, Inc. (a) | 613 | 54453 |
| **Biotechnology — 6.9%** | **Biotechnology — 6.9%** | **Biotechnology — 6.9%** |
| Alkermes plc \* | 1318 | 37696 |
| Alnylam Pharmaceuticals, Inc. \* | 669 | 218104 |
| Insmed, Inc. \* | 1623 | 163380 |
| Natera, Inc. \* | 1033 | 174497 |
| Neurocrine Biosciences, Inc. \* | 1116 | 140237 |
| Nuvalent, Inc., Class A \* | 453 | 34569 |
| Revolution Medicines, Inc. \* | 731 | 26907 |
| Ultragenyx Pharmaceutical, Inc. \* | 1232 | 44781 |
| Viking Therapeutics, Inc. \* (a) | 1091 | 28924 |
|  |  | 869095 |
| **Broadline Retail — 0.6%** | **Broadline Retail — 0.6%** | **Broadline Retail — 0.6%** |
| Coupang, Inc. (South Korea) \* | 2491 | 74638 |
| **Building Products — 1.7%** | **Building Products — 1.7%** | **Building Products — 1.7%** |
| AZEK Co., Inc. (The) \* | 641 | 34816 |
| Carlisle Cos., Inc. | 217 | 81126 |
| Simpson Manufacturing Co., Inc. | 233 | 36225 |
| Trane Technologies plc | 146 | 64003 |
|  |  | 216170 |
| **Capital Markets — 10.1%** | **Capital Markets — 10.1%** | **Capital Markets — 10.1%** |
| Ares Management Corp. | 1244 | 215491 |
| Coinbase Global, Inc., Class A \* | 249 | 87111 |
| FactSet Research Systems, Inc. | 193 | 86107 |
| Interactive Brokers Group, Inc., Class A | 1516 | 84004 |
| Jefferies Financial Group, Inc. | 1460 | 79875 |
| LPL Financial Holdings, Inc. | 457 | 171392 |
| MSCI, Inc. | 229 | 131863 |
| Raymond James Financial, Inc. | 474 | 72680 |
| Robinhood Markets, Inc., Class A \* | 1938 | 181499 |
| TPG, Inc. | 875 | 45920 |
| Tradeweb Markets, Inc., Class A | 792 | 115945 |
|  |  | 1271887 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** |
| Copart, Inc. \* | 1380 | 67720 |
| MSA Safety, Inc. | 323 | 54131 |
|  |  | 121851 |
| **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
| Ciena Corp. \* | 847 | 68874 |
| **Construction & Engineering — 3.1%** | **Construction & Engineering — 3.1%** | **Construction & Engineering — 3.1%** |
| Comfort Systems USA, Inc. | 267 | 142942 |
| Quanta Services, Inc. | 652 | 246597 |
|  |  | 389539 |
| **Construction Materials — 0.5%** | **Construction Materials — 0.5%** | **Construction Materials — 0.5%** |
| Eagle Materials, Inc. | 337 | 68173 |
| **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** |
| Casey's General Stores, Inc. | 219 | 111717 |
| Performance Food Group Co. \* | 957 | 83702 |
|  |  | 195419 |
| **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** |
| Bright Horizons Family Solutions, Inc. \* | 779 | 96252 |
| **Electrical Equipment — 2.0%** | **Electrical Equipment — 2.0%** | **Electrical Equipment — 2.0%** |
| AMETEK, Inc. | 408 | 73871 |
| Vertiv Holdings Co., Class A | 1422 | 182502 |
|  |  | 256373 |
| **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
| Teledyne Technologies, Inc. \* | 108 | 55149 |
| **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** |
| TechnipFMC plc (United Kingdom) | 2244 | 77296 |
| **Entertainment — 3.4%** | **Entertainment — 3.4%** | **Entertainment — 3.4%** |
| ROBLOX Corp., Class A \* | 2301 | 242056 |
| Take-Two Interactive Software, Inc. \* | 791 | 192219 |
|  |  | 434275 |
| **Financial Services — 0.6%** | **Financial Services — 0.6%** | **Financial Services — 0.6%** |
| Rocket Cos., Inc., Class A (a) | 5140 | 72886 |
| **Health Care Equipment & Supplies — 3.0%** | **Health Care Equipment & Supplies — 3.0%** | **Health Care Equipment & Supplies — 3.0%** |
| Cooper Cos., Inc. (The) \* | 816 | 58072 |
| Dexcom, Inc. \* | 1868 | 163041 |
| Edwards Lifesciences Corp. \* | 558 | 43615 |
| Inspire Medical Systems, Inc. \* | 210 | 27226 |
| Penumbra, Inc. \* | 309 | 79397 |
|  |  | 371351 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 7

------

JPMorgan Mid Cap Growth Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care Providers & Services — 1.5%** | **Health Care Providers & Services — 1.5%** | **Health Care Providers & Services — 1.5%** |
| McKesson Corp. | 256 | 187584 |
| **Health Care Technology — 1.6%** | **Health Care Technology — 1.6%** | **Health Care Technology — 1.6%** |
| Veeva Systems, Inc., Class A \* | 694 | 199952 |
| **Hotels, Restaurants & Leisure — 11.1%** | **Hotels, Restaurants & Leisure — 11.1%** | **Hotels, Restaurants & Leisure — 11.1%** |
| Chipotle Mexican Grill, Inc. \* | 1238 | 69528 |
| DoorDash, Inc., Class A \* | 564 | 139105 |
| Flutter Entertainment plc (United Kingdom) \* | 1098 | 313772 |
| Hilton Worldwide Holdings, Inc. | 1353 | 360366 |
| Planet Fitness, Inc., Class A \* | 993 | 108314 |
| Royal Caribbean Cruises Ltd. | 1307 | 409137 |
|  |  | 1400222 |
| **Household Durables — 1.1%** | **Household Durables — 1.1%** | **Household Durables — 1.1%** |
| Garmin Ltd. | 272 | 56731 |
| Somnigroup International, Inc. (a) | 1153 | 78446 |
|  |  | 135177 |
| **Independent Power and Renewable Electricity Producers — 3.1%** | **Independent Power and Renewable Electricity Producers — 3.1%** | **Independent Power and Renewable Electricity Producers — 3.1%** |
| Vistra Corp. | 2014 | 390268 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| Arthur J Gallagher & Co. | 263 | 84212 |
| **Interactive Media & Services — 1.2%** | **Interactive Media & Services — 1.2%** | **Interactive Media & Services — 1.2%** |
| Reddit, Inc., Class A \* | 1021 | 153750 |
| **IT Services — 8.0%** | **IT Services — 8.0%** | **IT Services — 8.0%** |
| Cloudflare, Inc., Class A \* | 1257 | 246258 |
| CoreWeave, Inc., Class A \* | 575 | 93710 |
| Gartner, Inc. \* | 445 | 179704 |
| GoDaddy, Inc., Class A \* | 616 | 110928 |
| MongoDB, Inc. \* | 357 | 74981 |
| Okta, Inc. \* | 746 | 74610 |
| Snowflake, Inc., Class A \* | 567 | 126777 |
| Twilio, Inc., Class A \* | 810 | 100703 |
|  |  | 1007671 |
| **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** |
| Agilent Technologies, Inc. | 547 | 64490 |
| IQVIA Holdings, Inc. \* | 206 | 32538 |
| Mettler-Toledo International, Inc. \* | 61 | 71733 |
|  |  | 168761 |
| **Machinery — 2.9%** | **Machinery — 2.9%** | **Machinery — 2.9%** |
| Esab Corp. | 859 | 103523 |
| Ingersoll Rand, Inc. | 664 | 55271 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| ITT, Inc. | 772 | 121004 |
| Westinghouse Air Brake Technologies Corp. | 404 | 84601 |
|  |  | 364399 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| Trade Desk, Inc. (The), Class A \* | 1228 | 88376 |
| **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** |
| Cheniere Energy, Inc. | 567 | 138169 |
| EOG Resources, Inc. | 642 | 76781 |
| Williams Cos., Inc. (The) | 2099 | 131846 |
|  |  | 346796 |
| **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** |
| CBRE Group, Inc., Class A \* | 816 | 114342 |
| **Semiconductors & Semiconductor Equipment — 2.2%** | **Semiconductors & Semiconductor Equipment — 2.2%** | **Semiconductors & Semiconductor Equipment — 2.2%** |
| Monolithic Power Systems, Inc. | 141 | 103473 |
| ON Semiconductor Corp. \* | 967 | 50664 |
| Rambus, Inc. \* | 776 | 49694 |
| Teradyne, Inc. | 831 | 74680 |
|  |  | 278511 |
| **Software — 8.7%** | **Software — 8.7%** | **Software — 8.7%** |
| AppLovin Corp., Class A \* | 153 | 53472 |
| Atlassian Corp., Class A \* | 356 | 72277 |
| Confluent, Inc., Class A \* | 3284 | 81863 |
| CyberArk Software Ltd. \* | 258 | 104864 |
| Datadog, Inc., Class A \* | 1468 | 197269 |
| Fair Isaac Corp. \* | 30 | 55852 |
| Gitlab, Inc., Class A \* | 684 | 30874 |
| HubSpot, Inc. \* | 319 | 177355 |
| Monday.com Ltd. \* | 279 | 87907 |
| Nutanix, Inc., Class A \* | 1625 | 124210 |
| Rubrik, Inc., Class A \* | 553 | 49536 |
| Tyler Technologies, Inc. \* | 106 | 62601 |
|  |  | 1098080 |
| **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** |
| Crown Castle, Inc. | 535 | 54939 |
| **Specialty Retail — 5.2%** | **Specialty Retail — 5.2%** | **Specialty Retail — 5.2%** |
| AutoZone, Inc. \* | 29 | 106251 |
| Burlington Stores, Inc. \* | 541 | 125742 |
| Carvana Co. \* | 458 | 154386 |
| Floor & Decor Holdings, Inc., Class A \* | 534 | 40548 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| Tractor Supply Co. | 1492 | 78755 |
| Ulta Beauty, Inc. \* | 305 | 142883 |
|  |  | 648565 |
| **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** |
| On Holding AG, Class A (Switzerland) \* | 2787 | 145035 |
| **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** |
| Air Lease Corp. | 1263 | 73871 |
| Total Common Stocks <br>(Cost $9,342,668)<br>|  | 12552263 |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (b) (c) <br>(Cost $26,243)<br>| 26244 | 26249 |
| **Investment of Cash Collateral from Securities Loaned — 1.1%** | **Investment of Cash Collateral from Securities Loaned — 1.1%** | **Investment of Cash Collateral from Securities Loaned — 1.1%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (b) (c) <br>(Cost $141,650)<br>| 141650 | 141650 |
| Total Short-Term Investments <br>(Cost $167,893)<br>|  | 167899 |
| **Total Investments — 101.0%** <br>**(Cost $9,510,561)**<br>|  | **12720162** |
| **Liabilities in Excess of Other Assets — (1.0)%** |  | **(129135)**<br>|
| **NET ASSETS — 100.0%** |  | **12591027** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at June 30, 2025. The total value of securities on loan at June 30, 2025 is $137,577. 

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

(c) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 9

------

JPMorgan Mid Cap Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 98.0%** | **Common Stocks — 98.0%** | **Common Stocks — 98.0%** |
| **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** |
| Woodward, Inc. | 422 | 103382 |
| **Banks — 4.8%** | **Banks — 4.8%** | **Banks — 4.8%** |
| Columbia Banking System, Inc. | 2257 | 52762 |
| Fifth Third Bancorp | 3501 | 143997 |
| First Citizens BancShares, Inc., Class A | 83 | 163050 |
| M&T Bank Corp. | 765 | 148481 |
| Regions Financial Corp. | 3826 | 89984 |
|  |  | 598274 |
| **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** |
| Constellation Brands, Inc., Class A | 418 | 67957 |
| Keurig Dr Pepper, Inc. | 3980 | 131593 |
|  |  | 199550 |
| **Building Products — 1.1%** | **Building Products — 1.1%** | **Building Products — 1.1%** |
| Carlisle Cos., Inc. | 375 | 140008 |
| **Capital Markets — 6.0%** | **Capital Markets — 6.0%** | **Capital Markets — 6.0%** |
| Ameriprise Financial, Inc. | 393 | 209694 |
| Blue Owl Capital, Inc. | 3829 | 73551 |
| Northern Trust Corp. | 403 | 51165 |
| Raymond James Financial, Inc. | 1313 | 201336 |
| State Street Corp. | 1993 | 211967 |
|  |  | 747713 |
| **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** |
| RPM International, Inc. | 1112 | 122177 |
| **Commercial Services & Supplies — 1.1%** | **Commercial Services & Supplies — 1.1%** | **Commercial Services & Supplies — 1.1%** |
| Veralto Corp. | 1355 | 136767 |
| **Construction Materials — 1.2%** | **Construction Materials — 1.2%** | **Construction Materials — 1.2%** |
| Martin Marietta Materials, Inc. | 269 | 147542 |
| **Consumer Staples Distribution & Retail — 1.5%** | **Consumer Staples Distribution & Retail — 1.5%** | **Consumer Staples Distribution & Retail — 1.5%** |
| Kroger Co. (The) | 1882 | 134979 |
| US Foods Holding Corp. \* | 672 | 51770 |
|  |  | 186749 |
| **Containers & Packaging — 3.7%** | **Containers & Packaging — 3.7%** | **Containers & Packaging — 3.7%** |
| Ball Corp. | 2083 | 116837 |
| Graphic Packaging Holding Co. | 2590 | 54560 |
| International Paper Co. | 2325 | 108877 |
| Packaging Corp. of America | 399 | 75159 |
| Silgan Holdings, Inc. | 2096 | 113582 |
|  |  | 469015 |
| **Distributors — 1.1%** | **Distributors — 1.1%** | **Distributors — 1.1%** |
| Genuine Parts Co. | 1177 | 142783 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — 2.1%** | **Electric Utilities — 2.1%** | **Electric Utilities — 2.1%** |
| PG&E Corp. | 5769 | 80422 |
| Xcel Energy, Inc. | 2626 | 178802 |
|  |  | 259224 |
| **Electrical Equipment — 3.9%** | **Electrical Equipment — 3.9%** | **Electrical Equipment — 3.9%** |
| Acuity, Inc. | 466 | 138959 |
| AMETEK, Inc. | 1017 | 184076 |
| Hubbell, Inc. | 411 | 168004 |
|  |  | 491039 |
| **Electronic Equipment, Instruments & Components — 5.9%** | **Electronic Equipment, Instruments & Components — 5.9%** | **Electronic Equipment, Instruments & Components — 5.9%** |
| CDW Corp. | 635 | 113335 |
| Jabil, Inc. | 589 | 128401 |
| TD SYNNEX Corp. | 1338 | 181599 |
| Teledyne Technologies, Inc. \* | 320 | 163953 |
| Zebra Technologies Corp., Class A \* | 492 | 151876 |
|  |  | 739164 |
| **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** |
| Baker Hughes Co. | 3072 | 117797 |
| **Entertainment — 0.7%** | **Entertainment — 0.7%** | **Entertainment — 0.7%** |
| Warner Music Group Corp., Class A | 3218 | 87672 |
| **Financial Services — 3.5%** | **Financial Services — 3.5%** | **Financial Services — 3.5%** |
| Fidelity National Information Services, Inc. | 3068 | 249801 |
| MGIC Investment Corp. | 6904 | 192205 |
|  |  | 442006 |
| **Food Products — 2.5%** | **Food Products — 2.5%** | **Food Products — 2.5%** |
| General Mills, Inc. | 2324 | 120372 |
| Hershey Co. (The) | 466 | 77357 |
| Post Holdings, Inc. \* | 1037 | 113078 |
|  |  | 310807 |
| **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** |
| JB Hunt Transport Services, Inc. | 856 | 122907 |
| **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** |
| GE HealthCare Technologies, Inc. | 1760 | 130365 |
| Globus Medical, Inc., Class A \* | 2023 | 119406 |
|  |  | 249771 |
| **Health Care Providers & Services — 4.8%** | **Health Care Providers & Services — 4.8%** | **Health Care Providers & Services — 4.8%** |
| Cencora, Inc. | 555 | 166502 |
| Henry Schein, Inc. \* | 2200 | 160701 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| Humana, Inc. | 320 | 78244 |
| Quest Diagnostics, Inc. | 1111 | 199519 |
|  |  | 604966 |
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Healthpeak Properties, Inc. | 3219 | 56370 |
| Ventas, Inc. | 682 | 43048 |
|  |  | 99418 |
| **Hotel & Resort REITs — 1.0%** | **Hotel & Resort REITs — 1.0%** | **Hotel & Resort REITs — 1.0%** |
| Host Hotels & Resorts, Inc. | 7974 | 122477 |
| **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** |
| Darden Restaurants, Inc. | 540 | 117735 |
| Expedia Group, Inc. | 567 | 95595 |
|  |  | 213330 |
| **Household Durables — 0.9%** | **Household Durables — 0.9%** | **Household Durables — 0.9%** |
| Mohawk Industries, Inc. \* | 1084 | 113665 |
| **Insurance — 6.6%** | **Insurance — 6.6%** | **Insurance — 6.6%** |
| Arch Capital Group Ltd. | 2218 | 201886 |
| Hartford Insurance Group, Inc. (The) | 1628 | 206558 |
| Loews Corp. | 2624 | 240521 |
| WR Berkley Corp. | 2452 | 180159 |
|  |  | 829124 |
| **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** |
| IAC, Inc. \* | 2730 | 101925 |
| **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** |
| GoDaddy, Inc., Class A \* | 595 | 107110 |
| **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** |
| IQVIA Holdings, Inc. \* | 848 | 133591 |
| **Machinery — 6.1%** | **Machinery — 6.1%** | **Machinery — 6.1%** |
| Dover Corp. | 992 | 181749 |
| Ingersoll Rand, Inc. | 1898 | 157824 |
| ITT, Inc. | 1060 | 166215 |
| Lincoln Electric Holdings, Inc. | 723 | 149919 |
| Middleby Corp. (The) \* | 738 | 106318 |
|  |  | 762025 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| Omnicom Group, Inc. | 1054 | 75806 |
| **Metals & Mining — 0.6%** | **Metals & Mining — 0.6%** | **Metals & Mining — 0.6%** |
| Freeport-McMoRan, Inc. | 1680 | 72809 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Multi-Utilities — 4.9%** | **Multi-Utilities — 4.9%** | **Multi-Utilities — 4.9%** |
| CMS Energy Corp. | 2670 | 184993 |
| NiSource, Inc. | 3757 | 151546 |
| Sempra | 574 | 43494 |
| WEC Energy Group, Inc. | 2310 | 240737 |
|  |  | 620770 |
| **Oil, Gas & Consumable Fuels — 5.2%** | **Oil, Gas & Consumable Fuels — 5.2%** | **Oil, Gas & Consumable Fuels — 5.2%** |
| Cheniere Energy, Inc. | 454 | 110584 |
| Coterra Energy, Inc. | 5526 | 140259 |
| Diamondback Energy, Inc. | 1154 | 158590 |
| Marathon Petroleum Corp. | 747 | 124003 |
| Williams Cos., Inc. (The) | 1988 | 124870 |
|  |  | 658306 |
| **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
| Jazz Pharmaceuticals plc \* | 919 | 97492 |
| **Professional Services — 1.7%** | **Professional Services — 1.7%** | **Professional Services — 1.7%** |
| Parsons Corp. \* | 1627 | 116769 |
| UL Solutions, Inc., Class A | 1386 | 101016 |
|  |  | 217785 |
| **Residential REITs — 2.4%** | **Residential REITs — 2.4%** | **Residential REITs — 2.4%** |
| American Homes 4 Rent, Class A | 3590 | 129502 |
| AvalonBay Communities, Inc. | 665 | 135255 |
| Mid-America Apartment Communities, Inc. | 207 | 30652 |
|  |  | 295409 |
| **Retail REITs — 2.1%** | **Retail REITs — 2.1%** | **Retail REITs — 2.1%** |
| Regency Centers Corp. | 1998 | 142294 |
| Simon Property Group, Inc. | 741 | 119221 |
|  |  | 261515 |
| **Semiconductors & Semiconductor Equipment — 1.0%** | **Semiconductors & Semiconductor Equipment — 1.0%** | **Semiconductors & Semiconductor Equipment — 1.0%** |
| ON Semiconductor Corp. \* | 2311 | 121132 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| Zoom Communications, Inc., Class A \* | 438 | 34177 |
| **Specialized REITs — 2.9%** | **Specialized REITs — 2.9%** | **Specialized REITs — 2.9%** |
| Public Storage | 399 | 117160 |
| SBA Communications Corp. | 488 | 114684 |
| Weyerhaeuser Co. | 5082 | 130547 |
|  |  | 362391 |
| **Specialty Retail — 3.4%** | **Specialty Retail — 3.4%** | **Specialty Retail — 3.4%** |
| AutoZone, Inc. \* | 36 | 134219 |
| Bath & Body Works, Inc. | 3031 | 90809 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 11

------

JPMorgan Mid Cap Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| Best Buy Co., Inc. | 1403 | 94180 |
| Ross Stores, Inc. | 863 | 110028 |
|  |  | 429236 |
| **Textiles, Apparel & Luxury Goods — 1.1%** | **Textiles, Apparel & Luxury Goods — 1.1%** | **Textiles, Apparel & Luxury Goods — 1.1%** |
| Ralph Lauren Corp. | 507 | 139156 |
| Total Common Stocks <br>(Cost $7,950,299)<br>|  | 12287962 |
| **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** |
| **Investment Companies — 1.8%** | **Investment Companies — 1.8%** | **Investment Companies — 1.8%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (a) (b) <br>(Cost $229,258)<br>| 229232 | 229278 |
| **Total Investments — 99.8%** <br>**(Cost $8,179,557)**<br>|  | **12517240** |
| **Other Assets in Excess of Liabilities — 0.2%** |  | **21580** |
| **NET ASSETS — 100.0%** |  | **12538820** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (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. <br> (b) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

JPMorgan Value Advantage Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.9%** | **Common Stocks — 97.9%** | **Common Stocks — 97.9%** |
| **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** |
| General Dynamics Corp. | 247 | 72070 |
| RTX Corp. | 717 | 104688 |
|  |  | 176758 |
| **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** |
| FedEx Corp. | 352 | 80068 |
| **Automobile Components — 0.4%** | **Automobile Components — 0.4%** | **Automobile Components — 0.4%** |
| Gentex Corp. | 1710 | 37599 |
| **Banks — 11.4%** | **Banks — 11.4%** | **Banks — 11.4%** |
| Bank of America Corp. | 3441 | 162815 |
| Columbia Banking System, Inc. | 1480 | 34594 |
| Fifth Third Bancorp | 881 | 36253 |
| First Citizens BancShares, Inc., Class A | 63 | 123725 |
| M&T Bank Corp. | 866 | 167976 |
| PNC Financial Services Group, Inc. (The) | 393 | 73346 |
| Regions Financial Corp. | 3989 | 93821 |
| Wells Fargo & Co. | 4084 | 327174 |
|  |  | 1019704 |
| **Beverages — 2.0%** | **Beverages — 2.0%** | **Beverages — 2.0%** |
| Constellation Brands, Inc., Class A | 239 | 38942 |
| Keurig Dr Pepper, Inc. | 2648 | 87525 |
| PepsiCo, Inc. | 371 | 49028 |
|  |  | 175495 |
| **Biotechnology — 2.7%** | **Biotechnology — 2.7%** | **Biotechnology — 2.7%** |
| AbbVie, Inc. | 938 | 174192 |
| Regeneron Pharmaceuticals, Inc. | 65 | 33999 |
| Vertex Pharmaceuticals, Inc. \* | 75 | 33344 |
|  |  | 241535 |
| **Broadline Retail — 1.3%** | **Broadline Retail — 1.3%** | **Broadline Retail — 1.3%** |
| Amazon.com, Inc. \* | 519 | 113942 |
| **Building Products — 1.5%** | **Building Products — 1.5%** | **Building Products — 1.5%** |
| Carlisle Cos., Inc. | 200 | 74837 |
| Fortune Brands Innovations, Inc. | 986 | 50754 |
| Hayward Holdings, Inc. \* | 529 | 7298 |
|  |  | 132889 |
| **Capital Markets — 5.1%** | **Capital Markets — 5.1%** | **Capital Markets — 5.1%** |
| Ameriprise Financial, Inc. | 79 | 42316 |
| Charles Schwab Corp. (The) | 803 | 73268 |
| Morgan Stanley | 505 | 71091 |
| Northern Trust Corp. | 988 | 125303 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| Raymond James Financial, Inc. | 167 | 25570 |
| State Street Corp. | 1113 | 118400 |
|  |  | 455948 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| Axalta Coating Systems Ltd. \* | 2096 | 62221 |
| **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** |
| Cisco Systems, Inc. | 418 | 29022 |
| **Construction & Engineering — 0.9%** | **Construction & Engineering — 0.9%** | **Construction & Engineering — 0.9%** |
| WillScot Holdings Corp. | 2791 | 76478 |
| **Construction Materials — 0.8%** | **Construction Materials — 0.8%** | **Construction Materials — 0.8%** |
| Martin Marietta Materials, Inc. | 129 | 70909 |
| **Consumer Finance — 2.7%** | **Consumer Finance — 2.7%** | **Consumer Finance — 2.7%** |
| American Express Co. | 204 | 65048 |
| Capital One Financial Corp. | 821 | 174681 |
|  |  | 239729 |
| **Containers & Packaging — 2.8%** | **Containers & Packaging — 2.8%** | **Containers & Packaging — 2.8%** |
| Graphic Packaging Holding Co. | 2603 | 54844 |
| International Paper Co. | 765 | 35807 |
| Packaging Corp. of America | 234 | 44170 |
| Silgan Holdings, Inc. | 872 | 47238 |
| Smurfit WestRock plc | 1559 | 67298 |
|  |  | 249357 |
| **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** |
| Verizon Communications, Inc. | 1663 | 71944 |
| **Electric Utilities — 2.5%** | **Electric Utilities — 2.5%** | **Electric Utilities — 2.5%** |
| Entergy Corp. | 376 | 31275 |
| NextEra Energy, Inc. | 1350 | 93689 |
| PG&E Corp. | 3708 | 51688 |
| Xcel Energy, Inc. | 724 | 49299 |
|  |  | 225951 |
| **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| Eaton Corp. plc | 145 | 51751 |
| **Electronic Equipment, Instruments & Components — 2.0%** | **Electronic Equipment, Instruments & Components — 2.0%** | **Electronic Equipment, Instruments & Components — 2.0%** |
| Jabil, Inc. | 314 | 68333 |
| TD SYNNEX Corp. | 837 | 113596 |
|  |  | 181929 |
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| Walt Disney Co. (The) | 816 | 101243 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 13

------

JPMorgan Value Advantage Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Financial Services — 4.1%** | **Financial Services — 4.1%** | **Financial Services — 4.1%** |
| Berkshire Hathaway, Inc., Class B \* | 455 | 221164 |
| Corpay, Inc. \* | 204 | 67565 |
| MGIC Investment Corp. | 2822 | 78575 |
|  |  | 367304 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Post Holdings, Inc. \* | 549 | 59816 |
| **Ground Transportation — 1.4%** | **Ground Transportation — 1.4%** | **Ground Transportation — 1.4%** |
| JB Hunt Transport Services, Inc. | 400 | 57369 |
| Union Pacific Corp. | 296 | 68168 |
|  |  | 125537 |
| **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** |
| Align Technology, Inc. \* | 309 | 58506 |
| Medtronic plc | 766 | 66793 |
|  |  | 125299 |
| **Health Care Providers & Services — 7.5%** | **Health Care Providers & Services — 7.5%** | **Health Care Providers & Services — 7.5%** |
| Cencora, Inc. | 393 | 117912 |
| Cigna Group (The) | 283 | 93424 |
| CVS Health Corp. | 914 | 63018 |
| HCA Healthcare, Inc. | 184 | 70610 |
| Henry Schein, Inc. \* | 1603 | 117095 |
| Humana, Inc. | 110 | 26981 |
| Labcorp Holdings, Inc. | 367 | 96281 |
| UnitedHealth Group, Inc. | 267 | 83295 |
|  |  | 668616 |
| **Hotel & Resort REITs — 0.7%** | **Hotel & Resort REITs — 0.7%** | **Hotel & Resort REITs — 0.7%** |
| Apple Hospitality REIT, Inc. | 1257 | 14664 |
| Host Hotels & Resorts, Inc. | 3311 | 50865 |
|  |  | 65529 |
| **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** |
| Booking Holdings, Inc. | 9 | 55009 |
| Expedia Group, Inc. | 278 | 46843 |
| McDonald's Corp. | 305 | 89032 |
|  |  | 190884 |
| **Household Durables — 0.7%** | **Household Durables — 0.7%** | **Household Durables — 0.7%** |
| Mohawk Industries, Inc. \* | 561 | 58796 |
| **Household Products — 0.8%** | **Household Products — 0.8%** | **Household Products — 0.8%** |
| Procter & Gamble Co. (The) | 456 | 72693 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| EastGroup Properties, Inc. | 160 | 26791 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Insurance — 5.6%** | **Insurance — 5.6%** | **Insurance — 5.6%** |
| Arch Capital Group Ltd. | 508 | 46265 |
| Chubb Ltd. | 209 | 60719 |
| Kinsale Capital Group, Inc. | 75 | 36094 |
| Loews Corp. | 1227 | 112433 |
| Oscar Health, Inc., Class A \* | 1872 | 40129 |
| Progressive Corp. (The) | 75 | 20172 |
| Travelers Cos., Inc. (The) | 481 | 128735 |
| WR Berkley Corp. | 741 | 54440 |
|  |  | 498987 |
| **Interactive Media & Services — 1.4%** | **Interactive Media & Services — 1.4%** | **Interactive Media & Services — 1.4%** |
| Alphabet, Inc., Class C | 458 | 81267 |
| Angi, Inc. \* | 514 | 7841 |
| IAC, Inc. \* | 991 | 36987 |
|  |  | 126095 |
| **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| Cognizant Technology Solutions Corp., Class A | 746 | 58222 |
| **Machinery — 1.6%** | **Machinery — 1.6%** | **Machinery — 1.6%** |
| Dover Corp. | 479 | 87709 |
| Middleby Corp. (The) \* | 409 | 58898 |
|  |  | 146607 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Omnicom Group, Inc. | 470 | 33779 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| Public Service Enterprise Group, Inc. | 363 | 30546 |
| **Oil, Gas & Consumable Fuels — 6.1%** | **Oil, Gas & Consumable Fuels — 6.1%** | **Oil, Gas & Consumable Fuels — 6.1%** |
| Chevron Corp. | 960 | 137410 |
| ConocoPhillips | 1486 | 133344 |
| Coterra Energy, Inc. | 1626 | 41267 |
| EOG Resources, Inc. | 828 | 99032 |
| Kinder Morgan, Inc. | 2216 | 65155 |
| Williams Cos., Inc. (The) | 1097 | 68915 |
|  |  | 545123 |
| **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** |
| Southwest Airlines Co. | 1511 | 48999 |
| **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** |
| Bristol-Myers Squibb Co. | 3038 | 140611 |
| Johnson & Johnson | 724 | 110628 |
| Merck & Co., Inc. | 686 | 54321 |
|  |  | 305560 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Professional Services — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
| TransUnion | 471 | 41466 |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| CBRE Group, Inc., Class A \* | 178 | 24931 |
| **Residential REITs — 1.7%** | **Residential REITs — 1.7%** | **Residential REITs — 1.7%** |
| American Homes 4 Rent, Class A | 2180 | 78627 |
| Mid-America Apartment Communities, Inc. | 514 | 76038 |
|  |  | 154665 |
| **Retail REITs — 1.1%** | **Retail REITs — 1.1%** | **Retail REITs — 1.1%** |
| Federal Realty Investment Trust | 199 | 18881 |
| Regency Centers Corp. | 1097 | 78148 |
|  |  | 97029 |
| **Semiconductors & Semiconductor Equipment — 1.8%** | **Semiconductors & Semiconductor Equipment — 1.8%** | **Semiconductors & Semiconductor Equipment — 1.8%** |
| Analog Devices, Inc. | 201 | 47769 |
| Texas Instruments, Inc. | 548 | 113876 |
|  |  | 161645 |
| **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |
| Salesforce, Inc. | 118 | 32225 |
| **Specialized REITs — 3.2%** | **Specialized REITs — 3.2%** | **Specialized REITs — 3.2%** |
| Equinix, Inc. | 48 | 37895 |
| Lamar Advertising Co., Class A | 441 | 53536 |
| Public Storage | 214 | 62762 |
| Rayonier, Inc. | 1563 | 34658 |
| SBA Communications Corp. | 230 | 54000 |
| Weyerhaeuser Co. | 1593 | 40932 |
|  |  | 283783 |
| **Specialty Retail — 2.9%** | **Specialty Retail — 2.9%** | **Specialty Retail — 2.9%** |
| AutoZone, Inc. \* | 16 | 57929 |
| Bath & Body Works, Inc. | 1303 | 39038 |
| Best Buy Co., Inc. | 595 | 39933 |
| Lowe's Cos., Inc. | 380 | 84339 |
| Murphy USA, Inc. | 92 | 37587 |
|  |  | 258826 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Technology Hardware, Storage & Peripherals — 1.8%** | **Technology Hardware, Storage & Peripherals — 1.8%** | **Technology Hardware, Storage & Peripherals — 1.8%** |
| Hewlett Packard Enterprise Co. | 4414 | 90271 |
| Western Digital Corp. | 1091 | 69823 |
|  |  | 160094 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| Columbia Sportswear Co. | 167 | 10205 |
| Kontoor Brands, Inc. | 536 | 35341 |
|  |  | 45546 |
| **Tobacco — 1.6%** | **Tobacco — 1.6%** | **Tobacco — 1.6%** |
| Philip Morris International, Inc. | 802 | 146111 |
| Total Common Stocks <br>(Cost $5,708,363)<br>|  | 8755976 |
| **Short-Term Investments — 2.0%** | **Short-Term Investments — 2.0%** | **Short-Term Investments — 2.0%** |
| **Investment Companies — 2.0%** | **Investment Companies — 2.0%** | **Investment Companies — 2.0%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b) <br>(Cost $176,191)<br>| 176170 | 176205 |
| **Total Investments — 99.9%** <br>**(Cost $5,884,554)**<br>|  | **8932181** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **10673** |
| **NET ASSETS — 100.0%** |  | **8942854** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (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. <br> (b) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 15

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Growth** <br>**Advantage Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Mid Cap** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Mid Cap** <br>**Growth Fund**  |
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $22011644 | &nbsp;&nbsp;&nbsp; $5439515 | &nbsp;&nbsp;&nbsp; $12552263 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 222598 | &nbsp;&nbsp;&nbsp; 87757 | &nbsp;&nbsp;&nbsp; 26249 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C.)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24285 | &nbsp;&nbsp;&nbsp; 141650 |
| Cash | &nbsp;&nbsp;&nbsp; 776 | &nbsp;&nbsp;&nbsp; 1494 | &nbsp;&nbsp;&nbsp; 5906 |
| Receivables: |  |  |  |
| Due from custodian | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7980 |
| Investment securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4630 | &nbsp;&nbsp;&nbsp; 12342 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 9184 | &nbsp;&nbsp;&nbsp; 4784 | &nbsp;&nbsp;&nbsp; 16468 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; — |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 2670 | &nbsp;&nbsp;&nbsp; 4588 | &nbsp;&nbsp;&nbsp; 762 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 3 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp; 673 |
| Other assets | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 22246899 | &nbsp;&nbsp;&nbsp; 5567269 | &nbsp;&nbsp;&nbsp; 12764296 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7981 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24285 | &nbsp;&nbsp;&nbsp; 141650 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 70215 | &nbsp;&nbsp;&nbsp; 2856 | &nbsp;&nbsp;&nbsp; 15680 |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 7829 | &nbsp;&nbsp;&nbsp; 2334 | &nbsp;&nbsp;&nbsp; 5707 |
| Administration fees | &nbsp;&nbsp;&nbsp; 444 | &nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 487 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 1376 | &nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp; 355 |
| Service fees | &nbsp;&nbsp;&nbsp; 2276 | &nbsp;&nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp; 638 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 73 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 418 | &nbsp;&nbsp;&nbsp; 311 | &nbsp;&nbsp;&nbsp; 698 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 82685 | &nbsp;&nbsp;&nbsp; 30524 | &nbsp;&nbsp;&nbsp; 173269 |
| Net Assets | &nbsp;&nbsp;&nbsp; $22164214 | &nbsp;&nbsp;&nbsp; $5536745 | &nbsp;&nbsp;&nbsp; $12591027 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Growth**<br> **Advantage Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Mid Cap**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Mid Cap**<br>**Growth Fund**  |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $8719529 | &nbsp;&nbsp;&nbsp; $4045176 | &nbsp;&nbsp;&nbsp; $8552614 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 13444685 | &nbsp;&nbsp;&nbsp; 1491569 | &nbsp;&nbsp;&nbsp; 4038413 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $22164214 | &nbsp;&nbsp;&nbsp; $5536745 | &nbsp;&nbsp;&nbsp; $12591027 |
| Net Assets: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $4612408 | &nbsp;&nbsp;&nbsp; $896268 | &nbsp;&nbsp;&nbsp; $1449638 |
| Class C | &nbsp;&nbsp;&nbsp; 760081 | &nbsp;&nbsp;&nbsp; 16870 | &nbsp;&nbsp;&nbsp; 48594 |
| Class I | &nbsp;&nbsp;&nbsp; 6536149 | &nbsp;&nbsp;&nbsp; 1085716 | &nbsp;&nbsp;&nbsp; 2449561 |
| Class R2 | &nbsp;&nbsp;&nbsp; 13676 | &nbsp;&nbsp;&nbsp; 4185 | &nbsp;&nbsp;&nbsp; 58191 |
| Class R3 | &nbsp;&nbsp;&nbsp; 43160 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 65716 |
| Class R4 | &nbsp;&nbsp;&nbsp; 48257 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 40691 |
| Class R5 | &nbsp;&nbsp;&nbsp; 170124 | &nbsp;&nbsp;&nbsp; 12959 | &nbsp;&nbsp;&nbsp; 563921 |
| Class R6 | &nbsp;&nbsp;&nbsp; 9980359 | &nbsp;&nbsp;&nbsp; 3520747 | &nbsp;&nbsp;&nbsp; 7914715 |
| Total | &nbsp;&nbsp;&nbsp; $22164214 | &nbsp;&nbsp;&nbsp; $5536745 | &nbsp;&nbsp;&nbsp; $12591027 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 114443 | &nbsp;&nbsp;&nbsp; 14113 | &nbsp;&nbsp;&nbsp; 34511 |
| Class C | &nbsp;&nbsp;&nbsp; 24551 | &nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 1841 |
| Class I | &nbsp;&nbsp;&nbsp; 151809 | &nbsp;&nbsp;&nbsp; 16658 | &nbsp;&nbsp;&nbsp; 45860 |
| Class R2 | &nbsp;&nbsp;&nbsp; 348 | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 1244 |
| Class R3 | &nbsp;&nbsp;&nbsp; 1073 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1273 |
| Class R4 | &nbsp;&nbsp;&nbsp; 1121 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 766 |
| Class R5 | &nbsp;&nbsp;&nbsp; 3797 | &nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp; 10283 |
| Class R6 | &nbsp;&nbsp;&nbsp; 219306 | &nbsp;&nbsp;&nbsp; 53853 | &nbsp;&nbsp;&nbsp; 142665 |
| Net Asset Value (a): |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $40.30 | &nbsp;&nbsp;&nbsp; $63.51 | &nbsp;&nbsp;&nbsp; $42.00 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;30.96 | &nbsp;&nbsp;&nbsp;&nbsp;58.60 | &nbsp;&nbsp;&nbsp;&nbsp;26.39 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;43.05 | &nbsp;&nbsp;&nbsp;&nbsp;65.18 | &nbsp;&nbsp;&nbsp;&nbsp;53.41 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;39.24 | &nbsp;&nbsp;&nbsp;&nbsp;62.02 | &nbsp;&nbsp;&nbsp;&nbsp;46.77 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;40.21 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;51.60 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;43.06 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;53.06 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;44.81 | &nbsp;&nbsp;&nbsp;&nbsp;65.43 | &nbsp;&nbsp;&nbsp;&nbsp;54.84 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;45.51 | &nbsp;&nbsp;&nbsp;&nbsp;65.38 | &nbsp;&nbsp;&nbsp;&nbsp;55.48 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $42.53 | &nbsp;&nbsp;&nbsp; $67.03 | &nbsp;&nbsp;&nbsp; $44.33 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $10305379 | &nbsp;&nbsp;&nbsp; $4087728 | &nbsp;&nbsp;&nbsp; $9342668 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 222578 | &nbsp;&nbsp;&nbsp; 87741 | &nbsp;&nbsp;&nbsp; 26243 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23550 | &nbsp;&nbsp;&nbsp; 137577 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24285 | &nbsp;&nbsp;&nbsp; 141650 |

---

------

(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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 17

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025 (continued)

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Mid Cap** <br>**Value Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Value** <br>**Advantage Fund**  |
| **ASSETS:** |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $12287962 | &nbsp;&nbsp;&nbsp; $8755976 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 229278 | &nbsp;&nbsp;&nbsp; 176205 |
| Cash | &nbsp;&nbsp;&nbsp; 1345 | &nbsp;&nbsp;&nbsp; 1094 |
| Receivables: |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 13931 | &nbsp;&nbsp;&nbsp; 6232 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 7492 | &nbsp;&nbsp;&nbsp; 11521 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 787 | &nbsp;&nbsp;&nbsp; 405 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 15913 | &nbsp;&nbsp;&nbsp; 10628 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 21 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 89 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Total Assets | &nbsp;&nbsp;&nbsp; 12556736 | &nbsp;&nbsp;&nbsp; 8962171 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7241 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 10309 | &nbsp;&nbsp;&nbsp; 7258 |
| Accrued liabilities: |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 5465 | &nbsp;&nbsp;&nbsp; 3181 |
| Administration fees | &nbsp;&nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp; 279 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 289 | &nbsp;&nbsp;&nbsp; 357 |
| Service fees | &nbsp;&nbsp;&nbsp; 937 | &nbsp;&nbsp;&nbsp; 683 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 49 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp; 269 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 17916 | &nbsp;&nbsp;&nbsp; 19317 |
| Net Assets | &nbsp;&nbsp;&nbsp; $12538820 | &nbsp;&nbsp;&nbsp; $8942854 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Mid Cap**<br> **Value Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Value**<br>**Advantage Fund**  |
| **NET ASSETS:** |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $7066718 | &nbsp;&nbsp;&nbsp; $5215803 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 5472102 | &nbsp;&nbsp;&nbsp; 3727051 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $12538820 | &nbsp;&nbsp;&nbsp; $8942854 |
| Net Assets: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $1128401 | &nbsp;&nbsp;&nbsp; $1317334 |
| Class C | &nbsp;&nbsp;&nbsp; 29068 | &nbsp;&nbsp;&nbsp; 147754 |
| Class I | &nbsp;&nbsp;&nbsp; 1583448 | &nbsp;&nbsp;&nbsp; 1572507 |
| Class L | &nbsp;&nbsp;&nbsp; 4599997 | &nbsp;&nbsp;&nbsp; 1332144 |
| Class R2 | &nbsp;&nbsp;&nbsp; 66990 | &nbsp;&nbsp;&nbsp; 590 |
| Class R3 | &nbsp;&nbsp;&nbsp; 73734 | &nbsp;&nbsp;&nbsp; 2370 |
| Class R4 | &nbsp;&nbsp;&nbsp; 27856 | &nbsp;&nbsp;&nbsp; 587 |
| Class R5 | &nbsp;&nbsp;&nbsp; 52592 | &nbsp;&nbsp;&nbsp; 18780 |
| Class R6 | &nbsp;&nbsp;&nbsp; 4976734 | &nbsp;&nbsp;&nbsp; 4550788 |
| Total | &nbsp;&nbsp;&nbsp; $12538820 | &nbsp;&nbsp;&nbsp; $8942854 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |
| Class A | &nbsp;&nbsp;&nbsp; 31886 | &nbsp;&nbsp;&nbsp; 34314 |
| Class C | &nbsp;&nbsp;&nbsp; 879 | &nbsp;&nbsp;&nbsp; 3852 |
| Class I | &nbsp;&nbsp;&nbsp; 43762 | &nbsp;&nbsp;&nbsp; 40534 |
| Class L | &nbsp;&nbsp;&nbsp; 124334 | &nbsp;&nbsp;&nbsp; 34284 |
| Class R2 | &nbsp;&nbsp;&nbsp; 2059 | &nbsp;&nbsp;&nbsp; 15 |
| Class R3 | &nbsp;&nbsp;&nbsp; 2118 | &nbsp;&nbsp;&nbsp; 63 |
| Class R4 | &nbsp;&nbsp;&nbsp; 777 | &nbsp;&nbsp;&nbsp; 15 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1425 | &nbsp;&nbsp;&nbsp; 485 |
| Class R6 | &nbsp;&nbsp;&nbsp; 134574 | &nbsp;&nbsp;&nbsp; 117308 |
| Net Asset Value (a): |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $35.39 | &nbsp;&nbsp;&nbsp; $38.39 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;33.06 | &nbsp;&nbsp;&nbsp;&nbsp;38.36 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;36.18 | &nbsp;&nbsp;&nbsp;&nbsp;38.80 |
| Class L — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;37.00 | &nbsp;&nbsp;&nbsp;&nbsp;38.86 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;32.55 | &nbsp;&nbsp;&nbsp;&nbsp;37.59 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;34.81 | &nbsp;&nbsp;&nbsp;&nbsp;37.67 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;35.86 | &nbsp;&nbsp;&nbsp;&nbsp;39.14 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;36.91 | &nbsp;&nbsp;&nbsp;&nbsp;38.75 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;36.98 | &nbsp;&nbsp;&nbsp;&nbsp;38.79 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $37.35 | &nbsp;&nbsp;&nbsp; $40.52 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $7950299 | &nbsp;&nbsp;&nbsp; $5708363 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 229258 | &nbsp;&nbsp;&nbsp; 176191 |

---

------

(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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 19

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Growth** <br>**Advantage Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Mid Cap** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Mid Cap** <br>**Growth Fund**  |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp;&nbsp; $— |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 104285 | &nbsp;&nbsp;&nbsp; 63988 | &nbsp;&nbsp;&nbsp; 51394 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 11709 | &nbsp;&nbsp;&nbsp; 6673 | &nbsp;&nbsp;&nbsp; 8474 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp; 1704 |
| Total investment income | &nbsp;&nbsp;&nbsp; 116004 | &nbsp;&nbsp;&nbsp; 70966 | &nbsp;&nbsp;&nbsp; 61572 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 106260 | &nbsp;&nbsp;&nbsp; 31030 | &nbsp;&nbsp;&nbsp; 70177 |
| Administration fees | &nbsp;&nbsp;&nbsp; 12667 | &nbsp;&nbsp;&nbsp; 3786 | &nbsp;&nbsp;&nbsp; 8207 |
| Distribution fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 10556 | &nbsp;&nbsp;&nbsp; 2106 | &nbsp;&nbsp;&nbsp; 3444 |
| Class C | &nbsp;&nbsp;&nbsp; 5577 | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 372 |
| Class R2 | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 272 |
| Class R3 | &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 157 |
| Service fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 10556 | &nbsp;&nbsp;&nbsp; 2106 | &nbsp;&nbsp;&nbsp; 3444 |
| Class C | &nbsp;&nbsp;&nbsp; 1859 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 124 |
| Class I | &nbsp;&nbsp;&nbsp; 15052 | &nbsp;&nbsp;&nbsp; 2493 | &nbsp;&nbsp;&nbsp; 5866 |
| Class R2 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 136 |
| Class R3 | &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 157 |
| Class R4 | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 98 |
| Class R5 | &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 537 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 631 | &nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp; 366 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 |
| Professional fees | &nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 100 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 56 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 1119 | &nbsp;&nbsp;&nbsp; 664 | &nbsp;&nbsp;&nbsp; 931 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp; 260 |
| Transfer agency fees (See Note 2.G.) | &nbsp;&nbsp;&nbsp; 481 | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; 640 |
| Other | &nbsp;&nbsp;&nbsp; 3743 | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 107 |
| Total expenses | &nbsp;&nbsp;&nbsp; 169547 | &nbsp;&nbsp;&nbsp; 43275 | &nbsp;&nbsp;&nbsp; 95454 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (20494)<br>| &nbsp;&nbsp;&nbsp; (5736)<br>| &nbsp;&nbsp;&nbsp; (7486)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 149036 | &nbsp;&nbsp;&nbsp; 37502 | &nbsp;&nbsp;&nbsp; 87968 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (33032)<br>| &nbsp;&nbsp;&nbsp; 33464 | &nbsp;&nbsp;&nbsp; (26396)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Growth**<br> **Advantage Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Mid Cap**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Mid Cap**<br>**Growth Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $2453581 | &nbsp;&nbsp;&nbsp; $263750 | &nbsp;&nbsp;&nbsp; $992928 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; 14 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 2453581 | &nbsp;&nbsp;&nbsp; 263741 | &nbsp;&nbsp;&nbsp; 992942 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 485528 | &nbsp;&nbsp;&nbsp; 239862 | &nbsp;&nbsp;&nbsp; 711253 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 10 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 485533 | &nbsp;&nbsp;&nbsp; 239869 | &nbsp;&nbsp;&nbsp; 711263 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 2939114 | &nbsp;&nbsp;&nbsp; 503610 | &nbsp;&nbsp;&nbsp; 1704205 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $2906082 | &nbsp;&nbsp;&nbsp; $537074 | &nbsp;&nbsp;&nbsp; $1677809 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 21

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025 (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Mid Cap** <br>**Value Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Value** <br>**Advantage Fund** <br>|
| **INVESTMENT INCOME:** |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $60 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 221684 | &nbsp;&nbsp;&nbsp; 192436 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 16220 | &nbsp;&nbsp;&nbsp; 9768 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 21 |
| Total investment income | &nbsp;&nbsp;&nbsp; 237910 | &nbsp;&nbsp;&nbsp; 202286 |
| **EXPENSES:** |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 80989 | &nbsp;&nbsp;&nbsp; 46522 |
| Administration fees | &nbsp;&nbsp;&nbsp; 9068 | &nbsp;&nbsp;&nbsp; 6758 |
| Distribution fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2961 | &nbsp;&nbsp;&nbsp; 3410 |
| Class C | &nbsp;&nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp; 1238 |
| Class R2 | &nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp; 3 |
| Class R3 | &nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 6 |
| Service fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2961 | &nbsp;&nbsp;&nbsp; 3410 |
| Class C | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 413 |
| Class I | &nbsp;&nbsp;&nbsp; 4265 | &nbsp;&nbsp;&nbsp; 4140 |
| Class L | &nbsp;&nbsp;&nbsp; 5235 | &nbsp;&nbsp;&nbsp; 1350 |
| Class R2 | &nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; 1 |
| Class R3 | &nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 6 |
| Class R4 | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 1 |
| Class R5 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 19 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp; 280 |
| Professional fees | &nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 89 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 49 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 933 | &nbsp;&nbsp;&nbsp; 423 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp; 160 |
| Transfer agency fees (See Note 2.G.) | &nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp; 206 |
| Other | &nbsp;&nbsp;&nbsp; 249 | &nbsp;&nbsp;&nbsp; 92 |
| Total expenses | &nbsp;&nbsp;&nbsp; 109055 | &nbsp;&nbsp;&nbsp; 68576 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (11837)<br>| &nbsp;&nbsp;&nbsp; (8510)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (84)<br>| &nbsp;&nbsp;&nbsp; (53)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 97134 | &nbsp;&nbsp;&nbsp; 60013 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 140776 | &nbsp;&nbsp;&nbsp; 142273 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Mid Cap**<br> **Value Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Value**<br> **Advantage Fund** <br>|
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |
| Net realized gain (loss) on transactions from: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $2128268 | &nbsp;&nbsp;&nbsp; $1100918 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; (53)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 2128327 | &nbsp;&nbsp;&nbsp; 1100865 |
| Change in net unrealized appreciation/depreciation on: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (904349)<br>| &nbsp;&nbsp;&nbsp; (110862)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 16 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (904329)<br>| &nbsp;&nbsp;&nbsp; (110846)<br>|
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 1223998 | &nbsp;&nbsp;&nbsp; 990019 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $1364774 | &nbsp;&nbsp;&nbsp; $1132292 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 23

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Growth Advantage Fund**  | **JPMorgan Growth Advantage Fund**  | **JPMorgan Mid Cap Equity Fund**  | **JPMorgan Mid Cap Equity Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $(33032)<br>| &nbsp;&nbsp;&nbsp; $(22687)<br>| &nbsp;&nbsp;&nbsp; $33464 | &nbsp;&nbsp;&nbsp; $27332 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 2453581 | &nbsp;&nbsp;&nbsp; 1051838 | &nbsp;&nbsp;&nbsp; 263741 | &nbsp;&nbsp;&nbsp; 155855 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 485533 | &nbsp;&nbsp;&nbsp; 4197499 | &nbsp;&nbsp;&nbsp; 239869 | &nbsp;&nbsp;&nbsp; 253242 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 2906082 | &nbsp;&nbsp;&nbsp; 5226650 | &nbsp;&nbsp;&nbsp; 537074 | &nbsp;&nbsp;&nbsp; 436429 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (262842)<br>| &nbsp;&nbsp;&nbsp; (21306)<br>| &nbsp;&nbsp;&nbsp; (36334)<br>| &nbsp;&nbsp;&nbsp; (2183)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (59325)<br>| &nbsp;&nbsp;&nbsp; (5886)<br>| &nbsp;&nbsp;&nbsp; (736)<br>| &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; (353826)<br>| &nbsp;&nbsp;&nbsp; (29953)<br>| &nbsp;&nbsp;&nbsp; (44498)<br>| &nbsp;&nbsp;&nbsp; (5092)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (766)<br>| &nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp; (138)<br>| &nbsp;&nbsp;&nbsp; (3)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (2349)<br>| &nbsp;&nbsp;&nbsp; (169)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; (2615)<br>| &nbsp;&nbsp;&nbsp; (181)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; (8928)<br>| &nbsp;&nbsp;&nbsp; (613)<br>| &nbsp;&nbsp;&nbsp; (583)<br>| &nbsp;&nbsp;&nbsp; (70)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (516178)<br>| &nbsp;&nbsp;&nbsp; (45955)<br>| &nbsp;&nbsp;&nbsp; (149946)<br>| &nbsp;&nbsp;&nbsp; (15747)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (1206829)<br>| &nbsp;&nbsp;&nbsp; (104122)<br>| &nbsp;&nbsp;&nbsp; (232235)<br>| &nbsp;&nbsp;&nbsp; (23095)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 167440 | &nbsp;&nbsp;&nbsp; (725627)<br>| &nbsp;&nbsp;&nbsp; 700425 | &nbsp;&nbsp;&nbsp; 560386 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 1866693 | &nbsp;&nbsp;&nbsp; 4396901 | &nbsp;&nbsp;&nbsp; 1005264 | &nbsp;&nbsp;&nbsp; 973720 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 20297521 | &nbsp;&nbsp;&nbsp; 15900620 | &nbsp;&nbsp;&nbsp; 4531481 | &nbsp;&nbsp;&nbsp; 3557761 |
| End of period | &nbsp;&nbsp;&nbsp; $22164214 | &nbsp;&nbsp;&nbsp; $20297521 | &nbsp;&nbsp;&nbsp; $5536745 | &nbsp;&nbsp;&nbsp; $4531481 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Mid Cap Growth Fund**  | **JPMorgan Mid Cap Growth Fund**  | **JPMorgan Mid Cap Value Fund**  | **JPMorgan Mid Cap Value Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $(26396)<br>| &nbsp;&nbsp;&nbsp; $(26834)<br>| &nbsp;&nbsp;&nbsp; $140776 | &nbsp;&nbsp;&nbsp; $150229 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 992942 | &nbsp;&nbsp;&nbsp; 939712 | &nbsp;&nbsp;&nbsp; 2128327 | &nbsp;&nbsp;&nbsp; 829566 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 711263 | &nbsp;&nbsp;&nbsp; 419915 | &nbsp;&nbsp;&nbsp; (904329)<br>| &nbsp;&nbsp;&nbsp; 387321 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 1677809 | &nbsp;&nbsp;&nbsp; 1332793 | &nbsp;&nbsp;&nbsp; 1364774 | &nbsp;&nbsp;&nbsp; 1367116 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (121831)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (133539)<br>| &nbsp;&nbsp;&nbsp; (67222)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (6824)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3808)<br>| &nbsp;&nbsp;&nbsp; (2347)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (165054)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (195931)<br>| &nbsp;&nbsp;&nbsp; (104058)<br>|
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (586192)<br>| &nbsp;&nbsp;&nbsp; (342226)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (4297)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8074)<br>| &nbsp;&nbsp;&nbsp; (3702)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (4554)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8606)<br>| &nbsp;&nbsp;&nbsp; (4230)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (2800)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3301)<br>| &nbsp;&nbsp;&nbsp; (1805)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (37156)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5826)<br>| &nbsp;&nbsp;&nbsp; (2918)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (470907)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (526782)<br>| &nbsp;&nbsp;&nbsp; (248302)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (813423)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1472059)<br>| &nbsp;&nbsp;&nbsp; (776810)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 902815 | &nbsp;&nbsp;&nbsp; 30141 | &nbsp;&nbsp;&nbsp; (246834)<br>| &nbsp;&nbsp;&nbsp; (1166909)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 1767201 | &nbsp;&nbsp;&nbsp; 1362934 | &nbsp;&nbsp;&nbsp; (354119)<br>| &nbsp;&nbsp;&nbsp; (576603)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 10823826 | &nbsp;&nbsp;&nbsp; 9460892 | &nbsp;&nbsp;&nbsp; 12892939 | &nbsp;&nbsp;&nbsp; 13469542 |
| End of period | &nbsp;&nbsp;&nbsp; $12591027 | &nbsp;&nbsp;&nbsp; $10823826 | &nbsp;&nbsp;&nbsp; $12538820 | &nbsp;&nbsp;&nbsp; $12892939 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 25

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Value Advantage Fund**  | **JPMorgan Value Advantage Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $142273 | &nbsp;&nbsp;&nbsp; $151012 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 1100865 | &nbsp;&nbsp;&nbsp; 537053 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (110846)<br>| &nbsp;&nbsp;&nbsp; 530119 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 1132292 | &nbsp;&nbsp;&nbsp; 1218184 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (131482)<br>| &nbsp;&nbsp;&nbsp; (86156)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (15290)<br>| &nbsp;&nbsp;&nbsp; (11569)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (166190)<br>| &nbsp;&nbsp;&nbsp; (117447)<br>|
| Class L | &nbsp;&nbsp;&nbsp; (132239)<br>| &nbsp;&nbsp;&nbsp; (91081)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (62)<br>| &nbsp;&nbsp;&nbsp; (26)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (253)<br>| &nbsp;&nbsp;&nbsp; (182)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (60)<br>| &nbsp;&nbsp;&nbsp; (16)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (1839)<br>| &nbsp;&nbsp;&nbsp; (1376)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (426158)<br>| &nbsp;&nbsp;&nbsp; (311065)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (873573)<br>| &nbsp;&nbsp;&nbsp; (618918)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (61678)<br>| &nbsp;&nbsp;&nbsp; (940864)<br>|
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 197041 | &nbsp;&nbsp;&nbsp; (341598)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 8745813 | &nbsp;&nbsp;&nbsp; 9087411 |
| End of period | &nbsp;&nbsp;&nbsp; $8942854 | &nbsp;&nbsp;&nbsp; $8745813 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Growth Advantage Fund** | **JPMorgan Growth Advantage Fund** | **JPMorgan Mid Cap Equity Fund** | **JPMorgan Mid Cap Equity Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $589013 | &nbsp;&nbsp;&nbsp; $633887 | &nbsp;&nbsp;&nbsp; $161295 | &nbsp;&nbsp;&nbsp; $145095 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 255115 | &nbsp;&nbsp;&nbsp; 20640 | &nbsp;&nbsp;&nbsp; 36288 | &nbsp;&nbsp;&nbsp; 2179 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (664372)<br>| &nbsp;&nbsp;&nbsp; (509646)<br>| &nbsp;&nbsp;&nbsp; (122015)<br>| &nbsp;&nbsp;&nbsp; (98241)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 179756 | &nbsp;&nbsp;&nbsp; 144881 | &nbsp;&nbsp;&nbsp; 75568 | &nbsp;&nbsp;&nbsp; 49033 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 118259 | &nbsp;&nbsp;&nbsp; 108355 | &nbsp;&nbsp;&nbsp; 4293 | &nbsp;&nbsp;&nbsp; 4437 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 58107 | &nbsp;&nbsp;&nbsp; 5757 | &nbsp;&nbsp;&nbsp; 735 | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (234303)<br>| &nbsp;&nbsp;&nbsp; (342007)<br>| &nbsp;&nbsp;&nbsp; (4114)<br>| &nbsp;&nbsp;&nbsp; (5806)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (57937)<br>| &nbsp;&nbsp;&nbsp; (227895)<br>| &nbsp;&nbsp;&nbsp; 914 | &nbsp;&nbsp;&nbsp; (1369)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1280992 | &nbsp;&nbsp;&nbsp; 1152527 | &nbsp;&nbsp;&nbsp; 534067 | &nbsp;&nbsp;&nbsp; 612962 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 329001 | &nbsp;&nbsp;&nbsp; 27951 | &nbsp;&nbsp;&nbsp; 44445 | &nbsp;&nbsp;&nbsp; 5085 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1429131)<br>| &nbsp;&nbsp;&nbsp; (1289585)<br>| &nbsp;&nbsp;&nbsp; (622288)<br>| &nbsp;&nbsp;&nbsp; (636189)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 180862 | &nbsp;&nbsp;&nbsp; (109107)<br>| &nbsp;&nbsp;&nbsp; (43776)<br>| &nbsp;&nbsp;&nbsp; (18142)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2440 | &nbsp;&nbsp;&nbsp; 3132 | &nbsp;&nbsp;&nbsp; 1669 | &nbsp;&nbsp;&nbsp; 935 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 765 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp; 3 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1975)<br>| &nbsp;&nbsp;&nbsp; (1345)<br>| &nbsp;&nbsp;&nbsp; (216)<br>| &nbsp;&nbsp;&nbsp; (277)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp; 1846 | &nbsp;&nbsp;&nbsp; 1591 | &nbsp;&nbsp;&nbsp; 661 |
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 20248 | &nbsp;&nbsp;&nbsp; 7744 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1433 | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (11180)<br>| &nbsp;&nbsp;&nbsp; (13118)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; 10501 | &nbsp;&nbsp;&nbsp; (5253)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 4788 | &nbsp;&nbsp;&nbsp; 15139 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2615 | &nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (6784)<br>| &nbsp;&nbsp;&nbsp; (4960)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; 619 | &nbsp;&nbsp;&nbsp; 10360 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 68872 | &nbsp;&nbsp;&nbsp; 20798 | &nbsp;&nbsp;&nbsp; 888 | &nbsp;&nbsp;&nbsp; 637 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 6672 | &nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp; 583 | &nbsp;&nbsp;&nbsp; 70 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (41779)<br>| &nbsp;&nbsp;&nbsp; (34757)<br>| &nbsp;&nbsp;&nbsp; (860)<br>| &nbsp;&nbsp;&nbsp; (426)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 33765 | &nbsp;&nbsp;&nbsp; (13364)<br>| &nbsp;&nbsp;&nbsp; 611 | &nbsp;&nbsp;&nbsp; 281 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 27

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Growth Advantage** <br> **Fund** | **JPMorgan Growth Advantage** <br> **Fund** | **JPMorgan Mid Cap Equity Fund** | **JPMorgan Mid Cap Equity Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1932271 | &nbsp;&nbsp;&nbsp; $2079410 | &nbsp;&nbsp;&nbsp; $1261772 | &nbsp;&nbsp;&nbsp; $909012 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 513688 | &nbsp;&nbsp;&nbsp; 45629 | &nbsp;&nbsp;&nbsp; 149682 | &nbsp;&nbsp;&nbsp; 15599 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2627315)<br>| &nbsp;&nbsp;&nbsp; (2652134)<br>| &nbsp;&nbsp;&nbsp; (745937)<br>| &nbsp;&nbsp;&nbsp; (394689)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (181356)<br>| &nbsp;&nbsp;&nbsp; (527095)<br>| &nbsp;&nbsp;&nbsp; 665517 | &nbsp;&nbsp;&nbsp; 529922 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $167440 | &nbsp;&nbsp;&nbsp; $(725627)<br>| &nbsp;&nbsp;&nbsp; $700425 | &nbsp;&nbsp;&nbsp; $560386 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 15714 | &nbsp;&nbsp;&nbsp; 20614 | &nbsp;&nbsp;&nbsp; 2597 | &nbsp;&nbsp;&nbsp; 2582 |
| Reinvested | &nbsp;&nbsp;&nbsp; 6530 | &nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp; 561 | &nbsp;&nbsp;&nbsp; 39 |
| Redeemed | &nbsp;&nbsp;&nbsp; (17883)<br>| &nbsp;&nbsp;&nbsp; (16322)<br>| &nbsp;&nbsp;&nbsp; (1972)<br>| &nbsp;&nbsp;&nbsp; (1755)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 4361 | &nbsp;&nbsp;&nbsp; 4977 | &nbsp;&nbsp;&nbsp; 1186 | &nbsp;&nbsp;&nbsp; 866 |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4081 | &nbsp;&nbsp;&nbsp; 4379 | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 84 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1930 | &nbsp;&nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (8089)<br>| &nbsp;&nbsp;&nbsp; (14323)<br>| &nbsp;&nbsp;&nbsp; (72)<br>| &nbsp;&nbsp;&nbsp; (112)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (2078)<br>| &nbsp;&nbsp;&nbsp; (9702)<br>| &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; (28)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 32251 | &nbsp;&nbsp;&nbsp; 35044 | &nbsp;&nbsp;&nbsp; 8179 | &nbsp;&nbsp;&nbsp; 10212 |
| Reinvested | &nbsp;&nbsp;&nbsp; 7893 | &nbsp;&nbsp;&nbsp; 874 | &nbsp;&nbsp;&nbsp; 671 | &nbsp;&nbsp;&nbsp; 89 |
| Redeemed | &nbsp;&nbsp;&nbsp; (36392)<br>| &nbsp;&nbsp;&nbsp; (38786)<br>| &nbsp;&nbsp;&nbsp; (9985)<br>| &nbsp;&nbsp;&nbsp; (10739)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 3752 | &nbsp;&nbsp;&nbsp; (2868)<br>| &nbsp;&nbsp;&nbsp; (1135)<br>| &nbsp;&nbsp;&nbsp; (438)<br>|
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 16 |
| Reinvested | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (53)<br>| &nbsp;&nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (5)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 11 |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (309)<br>| &nbsp;&nbsp;&nbsp; (415)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp; (161)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; 424 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (168)<br>| &nbsp;&nbsp;&nbsp; (148)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Growth Advantage** <br> **Fund** | **JPMorgan Growth Advantage** <br> **Fund** | **JPMorgan Mid Cap Equity Fund** | **JPMorgan Mid Cap Equity Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1651 | &nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 11 |
| Reinvested | &nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1011)<br>| &nbsp;&nbsp;&nbsp; (1024)<br>| &nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp; (7)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 794 | &nbsp;&nbsp;&nbsp; (396)<br>| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 5 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 46586 | &nbsp;&nbsp;&nbsp; 59979 | &nbsp;&nbsp;&nbsp; 19708 | &nbsp;&nbsp;&nbsp; 15679 |
| Reinvested | &nbsp;&nbsp;&nbsp; 11675 | &nbsp;&nbsp;&nbsp; 1359 | &nbsp;&nbsp;&nbsp; 2257 | &nbsp;&nbsp;&nbsp; 274 |
| Redeemed | &nbsp;&nbsp;&nbsp; (63506)<br>| &nbsp;&nbsp;&nbsp; (76057)<br>| &nbsp;&nbsp;&nbsp; (11773)<br>| &nbsp;&nbsp;&nbsp; (6883)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (5245)<br>| &nbsp;&nbsp;&nbsp; (14719)<br>| &nbsp;&nbsp;&nbsp; 10192 | &nbsp;&nbsp;&nbsp; 9070 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 29

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Mid Cap Growth Fund** | **JPMorgan Mid Cap Growth Fund** | **JPMorgan Mid Cap Value Fund** | **JPMorgan Mid Cap Value Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $130219 | &nbsp;&nbsp;&nbsp; $150841 | &nbsp;&nbsp;&nbsp; $113173 | &nbsp;&nbsp;&nbsp; $100341 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 117772 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 125354 | &nbsp;&nbsp;&nbsp; 62837 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (237818)<br>| &nbsp;&nbsp;&nbsp; (190475)<br>| &nbsp;&nbsp;&nbsp; (249848)<br>| &nbsp;&nbsp;&nbsp; (240655)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 10173 | &nbsp;&nbsp;&nbsp; (39634)<br>| &nbsp;&nbsp;&nbsp; (11321)<br>| &nbsp;&nbsp;&nbsp; (77477)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 7843 | &nbsp;&nbsp;&nbsp; 8705 | &nbsp;&nbsp;&nbsp; 3104 | &nbsp;&nbsp;&nbsp; 3271 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 6688 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3701 | &nbsp;&nbsp;&nbsp; 2261 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (16943)<br>| &nbsp;&nbsp;&nbsp; (23930)<br>| &nbsp;&nbsp;&nbsp; (12464)<br>| &nbsp;&nbsp;&nbsp; (16677)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (2412)<br>| &nbsp;&nbsp;&nbsp; (15225)<br>| &nbsp;&nbsp;&nbsp; (5659)<br>| &nbsp;&nbsp;&nbsp; (11145)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 594299 | &nbsp;&nbsp;&nbsp; 755453 | &nbsp;&nbsp;&nbsp; 178446 | &nbsp;&nbsp;&nbsp; 221174 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 158988 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 185190 | &nbsp;&nbsp;&nbsp; 97819 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (854065)<br>| &nbsp;&nbsp;&nbsp; (1046363)<br>| &nbsp;&nbsp;&nbsp; (494348)<br>| &nbsp;&nbsp;&nbsp; (550055)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (100778)<br>| &nbsp;&nbsp;&nbsp; (290910)<br>| &nbsp;&nbsp;&nbsp; (130712)<br>| &nbsp;&nbsp;&nbsp; (231062)<br>|
| **Class L** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 457110 | &nbsp;&nbsp;&nbsp; 549757 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 553376 | &nbsp;&nbsp;&nbsp; 322843 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1833787)<br>| &nbsp;&nbsp;&nbsp; (1756234)<br>|
| Change in net assets resulting from Class L capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (823301)<br>| &nbsp;&nbsp;&nbsp; (883634)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 12062 | &nbsp;&nbsp;&nbsp; 15717 | &nbsp;&nbsp;&nbsp; 10511 | &nbsp;&nbsp;&nbsp; 15889 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 4297 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8055 | &nbsp;&nbsp;&nbsp; 3695 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (15189)<br>| &nbsp;&nbsp;&nbsp; (15019)<br>| &nbsp;&nbsp;&nbsp; (15996)<br>| &nbsp;&nbsp;&nbsp; (16774)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; 1170 | &nbsp;&nbsp;&nbsp; 698 | &nbsp;&nbsp;&nbsp; 2570 | &nbsp;&nbsp;&nbsp; 2810 |
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 15083 | &nbsp;&nbsp;&nbsp; 24689 | &nbsp;&nbsp;&nbsp; 9893 | &nbsp;&nbsp;&nbsp; 8031 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 4462 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8203 | &nbsp;&nbsp;&nbsp; 3962 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (20196)<br>| &nbsp;&nbsp;&nbsp; (20720)<br>| &nbsp;&nbsp;&nbsp; (17403)<br>| &nbsp;&nbsp;&nbsp; (12470)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; (651)<br>| &nbsp;&nbsp;&nbsp; 3969 | &nbsp;&nbsp;&nbsp; 693 | &nbsp;&nbsp;&nbsp; (477)<br>|
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 9799 | &nbsp;&nbsp;&nbsp; 19300 | &nbsp;&nbsp;&nbsp; 2225 | &nbsp;&nbsp;&nbsp; 13644 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3301 | &nbsp;&nbsp;&nbsp; 1805 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (12794)<br>| &nbsp;&nbsp;&nbsp; (8842)<br>| &nbsp;&nbsp;&nbsp; (7871)<br>| &nbsp;&nbsp;&nbsp; (5076)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; (195)<br>| &nbsp;&nbsp;&nbsp; 10458 | &nbsp;&nbsp;&nbsp; (2345)<br>| &nbsp;&nbsp;&nbsp; 10373 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Mid Cap Growth Fund** | **JPMorgan Mid Cap Growth Fund** | **JPMorgan Mid Cap Value Fund** | **JPMorgan Mid Cap Value Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $94737 | &nbsp;&nbsp;&nbsp; $83327 | &nbsp;&nbsp;&nbsp; $8015 | &nbsp;&nbsp;&nbsp; $6957 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 34572 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5811 | &nbsp;&nbsp;&nbsp; 2912 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (134800)<br>| &nbsp;&nbsp;&nbsp; (126906)<br>| &nbsp;&nbsp;&nbsp; (10297)<br>| &nbsp;&nbsp;&nbsp; (10002)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; (5491)<br>| &nbsp;&nbsp;&nbsp; (43579)<br>| &nbsp;&nbsp;&nbsp; 3529 | &nbsp;&nbsp;&nbsp; (133)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1881493 | &nbsp;&nbsp;&nbsp; 1397968 | &nbsp;&nbsp;&nbsp; 1242415 | &nbsp;&nbsp;&nbsp; 858996 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 462467 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 473479 | &nbsp;&nbsp;&nbsp; 223013 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1342961)<br>| &nbsp;&nbsp;&nbsp; (993604)<br>| &nbsp;&nbsp;&nbsp; (996182)<br>| &nbsp;&nbsp;&nbsp; (1058173)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 1000999 | &nbsp;&nbsp;&nbsp; 404364 | &nbsp;&nbsp;&nbsp; 719712 | &nbsp;&nbsp;&nbsp; 23836 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $902815 | &nbsp;&nbsp;&nbsp; $30141 | &nbsp;&nbsp;&nbsp; $(246834)<br>| &nbsp;&nbsp;&nbsp; $(1166909)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3286 | &nbsp;&nbsp;&nbsp; 4085 | &nbsp;&nbsp;&nbsp; 3109 | &nbsp;&nbsp;&nbsp; 2881 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2835 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3417 | &nbsp;&nbsp;&nbsp; 1835 |
| Redeemed | &nbsp;&nbsp;&nbsp; (5982)<br>| &nbsp;&nbsp;&nbsp; (5180)<br>| &nbsp;&nbsp;&nbsp; (6816)<br>| &nbsp;&nbsp;&nbsp; (6924)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; (1095)<br>| &nbsp;&nbsp;&nbsp; (290)<br>| &nbsp;&nbsp;&nbsp; (2208)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 354 | &nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp; 101 |
| Reinvested | &nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 70 |
| Redeemed | &nbsp;&nbsp;&nbsp; (670)<br>| &nbsp;&nbsp;&nbsp; (988)<br>| &nbsp;&nbsp;&nbsp; (363)<br>| &nbsp;&nbsp;&nbsp; (506)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (114)<br>| &nbsp;&nbsp;&nbsp; (634)<br>| &nbsp;&nbsp;&nbsp; (165)<br>| &nbsp;&nbsp;&nbsp; (335)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 11926 | &nbsp;&nbsp;&nbsp; 16466 | &nbsp;&nbsp;&nbsp; 4708 | &nbsp;&nbsp;&nbsp; 6323 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3014 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4940 | &nbsp;&nbsp;&nbsp; 2800 |
| Redeemed | &nbsp;&nbsp;&nbsp; (17125)<br>| &nbsp;&nbsp;&nbsp; (22236)<br>| &nbsp;&nbsp;&nbsp; (13283)<br>| &nbsp;&nbsp;&nbsp; (15647)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (2185)<br>| &nbsp;&nbsp;&nbsp; (5770)<br>| &nbsp;&nbsp;&nbsp; (3635)<br>| &nbsp;&nbsp;&nbsp; (6524)<br>|
| **Class L** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12047 | &nbsp;&nbsp;&nbsp; 15211 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14438 | &nbsp;&nbsp;&nbsp; 9061 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (47977)<br>| &nbsp;&nbsp;&nbsp; (48728)<br>|
| Change in Class L Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (21492)<br>| &nbsp;&nbsp;&nbsp; (24456)<br>|
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 271 | &nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp; 311 | &nbsp;&nbsp;&nbsp; 491 |
| Reinvested | &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp; 116 |
| Redeemed | &nbsp;&nbsp;&nbsp; (345)<br>| &nbsp;&nbsp;&nbsp; (366)<br>| &nbsp;&nbsp;&nbsp; (467)<br>| &nbsp;&nbsp;&nbsp; (513)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 94 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 31

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Mid Cap Growth Fund** | **JPMorgan Mid Cap Growth Fund** | **JPMorgan Mid Cap Value Fund** | **JPMorgan Mid Cap Value Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp; 556 | &nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp; 232 |
| Reinvested | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp; 117 |
| Redeemed | &nbsp;&nbsp;&nbsp; (421)<br>| &nbsp;&nbsp;&nbsp; (470)<br>| &nbsp;&nbsp;&nbsp; (477)<br>| &nbsp;&nbsp;&nbsp; (363)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; (14)<br>|
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 403 |
| Reinvested | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp; 52 |
| Redeemed | &nbsp;&nbsp;&nbsp; (255)<br>| &nbsp;&nbsp;&nbsp; (197)<br>| &nbsp;&nbsp;&nbsp; (210)<br>| &nbsp;&nbsp;&nbsp; (145)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp; (61)<br>| &nbsp;&nbsp;&nbsp; 310 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1834 | &nbsp;&nbsp;&nbsp; 1753 | &nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; 194 |
| Reinvested | &nbsp;&nbsp;&nbsp; 639 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; 82 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2608)<br>| &nbsp;&nbsp;&nbsp; (2646)<br>| &nbsp;&nbsp;&nbsp; (274)<br>| &nbsp;&nbsp;&nbsp; (276)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (135)<br>| &nbsp;&nbsp;&nbsp; (893)<br>| &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 36135 | &nbsp;&nbsp;&nbsp; 29404 | &nbsp;&nbsp;&nbsp; 33058 | &nbsp;&nbsp;&nbsp; 23830 |
| Reinvested | &nbsp;&nbsp;&nbsp; 8450 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12363 | &nbsp;&nbsp;&nbsp; 6260 |
| Redeemed | &nbsp;&nbsp;&nbsp; (25860)<br>| &nbsp;&nbsp;&nbsp; (20860)<br>| &nbsp;&nbsp;&nbsp; (26204)<br>| &nbsp;&nbsp;&nbsp; (29395)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 18725 | &nbsp;&nbsp;&nbsp; 8544 | &nbsp;&nbsp;&nbsp; 19217 | &nbsp;&nbsp;&nbsp; 695 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Value Advantage Fund** | **JPMorgan Value Advantage Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $133603 | &nbsp;&nbsp;&nbsp; $237925 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 126924 | &nbsp;&nbsp;&nbsp; 82951 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (305380)<br>| &nbsp;&nbsp;&nbsp; (328104)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (44853)<br>| &nbsp;&nbsp;&nbsp; (7228)<br>|
| **Class C** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 22561 | &nbsp;&nbsp;&nbsp; 20012 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 14960 | &nbsp;&nbsp;&nbsp; 11344 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (65216)<br>| &nbsp;&nbsp;&nbsp; (95088)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (27695)<br>| &nbsp;&nbsp;&nbsp; (63732)<br>|
| **Class I** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 353513 | &nbsp;&nbsp;&nbsp; 325331 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 155404 | &nbsp;&nbsp;&nbsp; 109685 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (590497)<br>| &nbsp;&nbsp;&nbsp; (779963)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (81580)<br>| &nbsp;&nbsp;&nbsp; (344947)<br>|
| **Class L** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 160555 | &nbsp;&nbsp;&nbsp; 148441 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 123810 | &nbsp;&nbsp;&nbsp; 85565 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (300858)<br>| &nbsp;&nbsp;&nbsp; (417373)<br>|
| Change in net assets resulting from Class L capital transactions | &nbsp;&nbsp;&nbsp; (16493)<br>| &nbsp;&nbsp;&nbsp; (183367)<br>|
| **Class R2** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp; 73 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 26 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (174)<br>| &nbsp;&nbsp;&nbsp; (5)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; 94 |
| **Class R3** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp;&nbsp; 959 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp; 152 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (738)<br>| &nbsp;&nbsp;&nbsp; (1325)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; (214)<br>|
| **Class R4** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 110 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 16 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (63)<br>| &nbsp;&nbsp;&nbsp; (7)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp; 119 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 33

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Value Advantage Fund** | **JPMorgan Value Advantage Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |
| **Class R5** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1026 | &nbsp;&nbsp;&nbsp; $1762 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1839 | &nbsp;&nbsp;&nbsp; 1356 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2196)<br>| &nbsp;&nbsp;&nbsp; (4919)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 669 | &nbsp;&nbsp;&nbsp; (1801)<br>|
| **Class R6** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 669082 | &nbsp;&nbsp;&nbsp; 685624 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 425467 | &nbsp;&nbsp;&nbsp; 310545 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (986906)<br>| &nbsp;&nbsp;&nbsp; (1335957)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 107643 | &nbsp;&nbsp;&nbsp; (339788)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(61678)<br>| &nbsp;&nbsp;&nbsp; $(940864)<br>|
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3443 | &nbsp;&nbsp;&nbsp; 6664 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3283 | &nbsp;&nbsp;&nbsp; 2370 |
| Redeemed | &nbsp;&nbsp;&nbsp; (7882)<br>| &nbsp;&nbsp;&nbsp; (9145)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (1156)<br>| &nbsp;&nbsp;&nbsp; (111)<br>|
| **Class C** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 577 | &nbsp;&nbsp;&nbsp; 561 |
| Reinvested | &nbsp;&nbsp;&nbsp; 387 | &nbsp;&nbsp;&nbsp; 325 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1689)<br>| &nbsp;&nbsp;&nbsp; (2689)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (725)<br>| &nbsp;&nbsp;&nbsp; (1803)<br>|
| **Class I** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 8931 | &nbsp;&nbsp;&nbsp; 8958 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3980 | &nbsp;&nbsp;&nbsp; 3105 |
| Redeemed | &nbsp;&nbsp;&nbsp; (15215)<br>| &nbsp;&nbsp;&nbsp; (21618)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (2304)<br>| &nbsp;&nbsp;&nbsp; (9555)<br>|
| **Class L** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4138 | &nbsp;&nbsp;&nbsp; 4113 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3167 | &nbsp;&nbsp;&nbsp; 2419 |
| Redeemed | &nbsp;&nbsp;&nbsp; (7681)<br>| &nbsp;&nbsp;&nbsp; (11671)<br>|
| Change in Class L Shares | &nbsp;&nbsp;&nbsp; (376)<br>| &nbsp;&nbsp;&nbsp; (5139)<br>|
| **Class R2** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 2 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 3 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Value Advantage Fund** | **JPMorgan Value Advantage Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |
| **Class R3** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 27 |
| Reinvested | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 4 |
| Redeemed | &nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp; (37)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; (6)<br>|
| **Class R4** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 2 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 3 |
| **Class R5** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 50 |
| Reinvested | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 38 |
| Redeemed | &nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp; (134)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; (46)<br>|
| **Class R6** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 17172 | &nbsp;&nbsp;&nbsp; 19011 |
| Reinvested | &nbsp;&nbsp;&nbsp; 10907 | &nbsp;&nbsp;&nbsp; 8790 |
| Redeemed | &nbsp;&nbsp;&nbsp; (24399)<br>| &nbsp;&nbsp;&nbsp; (37154)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 3680 | &nbsp;&nbsp;&nbsp; (9353)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 35

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Growth Advantage Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $37.28 | &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $5.57 | &nbsp;&nbsp; $5.41 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2.39)<br>| &nbsp;&nbsp; $(2.39)<br>|
| Year Ended June 30, 2024 | 28.14 | &nbsp;&nbsp; (0.13)<br>| 9.47 | 9.34 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 22.52 | &nbsp;&nbsp; (0.08)<br>| 5.79 | 5.71 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2022 | 33.66 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (6.04)<br>| &nbsp;&nbsp; (6.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.94)<br>| &nbsp;&nbsp; (4.94)<br>|
| Year Ended June 30, 2021 | 25.27 | &nbsp;&nbsp; (0.16)<br>| 11.67 | 11.51 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp; (3.12)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 29.27 | &nbsp;&nbsp; (0.27)<br>| 4.35 | 4.08 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (2.39)<br>|
| Year Ended June 30, 2024 | 22.25 | &nbsp;&nbsp; (0.22)<br>| 7.44 | 7.22 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 17.91 | &nbsp;&nbsp; (0.16)<br>| 4.59 | 4.43 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2022 | 27.83 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (4.98)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.94)<br>| &nbsp;&nbsp; (4.94)<br>|
| Year Ended June 30, 2021 | 21.42 | &nbsp;&nbsp; (0.26)<br>| 9.79 | 9.53 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp; (3.12)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 39.58 | &nbsp;&nbsp; (0.08)<br>| 5.94 | 5.86 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (2.39)<br>|
| Year Ended June 30, 2024 | 29.79 | &nbsp;&nbsp; (0.05)<br>| 10.04 | 9.99 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 23.78 | &nbsp;&nbsp; (0.02)<br>| 6.12 | 6.10 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2022 | 35.20 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (6.39)<br>| &nbsp;&nbsp; (6.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.94)<br>| &nbsp;&nbsp; (4.94)<br>|
| Year Ended June 30, 2021 | 26.29 | &nbsp;&nbsp; (0.09)<br>| 12.18 | 12.09 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp; (3.18)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 36.44 | &nbsp;&nbsp; (0.26)<br>| 5.45 | 5.19 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (2.39)<br>|
| Year Ended June 30, 2024 | 27.58 | &nbsp;&nbsp; (0.21)<br>| 9.27 | 9.06 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 22.14 | &nbsp;&nbsp; (0.14)<br>| 5.67 | 5.53 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2022 | 33.24 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (5.95)<br>| &nbsp;&nbsp; (6.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.94)<br>| &nbsp;&nbsp; (4.94)<br>|
| Year Ended June 30, 2021 | 25.05 | &nbsp;&nbsp; (0.24)<br>| 11.56 | 11.32 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp; (3.13)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 37.20 | &nbsp;&nbsp; (0.17)<br>| 5.57 | 5.40 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (2.39)<br>|
| Year Ended June 30, 2024 | 28.08 | &nbsp;&nbsp; (0.13)<br>| 9.45 | 9.32 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 22.48 | &nbsp;&nbsp; (0.09)<br>| 5.78 | 5.69 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2022 | 33.61 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (6.05)<br>| &nbsp;&nbsp; (6.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.94)<br>| &nbsp;&nbsp; (4.94)<br>|
| Year Ended June 30, 2021 | 25.27 | &nbsp;&nbsp; (0.17)<br>| 11.68 | 11.51 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp; (3.17)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 39.59 | &nbsp;&nbsp; (0.08)<br>| 5.94 | 5.86 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (2.39)<br>|
| Year Ended June 30, 2024 | 29.80 | &nbsp;&nbsp; (0.06)<br>| 10.05 | 9.99 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 23.79 | &nbsp;&nbsp; (0.02)<br>| 6.12 | 6.10 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2022 | 35.21 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (6.38)<br>| &nbsp;&nbsp; (6.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.94)<br>| &nbsp;&nbsp; (4.94)<br>|
| Year Ended June 30, 2021 | 26.29 | &nbsp;&nbsp; (0.09)<br>| 12.17 | 12.08 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp; (3.16)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 41.05 | &nbsp;&nbsp; (0.02)<br>| 6.17 | 6.15 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (2.39)<br>|
| Year Ended June 30, 2024 | 30.85 | &nbsp;&nbsp; (0.01)<br>| 10.41 | 10.40 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 24.59 | 0.01 | 6.34 | 6.35 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2022 | 36.18 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp; (6.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.94)<br>| &nbsp;&nbsp; (4.94)<br>|
| Year Ended June 30, 2021 | 26.93 | &nbsp;&nbsp; (0.05)<br>| 12.50 | 12.45 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp; (3.20)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 41.62 | 0.02 | 6.26 | 6.28 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (2.39)<br>|
| Year Ended June 30, 2024 | 31.24 | 0.03 | 10.55 | 10.58 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 24.88 | 0.04 | 6.41 | 6.45 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2022 | 36.52 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (6.69)<br>| &nbsp;&nbsp; (6.70)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.94)<br>| &nbsp;&nbsp; (4.94)<br>|
| Year Ended June 30, 2021 | 27.16 | &nbsp;&nbsp; (0.01)<br>| 12.59 | 12.58 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp; (3.22)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4612408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.44)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4103661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2957562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2362435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3013691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 779526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 798037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1218051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6536149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5860279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4496251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3376110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4622602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9980359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9345278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7474875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5407723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5754949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 37

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Mid Cap Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $59.22 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $6.84 | &nbsp;&nbsp; $7.03 | &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(2.59)<br>| &nbsp;&nbsp; $(2.74)<br>|
| Year Ended June 30, 2024 | 53.29 | 0.19 | 5.92 | 6.11 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| Year Ended June 30, 2023 | 48.06 | 0.16 | 6.37 | 6.53 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (1.30)<br>|
| Year Ended June 30, 2022 | 62.14 | 0.05 | &nbsp;&nbsp; (9.53)<br>| &nbsp;&nbsp; (9.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.60)<br>| &nbsp;&nbsp; (4.60)<br>|
| Year Ended June 30, 2021 | 47.20 | &nbsp;&nbsp; (0.03)<br>| 21.27 | 21.24 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (6.22)<br>| &nbsp;&nbsp; (6.30)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 54.96 | &nbsp;&nbsp; (0.11)<br>| 6.34 | 6.23 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.59)<br>|
| Year Ended June 30, 2024 | 49.56 | &nbsp;&nbsp; (0.08)<br>| 5.48 | 5.40 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 44.88 | &nbsp;&nbsp; (0.09)<br>| 5.95 | 5.86 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (1.18)<br>|
| Year Ended June 30, 2022 | 58.61 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (8.88)<br>| &nbsp;&nbsp; (9.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.60)<br>| &nbsp;&nbsp; (4.60)<br>|
| Year Ended June 30, 2021 | 44.95 | &nbsp;&nbsp; (0.29)<br>| 20.17 | 19.88 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6.22)<br>| &nbsp;&nbsp; (6.22)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 60.68 | 0.34 | 7.03 | 7.37 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.87)<br>|
| Year Ended June 30, 2024 | 54.58 | 0.34 | 6.05 | 6.39 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| Year Ended June 30, 2023 | 49.19 | 0.30 | 6.51 | 6.81 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (1.42)<br>|
| Year Ended June 30, 2022 | 63.43 | 0.20 | &nbsp;&nbsp; (9.75)<br>| &nbsp;&nbsp; (9.55)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (4.60)<br>| &nbsp;&nbsp; (4.69)<br>|
| Year Ended June 30, 2021 | 48.07 | 0.13 | 21.66 | 21.79 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (6.22)<br>| &nbsp;&nbsp; (6.43)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 57.97 | 0.04 | 6.68 | 6.72 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.67)<br>|
| Year Ended June 30, 2024 | 52.24 | 0.06 | 5.77 | 5.83 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>|
| Year Ended June 30, 2023 | 47.19 | 0.06 | 6.22 | 6.28 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (1.23)<br>|
| Year Ended June 30, 2022 | 61.24 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (9.36)<br>| &nbsp;&nbsp; (9.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.60)<br>| &nbsp;&nbsp; (4.60)<br>|
| Year Ended June 30, 2021 | 46.64 | &nbsp;&nbsp; (0.18)<br>| 21.00 | 20.82 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6.22)<br>| &nbsp;&nbsp; (6.22)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 60.91 | 0.45 | 7.03 | 7.48 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.96)<br>|
| Year Ended June 30, 2024 | 54.78 | 0.43 | 6.07 | 6.50 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| Year Ended June 30, 2023 | 49.42 | 0.44 | 6.47 | 6.91 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (1.55)<br>|
| Year Ended June 30, 2022 | 63.52 | 0.24 | &nbsp;&nbsp; (9.74)<br>| &nbsp;&nbsp; (9.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.60)<br>| &nbsp;&nbsp; (4.60)<br>|
| Year Ended June 30, 2021 | 48.11 | 0.16 | 21.74 | 21.90 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (6.22)<br>| &nbsp;&nbsp; (6.49)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 60.86 | 0.51 | 7.03 | 7.54 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.02)<br>|
| Year Ended June 30, 2024 | 54.73 | 0.49 | 6.07 | 6.56 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended June 30, 2023 | 49.32 | 0.43 | 6.53 | 6.96 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (1.55)<br>|
| Year Ended June 30, 2022 | 63.57 | 0.35 | &nbsp;&nbsp; (9.78)<br>| &nbsp;&nbsp; (9.43)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (4.60)<br>| &nbsp;&nbsp; (4.82)<br>|
| Year Ended June 30, 2021 | 48.14 | 0.26 | 21.71 | 21.97 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (6.22)<br>| &nbsp;&nbsp; (6.54)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $63.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $896268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1085716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1079673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 802716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3520747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2657257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1893374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1285957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1320991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

39 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Mid Cap Growth Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $39.72 | &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $6.17 | &nbsp;&nbsp; $5.94 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3.66)<br>| &nbsp;&nbsp; $(3.66)<br>|
| Year Ended June 30, 2024 | 35.03 | &nbsp;&nbsp; (0.22)<br>| 4.91 | 4.69 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 29.58 | &nbsp;&nbsp; (0.18)<br>| 5.93 | 5.75 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2022 | 46.20 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (11.67)<br>| &nbsp;&nbsp; (11.98)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp; (4.64)<br>|
| Year Ended June 30, 2021 | 36.43 | &nbsp;&nbsp; (0.36)<br>| 15.58 | 15.22 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp; (5.45)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 26.27 | &nbsp;&nbsp; (0.27)<br>| 4.05 | 3.78 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; (3.66)<br>|
| Year Ended June 30, 2024 | 23.29 | &nbsp;&nbsp; (0.26)<br>| 3.24 | 2.98 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 19.86 | &nbsp;&nbsp; (0.23)<br>| 3.96 | 3.73 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2022 | 32.69 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (7.83)<br>| &nbsp;&nbsp; (8.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp; (4.64)<br>|
| Year Ended June 30, 2021 | 27.15 | &nbsp;&nbsp; (0.42)<br>| 11.41 | 10.99 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp; (5.45)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 49.51 | &nbsp;&nbsp; (0.16)<br>| 7.72 | 7.56 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; (3.66)<br>|
| Year Ended June 30, 2024 | 43.56 | &nbsp;&nbsp; (0.15)<br>| 6.10 | 5.95 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 36.62 | &nbsp;&nbsp; (0.12)<br>| 7.36 | 7.24 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2022 | 55.95 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (14.44)<br>| &nbsp;&nbsp; (14.69)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp; (4.64)<br>|
| Year Ended June 30, 2021 | 43.11 | &nbsp;&nbsp; (0.28)<br>| 18.58 | 18.30 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp; (5.46)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 43.98 | &nbsp;&nbsp; (0.39)<br>| 6.84 | 6.45 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; (3.66)<br>|
| Year Ended June 30, 2024 | 38.91 | &nbsp;&nbsp; (0.37)<br>| 5.44 | 5.07 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 32.93 | &nbsp;&nbsp; (0.31)<br>| 6.59 | 6.28 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2022 | 51.05 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (13.01)<br>| &nbsp;&nbsp; (13.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp; (4.64)<br>|
| Year Ended June 30, 2021 | 39.90 | &nbsp;&nbsp; (0.52)<br>| 17.12 | 16.60 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp; (5.45)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 48.08 | &nbsp;&nbsp; (0.30)<br>| 7.48 | 7.18 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; (3.66)<br>|
| Year Ended June 30, 2024 | 42.44 | &nbsp;&nbsp; (0.29)<br>| 5.93 | 5.64 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 35.80 | &nbsp;&nbsp; (0.24)<br>| 7.18 | 6.94 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2022 | 54.95 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (14.10)<br>| &nbsp;&nbsp; (14.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp; (4.64)<br>|
| Year Ended June 30, 2021 | 42.53 | &nbsp;&nbsp; (0.43)<br>| 18.30 | 17.87 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp; (5.45)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 49.24 | &nbsp;&nbsp; (0.19)<br>| 7.67 | 7.48 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; (3.66)<br>|
| Year Ended June 30, 2024 | 43.34 | &nbsp;&nbsp; (0.18)<br>| 6.08 | 5.90 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 36.47 | &nbsp;&nbsp; (0.14)<br>| 7.31 | 7.17 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2022 | 55.76 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (14.37)<br>| &nbsp;&nbsp; (14.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp; (4.64)<br>|
| Year Ended June 30, 2021 | 43.00 | &nbsp;&nbsp; (0.31)<br>| 18.53 | 18.22 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp; (5.46)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 50.70 | &nbsp;&nbsp; (0.11)<br>| 7.91 | 7.80 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; (3.66)<br>|
| Year Ended June 30, 2024 | 44.56 | &nbsp;&nbsp; (0.11)<br>| 6.25 | 6.14 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 37.42 | &nbsp;&nbsp; (0.08)<br>| 7.52 | 7.44 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2022 | 57.00 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (14.74)<br>| &nbsp;&nbsp; (14.94)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp; (4.64)<br>|
| Year Ended June 30, 2021 | 43.81 | &nbsp;&nbsp; (0.21)<br>| 18.90 | 18.69 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp; (5.50)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 51.20 | &nbsp;&nbsp; (0.06)<br>| 8.00 | 7.94 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; (3.66)<br>|
| Year Ended June 30, 2024 | 44.96 | &nbsp;&nbsp; (0.07)<br>| 6.31 | 6.24 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 37.73 | &nbsp;&nbsp; (0.05)<br>| 7.58 | 7.53 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2022 | 57.39 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (14.86)<br>| &nbsp;&nbsp; (15.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp; (4.64)<br>|
| Year Ended June 30, 2021 | 44.07 | &nbsp;&nbsp; (0.19)<br>| 19.03 | 18.84 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp; (5.52)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1449638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.57)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1365143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1242347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1119928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1642278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2449561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2378644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2344119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1403485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2003878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7914715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6346311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5188694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3842661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4435662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

41 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Mid Cap Value Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $35.88 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $3.58 | &nbsp;&nbsp; $3.84 | &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(4.08)<br>| &nbsp;&nbsp; $(4.33)<br>|
| Year Ended June 30, 2024 | 34.36 | 0.28 | 3.29 | 3.57 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.05)<br>|
| Year Ended June 30, 2023 | 34.90 | 0.32 | 3.01 | 3.33 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; (3.87)<br>|
| Year Ended June 30, 2022 | 43.69 | 0.24 | &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; (2.73)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (5.90)<br>| &nbsp;&nbsp; (6.06)<br>|
| Year Ended June 30, 2021 | 31.12 | 0.17 | 15.09 | 15.26 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (2.69)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 33.75 | 0.07 | 3.37 | 3.44 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp; (4.13)<br>|
| Year Ended June 30, 2024 | 32.43 | 0.09 | 3.11 | 3.20 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (1.88)<br>|
| Year Ended June 30, 2023 | 33.10 | 0.13 | 2.86 | 2.99 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; (3.66)<br>|
| Year Ended June 30, 2022 | 41.77 | 0.03 | &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5.90)<br>| &nbsp;&nbsp; (5.90)<br>|
| Year Ended June 30, 2021 | 29.77 | &nbsp;&nbsp; (0.02)<br>| 14.44 | 14.42 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (2.42)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 36.60 | 0.36 | 3.63 | 3.99 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp; (4.41)<br>|
| Year Ended June 30, 2024 | 34.99 | 0.37 | 3.37 | 3.74 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.13)<br>|
| Year Ended June 30, 2023 | 35.48 | 0.40 | 3.07 | 3.47 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; (3.96)<br>|
| Year Ended June 30, 2022 | 44.30 | 0.34 | &nbsp;&nbsp; (3.02)<br>| &nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (5.90)<br>| &nbsp;&nbsp; (6.14)<br>|
| Year Ended June 30, 2021 | 31.51 | 0.27 | 15.30 | 15.57 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (2.78)<br>|
| **Class L** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 37.33 | 0.42 | 3.72 | 4.14 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp; (4.47)<br>|
| Year Ended June 30, 2024 | 35.66 | 0.43 | 3.43 | 3.86 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.19)<br>|
| Year Ended June 30, 2023 | 36.09 | 0.47 | 3.12 | 3.59 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; (4.02)<br>|
| Year Ended June 30, 2022 | 44.98 | 0.43 | &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (5.90)<br>| &nbsp;&nbsp; (6.23)<br>|
| Year Ended June 30, 2021 | 31.96 | 0.36 | 15.51 | 15.87 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (2.85)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 33.33 | 0.15 | 3.33 | 3.48 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp; (4.26)<br>|
| Year Ended June 30, 2024 | 32.08 | 0.17 | 3.07 | 3.24 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (1.99)<br>|
| Year Ended June 30, 2023 | 32.84 | 0.21 | 2.84 | 3.05 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; (3.81)<br>|
| Year Ended June 30, 2022 | 41.48 | 0.12 | &nbsp;&nbsp; (2.78)<br>| &nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (5.90)<br>| &nbsp;&nbsp; (5.98)<br>|
| Year Ended June 30, 2021 | 29.67 | 0.07 | 14.36 | 14.43 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (2.62)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 35.37 | 0.25 | 3.52 | 3.77 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp; (4.33)<br>|
| Year Ended June 30, 2024 | 33.90 | 0.27 | 3.26 | 3.53 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.06)<br>|
| Year Ended June 30, 2023 | 34.49 | 0.31 | 2.98 | 3.29 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; (3.88)<br>|
| Year Ended June 30, 2022 | 43.25 | 0.23 | &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (2.71)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (5.90)<br>| &nbsp;&nbsp; (6.05)<br>|
| Year Ended June 30, 2021 | 30.83 | 0.17 | 14.95 | 15.12 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (2.70)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 36.30 | 0.35 | 3.62 | 3.97 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp; (4.41)<br>|
| Year Ended June 30, 2024 | 34.76 | 0.37 | 3.33 | 3.70 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.16)<br>|
| Year Ended June 30, 2023 | 35.29 | 0.40 | 3.05 | 3.45 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; (3.98)<br>|
| Year Ended June 30, 2022 | 44.02 | 0.34 | &nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (5.90)<br>| &nbsp;&nbsp; (6.07)<br>|
| Year Ended June 30, 2021 | 31.34 | 0.27 | 15.20 | 15.47 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (2.79)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 37.25 | 0.42 | 3.71 | 4.13 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp; (4.47)<br>|
| Year Ended June 30, 2024 | 35.59 | 0.43 | 3.42 | 3.85 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.19)<br>|
| Year Ended June 30, 2023 | 36.03 | 0.47 | 3.10 | 3.57 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; (4.01)<br>|
| Year Ended June 30, 2022 | 44.90 | 0.40 | &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (5.90)<br>| &nbsp;&nbsp; (6.21)<br>|
| Year Ended June 30, 2021 | 31.90 | 0.33 | 15.49 | 15.82 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (2.82)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1128401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1154573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1181402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1203015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1608828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1583448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1734586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1886979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2276870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3061126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4599997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5443664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6071628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6586299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7839627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

43 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Mid Cap Value Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $37.32 | &nbsp;&nbsp; $0.46 | &nbsp;&nbsp; $3.71 | &nbsp;&nbsp; $4.17 | &nbsp;&nbsp; $(0.43)<br>| &nbsp;&nbsp; $(4.08)<br>| &nbsp;&nbsp; $(4.51)<br>|
| Year Ended June 30, 2024 | 35.65 | 0.46 | 3.43 | 3.89 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.22)<br>|
| Year Ended June 30, 2023 | 36.09 | 0.51 | 3.11 | 3.62 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; (4.06)<br>|
| Year Ended June 30, 2022 | 44.96 | 0.46 | &nbsp;&nbsp; (3.08)<br>| &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (5.90)<br>| &nbsp;&nbsp; (6.25)<br>|
| Year Ended June 30, 2021 | 31.94 | 0.37 | 15.51 | 15.88 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (2.86)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4976734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4304906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4087234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3480524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4184659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

45 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Value Advantage Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $37.44 | &nbsp;&nbsp; $0.48 | &nbsp;&nbsp; $4.33 | &nbsp;&nbsp; $4.81 | &nbsp;&nbsp; $(0.50)<br>| &nbsp;&nbsp; $(3.36)<br>| &nbsp;&nbsp; $(3.86)<br>|
| Year Ended June 30, 2024 | 35.00 | 0.50 | 4.41 | 4.91 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (2.47)<br>|
| Year Ended June 30, 2023 | 36.05 | 0.52 | 2.02 | 2.54 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (3.59)<br>|
| Year Ended June 30, 2022 | 42.90 | 0.41 | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (5.27)<br>| &nbsp;&nbsp; (5.59)<br>|
| Year Ended June 30, 2021 | 29.53 | 0.34 | 14.04 | 14.38 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (1.01)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 37.40 | 0.29 | 4.32 | 4.61 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (3.65)<br>|
| Year Ended June 30, 2024 | 34.90 | 0.32 | 4.41 | 4.73 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (2.23)<br>|
| Year Ended June 30, 2023 | 35.91 | 0.34 | 2.00 | 2.34 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (3.35)<br>|
| Year Ended June 30, 2022 | 42.73 | 0.20 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (5.27)<br>| &nbsp;&nbsp; (5.37)<br>|
| Year Ended June 30, 2021 | 29.38 | 0.16 | 13.99 | 14.15 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.80)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 37.80 | 0.59 | 4.36 | 4.95 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (3.95)<br>|
| Year Ended June 30, 2024 | 35.30 | 0.59 | 4.46 | 5.05 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (2.55)<br>|
| Year Ended June 30, 2023 | 36.31 | 0.61 | 2.03 | 2.64 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (3.65)<br>|
| Year Ended June 30, 2022 | 43.15 | 0.51 | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (5.27)<br>| &nbsp;&nbsp; (5.67)<br>|
| Year Ended June 30, 2021 | 29.71 | 0.43 | 14.13 | 14.56 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (1.12)<br>|
| **Class L** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 37.85 | 0.64 | 4.38 | 5.02 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (4.01)<br>|
| Year Ended June 30, 2024 | 35.35 | 0.64 | 4.46 | 5.10 | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (2.60)<br>|
| Year Ended June 30, 2023 | 36.36 | 0.66 | 2.04 | 2.70 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (3.71)<br>|
| Year Ended June 30, 2022 | 43.20 | 0.57 | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (5.27)<br>| &nbsp;&nbsp; (5.73)<br>|
| Year Ended June 30, 2021 | 29.73 | 0.49 | 14.14 | 14.63 | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (1.16)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 36.80 | 0.38 | 4.24 | 4.62 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (3.83)<br>|
| Year Ended June 30, 2024 | 34.48 | 0.40 | 4.34 | 4.74 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (2.42)<br>|
| Year Ended June 30, 2023 | 35.56 | 0.41 | 2.00 | 2.41 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (3.49)<br>|
| Year Ended June 30, 2022 | 42.46 | 0.31 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (5.27)<br>| &nbsp;&nbsp; (5.56)<br>|
| Year Ended June 30, 2021 | 29.31 | 0.26 | 13.90 | 14.16 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (1.01)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 36.82 | 0.47 | 4.25 | 4.72 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (3.87)<br>|
| Year Ended June 30, 2024 | 34.48 | 0.49 | 4.34 | 4.83 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (2.49)<br>|
| Year Ended June 30, 2023 | 35.51 | 0.50 | 2.00 | 2.50 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (3.53)<br>|
| Year Ended June 30, 2022 | 42.36 | 0.41 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (5.27)<br>| &nbsp;&nbsp; (5.61)<br>|
| Year Ended June 30, 2021 | 29.21 | 0.33 | 13.88 | 14.21 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (1.06)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 38.14 | 0.60 | 4.38 | 4.98 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (3.98)<br>|
| Year Ended June 30, 2024 | 35.62 | 0.60 | 4.49 | 5.09 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (2.57)<br>|
| Year Ended June 30, 2023 | 36.30 | 0.61 | 2.04 | 2.65 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (3.33)<br>|
| Year Ended June 30, 2022 | 42.92 | 0.50 | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (5.27)<br>| &nbsp;&nbsp; (5.45)<br>|
| Year Ended June 30, 2021 | 29.56 | 0.42 | 14.06 | 14.48 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (1.12)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 37.76 | 0.64 | 4.36 | 5.00 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (4.01)<br>|
| Year Ended June 30, 2024 | 35.27 | 0.64 | 4.46 | 5.10 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (2.61)<br>|
| Year Ended June 30, 2023 | 36.30 | 0.65 | 2.04 | 2.69 | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (3.72)<br>|
| Year Ended June 30, 2022 | 43.12 | 0.57 | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (5.27)<br>| &nbsp;&nbsp; (5.70)<br>|
| Year Ended June 30, 2021 | 29.67 | 0.49 | 14.11 | 14.60 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (1.15)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1317334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1328087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1245482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1101144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1050569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1572507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1619210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1849562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2039492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2326829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1332144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1311918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1406943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1653596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1855713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

47 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Value Advantage Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $37.80 | &nbsp;&nbsp; $0.68 | &nbsp;&nbsp; $4.36 | &nbsp;&nbsp; $5.04 | &nbsp;&nbsp; $(0.69)<br>| &nbsp;&nbsp; $(3.36)<br>| &nbsp;&nbsp; $(4.05)<br>|
| Year Ended June 30, 2024 | 35.31 | 0.68 | 4.45 | 5.13 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (2.64)<br>|
| Year Ended June 30, 2023 | 36.32 | 0.69 | 2.05 | 2.74 | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (3.75)<br>|
| Year Ended June 30, 2022 | 43.16 | 0.61 | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (5.27)<br>| &nbsp;&nbsp; (5.77)<br>|
| Year Ended June 30, 2021 | 29.71 | 0.52 | 14.13 | 14.65 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (1.20)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4550788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4294901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4341944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4495856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5562656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

49 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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:

---

| | | | |
|:---|:---|:---|:---|
|  | **Classes Offered** | **Trust** | **Diversification Classification** |
| JPMorgan Growth Advantage Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPMMFIT | Non-Diversified\* |
| JPMorgan Mid Cap Equity Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified |
| JPMorgan Mid Cap Growth Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM II | Diversified |
| JPMorgan Mid Cap Value Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, <br> Class R5 and Class R6<br>| JPMFMFG | Diversified |
| JPMorgan Value Advantage Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, <br> Class R5 and Class R6<br>| JPM I | Diversified |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>\*</sup> Prior to February 5, 2025, JPMorgan Growth Advantage Fund operated as a diversified company.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 Securities and Exchange Commission ("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"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Growth Advantage Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $22234242 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $22234242 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap Equity Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $5551557 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5551557 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 51

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap Growth Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $12720162 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $12720162 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap Value Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $12517240 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $12517240 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Value Advantage Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $8932181 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8932181 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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, 2025, 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. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

52 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

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, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment Securities** <br>**on Loan, at value,** <br>**Presented on the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Cash Collateral** <br>**Posted by Borrower\***<br>| **Net Amount Due** <br>**to Counterparty** <br>**(not less than zero)**<br>|
| Mid Cap Equity Fund | &nbsp;&nbsp; $23550 | &nbsp;&nbsp; $(23550)<br>| &nbsp;&nbsp; $— |
| Mid Cap Growth Fund | &nbsp;&nbsp; 137577 | &nbsp;&nbsp; (137577)<br>| &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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, 2025, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:

---

| | |
|:---|:---|
| Mid Cap Equity Fund | &nbsp;&nbsp; $—<br> (a)<br>|
| Mid Cap Growth Fund | &nbsp;&nbsp; 1 |
| Mid Cap Value Fund | &nbsp;&nbsp; —<br> (a)<br>|
| Value Advantage Fund | &nbsp;&nbsp; 1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank's compensation and is included on the Statements of Operations as Income from securities lending (net).

Growth Advantage Fund did not have any securities out on loan at June 30, 2025.

**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.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Growth Advantage Fund**  | **Growth Advantage Fund**  | **Growth Advantage Fund**  | **Growth Advantage Fund**  | **Growth Advantage Fund**  | **Growth Advantage Fund**  | **Growth Advantage Fund**  | **Growth Advantage Fund**  | **Growth Advantage Fund**  | **Growth Advantage Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (a) (b)<br>| $195828 | $4466985 | $4440220 | $—<br> (c)<br>| $5 | $222598 | 222553 | $11709 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (a) (b)<br>|  | 142729 | 142729 |  |  |  |  | 508<br> \*<br>|  |
| **Total** | $195828 | $4609714 | $4582949 | $— | $5 | $222598 |  | $12217 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of June 30, 2025.

(c) Amount rounds to less than one thousand.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 53

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mid Cap Equity Fund**  | **Mid Cap Equity Fund**  | **Mid Cap Equity Fund**  | **Mid Cap Equity Fund**  | **Mid Cap Equity Fund**  | **Mid Cap Equity Fund**  | **Mid Cap Equity Fund**  | **Mid Cap Equity Fund**  | **Mid Cap Equity Fund**  | **Mid Cap Equity Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (a) (b)<br>| $100859 | $2347910 | $2361009 | $(9)<br>| $6 | $87757 | 87739 | $6673 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (a) (b)<br>| 12384 | 212397 | 200497 |  | 1 | 24285 | 24285 | 385<br> \*<br>|  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 1716 | 16518 | 18234 |  |  |  |  | 14<br> \*<br>|  |
| **Total** | $114959 | $2576825 | $2579740 | $(9)<br>| $7 | $112042 |  | $7072 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (a) (b)<br>| $175763 | $2832359 | $2981888 | $14 | $1 | $26249 | 26244 | $8474 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (a) (b)<br>| 108380 | 696224 | 662963 |  | 9 | 141650 | 141650 | 2,060<br> \*<br>|  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 12884 | 74443 | 87327 |  |  |  |  | 57<br> \*<br>|  |
| **Total** | $297027 | $3603026 | $3732178 | $14 | $10 | $167899 |  | $10591 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mid Cap Value Fund**  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (a) (b)<br>| $174796 | $3480664 | $3426261 | $59 | $20 | $229278 | 229232 | $16220 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (a) (b)<br>| 5977 | 210354 | 216332 | 1<br> \*<br>|  |  |  | 202<br> \*<br>|  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 1295 | 9891 | 11186 |  |  |  |  | 7<br> \*<br>|  |
| **Total** | $182068 | $3700909 | $3653779 | $60 | $20 | $229278 |  | $16429 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

54 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value Advantage Fund**  | **Value Advantage Fund**  | **Value Advantage Fund**  | **Value Advantage Fund**  | **Value Advantage Fund**  | **Value Advantage Fund**  | **Value Advantage Fund**  | **Value Advantage Fund**  | **Value Advantage Fund**  | **Value Advantage Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (a) (b)<br>| $77317 | $2835377 | $2736450 | $(53)<br>| $14 | $176205 | 176170 | $9768 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (a) (b)<br>| 59092 | 242252 | 301345 | (1)\*<br>| 2 |  |  | 894<br> \*<br>|  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 8047 | 30908 | 38955 |  |  |  |  | 38<br> \*<br>|  |
| **Total** | $144456 | $3108537 | $3076750 | $(54)<br>| $16 | $176205 |  | $10700 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of June 30, 2025.

\* 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, 2025, are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class L** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** | **Total** |
| **Growth Advantage Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | $173 | $50 | $86 | n/a | $4 | $3 | $1 | $4 | $160 | $481 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 55

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class L** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** | **Total** |
| **Mid Cap Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | $23 | $3 | $14 | n/a | $4 | n/a | n/a | $—<br> (a)<br>| $68 | $112 |
| **Mid Cap Growth Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 243 | 7 | 152 | n/a | 28 | $5 | $1 | 9 | 195 | 640 |
| **Mid Cap Value Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 74 | 4 | 27 | $58 | 23 | 2 | 1 | 1 | 103 | 293 |
| **Value Advantage Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 73 | 22 | 35 | 21 | —<br> (a)<br>| 2 | —<br> (a)<br>| —<br> (a)<br>| 53 | 206 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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, 2025, 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:

---

| | | | |
|:---|:---|:---|:---|
|  | **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; $85338 | &nbsp;&nbsp;&nbsp;&nbsp; $36820 | &nbsp;&nbsp;&nbsp;&nbsp; $(122158)<br>|
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33577 | &nbsp;&nbsp;&nbsp;&nbsp; (33577)<br>|
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 159129 | &nbsp;&nbsp;&nbsp;&nbsp; (101)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (159028)<br>|
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 77515 | &nbsp;&nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (77490)<br>|

---

The reclassifications for the Funds relate primarily to tax adjustments on certain investments, net operating losses and tax equalization.

**J. Segment Reporting** — The Funds adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**K. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

56 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee** — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows:

---

| | |
|:---|:---|
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

Prior to November 1, 2024, the investment advisory fee was accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows:

---

| | |
|:---|:---|
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |

---

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.010% of each Fund's respective average daily net assets in excess of $25 billion. For the year ended June 30, 2025, the effective rate 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R2** | **Class R3** |
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |

---

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2025, JPMDS retained the following:

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; $538 | &nbsp;&nbsp;&nbsp;&nbsp; $2 |
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 57

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; $86 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

**D. Service Fees**— The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class L** | **Class R2** | **Class R3** | **Class R4** | **Class R5** |
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**E. Custodian and Accounting Fees**— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

**F. Waivers and Reimbursements**—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class L** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

Prior to November 1, 2024, the contractual expense limitation is shown in the table below:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class L** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |

---

The expense limitation agreements were in effect for the year ended June 30, 2025 and are in place until at least October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

58 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

For the year ended June 30, 2025, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |  |
|  | **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** | **Contractual** <br>**Reimbursements**<br>|
| Growth Advantage Fund | &nbsp;&nbsp; $12788 | &nbsp;&nbsp; $6191 | &nbsp;&nbsp; $1247 | &nbsp;&nbsp; $20226 | &nbsp;&nbsp; $17 |
| Mid Cap Equity Fund | &nbsp;&nbsp; 3258 | &nbsp;&nbsp; 2173 | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 5584 | &nbsp;&nbsp; 37 |
| Mid Cap Growth Fund | &nbsp;&nbsp; 2790 | &nbsp;&nbsp; 1859 | &nbsp;&nbsp; 2639 | &nbsp;&nbsp; 7288 | &nbsp;&nbsp; — |
| Mid Cap Value Fund | &nbsp;&nbsp; 6635 | &nbsp;&nbsp; 4426 | &nbsp;&nbsp; 411 | &nbsp;&nbsp; 11472 | &nbsp;&nbsp; 84 |
| Value Advantage Fund | &nbsp;&nbsp; 4711 | &nbsp;&nbsp; 3140 | &nbsp;&nbsp; 451 | &nbsp;&nbsp; 8302 | &nbsp;&nbsp; 53 |

---

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, 2025 were as follows:

---

| | |
|:---|:---|
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; $268 |
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 152 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 198 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 365 |
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 208 |

---

**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, 2025, 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, 2025, and incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows:

---

| | |
|:---|:---|
|  | **Brokerage Commissions** |
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; $45 |
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 122 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 28 |

---

The 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 59

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Investment Transactions** 

During the year ended June 30, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>|
| Growth Advantage Fund | $7426340 | $8550013 |
| Mid Cap Equity Fund | 3564750 | 3028334 |
| Mid Cap Growth Fund | 7937200 | 7600553 |
| Mid Cap Value Fund | 4970850 | 6590613 |
| Value Advantage Fund | 3443843 | 4298760 |

---

During the year ended June 30, 2025, 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, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; $10583806 | &nbsp;&nbsp;&nbsp;&nbsp; $11797306 | &nbsp;&nbsp;&nbsp;&nbsp; $146870 | &nbsp;&nbsp;&nbsp;&nbsp; $11650436 |
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4266112 | &nbsp;&nbsp;&nbsp;&nbsp; 1402550 | &nbsp;&nbsp;&nbsp;&nbsp; 117105 | &nbsp;&nbsp;&nbsp;&nbsp; 1285445 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 9537383 | &nbsp;&nbsp;&nbsp;&nbsp; 3430822 | &nbsp;&nbsp;&nbsp;&nbsp; 248043 | &nbsp;&nbsp;&nbsp;&nbsp; 3182779 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 8228607 | &nbsp;&nbsp;&nbsp;&nbsp; 4673505 | &nbsp;&nbsp;&nbsp;&nbsp; 384872 | &nbsp;&nbsp;&nbsp;&nbsp; 4288633 |
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5931218 | &nbsp;&nbsp;&nbsp;&nbsp; 3140558 | &nbsp;&nbsp;&nbsp;&nbsp; 139595 | &nbsp;&nbsp;&nbsp;&nbsp; 3000963 |

---

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, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**Long-Term** <br>**Capital Gains**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1206829 | &nbsp;&nbsp;&nbsp;&nbsp; $1206829 |
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 28909 | &nbsp;&nbsp;&nbsp;&nbsp; 203326 | &nbsp;&nbsp;&nbsp;&nbsp; 232235 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 813423 | &nbsp;&nbsp;&nbsp;&nbsp; 813423 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 138969 | &nbsp;&nbsp;&nbsp;&nbsp; 1333090 | &nbsp;&nbsp;&nbsp;&nbsp; 1472059 |
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 171767 | &nbsp;&nbsp;&nbsp;&nbsp; 701806 | &nbsp;&nbsp;&nbsp;&nbsp; 873573 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* 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, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**Long-Term** <br>**Capital Gains**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $104122 | &nbsp;&nbsp;&nbsp;&nbsp; $104122 |
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 23095 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23095 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 170853 | &nbsp;&nbsp;&nbsp;&nbsp; 605957 | &nbsp;&nbsp;&nbsp;&nbsp; 776810 |
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 151126 | &nbsp;&nbsp;&nbsp;&nbsp; 467792 | &nbsp;&nbsp;&nbsp;&nbsp; 618918 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

As of June 30, 2025, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1803000 | &nbsp;&nbsp;&nbsp;&nbsp; $11650436 |
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 18630 | &nbsp;&nbsp;&nbsp;&nbsp; 187569 | &nbsp;&nbsp;&nbsp;&nbsp; 1285445 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 81708 | &nbsp;&nbsp;&nbsp;&nbsp; 782142 | &nbsp;&nbsp;&nbsp;&nbsp; 3182779 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 64127 | &nbsp;&nbsp;&nbsp;&nbsp; 1166365 | &nbsp;&nbsp;&nbsp;&nbsp; 4288633 |
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 86966 | &nbsp;&nbsp;&nbsp;&nbsp; 639233 | &nbsp;&nbsp;&nbsp;&nbsp; 3000963 |

---

The cumulative timing differences primarily consist of ordinary loss deferrals and wash sale loss deferrals.

As of June 30, 2025, 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, 2025, the following Funds deferred to July 1, 2025 the following net capital losses (gains), and late year ordinary losses of:

---

| | | |
|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | &nbsp;&nbsp;&nbsp; **Late Year** <br>**Ordinary Loss Deferral** |
|  | **Short-Term** | &nbsp;&nbsp;&nbsp; **Late Year** <br>**Ordinary Loss Deferral** |
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8628 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8090 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 46760 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**6. Borrowings** 

The Funds rely upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended June 30, 2025.

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 28, 2025.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2025.

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 NAV 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 NAV 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 61

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (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. Effective August 5, 2025, 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, 2025.

**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, 2025, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Non-Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** |
| Growth Advantage Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 13.1<br> %<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 25.1<br> %<br>|
| Mid Cap Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;67.8 |
| Mid Cap Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;41.6 |
| Mid Cap Value Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;43.5 |
| Value Advantage Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;10.5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;14.6 |

---

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

As of June 30, 2025, 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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Funds**<br>|
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 19.8<br> %<br>|

---

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.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

62 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

------

**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, 2025, the related statements of operations for the year ended June 30, 2025, the statements of changes in net assets for each of the two years in the period ended June 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2025 (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, 2025, 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, 2025 and each of the financial highlights for each of the five years in the period ended June 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian, transfer agents and broker; 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 22, 2025

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 63

------

**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, 2025. 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, 2025. The information necessary to complete your income tax returns for the calendar year ending December 31, 2025 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, 2025:

---

| | |
|:---|:---|
|  | **Dividends** <br>**Received** <br>**Deduction**<br>|
| JPMorgan Mid Cap Equity Fund | 100.00<br> %<br>|
| JPMorgan Mid Cap Value Fund | 100.00 |
| JPMorgan Value Advantage Fund | 94.64 |

---

**Long Term Capital Gain**

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2025:

---

| | |
|:---|:---|
|  | **Long-Term** <br>**Capital Gain** <br>**Distribution**<br>|
| JPMorgan Growth Advantage Fund | &nbsp;&nbsp; $1309377 |
| JPMorgan Mid Cap Equity Fund | &nbsp;&nbsp; 203326 |
| JPMorgan Mid Cap Growth Fund | &nbsp;&nbsp; 813423 |
| JPMorgan Mid Cap Value Fund | &nbsp;&nbsp; 1492219 |
| JPMorgan Value Advantage Fund | &nbsp;&nbsp; 777400 |

---

**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, 2025:

---

| | |
|:---|:---|
|  | **Qualified** <br>**Dividend** <br>**Income**<br>|
| JPMorgan Mid Cap Equity Fund | &nbsp;&nbsp; $28909 |
| JPMorgan Mid Cap Value Fund | &nbsp;&nbsp; 138969 |
| JPMorgan Value Advantage Fund | &nbsp;&nbsp; 166911 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64 J.P. Morgan Mid Cap/Multi-Cap Funds June 30, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1 <br>

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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.

![](g74687img5d28d1b42.jpg)

------

![](g74687imge071cd203.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2025. All rights reserved. June 2025.

AN-MC-625

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

**<u>JPMorgan Growth Advantage Fund</u>**

J.P. Morgan Mutual Fund Investment Trust held a special meeting of shareholders on October 2, 2024, for the purpose of considering and voting upon the approval to change the JPMorgan Growth Advantage Fund (the "Fund") from a diversified company to a non-diversified company by eliminating the Fund's related fundamental investment policy.

The special meeting was adjourned to October 30, 2024, November 21, 2024 and December 18, 2024 to allow shareholders additional time to vote on the proposal. The proposal was not approved by either 67% or more of the shares present or represented by proxy at the meeting, or by more than 50% of the outstanding shares (as of the record date set for the special shareholder meeting) of the Fund, as is required, at the October 2, 2024 meeting, the October 30, 2024 meeting and the November 21, 2024 meeting. The elimination of the fundamental investment policy was approved by shareholders of the Fund when the special meeting reconvened on December 18, 2024.

The results of the voting were as follows:

---

| | |
|:---|:---|
| **October 2, 2024 Meeting:** | **Dollar value of**<br> **Votes Received**<br> **(000's)**<br>|
| For | &nbsp;&nbsp;&nbsp;&nbsp; $158977 |
| Against | &nbsp;&nbsp;&nbsp;&nbsp; 6027 |
| Abstain | &nbsp;&nbsp;&nbsp;&nbsp; 8103 |
| **October 30, 2024 Meeting:** |  |
| For | &nbsp;&nbsp;&nbsp;&nbsp; $172405 |
| Against | &nbsp;&nbsp;&nbsp;&nbsp; 8846 |
| Abstain | &nbsp;&nbsp;&nbsp;&nbsp; 15001 |
| **November 21, 2024 Meeting:** |  |
| For | &nbsp;&nbsp;&nbsp;&nbsp; $182091 |
| Against | &nbsp;&nbsp;&nbsp;&nbsp; 10426 |
| Abstain | &nbsp;&nbsp;&nbsp;&nbsp; 19169 |
| **December 18, 2024 Meeting:** |  |
| For | &nbsp;&nbsp;&nbsp;&nbsp; $196091 |
| Against | &nbsp;&nbsp;&nbsp;&nbsp; 11660 |
| Abstain | &nbsp;&nbsp;&nbsp;&nbsp; 25265 |

---

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

**Statement Regarding Basis for Approval of Investment Advisory Agreements**

Not applicable.

------

Annual Financial Statements

J.P. Morgan Small Cap Funds

June 30, 2025

---

| |
|:---|
| 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 |

---

![](g73314imga30db8cf1.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_0e63d235-3a7b-4273-96f3-ad58b2f964ea_SOI-TOC-ScheduleofInvestments-798_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_0e63d235-3a7b-4273-96f3-ad58b2f964ea_FS-TOC-FinancialStatement-798_1) | &nbsp;&nbsp; **33** |
| [Financial Highlights](#xx_0e63d235-3a7b-4273-96f3-ad58b2f964ea_FIHI-TOC-FinancialHighlights-798_2) | &nbsp;&nbsp; **54** |
| [Notes to Financial Statements](#xx_0e63d235-3a7b-4273-96f3-ad58b2f964ea_NTF-NTFRunningFooter-798_1) | &nbsp;&nbsp; **70** |
| [Report of Independent Registered Public Accounting Firm](#xx_0e63d235-3a7b-4273-96f3-ad58b2f964ea_AUD-TOC-AuditorsReport-798_1) | &nbsp;&nbsp; **87** |
| [Tax Letter](#xx_0e63d235-3a7b-4273-96f3-ad58b2f964ea_TL-TAXLETTERCC_1) | &nbsp;&nbsp; **88** |

---

**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 INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.7%** | **Common Stocks — 97.7%** | **Common Stocks — 97.7%** |
| **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** |
| AeroVironment, Inc. \* | 44 | 12668 |
| Cadre Holdings, Inc. | 198 | 6317 |
| Hexcel Corp. | 64 | 3611 |
| Karman Holdings, Inc. \* (a) | 152 | 7634 |
| Moog, Inc., Class A | 42 | 7683 |
| Rocket Lab Corp. \* (a) | 108 | 3852 |
|  |  | 41765 |
| **Automobile Components — 2.0%** | **Automobile Components — 2.0%** | **Automobile Components — 2.0%** |
| Dorman Products, Inc. \* | 26 | 3139 |
| LCI Industries | 65 | 5942 |
| Modine Manufacturing Co. \* | 95 | 9378 |
| Patrick Industries, Inc. | 66 | 6102 |
| Visteon Corp. \* | 49 | 4514 |
|  |  | 29075 |
| **Banks — 11.1%** | **Banks — 11.1%** | **Banks — 11.1%** |
| Ameris Bancorp | 80 | 5197 |
| Associated Banc-Corp. | 163 | 3981 |
| BancFirst Corp. | 75 | 9228 |
| Camden National Corp. | 236 | 9566 |
| City Holding Co. | 35 | 4254 |
| Columbia Banking System, Inc. | 351 | 8196 |
| First Busey Corp. | 235 | 5388 |
| First Commonwealth Financial Corp. | 439 | 7129 |
| First Merchants Corp. | 213 | 8138 |
| Heritage Commerce Corp. | 450 | 4468 |
| Independent Bank Corp. | 325 | 10526 |
| NBT Bancorp, Inc. | 179 | 7441 |
| Old National Bancorp | 595 | 12702 |
| Pinnacle Financial Partners, Inc. | 61 | 6675 |
| Provident Financial Services, Inc. | 619 | 10848 |
| QCR Holdings, Inc. | 112 | 7615 |
| Simmons First National Corp., Class A | 466 | 8844 |
| SouthState Corp. | 130 | 11990 |
| TriCo Bancshares | 146 | 5930 |
| WesBanco, Inc. | 254 | 8041 |
| WSFS Financial Corp. | 134 | 7363 |
|  |  | 163520 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| Primo Brands Corp. | 194 | 5754 |
| **Biotechnology — 6.2%** | **Biotechnology — 6.2%** | **Biotechnology — 6.2%** |
| Agios Pharmaceuticals, Inc. \* | 61 | 2033 |
| Alkermes plc \* | 200 | 5731 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| Apogee Therapeutics, Inc. \* | 142 | 6166 |
| Arcellx, Inc. \* | 106 | 6973 |
| Biohaven Ltd. \* | 177 | 2501 |
| Caris Life Sciences, Inc. \* (a) | 120 | 3208 |
| Cytokinetics, Inc. \* | 108 | 3552 |
| Disc Medicine, Inc. \* (a) | 106 | 5622 |
| Dyne Therapeutics, Inc. \* | 326 | 3099 |
| Insmed, Inc. \* | 68 | 6876 |
| Newamsterdam Pharma Co. NV (Netherlands) \* | 188 | 3408 |
| Nuvalent, Inc., Class A \* | 46 | 3507 |
| REGENXBIO, Inc. \* | 448 | 3673 |
| Relay Therapeutics, Inc. \* | 497 | 1718 |
| Revolution Medicines, Inc. \* | 126 | 4626 |
| Rhythm Pharmaceuticals, Inc. \* | 86 | 5443 |
| Sionna Therapeutics, Inc. \* (a) | 287 | 4982 |
| Twist Bioscience Corp. \* | 118 | 4347 |
| Ultragenyx Pharmaceutical, Inc. \* | 81 | 2946 |
| uniQure NV (Netherlands) \* | 201 | 2799 |
| Vaxcyte, Inc. \* | 100 | 3257 |
| Viking Therapeutics, Inc. \* (a) | 71 | 1885 |
| Xenon Pharmaceuticals, Inc. (Canada) \* | 122 | 3829 |
|  |  | 92181 |
| **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** |
| Global-e Online Ltd. (Israel) \* | 85 | 2843 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 32 | 4217 |
|  |  | 7060 |
| **Building Products — 2.8%** | **Building Products — 2.8%** | **Building Products — 2.8%** |
| AAON, Inc. | 65 | 4796 |
| AZEK Co., Inc. (The) \* | 98 | 5296 |
| AZZ, Inc. | 84 | 7938 |
| Hayward Holdings, Inc. \* | 657 | 9065 |
| Simpson Manufacturing Co., Inc. | 49 | 7645 |
| UFP Industries, Inc. | 63 | 6283 |
|  |  | 41023 |
| **Capital Markets — 3.2%** | **Capital Markets — 3.2%** | **Capital Markets — 3.2%** |
| Donnelley Financial Solutions, Inc. \* | 187 | 11541 |
| Evercore, Inc., Class A | 20 | 5387 |
| Hamilton Lane, Inc., Class A | 81 | 11444 |
| Piper Sandler Cos. | 31 | 8586 |
| StoneX Group, Inc. \* | 42 | 3871 |
| Virtus Investment Partners, Inc. | 36 | 6526 |
|  |  | 47355 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 1

------

JPMorgan Small Cap Blend Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Chemicals — 2.1%** | **Chemicals — 2.1%** | **Chemicals — 2.1%** |
| Avient Corp. | 163 | 5267 |
| Hawkins, Inc. | 28 | 3925 |
| HB Fuller Co. | 160 | 9613 |
| Innospec, Inc. | 71 | 6017 |
| Quaker Chemical Corp. | 59 | 6576 |
|  |  | 31398 |
| **Commercial Services & Supplies — 1.9%** | **Commercial Services & Supplies — 1.9%** | **Commercial Services & Supplies — 1.9%** |
| ACV Auctions, Inc., Class A \* | 421 | 6837 |
| Casella Waste Systems, Inc., Class A \* | 110 | 12697 |
| MSA Safety, Inc. | 55 | 9181 |
|  |  | 28715 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Ciena Corp. \* | 69 | 5601 |
| **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** |
| MasTec, Inc. \* | 16 | 2712 |
| Valmont Industries, Inc. | 20 | 6539 |
|  |  | 9251 |
| **Construction Materials — 0.5%** | **Construction Materials — 0.5%** | **Construction Materials — 0.5%** |
| Eagle Materials, Inc. | 33 | 6690 |
| **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |
| Upstart Holdings, Inc. \* (a) | 44 | 2819 |
| **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** |
| Chefs' Warehouse, Inc. (The) \* | 154 | 9839 |
| **Diversified Consumer Services — 0.9%** | **Diversified Consumer Services — 0.9%** | **Diversified Consumer Services — 0.9%** |
| Bright Horizons Family Solutions, Inc. \* | 50 | 6182 |
| Graham Holdings Co., Class B | 7 | 7053 |
|  |  | 13235 |
| **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** |
| Essential Properties Realty Trust, Inc. | 233 | 7430 |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| Iridium Communications, Inc. | 117 | 3520 |
| **Electric Utilities — 0.7%** | **Electric Utilities — 0.7%** | **Electric Utilities — 0.7%** |
| IDACORP, Inc. | 44 | 5052 |
| Portland General Electric Co. | 147 | 5962 |
|  |  | 11014 |
| **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** |
| NEXTracker, Inc., Class A \* | 170 | 9225 |
| Vicor Corp. \* | 102 | 4655 |
|  |  | 13880 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electronic Equipment, Instruments & Components — 3.8%** | **Electronic Equipment, Instruments & Components — 3.8%** | **Electronic Equipment, Instruments & Components — 3.8%** |
| Fabrinet (Thailand) \* | 41 | 12194 |
| Ingram Micro Holding Corp. (a) | 597 | 12437 |
| Knowles Corp. \* | 293 | 5169 |
| Littelfuse, Inc. | 21 | 4700 |
| Napco Security Technologies, Inc. | 117 | 3464 |
| Sanmina Corp. \* | 57 | 5628 |
| ScanSource, Inc. \* | 211 | 8805 |
| TTM Technologies, Inc. \* | 75 | 3048 |
|  |  | 55445 |
| **Energy Equipment & Services — 1.8%** | **Energy Equipment & Services — 1.8%** | **Energy Equipment & Services — 1.8%** |
| Aris Water Solutions, Inc., Class A | 207 | 4911 |
| Cactus, Inc., Class A | 133 | 5799 |
| ChampionX Corp. | 261 | 6483 |
| TechnipFMC plc (United Kingdom) | 212 | 7292 |
| Weatherford International plc | 48 | 2437 |
|  |  | 26922 |
| **Financial Services — 2.0%** | **Financial Services — 2.0%** | **Financial Services — 2.0%** |
| PennyMac Financial Services, Inc. | 146 | 14562 |
| Radian Group, Inc. | 317 | 11405 |
| Remitly Global, Inc. \* | 211 | 3959 |
|  |  | 29926 |
| **Food Products — 1.1%** | **Food Products — 1.1%** | **Food Products — 1.1%** |
| Dole plc | 420 | 5872 |
| Flowers Foods, Inc. | 198 | 3168 |
| Freshpet, Inc. \* | 51 | 3435 |
| Utz Brands, Inc. | 346 | 4348 |
|  |  | 16823 |
| **Gas Utilities — 1.5%** | **Gas Utilities — 1.5%** | **Gas Utilities — 1.5%** |
| Chesapeake Utilities Corp. | 75 | 8956 |
| ONE Gas, Inc. (a) | 119 | 8523 |
| Southwest Gas Holdings, Inc. | 59 | 4426 |
|  |  | 21905 |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| Marten Transport Ltd. | 527 | 6840 |
| Saia, Inc. \* | 15 | 4088 |
|  |  | 10928 |
| **Health Care Equipment & Supplies — 4.0%** | **Health Care Equipment & Supplies — 4.0%** | **Health Care Equipment & Supplies — 4.0%** |
| Establishment Labs Holdings, Inc. (Costa Rica) \* (a) | 47 | 2008 |
| Glaukos Corp. \* | 61 | 6311 |
| ICU Medical, Inc. \* | 41 | 5472 |
| Inmode Ltd. \* | 338 | 4882 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 J.P. Morgan Small Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| Integer Holdings Corp. \* | 35 | 4294 |
| iRhythm Technologies, Inc. \* | 50 | 7707 |
| Lantheus Holdings, Inc. \* | 75 | 6152 |
| LivaNova plc \* | 175 | 7858 |
| Merit Medical Systems, Inc. \* | 64 | 5993 |
| PROCEPT BioRobotics Corp. \* | 67 | 3851 |
| TransMedics Group, Inc. \* | 36 | 4810 |
|  |  | 59338 |
| **Health Care Providers & Services — 2.4%** | **Health Care Providers & Services — 2.4%** | **Health Care Providers & Services — 2.4%** |
| Concentra Group Holdings Parent, Inc. | 298 | 6124 |
| Encompass Health Corp. | 73 | 8910 |
| Ensign Group, Inc. (The) | 58 | 8897 |
| HealthEquity, Inc. \* | 33 | 3493 |
| Hims & Hers Health, Inc. \* | 21 | 1044 |
| Hinge Health, Inc., Class A \* (a) | 89 | 4633 |
| PACS Group, Inc. \* | 145 | 1879 |
|  |  | 34980 |
| **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** |
| Sabra Health Care REIT, Inc. | 353 | 6509 |
| **Health Care Technology — 0.6%** | **Health Care Technology — 0.6%** | **Health Care Technology — 0.6%** |
| Evolent Health, Inc., Class A \* | 340 | 3830 |
| Waystar Holding Corp. \* | 113 | 4631 |
|  |  | 8461 |
| **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** |
| RLJ Lodging Trust | 679 | 4945 |
| Sunstone Hotel Investors, Inc. | 452 | 3922 |
|  |  | 8867 |
| **Hotels, Restaurants & Leisure — 2.8%** | **Hotels, Restaurants & Leisure — 2.8%** | **Hotels, Restaurants & Leisure — 2.8%** |
| Bloomin' Brands, Inc. | 149 | 1281 |
| Boyd Gaming Corp. | 108 | 8476 |
| First Watch Restaurant Group, Inc. \* | 282 | 4527 |
| Life Time Group Holdings, Inc. \* | 236 | 7161 |
| Planet Fitness, Inc., Class A \* | 63 | 6869 |
| Six Flags Entertainment Corp. \* (a) | 184 | 5598 |
| Sportradar Group AG, Class A (Switzerland) \* | 85 | 2369 |
| Wyndham Hotels & Resorts, Inc. | 66 | 5347 |
|  |  | 41628 |
| **Household Durables — 1.0%** | **Household Durables — 1.0%** | **Household Durables — 1.0%** |
| La-Z-Boy, Inc. | 121 | 4506 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Household Durables — continued** | **Household Durables — continued** | **Household Durables — continued** |
| M/I Homes, Inc. \* | 55 | 6177 |
| Meritage Homes Corp. | 53 | 3502 |
|  |  | 14185 |
| **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** |
| Reynolds Consumer Products, Inc. | 226 | 4846 |
| **Industrial REITs — 1.0%** | **Industrial REITs — 1.0%** | **Industrial REITs — 1.0%** |
| Plymouth Industrial REIT, Inc. | 312 | 5015 |
| Terreno Realty Corp. | 182 | 10207 |
|  |  | 15222 |
| **Insurance — 1.9%** | **Insurance — 1.9%** | **Insurance — 1.9%** |
| Oscar Health, Inc., Class A \* | 133 | 2846 |
| Safety Insurance Group, Inc. | 130 | 10350 |
| Selective Insurance Group, Inc. | 163 | 14121 |
|  |  | 27317 |
| **Interactive Media & Services — 1.0%** | **Interactive Media & Services — 1.0%** | **Interactive Media & Services — 1.0%** |
| Angi, Inc. \* | 361 | 5505 |
| IAC, Inc. \* | 259 | 9698 |
|  |  | 15203 |
| **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** |
| DigitalOcean Holdings, Inc. \* | 133 | 3789 |
| **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |
| YETI Holdings, Inc. \* | 132 | 4167 |
| **Machinery — 5.3%** | **Machinery — 5.3%** | **Machinery — 5.3%** |
| Atmus Filtration Technologies, Inc. | 156 | 5678 |
| Chart Industries, Inc. \* | 48 | 7800 |
| Enpro, Inc. | 41 | 7894 |
| Esab Corp. | 81 | 9765 |
| ITT, Inc. | 42 | 6636 |
| JBT Marel Corp. | 49 | 5884 |
| Kadant, Inc. | 18 | 5746 |
| Mueller Industries, Inc. | 98 | 7763 |
| SPX Technologies, Inc. \* | 68 | 11319 |
| Tennant Co. | 72 | 5604 |
| Toro Co. (The) | 52 | 3686 |
|  |  | 77775 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| John Wiley & Sons, Inc., Class A | 205 | 9163 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| Unitil Corp. | 125 | 6524 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 3

------

JPMorgan Small Cap Blend Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Office REITs — 0.9%** | **Office REITs — 0.9%** | **Office REITs — 0.9%** |
| COPT Defense Properties | 234 | 6472 |
| Highwoods Properties, Inc. | 220 | 6831 |
|  |  | 13303 |
| **Oil, Gas & Consumable Fuels — 2.3%** | **Oil, Gas & Consumable Fuels — 2.3%** | **Oil, Gas & Consumable Fuels — 2.3%** |
| Chord Energy Corp. | 60 | 5839 |
| CNX Resources Corp. \* | 220 | 7406 |
| Gulfport Energy Corp. \* | 19 | 3836 |
| Magnolia Oil & Gas Corp., Class A | 278 | 6235 |
| Matador Resources Co. | 233 | 11117 |
|  |  | 34433 |
| **Personal Care Products — 0.8%** | **Personal Care Products — 0.8%** | **Personal Care Products — 0.8%** |
| Edgewell Personal Care Co. | 214 | 5010 |
| Interparfums, Inc. | 50 | 6591 |
|  |  | 11601 |
| **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
| Prestige Consumer Healthcare, Inc. \* | 89 | 7111 |
| **Professional Services — 2.0%** | **Professional Services — 2.0%** | **Professional Services — 2.0%** |
| CBIZ, Inc. \* | 111 | 7970 |
| ExlService Holdings, Inc. \* | 97 | 4237 |
| UL Solutions, Inc., Class A | 90 | 6567 |
| Verra Mobility Corp. \* | 412 | 10467 |
|  |  | 29241 |
| **Residential REITs — 0.7%** | **Residential REITs — 0.7%** | **Residential REITs — 0.7%** |
| Centerspace | 78 | 4684 |
| Independence Realty Trust, Inc. | 341 | 6031 |
|  |  | 10715 |
| **Retail REITs — 1.2%** | **Retail REITs — 1.2%** | **Retail REITs — 1.2%** |
| Kite Realty Group Trust | 463 | 10483 |
| Tanger, Inc. | 243 | 7428 |
|  |  | 17911 |
| **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** |
| Allegro MicroSystems, Inc. (Japan) \* | 241 | 8250 |
| Amkor Technology, Inc. | 160 | 3358 |
| Credo Technology Group Holding Ltd. \* | 109 | 10105 |
| Diodes, Inc. \* | 119 | 6282 |
| MACOM Technology Solutions Holdings, Inc. \* | 32 | 4582 |
| MKS, Inc. | 26 | 2540 |
| Onto Innovation, Inc. \* | 32 | 3194 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| Rambus, Inc. \* | 130 | 8324 |
| Synaptics, Inc. \* | 73 | 4745 |
|  |  | 51380 |
| **Software — 6.0%** | **Software — 6.0%** | **Software — 6.0%** |
| Agilysys, Inc. \* | 36 | 4165 |
| Alkami Technology, Inc. \* | 144 | 4324 |
| BlackLine, Inc. \* | 163 | 9242 |
| Box, Inc., Class A \* | 184 | 6296 |
| Braze, Inc., Class A \* | 125 | 3519 |
| Clear Secure, Inc., Class A | 134 | 3720 |
| Clearwater Analytics Holdings, Inc., Class A \* | 337 | 7380 |
| Confluent, Inc., Class A \* | 252 | 6283 |
| D-Wave Quantum, Inc. (Canada) \* | 104 | 1528 |
| Freshworks, Inc., Class A \* | 552 | 8235 |
| Gitlab, Inc., Class A \* | 70 | 3171 |
| Informatica, Inc., Class A \* | 135 | 3297 |
| JFrog Ltd. \* | 184 | 8051 |
| SentinelOne, Inc., Class A \* | 256 | 4681 |
| Varonis Systems, Inc. \* | 115 | 5817 |
| Vertex, Inc., Class A \* | 199 | 7038 |
| Workiva, Inc. \* | 39 | 2645 |
|  |  | 89392 |
| **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** |
| Rayonier, Inc. | 214 | 4754 |
| **Specialty Retail — 2.6%** | **Specialty Retail — 2.6%** | **Specialty Retail — 2.6%** |
| Arhaus, Inc. \* | 320 | 2774 |
| Floor & Decor Holdings, Inc., Class A \* | 46 | 3478 |
| Group 1 Automotive, Inc. | 29 | 12689 |
| Lithia Motors, Inc., Class A | 21 | 7289 |
| Urban Outfitters, Inc. \* | 93 | 6742 |
| Warby Parker, Inc., Class A \* | 224 | 4907 |
|  |  | 37879 |
| **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** |
| IonQ, Inc. \* (a) | 103 | 4422 |
| **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** |
| Kontoor Brands, Inc. | 116 | 7684 |
| Wolverine World Wide, Inc. | 338 | 6104 |
|  |  | 13788 |
| **Trading Companies & Distributors — 2.9%** | **Trading Companies & Distributors — 2.9%** | **Trading Companies & Distributors — 2.9%** |
| Air Lease Corp. | 76 | 4437 |
| Applied Industrial Technologies, Inc. | 62 | 14390 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 J.P. Morgan Small Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** |
| FTAI Aviation Ltd. | 14 | 1659 |
| McGrath RentCorp | 58 | 6693 |
| Rush Enterprises, Inc., Class A | 138 | 7116 |
| WESCO International, Inc. | 49 | 9106 |
|  |  | 43401 |
| **Water Utilities — 0.4%** | **Water Utilities — 0.4%** | **Water Utilities — 0.4%** |
| American States Water Co. | 85 | 6536 |
| Total Common Stocks <br>(Cost $1,227,820)<br>|  | 1446915 |
| **Short-Term Investments — 4.3%** | **Short-Term Investments — 4.3%** | **Short-Term Investments — 4.3%** |
| **Investment Companies — 2.3%** | **Investment Companies — 2.3%** | **Investment Companies — 2.3%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (b) (c) <br>(Cost $33,559)<br>| 33555 | 33561 |
| **Investment of Cash Collateral from Securities Loaned — 2.0%** | **Investment of Cash Collateral from Securities Loaned — 2.0%** | **Investment of Cash Collateral from Securities Loaned — 2.0%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (b) (c) <br>(Cost $29,338)<br>| 29338 | 29338 |
| Total Short-Term Investments <br>(Cost $62,897)<br>|  | 62899 |
| **Total Investments — 102.0%** <br>**(Cost $1,290,717)**<br>|  | **1509814** |
| **Liabilities in Excess of Other Assets — (2.0)%** |  | **(29202)**<br>|
| **NET ASSETS — 100.0%** |  | **1480612** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at June 30, 2025. The total value of securities on loan at June 30, 2025 is $29,596. 

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

(c) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 5

------

JPMorgan Small Cap Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 95.8%** | **Common Stocks — 95.8%** | **Common Stocks — 95.8%** |
| **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** |
| Karman Holdings, Inc. \* (a) | 251 | 12635 |
| Loar Holdings, Inc. \* (a) | 165 | 14209 |
| Woodward, Inc. | 177 | 43380 |
|  |  | 70224 |
| **Automobile Components — 0.7%** | **Automobile Components — 0.7%** | **Automobile Components — 0.7%** |
| Gentex Corp. | 1196 | 26304 |
| Modine Manufacturing Co. \* | 16 | 1584 |
|  |  | 27888 |
| **Banks — 10.3%** | **Banks — 10.3%** | **Banks — 10.3%** |
| BankUnited, Inc. | 1234 | 43932 |
| Commerce Bancshares, Inc. | 653 | 40573 |
| Cullen/Frost Bankers, Inc. | 372 | 47784 |
| First Financial Bancorp | 1646 | 39925 |
| First Hawaiian, Inc. | 1692 | 42221 |
| First Horizon Corp. | 951 | 20171 |
| First Interstate BancSystem, Inc., Class A | 1228 | 35404 |
| ServisFirst Bancshares, Inc. | 429 | 33291 |
| Wintrust Financial Corp. | 426 | 52775 |
| WSFS Financial Corp. | 708 | 38928 |
|  |  | 395004 |
| **Beverages — 1.1%** | **Beverages — 1.1%** | **Beverages — 1.1%** |
| Primo Brands Corp. | 1473 | 43628 |
| **Building Products — 5.2%** | **Building Products — 5.2%** | **Building Products — 5.2%** |
| AAON, Inc. | 445 | 32815 |
| Fortune Brands Innovations, Inc. | 321 | 16521 |
| Hayward Holdings, Inc. \* | 4490 | 61955 |
| Janus International Group, Inc. \* | 4291 | 34928 |
| Simpson Manufacturing Co., Inc. | 334 | 51950 |
|  |  | 198169 |
| **Capital Markets — 5.3%** | **Capital Markets — 5.3%** | **Capital Markets — 5.3%** |
| Evercore, Inc., Class A | 194 | 52324 |
| MarketAxess Holdings, Inc. | 200 | 44644 |
| Moelis & Co., Class A | 337 | 21013 |
| Morningstar, Inc. | 114 | 35743 |
| StepStone Group, Inc., Class A | 854 | 47432 |
|  |  | 201156 |
| **Chemicals — 5.0%** | **Chemicals — 5.0%** | **Chemicals — 5.0%** |
| Axalta Coating Systems Ltd. \* | 1405 | 41732 |
| Balchem Corp. | 196 | 31137 |
| Element Solutions, Inc. | 2046 | 46341 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| Perimeter Solutions, Inc. \* | 2181 | 30362 |
| Quaker Chemical Corp. | 369 | 41264 |
|  |  | 190836 |
| **Commercial Services & Supplies — 4.5%** | **Commercial Services & Supplies — 4.5%** | **Commercial Services & Supplies — 4.5%** |
| Casella Waste Systems, Inc., Class A \* | 479 | 55235 |
| Driven Brands Holdings, Inc. \* | 1795 | 31524 |
| MSA Safety, Inc. | 468 | 78433 |
| UniFirst Corp. | 41 | 7667 |
|  |  | 172859 |
| **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** |
| WillScot Holdings Corp. | 2596 | 71139 |
| **Construction Materials — 1.2%** | **Construction Materials — 1.2%** | **Construction Materials — 1.2%** |
| Eagle Materials, Inc. | 228 | 46092 |
| **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** |
| BJ's Wholesale Club Holdings, Inc. \* | 80 | 8574 |
| Casey's General Stores, Inc. | 15 | 7570 |
| Performance Food Group Co. \* | 773 | 67648 |
|  |  | 83792 |
| **Containers & Packaging — 0.9%** | **Containers & Packaging — 0.9%** | **Containers & Packaging — 0.9%** |
| AptarGroup, Inc. | 229 | 35811 |
| **Diversified Consumer Services — 1.5%** | **Diversified Consumer Services — 1.5%** | **Diversified Consumer Services — 1.5%** |
| Bright Horizons Family Solutions, Inc. \* | 449 | 55466 |
| **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |
| Portland General Electric Co. | 962 | 39081 |
| **Electronic Equipment, Instruments & Components — 3.3%** | **Electronic Equipment, Instruments & Components — 3.3%** | **Electronic Equipment, Instruments & Components — 3.3%** |
| Badger Meter, Inc. | 148 | 36223 |
| Fabrinet (Thailand) \* | 131 | 38457 |
| Novanta, Inc. \* | 401 | 51720 |
|  |  | 126400 |
| **Energy Equipment & Services — 1.5%** | **Energy Equipment & Services — 1.5%** | **Energy Equipment & Services — 1.5%** |
| Cactus, Inc., Class A | 879 | 38457 |
| Flowco Holdings, Inc., Class A | 1167 | 20781 |
|  |  | 59238 |
| **Financial Services — 0.9%** | **Financial Services — 0.9%** | **Financial Services — 0.9%** |
| WEX, Inc. \* | 223 | 32785 |
| **Food Products — 1.7%** | **Food Products — 1.7%** | **Food Products — 1.7%** |
| Freshpet, Inc. \* | 365 | 24806 |
| Utz Brands, Inc. | 3186 | 39986 |
|  |  | 64792 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 J.P. Morgan Small Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Ground Transportation — 2.4%** | **Ground Transportation — 2.4%** | **Ground Transportation — 2.4%** |
| Knight-Swift Transportation Holdings, Inc. | 579 | 25610 |
| Landstar System, Inc. | 295 | 41068 |
| Saia, Inc. \* | 94 | 25747 |
|  |  | 92425 |
| **Health Care Equipment & Supplies — 2.6%** | **Health Care Equipment & Supplies — 2.6%** | **Health Care Equipment & Supplies — 2.6%** |
| Envista Holdings Corp. \* | 2496 | 48767 |
| ICU Medical, Inc. \* | 306 | 40484 |
| QuidelOrtho Corp. \* | 409 | 11775 |
|  |  | 101026 |
| **Health Care Providers & Services — 4.5%** | **Health Care Providers & Services — 4.5%** | **Health Care Providers & Services — 4.5%** |
| Chemed Corp. | 85 | 41208 |
| Concentra Group Holdings Parent, Inc. | 1409 | 28990 |
| Encompass Health Corp. | 515 | 63199 |
| HealthEquity, Inc. \* | 364 | 38071 |
|  |  | 171468 |
| **Hotel & Resort REITs — 1.3%** | **Hotel & Resort REITs — 1.3%** | **Hotel & Resort REITs — 1.3%** |
| Ryman Hospitality Properties, Inc. | 506 | 49897 |
| **Hotels, Restaurants & Leisure — 4.8%** | **Hotels, Restaurants & Leisure — 4.8%** | **Hotels, Restaurants & Leisure — 4.8%** |
| Monarch Casino & Resort, Inc. | 427 | 36953 |
| Planet Fitness, Inc., Class A \* | 495 | 54014 |
| Shake Shack, Inc., Class A \* | 135 | 18978 |
| Vail Resorts, Inc. | 159 | 24950 |
| Wendy's Co. (The) | 783 | 8937 |
| Wyndham Hotels & Resorts, Inc. | 497 | 40357 |
|  |  | 184189 |
| **Industrial REITs — 0.9%** | **Industrial REITs — 0.9%** | **Industrial REITs — 0.9%** |
| EastGroup Properties, Inc. | 196 | 32775 |
| **Insurance — 3.7%** | **Insurance — 3.7%** | **Insurance — 3.7%** |
| Baldwin Insurance Group, Inc. (The), Class A \* | 793 | 33951 |
| Kinsale Capital Group, Inc. | 81 | 39067 |
| Oscar Health, Inc., Class A \* | 1399 | 30005 |
| RLI Corp. | 509 | 36768 |
|  |  | 139791 |
| **Leisure Products — 2.0%** | **Leisure Products — 2.0%** | **Leisure Products — 2.0%** |
| Acushnet Holdings Corp. (a) | 518 | 37706 |
| Brunswick Corp. | 679 | 37543 |
|  |  | 75249 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| Medpace Holdings, Inc. \* | 79 | 24927 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Machinery — 4.0%** | **Machinery — 4.0%** | **Machinery — 4.0%** |
| Hillman Solutions Corp. \* | 4491 | 32063 |
| Lincoln Electric Holdings, Inc. | 167 | 34567 |
| RBC Bearings, Inc. \* | 138 | 53313 |
| Toro Co. (The) | 458 | 32357 |
|  |  | 152300 |
| **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** |
| DT Midstream, Inc. | 326 | 35788 |
| SM Energy Co. | 1542 | 38103 |
|  |  | 73891 |
| **Professional Services — 2.9%** | **Professional Services — 2.9%** | **Professional Services — 2.9%** |
| First Advantage Corp. \* | 1848 | 30689 |
| Paylocity Holding Corp. \* | 210 | 38043 |
| Verra Mobility Corp. \* | 1608 | 40834 |
|  |  | 109566 |
| **Real Estate Management & Development — 1.7%** | **Real Estate Management & Development — 1.7%** | **Real Estate Management & Development — 1.7%** |
| Cushman & Wakefield plc \* | 5778 | 63968 |
| **Retail REITs — 0.6%** | **Retail REITs — 0.6%** | **Retail REITs — 0.6%** |
| NNN REIT, Inc. | 556 | 24008 |
| **Semiconductors & Semiconductor Equipment — 3.7%** | **Semiconductors & Semiconductor Equipment — 3.7%** | **Semiconductors & Semiconductor Equipment — 3.7%** |
| Allegro MicroSystems, Inc. (Japan) \* | 1069 | 36547 |
| MACOM Technology Solutions Holdings, Inc. \* | 403 | 57724 |
| Power Integrations, Inc. | 849 | 47487 |
|  |  | 141758 |
| **Software — 3.7%** | **Software — 3.7%** | **Software — 3.7%** |
| CCC Intelligent Solutions Holdings, Inc. \* | 3103 | 29200 |
| Clearwater Analytics Holdings, Inc., Class A \* | 1478 | 32402 |
| nCino, Inc. \* (a) | 715 | 19996 |
| Qualys, Inc. \* | 181 | 25903 |
| SPS Commerce, Inc. \* | 263 | 35791 |
|  |  | 143292 |
| **Specialized REITs — 1.1%** | **Specialized REITs — 1.1%** | **Specialized REITs — 1.1%** |
| CubeSmart | 949 | 40326 |
| **Specialty Retail — 0.5%** | **Specialty Retail — 0.5%** | **Specialty Retail — 0.5%** |
| Five Below, Inc. \* | 141 | 18556 |
| **Trading Companies & Distributors — 2.8%** | **Trading Companies & Distributors — 2.8%** | **Trading Companies & Distributors — 2.8%** |
| Applied Industrial Technologies, Inc. | 174 | 40430 |
| Core & Main, Inc., Class A \* | 1105 | 66671 |
|  |  | 107101 |
| Total Common Stocks <br>(Cost $2,550,177)<br>|  | 3660873 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 7

------

JPMorgan Small Cap Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — 6.3%** | **Short-Term Investments — 6.3%** | **Short-Term Investments — 6.3%** |
| **Investment Companies — 4.7%** | **Investment Companies — 4.7%** | **Investment Companies — 4.7%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (b) (c) <br>(Cost $178,275)<br>| 178249 | 178285 |
| **Investment of Cash Collateral from Securities Loaned — 1.6%** | **Investment of Cash Collateral from Securities Loaned — 1.6%** | **Investment of Cash Collateral from Securities Loaned — 1.6%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (b) (c) <br>(Cost $62,215)<br>| 62215 | 62215 |
| Total Short-Term Investments <br>(Cost $240,490)<br>|  | 240500 |
| **Total Investments — 102.1%** <br>**(Cost $2,790,667)**<br>|  | **3901373** |
| **Liabilities in Excess of Other Assets — (2.1)%** |  | **(78584)**<br>|
| **NET ASSETS — 100.0%** |  | **3822789** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at June 30, 2025. The total value of securities on loan at June 30, 2025 is $60,311. 

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

(c) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 J.P. Morgan Small Cap Funds June 30, 2025

------

JPMorgan Small Cap Growth Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 98.0%** | **Common Stocks — 98.0%** | **Common Stocks — 98.0%** |
| **Aerospace & Defense — 3.8%** | **Aerospace & Defense — 3.8%** | **Aerospace & Defense — 3.8%** |
| AeroVironment, Inc. \* | 198 | 56246 |
| Hexcel Corp. | 284 | 16040 |
| Karman Holdings, Inc. \* (a) | 673 | 33906 |
| Rocket Lab Corp. \* (a) | 478 | 17104 |
|  |  | 123296 |
| **Automobile Components — 2.7%** | **Automobile Components — 2.7%** | **Automobile Components — 2.7%** |
| LCI Industries | 289 | 26392 |
| Modine Manufacturing Co. \* | 423 | 41655 |
| Visteon Corp. \* | 215 | 20049 |
|  |  | 88096 |
| **Banks — 1.6%** | **Banks — 1.6%** | **Banks — 1.6%** |
| Ameris Bancorp | 357 | 23085 |
| Pinnacle Financial Partners, Inc. | 268 | 29651 |
|  |  | 52736 |
| **Biotechnology — 12.7%** | **Biotechnology — 12.7%** | **Biotechnology — 12.7%** |
| Agios Pharmaceuticals, Inc. \* | 271 | 9029 |
| Alkermes plc \* | 890 | 25455 |
| Apogee Therapeutics, Inc. \* | 631 | 27386 |
| Arcellx, Inc. \* | 470 | 30971 |
| Biohaven Ltd. \* | 787 | 11111 |
| Caris Life Sciences, Inc. \* (a) | 533 | 14250 |
| Cytokinetics, Inc. \* | 478 | 15777 |
| Disc Medicine, Inc. \* | 472 | 24973 |
| Dyne Therapeutics, Inc. \* | 1446 | 13766 |
| Insmed, Inc. \* | 303 | 30527 |
| Newamsterdam Pharma Co. NV (Netherlands) \* | 836 | 15139 |
| Nuvalent, Inc., Class A \* | 204 | 15563 |
| REGENXBIO, Inc. \* | 1987 | 16314 |
| Relay Therapeutics, Inc. \* | 2205 | 7629 |
| Revolution Medicines, Inc. \* | 558 | 20537 |
| Rhythm Pharmaceuticals, Inc. \* | 383 | 24176 |
| Sionna Therapeutics, Inc. \* (a) | 1276 | 22131 |
| Twist Bioscience Corp. \* | 525 | 19311 |
| Ultragenyx Pharmaceutical, Inc. \* | 360 | 13085 |
| uniQure NV (Netherlands) \* | 892 | 12434 |
| Vaxcyte, Inc. \* | 445 | 14463 |
| Viking Therapeutics, Inc. \* (a) | 316 | 8373 |
| Xenon Pharmaceuticals, Inc. (Canada) \* | 543 | 17008 |
|  |  | 409408 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Broadline Retail — 1.0%** | **Broadline Retail — 1.0%** | **Broadline Retail — 1.0%** |
| Global-e Online Ltd. (Israel) \* | 377 | 12630 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 142 | 18728 |
|  |  | 31358 |
| **Building Products — 2.4%** | **Building Products — 2.4%** | **Building Products — 2.4%** |
| AAON, Inc. | 289 | 21302 |
| AZEK Co., Inc. (The) \* | 433 | 23526 |
| Simpson Manufacturing Co., Inc. | 218 | 33956 |
|  |  | 78784 |
| **Capital Markets — 2.8%** | **Capital Markets — 2.8%** | **Capital Markets — 2.8%** |
| Evercore, Inc., Class A | 89 | 23929 |
| Hamilton Lane, Inc., Class A | 80 | 11357 |
| Piper Sandler Cos. | 137 | 38139 |
| StoneX Group, Inc. \* | 188 | 17190 |
|  |  | 90615 |
| **Commercial Services & Supplies — 3.9%** | **Commercial Services & Supplies — 3.9%** | **Commercial Services & Supplies — 3.9%** |
| ACV Auctions, Inc., Class A \* | 1872 | 30367 |
| Casella Waste Systems, Inc., Class A \* | 489 | 56399 |
| MSA Safety, Inc. | 243 | 40779 |
|  |  | 127545 |
| **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** |
| Ciena Corp. \* | 306 | 24877 |
| **Construction & Engineering — 1.3%** | **Construction & Engineering — 1.3%** | **Construction & Engineering — 1.3%** |
| MasTec, Inc. \* | 71 | 12047 |
| Valmont Industries, Inc. | 89 | 29044 |
|  |  | 41091 |
| **Construction Materials — 0.9%** | **Construction Materials — 0.9%** | **Construction Materials — 0.9%** |
| Eagle Materials, Inc. | 147 | 29718 |
| **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** |
| Upstart Holdings, Inc. \* (a) | 194 | 12521 |
| **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** |
| Chefs' Warehouse, Inc. (The) \* | 685 | 43704 |
| **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** |
| Bright Horizons Family Solutions, Inc. \* | 222 | 27468 |
| **Electrical Equipment — 1.9%** | **Electrical Equipment — 1.9%** | **Electrical Equipment — 1.9%** |
| NEXTracker, Inc., Class A \* | 753 | 40976 |
| Vicor Corp. \* | 456 | 20677 |
|  |  | 61653 |
| **Electronic Equipment, Instruments & Components — 2.9%** | **Electronic Equipment, Instruments & Components — 2.9%** | **Electronic Equipment, Instruments & Components — 2.9%** |
| Fabrinet (Thailand) \* | 184 | 54165 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 9

------

JPMorgan Small Cap Growth Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** |
| Ingram Micro Holding Corp. (a) | 906 | 18885 |
| Littelfuse, Inc. | 92 | 20878 |
|  |  | 93928 |
| **Energy Equipment & Services — 1.8%** | **Energy Equipment & Services — 1.8%** | **Energy Equipment & Services — 1.8%** |
| Cactus, Inc., Class A | 589 | 25760 |
| TechnipFMC plc (United Kingdom) | 941 | 32388 |
|  |  | 58148 |
| **Financial Services — 1.4%** | **Financial Services — 1.4%** | **Financial Services — 1.4%** |
| PennyMac Financial Services, Inc. | 275 | 27457 |
| Remitly Global, Inc. \* | 937 | 17584 |
|  |  | 45041 |
| **Food Products — 1.1%** | **Food Products — 1.1%** | **Food Products — 1.1%** |
| Freshpet, Inc. \* | 225 | 15258 |
| Utz Brands, Inc. | 1539 | 19315 |
|  |  | 34573 |
| **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** |
| Saia, Inc. \* | 66 | 18159 |
| **Health Care Equipment & Supplies — 5.7%** | **Health Care Equipment & Supplies — 5.7%** | **Health Care Equipment & Supplies — 5.7%** |
| Establishment Labs Holdings, Inc. (Costa Rica) \* (a) | 209 | 8920 |
| Glaukos Corp. \* | 271 | 28034 |
| Integer Holdings Corp. \* | 155 | 19072 |
| iRhythm Technologies, Inc. \* | 222 | 34235 |
| Lantheus Holdings, Inc. \* | 334 | 27327 |
| Merit Medical Systems, Inc. \* | 285 | 26619 |
| PROCEPT BioRobotics Corp. \* | 297 | 17104 |
| TransMedics Group, Inc. \* (a) | 160 | 21367 |
|  |  | 182678 |
| **Health Care Providers & Services — 1.5%** | **Health Care Providers & Services — 1.5%** | **Health Care Providers & Services — 1.5%** |
| HealthEquity, Inc. \* | 148 | 15513 |
| Hims & Hers Health, Inc. \* (a) | 93 | 4638 |
| Hinge Health, Inc., Class A \* (a) | 398 | 20578 |
| PACS Group, Inc. \* | 646 | 8347 |
|  |  | 49076 |
| **Health Care Technology — 1.2%** | **Health Care Technology — 1.2%** | **Health Care Technology — 1.2%** |
| Evolent Health, Inc., Class A \* | 1511 | 17011 |
| Waystar Holding Corp. \* | 503 | 20572 |
|  |  | 37583 |
| **Hotels, Restaurants & Leisure — 5.5%** | **Hotels, Restaurants & Leisure — 5.5%** | **Hotels, Restaurants & Leisure — 5.5%** |
| Boyd Gaming Corp. | 481 | 37649 |
| First Watch Restaurant Group, Inc. \* | 1254 | 20111 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Life Time Group Holdings, Inc. \* | 1049 | 31806 |
| Planet Fitness, Inc., Class A \* | 280 | 30511 |
| Six Flags Entertainment Corp. \* (a) | 817 | 24865 |
| Sportradar Group AG, Class A (Switzerland) \* | 375 | 10531 |
| Wyndham Hotels & Resorts, Inc. | 292 | 23752 |
|  |  | 179225 |
| **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** |
| Terreno Realty Corp. | 405 | 22716 |
| **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| Oscar Health, Inc., Class A \* | 590 | 12643 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| DigitalOcean Holdings, Inc. \* | 589 | 16831 |
| **Machinery — 5.7%** | **Machinery — 5.7%** | **Machinery — 5.7%** |
| Chart Industries, Inc. \* | 210 | 34645 |
| Esab Corp. | 360 | 43372 |
| ITT, Inc. | 188 | 29476 |
| JBT Marel Corp. | 217 | 26137 |
| SPX Technologies, Inc. \* | 300 | 50277 |
|  |  | 183907 |
| **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** |
| Gulfport Energy Corp. \* | 85 | 17037 |
| Matador Resources Co. | 491 | 23424 |
|  |  | 40461 |
| **Professional Services — 4.0%** | **Professional Services — 4.0%** | **Professional Services — 4.0%** |
| CBIZ, Inc. \* | 494 | 35404 |
| ExlService Holdings, Inc. \* | 430 | 18810 |
| UL Solutions, Inc., Class A | 400 | 29170 |
| Verra Mobility Corp. \* | 1831 | 46493 |
|  |  | 129877 |
| **Semiconductors & Semiconductor Equipment — 5.1%** | **Semiconductors & Semiconductor Equipment — 5.1%** | **Semiconductors & Semiconductor Equipment — 5.1%** |
| Allegro MicroSystems, Inc. (Japan) \* | 1072 | 36643 |
| Credo Technology Group Holding Ltd. \* | 485 | 44882 |
| MACOM Technology Solutions Holdings, Inc. \* | 142 | 20354 |
| MKS, Inc. | 113 | 11284 |
| Onto Innovation, Inc. \* | 141 | 14187 |
| Rambus, Inc. \* | 577 | 36975 |
|  |  | 164325 |
| **Software — 12.3%** | **Software — 12.3%** | **Software — 12.3%** |
| Agilysys, Inc. \* | 161 | 18502 |
| Alkami Technology, Inc. \* | 637 | 19207 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 J.P. Morgan Small Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| BlackLine, Inc. \* | 725 | 41051 |
| Box, Inc., Class A \* | 818 | 27963 |
| Braze, Inc., Class A \* | 556 | 15630 |
| Clear Secure, Inc., Class A | 595 | 16524 |
| Clearwater Analytics Holdings, Inc., Class A \* | 1495 | 32781 |
| Confluent, Inc., Class A \* | 1120 | 27909 |
| D-Wave Quantum, Inc. (Canada) \* | 464 | 6787 |
| Freshworks, Inc., Class A \* | 2453 | 36577 |
| Gitlab, Inc., Class A \* | 312 | 14086 |
| Informatica, Inc., Class A \* | 601 | 14645 |
| JFrog Ltd. \* | 815 | 35759 |
| SentinelOne, Inc., Class A \* | 1138 | 20793 |
| Varonis Systems, Inc. \* | 509 | 25839 |
| Vertex, Inc., Class A \* | 885 | 31263 |
| Workiva, Inc. \* | 172 | 11746 |
|  |  | 397062 |
| **Specialty Retail — 2.5%** | **Specialty Retail — 2.5%** | **Specialty Retail — 2.5%** |
| Arhaus, Inc. \* | 1421 | 12321 |
| Floor & Decor Holdings, Inc., Class A \* | 203 | 15451 |
| Lithia Motors, Inc., Class A | 96 | 32376 |
| Warby Parker, Inc., Class A \* | 994 | 21798 |
|  |  | 81946 |
| **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** |
| IonQ, Inc. \* (a) | 457 | 19641 |
| **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** |
| Wolverine World Wide, Inc. | 1500 | 27112 |
| **Trading Companies & Distributors — 4.0%** | **Trading Companies & Distributors — 4.0%** | **Trading Companies & Distributors — 4.0%** |
| Air Lease Corp. | 337 | 19710 |
| Applied Industrial Technologies, Inc. | 134 | 31074 |
| FTAI Aviation Ltd. | 64 | 7363 |
| Rush Enterprises, Inc., Class A | 614 | 31608 |
| WESCO International, Inc. | 218 | 40448 |
|  |  | 130203 |
| Total Common Stocks <br>(Cost $2,637,152)<br>|  | 3168005 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — 5.8%** | **Short-Term Investments — 5.8%** | **Short-Term Investments — 5.8%** |
| **Investment Companies — 2.3%** | **Investment Companies — 2.3%** | **Investment Companies — 2.3%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (b) (c) <br>(Cost $76,108)<br>| 76096 | 76111 |
| **Investment of Cash Collateral from Securities Loaned — 3.5%** | **Investment of Cash Collateral from Securities Loaned — 3.5%** | **Investment of Cash Collateral from Securities Loaned — 3.5%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (b) (c) <br>(Cost $112,363)<br>| 112363 | 112363 |
| Total Short-Term Investments <br>(Cost $188,471)<br>|  | 188474 |
| **Total Investments — 103.8%** <br>**(Cost $2,825,623)**<br>|  | **3356479** |
| **Liabilities in Excess of Other Assets — (3.8)%** |  | **(123426)**<br>|
| **NET ASSETS — 100.0%** |  | **3233053** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at June 30, 2025. The total value of securities on loan at June 30, 2025 is $114,322. 

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

(c) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 11

------

JPMorgan Small Cap Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.1%** | **Common Stocks — 97.1%** | **Common Stocks — 97.1%** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| StandardAero, Inc. \* | 48 | 1527 |
| V2X, Inc. \* | 48 | 2302 |
|  |  | 3829 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| Radiant Logistics, Inc. \* | 183 | 1112 |
| **Automobile Components — 2.4%** | **Automobile Components — 2.4%** | **Automobile Components — 2.4%** |
| Adient plc \* | 293 | 5710 |
| Dana, Inc. | 311 | 5333 |
| Garrett Motion, Inc. (Switzerland) | 230 | 2413 |
| Goodyear Tire & Rubber Co. (The) \* | 532 | 5520 |
| Modine Manufacturing Co. \* | 53 | 5200 |
| Phinia, Inc. | 83 | 3705 |
|  |  | 27881 |
| **Banks — 19.1%** | **Banks — 19.1%** | **Banks — 19.1%** |
| 1st Source Corp. | 14 | 900 |
| Amalgamated Financial Corp. | 52 | 1611 |
| Amerant Bancorp, Inc. | 28 | 519 |
| Ameris Bancorp | 114 | 7397 |
| Associated Banc-Corp. | 25 | 620 |
| Atlantic Union Bankshares Corp. | 32 | 1008 |
| Axos Financial, Inc. \* | 56 | 4295 |
| Banc of California, Inc. | 333 | 4681 |
| Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 188 | 8323 |
| BankUnited, Inc. | 101 | 3589 |
| Banner Corp. | 16 | 1009 |
| BayCom Corp. | 10 | 265 |
| Bridgewater Bancshares, Inc. \* | 16 | 260 |
| Brookline Bancorp, Inc. | 136 | 1434 |
| Burke & Herbert Financial Services Corp. | 12 | 717 |
| Business First Bancshares, Inc. | 103 | 2534 |
| Byline Bancorp, Inc. | 144 | 3863 |
| Cadence Bank | 40 | 1274 |
| Capital City Bank Group, Inc. | 20 | 781 |
| Capitol Federal Financial, Inc. | 192 | 1169 |
| Central Pacific Financial Corp. | 59 | 1659 |
| ChoiceOne Financial Services, Inc. | 16 | 451 |
| CNB Financial Corp. | 45 | 1019 |
| Community Trust Bancorp, Inc. | 19 | 983 |
| ConnectOne Bancorp, Inc. | 235 | 5448 |
| Customers Bancorp, Inc. \* | 126 | 7430 |
| CVB Financial Corp. | 55 | 1092 |
| Dime Community Bancshares, Inc. | 32 | 872 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Eastern Bankshares, Inc. | 418 | 6384 |
| Enterprise Financial Services Corp. | 144 | 7931 |
| Equity Bancshares, Inc., Class A | 131 | 5338 |
| FB Financial Corp. | 20 | 906 |
| Financial Institutions, Inc. | 90 | 2320 |
| First BanCorp (Puerto Rico) | 220 | 4584 |
| First Busey Corp. | 24 | 556 |
| First Commonwealth Financial Corp. | 24 | 385 |
| First Financial Corp. | 45 | 2417 |
| First Interstate BancSystem, Inc., Class A | 26 | 756 |
| First Merchants Corp. | 126 | 4823 |
| First Mid Bancshares, Inc. | 87 | 3258 |
| Hancock Whitney Corp. | 79 | 4510 |
| Hanmi Financial Corp. | 98 | 2411 |
| HBT Financial, Inc. | 11 | 282 |
| Heritage Commerce Corp. | 469 | 4655 |
| Hilltop Holdings, Inc. | 143 | 4337 |
| Home BancShares, Inc. | 80 | 2291 |
| HomeTrust Bancshares, Inc. | 32 | 1209 |
| Independent Bank Corp. | 48 | 3002 |
| Mercantile Bank Corp. | 34 | 1559 |
| Metropolitan Bank Holding Corp. \* | 40 | 2797 |
| Mid Penn Bancorp, Inc. | 13 | 367 |
| Midland States Bancorp, Inc. | 22 | 374 |
| MidWestOne Financial Group, Inc. | 39 | 1131 |
| National Bank Holdings Corp., Class A | 20 | 739 |
| Nicolet Bankshares, Inc. (a) | 1 | 85 |
| Northrim BanCorp, Inc. | 11 | 1046 |
| OceanFirst Financial Corp. | 268 | 4715 |
| OFG Bancorp (Puerto Rico) | 120 | 5128 |
| Old National Bancorp | 507 | 10812 |
| Old Second Bancorp, Inc. | 290 | 5141 |
| Origin Bancorp, Inc. | 44 | 1579 |
| Orrstown Financial Services, Inc. | 16 | 514 |
| Pathward Financial, Inc. | 73 | 5789 |
| Peapack-Gladstone Financial Corp. | 44 | 1235 |
| Pinnacle Financial Partners, Inc. | 5 | 585 |
| QCR Holdings, Inc. | 101 | 6840 |
| Renasant Corp. | 122 | 4396 |
| Seacoast Banking Corp. of Florida | 120 | 3308 |
| Sierra Bancorp | 19 | 572 |
| SmartFinancial, Inc. | 16 | 541 |
| South Plains Financial, Inc. | 91 | 3290 |
| Southern Missouri Bancorp, Inc. | 15 | 830 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 J.P. Morgan Small Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Southside Bancshares, Inc. | 61 | 1789 |
| SouthState Corp. | 33 | 2995 |
| Texas Capital Bancshares, Inc. \* | 45 | 3537 |
| Towne Bank | 67 | 2287 |
| TriCo Bancshares | 43 | 1757 |
| Trustmark Corp. | 21 | 768 |
| UMB Financial Corp. | 52 | 5465 |
| United Bankshares, Inc. | 63 | 2291 |
| United Community Banks, Inc. | 17 | 496 |
| Unity Bancorp, Inc. | 4 | 203 |
| Univest Financial Corp. | 30 | 907 |
| Veritex Holdings, Inc. | 165 | 4308 |
| WesBanco, Inc. | 105 | 3314 |
| Wintrust Financial Corp. | 22 | 2764 |
| WSFS Financial Corp. | 40 | 2191 |
|  |  | 226003 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| MGP Ingredients, Inc. | 64 | 1930 |
| Primo Brands Corp. | 42 | 1238 |
|  |  | 3168 |
| **Biotechnology — 3.4%** | **Biotechnology — 3.4%** | **Biotechnology — 3.4%** |
| Akebia Therapeutics, Inc. \* | 607 | 2208 |
| Akero Therapeutics, Inc. \* | 31 | 1654 |
| Aurinia Pharmaceuticals, Inc. (Canada) \* | 159 | 1348 |
| Avidity Biosciences, Inc. \* | 25 | 699 |
| Beam Therapeutics, Inc. \* (a) | 153 | 2610 |
| Biohaven Ltd. \* | 4 | 55 |
| Celldex Therapeutics, Inc. \* | 58 | 1180 |
| Compass Therapeutics, Inc. \* (a) | 1312 | 3410 |
| Cytokinetics, Inc. \* | 50 | 1644 |
| Denali Therapeutics, Inc. \* | 39 | 549 |
| Dynavax Technologies Corp. \* | 284 | 2819 |
| Enanta Pharmaceuticals, Inc. \* | 76 | 575 |
| Erasca, Inc. \* | 809 | 1027 |
| Intellia Therapeutics, Inc. \* | 78 | 730 |
| iTeos Therapeutics, Inc. \* | 371 | 3699 |
| ORIC Pharmaceuticals, Inc. \* | 374 | 3797 |
| PTC Therapeutics, Inc. \* | 51 | 2503 |
| Relay Therapeutics, Inc. \* | 268 | 927 |
| Syndax Pharmaceuticals, Inc. \* | 124 | 1162 |
| Travere Therapeutics, Inc. \* | 167 | 2468 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| Viridian Therapeutics, Inc. \* | 147 | 2058 |
| Zymeworks, Inc. \* | 258 | 3243 |
|  |  | 40365 |
| **Building Products — 1.6%** | **Building Products — 1.6%** | **Building Products — 1.6%** |
| Apogee Enterprises, Inc. | 65 | 2653 |
| Gibraltar Industries, Inc. \* | 5 | 319 |
| Griffon Corp. | 84 | 6047 |
| Resideo Technologies, Inc. \* | 275 | 6060 |
| UFP Industries, Inc. | 40 | 4021 |
|  |  | 19100 |
| **Capital Markets — 0.9%** | **Capital Markets — 0.9%** | **Capital Markets — 0.9%** |
| BGC Group, Inc., Class A | 458 | 4691 |
| DigitalBridge Group, Inc. | 119 | 1229 |
| StoneX Group, Inc. \* | 26 | 2346 |
| Virtus Investment Partners, Inc. | 11 | 1945 |
|  |  | 10211 |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
| AdvanSix, Inc. | 8 | 190 |
| Avient Corp. | 66 | 2140 |
| Ecovyst, Inc. \* | 44 | 363 |
| HB Fuller Co. | 100 | 6020 |
| Innospec, Inc. | 35 | 2924 |
| Minerals Technologies, Inc. | 22 | 1199 |
| Perimeter Solutions, Inc. \* | 451 | 6277 |
| Tronox Holdings plc | 83 | 419 |
|  |  | 19532 |
| **Commercial Services & Supplies — 1.4%** | **Commercial Services & Supplies — 1.4%** | **Commercial Services & Supplies — 1.4%** |
| ABM Industries, Inc. | 173 | 8172 |
| ACCO Brands Corp. | 87 | 312 |
| Healthcare Services Group, Inc. \* | 189 | 2830 |
| MillerKnoll, Inc. | 138 | 2682 |
| Steelcase, Inc., Class A | 210 | 2192 |
|  |  | 16188 |
| **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** |
| Extreme Networks, Inc. \* | 219 | 3924 |
| NETGEAR, Inc. \* | 129 | 3748 |
|  |  | 7672 |
| **Construction & Engineering — 1.8%** | **Construction & Engineering — 1.8%** | **Construction & Engineering — 1.8%** |
| API Group Corp. \* | 41 | 2118 |
| Arcosa, Inc. | 47 | 4047 |
| Fluor Corp. \* | 82 | 4184 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 13

------

JPMorgan Small Cap Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Construction & Engineering — continued** | **Construction & Engineering — continued** | **Construction & Engineering — continued** |
| MYR Group, Inc. \* | 34 | 6255 |
| Tutor Perini Corp. \* | 93 | 4340 |
|  |  | 20944 |
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
| Atlanticus Holdings Corp. \* | 6 | 326 |
| Enova International, Inc. \* | 52 | 5848 |
| LendingClub Corp. \* | 98 | 1175 |
| Navient Corp. | 156 | 2206 |
| Nelnet, Inc., Class A | 18 | 2134 |
|  |  | 11689 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| Andersons, Inc. (The) | 26 | 971 |
| SpartanNash Co. | 30 | 795 |
|  |  | 1766 |
| **Containers & Packaging — 0.7%** | **Containers & Packaging — 0.7%** | **Containers & Packaging — 0.7%** |
| Greif, Inc., Class A | 69 | 4515 |
| O-I Glass, Inc. \* | 279 | 4110 |
|  |  | 8625 |
| **Distributors — 0.2%** | **Distributors — 0.2%** | **Distributors — 0.2%** |
| GigaCloud Technology, Inc., Class A (Hong Kong) \* (a) | 128 | 2526 |
| **Diversified Consumer Services — 1.1%** | **Diversified Consumer Services — 1.1%** | **Diversified Consumer Services — 1.1%** |
| Adtalem Global Education, Inc. \* | 15 | 1934 |
| KinderCare Learning Cos., Inc. \* | 286 | 2884 |
| Laureate Education, Inc., Class A \* | 145 | 3384 |
| Mister Car Wash, Inc. \* | 227 | 1366 |
| Perdoceo Education Corp. | 21 | 699 |
| Strategic Education, Inc. | 33 | 2840 |
|  |  | 13107 |
| **Diversified REITs — 1.7%** | **Diversified REITs — 1.7%** | **Diversified REITs — 1.7%** |
| Alexander & Baldwin, Inc. | 290 | 5173 |
| American Assets Trust, Inc. | 74 | 1453 |
| Armada Hoffler Properties, Inc. | 62 | 425 |
| Broadstone Net Lease, Inc. | 452 | 7258 |
| Essential Properties Realty Trust, Inc. | 182 | 5819 |
|  |  | 20128 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| Lumen Technologies, Inc. \* | 1309 | 5732 |
| **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** |
| Genie Energy Ltd., Class B | 50 | 1341 |
| IDACORP, Inc. | 48 | 5611 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Otter Tail Corp. | 14 | 1077 |
| Portland General Electric Co. | 177 | 7188 |
|  |  | 15217 |
| **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** |
| Atkore, Inc. | 71 | 5026 |
| EnerSys | 64 | 5464 |
| Sunrun, Inc. \* (a) | 82 | 669 |
| Thermon Group Holdings, Inc. \* | 51 | 1438 |
|  |  | 12597 |
| **Electronic Equipment, Instruments & Components — 3.7%** | **Electronic Equipment, Instruments & Components — 3.7%** | **Electronic Equipment, Instruments & Components — 3.7%** |
| Benchmark Electronics, Inc. | 69 | 2675 |
| CTS Corp. | 13 | 565 |
| Daktronics, Inc. \* | 144 | 2172 |
| Knowles Corp. \* | 372 | 6557 |
| Mirion Technologies, Inc. \* | 217 | 4677 |
| nLight, Inc. \* | 178 | 3512 |
| Plexus Corp. \* | 19 | 2506 |
| Sanmina Corp. \* | 103 | 10126 |
| TTM Technologies, Inc. \* | 162 | 6605 |
| Vishay Intertechnology, Inc. | 113 | 1797 |
| Vishay Precision Group, Inc. \* | 78 | 2186 |
|  |  | 43378 |
| **Energy Equipment & Services — 1.9%** | **Energy Equipment & Services — 1.9%** | **Energy Equipment & Services — 1.9%** |
| Bristow Group, Inc. \* | 75 | 2467 |
| DMC Global, Inc. \* | 56 | 451 |
| Expro Group Holdings NV \* | 84 | 722 |
| Forum Energy Technologies, Inc. \* | 57 | 1107 |
| Helix Energy Solutions Group, Inc. \* | 60 | 377 |
| Helmerich & Payne, Inc. | 66 | 1007 |
| Liberty Energy, Inc. | 388 | 4457 |
| Mammoth Energy Services, Inc. \* | 109 | 305 |
| Noble Corp. plc | 42 | 1124 |
| Oil States International, Inc. \* | 336 | 1803 |
| Patterson-UTI Energy, Inc. | 432 | 2559 |
| ProPetro Holding Corp. \* | 316 | 1884 |
| Ranger Energy Services, Inc., Class A | 143 | 1704 |
| Select Water Solutions, Inc. | 260 | 2242 |
|  |  | 22209 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 J.P. Morgan Small Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| AMC Entertainment Holdings, Inc., Class A \* (a) | 510 | 1581 |
| Cinemark Holdings, Inc. | 21 | 636 |
|  |  | 2217 |
| **Financial Services — 3.9%** | **Financial Services — 3.9%** | **Financial Services — 3.9%** |
| Banco Latinoamericano de Comercio Exterior SA, <br> Class E (Panama)<br>| 55 | 2221 |
| Burford Capital Ltd. | 227 | 3240 |
| Compass Diversified Holdings | 60 | 379 |
| Enact Holdings, Inc. | 90 | 3328 |
| Essent Group Ltd. | 131 | 7949 |
| HA Sustainable Infrastructure Capital, Inc. | 126 | 3394 |
| Jackson Financial, Inc., Class A | 91 | 8064 |
| Merchants Bancorp | 70 | 2318 |
| Mr. Cooper Group, Inc. \* | 21 | 3170 |
| NMI Holdings, Inc., Class A \* | 118 | 4986 |
| PennyMac Financial Services, Inc. | 36 | 3566 |
| Radian Group, Inc. | 96 | 3436 |
|  |  | 46051 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Cal-Maine Foods, Inc. | 12 | 1235 |
| Dole plc | 257 | 3599 |
| Fresh Del Monte Produce, Inc. | 55 | 1765 |
| TreeHouse Foods, Inc. \* | 49 | 951 |
| Utz Brands, Inc. | 85 | 1063 |
|  |  | 8613 |
| **Gas Utilities — 1.9%** | **Gas Utilities — 1.9%** | **Gas Utilities — 1.9%** |
| Chesapeake Utilities Corp. | 28 | 3333 |
| New Jersey Resources Corp. | 79 | 3551 |
| Southwest Gas Holdings, Inc. | 171 | 12718 |
| Spire, Inc. | 34 | 2504 |
|  |  | 22106 |
| **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
| ArcBest Corp. | 32 | 2493 |
| **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** |
| Alphatec Holdings, Inc. \* | 242 | 2682 |
| Embecta Corp. | 44 | 422 |
| ICU Medical, Inc. \* | 37 | 4941 |
| Integer Holdings Corp. \* | 13 | 1633 |
| Omnicell, Inc. \* | 83 | 2444 |
| OraSure Technologies, Inc. \* | 219 | 657 |
|  |  | 12779 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care Providers & Services — 1.2%** | **Health Care Providers & Services — 1.2%** | **Health Care Providers & Services — 1.2%** |
| Addus HomeCare Corp. \* | 21 | 2387 |
| Option Care Health, Inc. \* | 228 | 7416 |
| Pediatrix Medical Group, Inc. \* | 345 | 4947 |
|  |  | 14750 |
| **Health Care REITs — 0.9%** | **Health Care REITs — 0.9%** | **Health Care REITs — 0.9%** |
| American Healthcare REIT, Inc. | 25 | 938 |
| CareTrust REIT, Inc. | 206 | 6296 |
| Community Healthcare Trust, Inc. | 30 | 498 |
| Sabra Health Care REIT, Inc. | 189 | 3486 |
|  |  | 11218 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| Health Catalyst, Inc. \* | 165 | 621 |
| **Hotel & Resort REITs — 1.5%** | **Hotel & Resort REITs — 1.5%** | **Hotel & Resort REITs — 1.5%** |
| Chatham Lodging Trust | 409 | 2850 |
| DiamondRock Hospitality Co. | 546 | 4183 |
| RLJ Lodging Trust | 137 | 998 |
| Ryman Hospitality Properties, Inc. | 42 | 4164 |
| Xenia Hotels & Resorts, Inc. | 436 | 5473 |
|  |  | 17668 |
| **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** |
| Biglari Holdings, Inc., Class B \* | 8 | 2463 |
| BJ's Restaurants, Inc. \* | 32 | 1446 |
| International Game Technology plc | 258 | 4087 |
| Life Time Group Holdings, Inc. \* | 90 | 2717 |
| Marriott Vacations Worldwide Corp. | 32 | 2322 |
| Papa John's International, Inc. | 31 | 1497 |
| Portillo's, Inc., Class A \* (a) | 161 | 1877 |
| Six Flags Entertainment Corp. \* | 22 | 659 |
| United Parks & Resorts, Inc. \* (a) | 59 | 2792 |
|  |  | 19860 |
| **Household Durables — 2.1%** | **Household Durables — 2.1%** | **Household Durables — 2.1%** |
| Century Communities, Inc. | 30 | 1674 |
| Champion Homes, Inc. \* | 15 | 917 |
| Green Brick Partners, Inc. \* | 35 | 2232 |
| KB Home | 52 | 2772 |
| M/I Homes, Inc. \* | 36 | 4030 |
| Meritage Homes Corp. | 56 | 3753 |
| Taylor Morrison Home Corp. \* | 72 | 4443 |
| Tri Pointe Homes, Inc. \* | 165 | 5256 |
|  |  | 25077 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 15

------

JPMorgan Small Cap Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** |
| Central Garden & Pet Co., Class A \* | 95 | 2965 |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** |
| Clearway Energy, Inc. | 80 | 2414 |
| Clearway Energy, Inc., Class C | 17 | 549 |
|  |  | 2963 |
| **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** |
| LXP Industrial Trust | 569 | 4699 |
| Plymouth Industrial REIT, Inc. | 141 | 2266 |
|  |  | 6965 |
| **Insurance — 1.5%** | **Insurance — 1.5%** | **Insurance — 1.5%** |
| CNO Financial Group, Inc. | 172 | 6629 |
| Fidelis Insurance Holdings Ltd. (United Kingdom) | 148 | 2448 |
| Hamilton Insurance Group Ltd., Class B (Bermuda) \* | 117 | 2539 |
| Heritage Insurance Holdings, Inc. \* | 20 | 505 |
| Oscar Health, Inc., Class A \* | 51 | 1097 |
| RLI Corp. | 21 | 1486 |
| Safety Insurance Group, Inc. | 27 | 2121 |
| Selective Insurance Group, Inc. | 8 | 735 |
|  |  | 17560 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| Cars.com, Inc. \* | 74 | 874 |
| QuinStreet, Inc. \* | 20 | 333 |
| Shutterstock, Inc. (a) | 16 | 303 |
|  |  | 1510 |
| **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
| ASGN, Inc. \* | 82 | 4065 |
| BigBear.ai Holdings, Inc. \* (a) | 642 | 4360 |
| Unisys Corp. \* | 368 | 1667 |
|  |  | 10092 |
| **Leisure Products — 0.4%** | **Leisure Products — 0.4%** | **Leisure Products — 0.4%** |
| Funko, Inc., Class A \* | 254 | 1208 |
| Peloton Interactive, Inc., Class A \* | 552 | 3829 |
|  |  | 5037 |
| **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
| Adaptive Biotechnologies Corp. \* | 156 | 1821 |
| Cytek Biosciences, Inc. \* | 213 | 723 |
|  |  | 2544 |
| **Machinery — 1.4%** | **Machinery — 1.4%** | **Machinery — 1.4%** |
| Blue Bird Corp. \* | 41 | 1759 |
| Hillenbrand, Inc. | 73 | 1463 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| Hillman Solutions Corp. \* | 304 | 2169 |
| Kennametal, Inc. | 104 | 2396 |
| Mueller Industries, Inc. | 55 | 4344 |
| Terex Corp. | 58 | 2731 |
| Titan International, Inc. \* | 155 | 1595 |
|  |  | 16457 |
| **Marine Transportation — 0.8%** | **Marine Transportation — 0.8%** | **Marine Transportation — 0.8%** |
| Costamare Bulkers Holdings Ltd. (Monaco) \* | 18 | 155 |
| Costamare, Inc. (Monaco) | 333 | 3034 |
| Matson, Inc. | 55 | 6119 |
| Safe Bulkers, Inc. (Monaco) | 156 | 565 |
|  |  | 9873 |
| **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
| AMC Networks, Inc., Class A \* | 67 | 421 |
| Gray Media, Inc. | 128 | 577 |
| John Wiley & Sons, Inc., Class A | 78 | 3493 |
| Magnite, Inc. \* | 202 | 4858 |
| Scholastic Corp. | 87 | 1833 |
| Stagwell, Inc. \* | 338 | 1522 |
|  |  | 12704 |
| **Metals & Mining — 2.3%** | **Metals & Mining — 2.3%** | **Metals & Mining — 2.3%** |
| Coeur Mining, Inc. \* | 605 | 5359 |
| Commercial Metals Co. | 154 | 7517 |
| Constellium SE \* | 398 | 5291 |
| Hecla Mining Co. | 614 | 3678 |
| SSR Mining, Inc. (Canada) \* | 145 | 1848 |
| SunCoke Energy, Inc. | 82 | 708 |
| Warrior Met Coal, Inc. | 64 | 2940 |
|  |  | 27341 |
| **Mortgage Real Estate Investment Trusts (REITs) — 1.5%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.5%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.5%** |
| Brightspire Capital, Inc. | 611 | 3086 |
| KKR Real Estate Finance Trust, Inc. | 214 | 1873 |
| Ladder Capital Corp. | 781 | 8395 |
| MFA Financial, Inc. | 96 | 905 |
| New York Mortgage Trust, Inc. | 165 | 1105 |
| Redwood Trust, Inc. | 125 | 741 |
| TPG RE Finance Trust, Inc. | 204 | 1576 |
|  |  | 17681 |
| **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** |
| Avista Corp. | 17 | 653 |
| Black Hills Corp. | 57 | 3203 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan Small Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| Northwestern Energy Group, Inc. | 32 | 1617 |
| Unitil Corp. | 123 | 6432 |
|  |  | 11905 |
| **Office REITs — 1.6%** | **Office REITs — 1.6%** | **Office REITs — 1.6%** |
| City Office REIT, Inc. | 70 | 371 |
| COPT Defense Properties | 284 | 7845 |
| Empire State Realty Trust, Inc., Class A | 373 | 3021 |
| Paramount Group, Inc. \* | 168 | 1023 |
| Piedmont Realty Trust, Inc., Class A | 424 | 3094 |
| SL Green Realty Corp. | 66 | 4053 |
|  |  | 19407 |
| **Oil, Gas & Consumable Fuels — 4.4%** | **Oil, Gas & Consumable Fuels — 4.4%** | **Oil, Gas & Consumable Fuels — 4.4%** |
| Chord Energy Corp. | 17 | 1651 |
| CNX Resources Corp. \* | 33 | 1120 |
| Core Natural Resources, Inc. | 27 | 1916 |
| CVR Energy, Inc. | 70 | 1869 |
| Excelerate Energy, Inc., Class A | 79 | 2328 |
| Gulfport Energy Corp. \* | 24 | 4842 |
| International Seaways, Inc. | 47 | 1733 |
| Matador Resources Co. | 86 | 4110 |
| Murphy Oil Corp. | 156 | 3499 |
| Ovintiv, Inc. | 73 | 2789 |
| Par Pacific Holdings, Inc. \* | 57 | 1507 |
| PBF Energy, Inc., Class A | 29 | 625 |
| Peabody Energy Corp. | 316 | 4239 |
| Permian Resources Corp. | 265 | 3604 |
| Scorpio Tankers, Inc. (Monaco) | 19 | 747 |
| SM Energy Co. | 103 | 2544 |
| Teekay Corp. Ltd. (Bermuda) | 292 | 2405 |
| Teekay Tankers Ltd., Class A (Canada) | 155 | 6450 |
| Uranium Energy Corp. \* (a) | 209 | 1420 |
| World Kinect Corp. | 92 | 2616 |
|  |  | 52014 |
| **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** |
| SkyWest, Inc. \* | 51 | 5273 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| BellRing Brands, Inc. \* | 14 | 819 |
| Nature's Sunshine Products, Inc. \* | 77 | 1135 |
|  |  | 1954 |
| **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** |
| Alumis, Inc. \* (a) | 164 | 491 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| Amneal Pharmaceuticals, Inc. \* | 577 | 4667 |
| ANI Pharmaceuticals, Inc. \* | 50 | 3288 |
| Atea Pharmaceuticals, Inc. \* | 180 | 648 |
| Indivior plc (United Kingdom) \* | 199 | 2938 |
| Prestige Consumer Healthcare, Inc. \* | 43 | 3436 |
| WaVe Life Sciences Ltd. \* | 227 | 1476 |
|  |  | 16944 |
| **Professional Services — 0.6%** | **Professional Services — 0.6%** | **Professional Services — 0.6%** |
| Alight, Inc., Class A | 91 | 513 |
| Barrett Business Services, Inc. | 67 | 2790 |
| Heidrick & Struggles International, Inc. | 43 | 1967 |
| IBEX Holdings Ltd. \* | 40 | 1173 |
| Korn Ferry | 15 | 1094 |
|  |  | 7537 |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| Cushman & Wakefield plc \* | 163 | 1807 |
| Newmark Group, Inc., Class A | 177 | 2144 |
|  |  | 3951 |
| **Residential REITs — 0.5%** | **Residential REITs — 0.5%** | **Residential REITs — 0.5%** |
| Independence Realty Trust, Inc. | 233 | 4121 |
| UMH Properties, Inc. | 42 | 704 |
| Veris Residential, Inc. | 71 | 1058 |
|  |  | 5883 |
| **Retail REITs — 1.7%** | **Retail REITs — 1.7%** | **Retail REITs — 1.7%** |
| Agree Realty Corp. | 7 | 490 |
| Curbline Properties Corp. | 138 | 3145 |
| InvenTrust Properties Corp. | 117 | 3207 |
| Kite Realty Group Trust | 256 | 5813 |
| Macerich Co. (The) | 105 | 1704 |
| Phillips Edison & Co., Inc. | 174 | 6089 |
|  |  | 20448 |
| **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** |
| Ambarella, Inc. \* | 21 | 1365 |
| Ichor Holdings Ltd. \* | 202 | 3974 |
| Navitas Semiconductor Corp. \* (a) | 325 | 2132 |
| Rigetti Computing, Inc. \* (a) | 214 | 2535 |
| Synaptics, Inc. \* | 13 | 846 |
|  |  | 10852 |
| **Software — 2.9%** | **Software — 2.9%** | **Software — 2.9%** |
| Adeia, Inc. | 261 | 3685 |
| Aurora Innovation, Inc. \* (a) | 102 | 535 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 17

------

JPMorgan Small Cap Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| Cerence, Inc. \* | 63 | 645 |
| Consensus Cloud Solutions, Inc. \* | 55 | 1278 |
| Digital Turbine, Inc. \* | 183 | 1079 |
| D-Wave Quantum, Inc. (Canada) \* (a) | 130 | 1903 |
| Hut 8 Corp. (Canada) \* (a) | 219 | 4071 |
| LiveRamp Holdings, Inc. \* | 160 | 5298 |
| MARA Holdings, Inc. \* (a) | 191 | 2991 |
| ON24, Inc. \* | 253 | 1376 |
| OneSpan, Inc. | 152 | 2533 |
| Riot Platforms, Inc. \* (a) | 357 | 4036 |
| Verint Systems, Inc. \* | 90 | 1776 |
| Xperi, Inc. \* | 377 | 2978 |
|  |  | 34184 |
| **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** |
| Outfront Media, Inc. | 71 | 1166 |
| PotlatchDeltic Corp. | 239 | 9154 |
|  |  | 10320 |
| **Specialty Retail — 2.9%** | **Specialty Retail — 2.9%** | **Specialty Retail — 2.9%** |
| Academy Sports & Outdoors, Inc. | 27 | 1193 |
| Advance Auto Parts, Inc. | 48 | 2227 |
| American Eagle Outfitters, Inc. | 205 | 1975 |
| Arko Corp. | 274 | 1159 |
| Asbury Automotive Group, Inc. \* | 23 | 5390 |
| EVgo, Inc. \* (a) | 314 | 1145 |
| Group 1 Automotive, Inc. | 9 | 3820 |
| National Vision Holdings, Inc. \* | 128 | 2944 |
| RealReal, Inc. (The) \* | 351 | 1681 |
| Signet Jewelers Ltd. | 39 | 3124 |
| Sonic Automotive, Inc., Class A | 32 | 2602 |
| Urban Outfitters, Inc. \* | 63 | 4564 |
| Victoria's Secret & Co. \* (a) | 126 | 2341 |
|  |  | 34165 |
| **Technology Hardware, Storage & Peripherals — 0.0% ^** | **Technology Hardware, Storage & Peripherals — 0.0% ^** | **Technology Hardware, Storage & Peripherals — 0.0% ^** |
| Immersion Corp. (a) | 36 | 282 |
| **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** |
| Capri Holdings Ltd. \* | 334 | 5911 |
| G-III Apparel Group Ltd. \* | 115 | 2585 |
|  |  | 8496 |
| **Trading Companies & Distributors — 2.0%** | **Trading Companies & Distributors — 2.0%** | **Trading Companies & Distributors — 2.0%** |
| BlueLinx Holdings, Inc. \* | 13 | 973 |
| Boise Cascade Co. | 37 | 3187 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** |
| DNOW, Inc. \* | 314 | 4656 |
| GATX Corp. | 15 | 2247 |
| Hudson Technologies, Inc. \* | 70 | 571 |
| MRC Global, Inc. \* | 228 | 3129 |
| Rush Enterprises, Inc., Class A | 87 | 4473 |
| WESCO International, Inc. | 26 | 4838 |
|  |  | 24074 |
| **Water Utilities — 0.7%** | **Water Utilities — 0.7%** | **Water Utilities — 0.7%** |
| American States Water Co. | 23 | 1770 |
| Consolidated Water Co. Ltd., Class D | 237 | 7099 |
|  |  | 8869 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| Spok Holdings, Inc. | 52 | 929 |
| Telephone and Data Systems, Inc. | 42 | 1485 |
|  |  | 2414 |
| Total Common Stocks <br>(Cost $1,004,053)<br>|  | 1149096 |
| **Short-Term Investments — 7.3%** | **Short-Term Investments — 7.3%** | **Short-Term Investments — 7.3%** |
| **Investment Companies — 5.0%** | **Investment Companies — 5.0%** | **Investment Companies — 5.0%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (b) (c) <br>(Cost $58,556)<br>| 58546 | 58558 |
| **Investment of Cash Collateral from Securities Loaned — 2.3%** | **Investment of Cash Collateral from Securities Loaned — 2.3%** | **Investment of Cash Collateral from Securities Loaned — 2.3%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (b) (c) <br>(Cost $27,391)<br>| 27391 | 27391 |
| Total Short-Term Investments <br>(Cost $85,947)<br>|  | 85949 |
| **Total Investments — 104.4%** <br>**(Cost $1,090,000)**<br>|  | **1235045** |
| **Liabilities in Excess of Other Assets — (4.4)%** |  | **(51905)**<br>|
| **NET ASSETS — 100.0%** |  | **1183140** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 J.P. Morgan Small Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The security or a portion of this security is on loan at June 30, 2025. The total value of securities on loan at June 30, 2025 is $27,627.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the current yield as of June 30, 2025.

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 297 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 32535 | &nbsp;&nbsp;&nbsp;&nbsp; 872 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 19

------

JPMorgan SMID Cap Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.6%** | **Common Stocks — 97.6%** | **Common Stocks — 97.6%** |
| **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** |
| Karman Holdings, Inc. \* (a) | 26 | 1328 |
| Loar Holdings, Inc. \* | 12 | 1019 |
| Woodward, Inc. | 7 | 1726 |
|  |  | 4073 |
| **Automobile Components — 0.7%** | **Automobile Components — 0.7%** | **Automobile Components — 0.7%** |
| Gentex Corp. | 99 | 2189 |
| **Banks — 6.6%** | **Banks — 6.6%** | **Banks — 6.6%** |
| Commerce Bancshares, Inc. | 47 | 2900 |
| Cullen/Frost Bankers, Inc. | 26 | 3325 |
| First Horizon Corp. | 229 | 4866 |
| First Interstate BancSystem, Inc., Class A | 48 | 1385 |
| ServisFirst Bancshares, Inc. | 30 | 2327 |
| Wintrust Financial Corp. | 32 | 3936 |
| WSFS Financial Corp. | 59 | 3252 |
|  |  | 21991 |
| **Beverages — 1.1%** | **Beverages — 1.1%** | **Beverages — 1.1%** |
| Primo Brands Corp. | 129 | 3832 |
| **Building Products — 6.6%** | **Building Products — 6.6%** | **Building Products — 6.6%** |
| AAON, Inc. | 39 | 2851 |
| Fortune Brands Innovations, Inc. | 60 | 3084 |
| Hayward Holdings, Inc. \* | 432 | 5956 |
| Janus International Group, Inc. \* | 259 | 2108 |
| Lennox International, Inc. | 7 | 4219 |
| Simpson Manufacturing Co., Inc. | 25 | 3981 |
|  |  | 22199 |
| **Capital Markets — 8.4%** | **Capital Markets — 8.4%** | **Capital Markets — 8.4%** |
| Cboe Global Markets, Inc. | 11 | 2678 |
| Evercore, Inc., Class A | 15 | 4208 |
| FactSet Research Systems, Inc. | 8 | 3699 |
| LPL Financial Holdings, Inc. | 9 | 3265 |
| MarketAxess Holdings, Inc. | 17 | 3795 |
| Moelis & Co., Class A | 28 | 1719 |
| Morningstar, Inc. | 15 | 4728 |
| StepStone Group, Inc., Class A | 74 | 4096 |
|  |  | 28188 |
| **Chemicals — 2.2%** | **Chemicals — 2.2%** | **Chemicals — 2.2%** |
| Axalta Coating Systems Ltd. \* | 115 | 3427 |
| Perimeter Solutions, Inc. \* | 117 | 1625 |
| Quaker Chemical Corp. | 20 | 2183 |
|  |  | 7235 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Services & Supplies — 5.0%** | **Commercial Services & Supplies — 5.0%** | **Commercial Services & Supplies — 5.0%** |
| Driven Brands Holdings, Inc. \* | 150 | 2638 |
| MSA Safety, Inc. | 40 | 6791 |
| RB Global, Inc. (Canada) | 33 | 3458 |
| Waste Connections, Inc. | 20 | 3727 |
|  |  | 16614 |
| **Construction & Engineering — 1.7%** | **Construction & Engineering — 1.7%** | **Construction & Engineering — 1.7%** |
| WillScot Holdings Corp. | 207 | 5678 |
| **Construction Materials — 1.3%** | **Construction Materials — 1.3%** | **Construction Materials — 1.3%** |
| Eagle Materials, Inc. | 22 | 4450 |
| **Consumer Staples Distribution & Retail — 3.4%** | **Consumer Staples Distribution & Retail — 3.4%** | **Consumer Staples Distribution & Retail — 3.4%** |
| BJ's Wholesale Club Holdings, Inc. \* | 21 | 2281 |
| Casey's General Stores, Inc. | 4 | 2141 |
| Maplebear, Inc. \* | 24 | 1069 |
| Performance Food Group Co. \* | 66 | 5824 |
|  |  | 11315 |
| **Containers & Packaging — 0.8%** | **Containers & Packaging — 0.8%** | **Containers & Packaging — 0.8%** |
| AptarGroup, Inc. | 16 | 2521 |
| **Distributors — 1.7%** | **Distributors — 1.7%** | **Distributors — 1.7%** |
| LKQ Corp. | 75 | 2757 |
| Pool Corp. | 10 | 2980 |
|  |  | 5737 |
| **Diversified Consumer Services — 1.3%** | **Diversified Consumer Services — 1.3%** | **Diversified Consumer Services — 1.3%** |
| Bright Horizons Family Solutions, Inc. \* | 34 | 4172 |
| **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** |
| nVent Electric plc | 43 | 3151 |
| **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** |
| Novanta, Inc. \* | 20 | 2566 |
| **Energy Equipment & Services — 1.6%** | **Energy Equipment & Services — 1.6%** | **Energy Equipment & Services — 1.6%** |
| Cactus, Inc., Class A | 74 | 3241 |
| Flowco Holdings, Inc., Class A | 111 | 1976 |
|  |  | 5217 |
| **Financial Services — 0.9%** | **Financial Services — 0.9%** | **Financial Services — 0.9%** |
| Jack Henry & Associates, Inc. | 17 | 3011 |
| **Food Products — 0.9%** | **Food Products — 0.9%** | **Food Products — 0.9%** |
| Utz Brands, Inc. | 246 | 3089 |
| **Gas Utilities — 1.0%** | **Gas Utilities — 1.0%** | **Gas Utilities — 1.0%** |
| Atmos Energy Corp. | 23 | 3484 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 J.P. Morgan Small Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Ground Transportation — 1.9%** | **Ground Transportation — 1.9%** | **Ground Transportation — 1.9%** |
| Landstar System, Inc. | 23 | 3207 |
| Saia, Inc. \* | 12 | 3160 |
|  |  | 6367 |
| **Health Care Equipment & Supplies — 3.4%** | **Health Care Equipment & Supplies — 3.4%** | **Health Care Equipment & Supplies — 3.4%** |
| Envista Holdings Corp. \* | 229 | 4481 |
| ICU Medical, Inc. \* | 21 | 2840 |
| QuidelOrtho Corp. \* | 14 | 400 |
| STERIS plc | 16 | 3737 |
|  |  | 11458 |
| **Health Care Providers & Services — 4.5%** | **Health Care Providers & Services — 4.5%** | **Health Care Providers & Services — 4.5%** |
| Chemed Corp. | 6 | 3041 |
| Concentra Group Holdings Parent, Inc. | 116 | 2392 |
| Encompass Health Corp. | 31 | 3780 |
| HealthEquity, Inc. \* | 22 | 2343 |
| Molina Healthcare, Inc. \* | 12 | 3529 |
|  |  | 15085 |
| **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** |
| Doximity, Inc., Class A \* | 23 | 1443 |
| **Hotel & Resort REITs — 1.2%** | **Hotel & Resort REITs — 1.2%** | **Hotel & Resort REITs — 1.2%** |
| Ryman Hospitality Properties, Inc. | 40 | 3906 |
| **Hotels, Restaurants & Leisure — 4.5%** | **Hotels, Restaurants & Leisure — 4.5%** | **Hotels, Restaurants & Leisure — 4.5%** |
| Domino's Pizza, Inc. | 7 | 3182 |
| Planet Fitness, Inc., Class A \* | 40 | 4381 |
| Shake Shack, Inc., Class A \* | 13 | 1814 |
| Vail Resorts, Inc. | 13 | 2062 |
| Wyndham Hotels & Resorts, Inc. | 46 | 3702 |
|  |  | 15141 |
| **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** |
| EastGroup Properties, Inc. | 15 | 2456 |
| **Insurance — 2.6%** | **Insurance — 2.6%** | **Insurance — 2.6%** |
| Brown & Brown, Inc. | 24 | 2692 |
| Kinsale Capital Group, Inc. | 7 | 3301 |
| RLI Corp. | 39 | 2787 |
|  |  | 8780 |
| **Leisure Products — 0.8%** | **Leisure Products — 0.8%** | **Leisure Products — 0.8%** |
| Brunswick Corp. | 46 | 2553 |
| **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |
| Medpace Holdings, Inc. \* | 10 | 3092 |
| **Machinery — 5.8%** | **Machinery — 5.8%** | **Machinery — 5.8%** |
| Hillman Solutions Corp. \* | 347 | 2480 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| IDEX Corp. | 22 | 3966 |
| Lincoln Electric Holdings, Inc. | 20 | 4087 |
| Nordson Corp. | 15 | 3180 |
| RBC Bearings, Inc. \* | 9 | 3335 |
| Toro Co. (The) | 32 | 2244 |
|  |  | 19292 |
| **Metals & Mining — 1.2%** | **Metals & Mining — 1.2%** | **Metals & Mining — 1.2%** |
| Reliance, Inc. | 13 | 4121 |
| **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** |
| DT Midstream, Inc. | 27 | 2952 |
| SM Energy Co. | 139 | 3431 |
|  |  | 6383 |
| **Professional Services — 4.2%** | **Professional Services — 4.2%** | **Professional Services — 4.2%** |
| First Advantage Corp. \* | 89 | 1475 |
| Paylocity Holding Corp. \* | 22 | 3943 |
| SS&C Technologies Holdings, Inc. | 40 | 3369 |
| TransUnion | 59 | 5204 |
|  |  | 13991 |
| **Real Estate Management & Development — 1.7%** | **Real Estate Management & Development — 1.7%** | **Real Estate Management & Development — 1.7%** |
| Cushman & Wakefield plc \* | 499 | 5525 |
| **Residential REITs — 0.8%** | **Residential REITs — 0.8%** | **Residential REITs — 0.8%** |
| Mid-America Apartment Communities, Inc. | 18 | 2611 |
| **Retail REITs — 0.6%** | **Retail REITs — 0.6%** | **Retail REITs — 0.6%** |
| NNN REIT, Inc. | 49 | 2124 |
| **Semiconductors & Semiconductor Equipment — 4.0%** | **Semiconductors & Semiconductor Equipment — 4.0%** | **Semiconductors & Semiconductor Equipment — 4.0%** |
| Allegro MicroSystems, Inc. (Japan) \* | 79 | 2689 |
| Entegris, Inc. | 60 | 4876 |
| MACOM Technology Solutions Holdings, Inc. \* | 23 | 3284 |
| Power Integrations, Inc. | 43 | 2378 |
|  |  | 13227 |
| **Software — 4.3%** | **Software — 4.3%** | **Software — 4.3%** |
| Clearwater Analytics Holdings, Inc., Class A \* | 117 | 2569 |
| Guidewire Software, Inc. \* | 11 | 2447 |
| Manhattan Associates, Inc. \* | 14 | 2687 |
| nCino, Inc. \* (a) | 63 | 1771 |
| Qualys, Inc. \* | 17 | 2472 |
| Tyler Technologies, Inc. \* | 4 | 2382 |
|  |  | 14328 |
| **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** |
| CubeSmart | 71 | 3027 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 21

------

JPMorgan SMID Cap Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialty Retail — 1.5%** | **Specialty Retail — 1.5%** | **Specialty Retail — 1.5%** |
| Burlington Stores, Inc. \* | 15 | 3449 |
| Five Below, Inc. \* | 11 | 1492 |
|  |  | 4941 |
| **Trading Companies & Distributors — 1.7%** | **Trading Companies & Distributors — 1.7%** | **Trading Companies & Distributors — 1.7%** |
| Core & Main, Inc., Class A \* | 94 | 5649 |
| Total Common Stocks <br>(Cost $263,975)<br>|  | 326212 |
| **Short-Term Investments — 3.2%** | **Short-Term Investments — 3.2%** | **Short-Term Investments — 3.2%** |
| **Investment Companies — 2.4%** | **Investment Companies — 2.4%** | **Investment Companies — 2.4%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (b) (c) <br>(Cost $7,933)<br>| 7932 | 7933 |
| **Investment of Cash Collateral from Securities Loaned — 0.8%** | **Investment of Cash Collateral from Securities Loaned — 0.8%** | **Investment of Cash Collateral from Securities Loaned — 0.8%** |
| JPMorgan Securities Lending Money Market Fund Agency <br> SL Class Shares, 4.40% (b) (c) <br>(Cost $2,555)<br>| 2555 | 2555 |
| Total Short-Term Investments <br>(Cost $10,488)<br>|  | 10488 |
| **Total Investments — 100.8%** <br>**(Cost $274,463)**<br>|  | **336700** |
| **Liabilities in Excess of Other Assets — (0.8)%** |  | **(2543)**<br>|
| **NET ASSETS — 100.0%** |  | **334157** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at June 30, 2025. The total value of securities on loan at June 30, 2025 is $2,479. 

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

(c) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 J.P. Morgan Small Cap Funds June 30, 2025

------

JPMorgan U.S. Small Company Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.2%** | **Common Stocks — 97.2%** | **Common Stocks — 97.2%** |
| **Aerospace & Defense — 1.1%** | **Aerospace & Defense — 1.1%** | **Aerospace & Defense — 1.1%** |
| Archer Aviation, Inc., Class A \* | 99 | 1079 |
| Moog, Inc., Class A | 11 | 2009 |
| Park Aerospace Corp. | 19 | 288 |
| Rocket Lab Corp. \* | 67 | 2387 |
| StandardAero, Inc. \* | 34 | 1074 |
| V2X, Inc. \* | 61 | 2946 |
|  |  | 9783 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| Radiant Logistics, Inc. \* | 90 | 546 |
| **Automobile Components — 1.7%** | **Automobile Components — 1.7%** | **Automobile Components — 1.7%** |
| Adient plc \* | 112 | 2187 |
| Dana, Inc. | 173 | 2964 |
| Garrett Motion, Inc. (Switzerland) | 178 | 1866 |
| Goodyear Tire & Rubber Co. (The) \* | 213 | 2212 |
| Modine Manufacturing Co. \* | 51 | 4984 |
| Phinia, Inc. | 42 | 1861 |
|  |  | 16074 |
| **Banks — 10.2%** | **Banks — 10.2%** | **Banks — 10.2%** |
| Amalgamated Financial Corp. | 16 | 492 |
| Amerant Bancorp, Inc. | 8 | 144 |
| Ameris Bancorp | 57 | 3660 |
| Associated Banc-Corp. | 17 | 421 |
| Atlantic Union Bankshares Corp. | 11 | 342 |
| Axos Financial, Inc. \* | 30 | 2288 |
| Banc of California, Inc. | 123 | 1733 |
| Bancorp, Inc. (The) \* | 15 | 849 |
| Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 125 | 5530 |
| BankUnited, Inc. | 22 | 782 |
| BayCom Corp. | 4 | 97 |
| Bridgewater Bancshares, Inc. \* | 5 | 86 |
| Brookline Bancorp, Inc. | 29 | 308 |
| Burke & Herbert Financial Services Corp. | 4 | 257 |
| Business First Bancshares, Inc. | 43 | 1048 |
| Byline Bancorp, Inc. | 60 | 1604 |
| Cadence Bank | 20 | 626 |
| Capital City Bank Group, Inc. | 5 | 203 |
| Capitol Federal Financial, Inc. | 32 | 193 |
| Central Pacific Financial Corp. | 14 | 382 |
| ChoiceOne Financial Services, Inc. | 9 | 259 |
| CNB Financial Corp. | 27 | 610 |
| ConnectOne Bancorp, Inc. | 91 | 2109 |
| Customers Bancorp, Inc. \* | 66 | 3898 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Dime Community Bancshares, Inc. | 11 | 302 |
| Eastern Bankshares, Inc. | 186 | 2847 |
| Enterprise Financial Services Corp. | 53 | 2946 |
| Equity Bancshares, Inc., Class A | 58 | 2374 |
| FB Financial Corp. | 10 | 471 |
| Financial Institutions, Inc. | 60 | 1549 |
| First BanCorp (Puerto Rico) | 119 | 2474 |
| First Financial Corp. | 20 | 1089 |
| First Interstate BancSystem, Inc., Class A | 8 | 242 |
| First Merchants Corp. | 50 | 1930 |
| First Mid Bancshares, Inc. | 32 | 1213 |
| Hancock Whitney Corp. | 26 | 1475 |
| Hanmi Financial Corp. | 67 | 1644 |
| HBT Financial, Inc. | 4 | 99 |
| Heritage Commerce Corp. | 185 | 1835 |
| Hilltop Holdings, Inc. | 39 | 1169 |
| HomeTrust Bancshares, Inc. | 5 | 203 |
| Independent Bank Corp. | 13 | 795 |
| Mercantile Bank Corp. | 27 | 1246 |
| Metropolitan Bank Holding Corp. \* | 18 | 1253 |
| Mid Penn Bancorp, Inc. | 3 | 96 |
| MidWestOne Financial Group, Inc. | 21 | 596 |
| Northrim BanCorp, Inc. | 7 | 628 |
| OceanFirst Financial Corp. | 131 | 2314 |
| OFG Bancorp (Puerto Rico) | 47 | 1997 |
| Old National Bancorp | 172 | 3660 |
| Old Second Bancorp, Inc. | 103 | 1818 |
| Origin Bancorp, Inc. | 21 | 743 |
| Pathward Financial, Inc. | 60 | 4728 |
| Peapack-Gladstone Financial Corp. | 11 | 320 |
| Pinnacle Financial Partners, Inc. | 3 | 342 |
| QCR Holdings, Inc. | 35 | 2398 |
| Renasant Corp. | 38 | 1367 |
| Seacoast Banking Corp. of Florida | 43 | 1188 |
| SmartFinancial, Inc. | 6 | 197 |
| South Plains Financial, Inc. | 66 | 2382 |
| Southern Missouri Bancorp, Inc. | 7 | 388 |
| Southside Bancshares, Inc. | 19 | 567 |
| SouthState Corp. | 7 | 622 |
| Texas Capital Bancshares, Inc. \* | 15 | 1179 |
| Towne Bank | 34 | 1164 |
| TriCo Bancshares | 19 | 770 |
| Trustmark Corp. | 7 | 260 |
| UMB Financial Corp. | 19 | 1983 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 23

------

JPMorgan U.S. Small Company Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| United Bankshares, Inc. | 15 | 548 |
| United Community Banks, Inc. | 12 | 369 |
| Unity Bancorp, Inc. | 12 | 576 |
| Univest Financial Corp. | 24 | 734 |
| Veritex Holdings, Inc. | 70 | 1833 |
| WesBanco, Inc. | 24 | 761 |
| Wintrust Financial Corp. | 14 | 1715 |
| WSFS Financial Corp. | 9 | 493 |
|  |  | 93813 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Primo Brands Corp. | 28 | 841 |
| Vita Coco Co., Inc. (The) \* | 39 | 1410 |
|  |  | 2251 |
| **Biotechnology — 7.9%** | **Biotechnology — 7.9%** | **Biotechnology — 7.9%** |
| ACADIA Pharmaceuticals, Inc. \* | 79 | 1705 |
| Akero Therapeutics, Inc. \* | 77 | 4084 |
| Alkermes plc \* | 113 | 3234 |
| Amicus Therapeutics, Inc. \* | 242 | 1388 |
| Arcutis Biotherapeutics, Inc. \* | 177 | 2483 |
| Avidity Biosciences, Inc. \* | 82 | 2331 |
| BioCryst Pharmaceuticals, Inc. \* | 179 | 1603 |
| Bridgebio Pharma, Inc. \* | 14 | 614 |
| Catalyst Pharmaceuticals, Inc. \* | 95 | 2054 |
| Celldex Therapeutics, Inc. \* | 23 | 464 |
| Crinetics Pharmaceuticals, Inc. \* | 66 | 1896 |
| Dynavax Technologies Corp. \* | 128 | 1270 |
| Halozyme Therapeutics, Inc. \* | 92 | 4803 |
| Immunome, Inc. \* (a) | 216 | 2011 |
| Insmed, Inc. \* | 55 | 5502 |
| Janux Therapeutics, Inc. \* | 61 | 1409 |
| Kymera Therapeutics, Inc. \* | 65 | 2835 |
| Madrigal Pharmaceuticals, Inc. \* | 11 | 3465 |
| Mirum Pharmaceuticals, Inc. \* | 71 | 3621 |
| OmniAb Operations, Inc. ‡ \* | 7 |  |
| ORIC Pharmaceuticals, Inc. \* | 290 | 2940 |
| Protagonist Therapeutics, Inc. \* | 99 | 5476 |
| PTC Therapeutics, Inc. \* | 25 | 1211 |
| Revolution Medicines, Inc. \* | 89 | 3265 |
| Scholar Rock Holding Corp. \* | 79 | 2800 |
| Travere Therapeutics, Inc. \* | 92 | 1364 |
| Twist Bioscience Corp. \* | 7 | 259 |
| Tyra Biosciences, Inc. \* (a) | 27 | 255 |
| Vera Therapeutics, Inc. \* | 91 | 2133 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| Verve Therapeutics, Inc. \* | 339 | 3808 |
| Viking Therapeutics, Inc. \* (a) | 84 | 2228 |
|  |  | 72511 |
| **Building Products — 1.2%** | **Building Products — 1.2%** | **Building Products — 1.2%** |
| Apogee Enterprises, Inc. | 12 | 489 |
| Griffon Corp. | 66 | 4781 |
| Resideo Technologies, Inc. \* | 92 | 2023 |
| Simpson Manufacturing Co., Inc. | 4 | 522 |
| UFP Industries, Inc. | 32 | 3210 |
|  |  | 11025 |
| **Capital Markets — 1.8%** | **Capital Markets — 1.8%** | **Capital Markets — 1.8%** |
| Acadian Asset Management, Inc. | 24 | 829 |
| BGC Group, Inc., Class A | 309 | 3162 |
| Cohen & Steers, Inc. | 9 | 706 |
| DigitalBridge Group, Inc. | 62 | 641 |
| Donnelley Financial Solutions, Inc. \* | 37 | 2267 |
| Hamilton Lane, Inc., Class A | 3 | 443 |
| Piper Sandler Cos. | 6 | 1712 |
| StepStone Group, Inc., Class A | 6 | 348 |
| StoneX Group, Inc. \* | 39 | 3595 |
| Victory Capital Holdings, Inc., Class A | 17 | 1091 |
| Virtus Investment Partners, Inc. | 8 | 1387 |
|  |  | 16181 |
| **Chemicals — 2.0%** | **Chemicals — 2.0%** | **Chemicals — 2.0%** |
| Avient Corp. | 39 | 1256 |
| Balchem Corp. | 28 | 4428 |
| Cabot Corp. | 19 | 1448 |
| Ecovyst, Inc. \* | 17 | 139 |
| Hawkins, Inc. | 10 | 1382 |
| HB Fuller Co. | 51 | 3057 |
| Innospec, Inc. | 17 | 1466 |
| Orion SA (Germany) | 90 | 942 |
| Perimeter Solutions, Inc. \* | 292 | 4061 |
| Tronox Holdings plc | 43 | 221 |
|  |  | 18400 |
| **Commercial Services & Supplies — 1.8%** | **Commercial Services & Supplies — 1.8%** | **Commercial Services & Supplies — 1.8%** |
| ABM Industries, Inc. | 119 | 5629 |
| ACV Auctions, Inc., Class A \* | 183 | 2963 |
| Brink's Co. (The) | 20 | 1728 |
| GEO Group, Inc. (The) \* | 24 | 574 |
| MillerKnoll, Inc. | 79 | 1537 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 J.P. Morgan Small Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** |
| Steelcase, Inc., Class A | 139 | 1452 |
| Tetra Tech, Inc. | 80 | 2876 |
|  |  | 16759 |
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |
| ADTRAN Holdings, Inc. \* | 133 | 1194 |
| Clearfield, Inc. \* | 79 | 3413 |
| CommScope Holding Co., Inc. \* | 130 | 1075 |
| Extreme Networks, Inc. \* | 52 | 942 |
| NETGEAR, Inc. \* | 42 | 1231 |
|  |  | 7855 |
| **Construction & Engineering — 4.5%** | **Construction & Engineering — 4.5%** | **Construction & Engineering — 4.5%** |
| API Group Corp. \* | 123 | 6264 |
| Arcosa, Inc. | 37 | 3217 |
| Construction Partners, Inc., Class A \* | 6 | 618 |
| Dycom Industries, Inc. \* | 26 | 6426 |
| Fluor Corp. \* | 83 | 4257 |
| Granite Construction, Inc. | 12 | 1163 |
| IES Holdings, Inc. \* | 8 | 2324 |
| Matrix Service Co. \* | 59 | 792 |
| MYR Group, Inc. \* | 32 | 5893 |
| NWPX Infrastructure, Inc. \* | 9 | 354 |
| Orion Group Holdings, Inc. \* | 83 | 750 |
| Primoris Services Corp. | 33 | 2593 |
| Sterling Infrastructure, Inc. \* | 23 | 5216 |
| Tutor Perini Corp. \* | 33 | 1555 |
|  |  | 41422 |
| **Consumer Finance — 1.2%** | **Consumer Finance — 1.2%** | **Consumer Finance — 1.2%** |
| Atlanticus Holdings Corp. \* | 1 | 79 |
| Bread Financial Holdings, Inc. | 16 | 931 |
| Enova International, Inc. \* | 46 | 5173 |
| FirstCash Holdings, Inc. | 7 | 913 |
| LendingClub Corp. \* | 42 | 502 |
| Navient Corp. | 24 | 334 |
| Nelnet, Inc., Class A | 4 | 526 |
| Upstart Holdings, Inc. \* (a) | 38 | 2425 |
|  |  | 10883 |
| **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** |
| Andersons, Inc. (The) | 12 | 448 |
| Chefs' Warehouse, Inc. (The) \* | 29 | 1857 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** |
| SpartanNash Co. | 13 | 354 |
| Sprouts Farmers Market, Inc. \* | 12 | 1936 |
|  |  | 4595 |
| **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** |
| Greif, Inc., Class A | 31 | 2038 |
| O-I Glass, Inc. \* | 113 | 1659 |
|  |  | 3697 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| GigaCloud Technology, Inc., Class A (Hong Kong) \* (a) | 49 | 975 |
| **Diversified Consumer Services — 2.1%** | **Diversified Consumer Services — 2.1%** | **Diversified Consumer Services — 2.1%** |
| Adtalem Global Education, Inc. \* | 23 | 2934 |
| Coursera, Inc. \* | 267 | 2341 |
| KinderCare Learning Cos., Inc. \* | 203 | 2047 |
| Laureate Education, Inc., Class A \* | 119 | 2786 |
| Mister Car Wash, Inc. \* | 157 | 942 |
| OneSpaWorld Holdings Ltd. (Bahamas) | 104 | 2115 |
| Strategic Education, Inc. | 19 | 1614 |
| Stride, Inc. \* | 22 | 3255 |
| Udemy, Inc. \* | 189 | 1326 |
|  |  | 19360 |
| **Diversified REITs — 0.8%** | **Diversified REITs — 0.8%** | **Diversified REITs — 0.8%** |
| Alexander & Baldwin, Inc. | 147 | 2618 |
| Armada Hoffler Properties, Inc. | 14 | 94 |
| Broadstone Net Lease, Inc. | 122 | 1966 |
| Essential Properties Realty Trust, Inc. | 80 | 2565 |
|  |  | 7243 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| Globalstar, Inc. \* | 16 | 363 |
| Iridium Communications, Inc. | 12 | 371 |
| Lumen Technologies, Inc. \* | 630 | 2759 |
|  |  | 3493 |
| **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** |
| Genie Energy Ltd., Class B | 22 | 603 |
| IDACORP, Inc. | 28 | 3185 |
| Portland General Electric Co. | 49 | 1986 |
|  |  | 5774 |
| **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** |
| Atkore, Inc. | 32 | 2283 |
| Bloom Energy Corp., Class A \* | 27 | 644 |
| EnerSys | 49 | 4168 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 25

------

JPMorgan U.S. Small Company Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electrical Equipment — continued** | **Electrical Equipment — continued** | **Electrical Equipment — continued** |
| Fluence Energy, Inc. \* (a) | 43 | 292 |
| NEXTracker, Inc., Class A \* | 20 | 1080 |
| NuScale Power Corp. \* | 22 | 865 |
| Sunrun, Inc. \* (a) | 67 | 547 |
| Thermon Group Holdings, Inc. \* | 52 | 1456 |
|  |  | 11335 |
| **Electronic Equipment, Instruments & Components — 2.3%** | **Electronic Equipment, Instruments & Components — 2.3%** | **Electronic Equipment, Instruments & Components — 2.3%** |
| Arlo Technologies, Inc. \* | 273 | 4627 |
| Knowles Corp. \* | 109 | 1923 |
| Mirion Technologies, Inc. \* | 96 | 2074 |
| Plexus Corp. \* | 27 | 3586 |
| Sanmina Corp. \* | 79 | 7698 |
| ScanSource, Inc. \* | 29 | 1232 |
|  |  | 21140 |
| **Energy Equipment & Services — 1.6%** | **Energy Equipment & Services — 1.6%** | **Energy Equipment & Services — 1.6%** |
| Bristow Group, Inc. \* | 14 | 471 |
| Cactus, Inc., Class A | 7 | 291 |
| ChampionX Corp. (a) | 138 | 3425 |
| Expro Group Holdings NV \* | 10 | 85 |
| Forum Energy Technologies, Inc. \* | 16 | 322 |
| Liberty Energy, Inc. | 212 | 2438 |
| Noble Corp. plc | 34 | 902 |
| Oceaneering International, Inc. \* | 74 | 1524 |
| Oil States International, Inc. \* | 222 | 1192 |
| Patterson-UTI Energy, Inc. | 168 | 996 |
| ProPetro Holding Corp. \* | 74 | 441 |
| Ranger Energy Services, Inc., Class A | 82 | 983 |
| Select Water Solutions, Inc. | 118 | 1018 |
| Weatherford International plc | 16 | 795 |
|  |  | 14883 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| AMC Entertainment Holdings, Inc., Class A \* (a) | 256 | 795 |
| Cinemark Holdings, Inc. | 22 | 667 |
| IMAX Corp. \* | 15 | 423 |
| Lionsgate Studios Corp. \* | 69 | 400 |
| Starz Entertainment Corp. | 5 | 74 |
|  |  | 2359 |
| **Financial Services — 3.2%** | **Financial Services — 3.2%** | **Financial Services — 3.2%** |
| Banco Latinoamericano de Comercio Exterior SA, Class E <br> (Panama)<br>| 41 | 1639 |
| Burford Capital Ltd. | 214 | 3053 |
| Compass Diversified Holdings | 22 | 138 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| Enact Holdings, Inc. | 66 | 2464 |
| Essent Group Ltd. | 42 | 2561 |
| EVERTEC, Inc. (Puerto Rico) | 68 | 2444 |
| HA Sustainable Infrastructure Capital, Inc. | 79 | 2110 |
| Jackson Financial, Inc., Class A | 40 | 3530 |
| Merchants Bancorp | 42 | 1390 |
| Mr. Cooper Group, Inc. \* | 14 | 2138 |
| NMI Holdings, Inc., Class A \* | 61 | 2573 |
| PennyMac Financial Services, Inc. | 20 | 2024 |
| Radian Group, Inc. | 26 | 918 |
| Sezzle, Inc. \* (a) | 15 | 2712 |
|  |  | 29694 |
| **Food Products — 1.1%** | **Food Products — 1.1%** | **Food Products — 1.1%** |
| Cal-Maine Foods, Inc. | 21 | 2043 |
| Dole plc | 98 | 1378 |
| Fresh Del Monte Produce, Inc. | 25 | 824 |
| Marzetti Co. (The) | 7 | 1189 |
| Simply Good Foods Co. (The) \* | 67 | 2118 |
| SunOpta, Inc. (Canada) \* | 143 | 827 |
| Vital Farms, Inc. \* | 38 | 1451 |
|  |  | 9830 |
| **Gas Utilities — 1.1%** | **Gas Utilities — 1.1%** | **Gas Utilities — 1.1%** |
| Chesapeake Utilities Corp. | 18 | 2219 |
| New Jersey Resources Corp. | 25 | 1097 |
| ONE Gas, Inc. | 46 | 3276 |
| Southwest Gas Holdings, Inc. | 49 | 3667 |
|  |  | 10259 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| ArcBest Corp. | 14 | 1037 |
| Hertz Global Holdings, Inc. \* | 39 | 268 |
|  |  | 1305 |
| **Health Care Equipment & Supplies — 3.8%** | **Health Care Equipment & Supplies — 3.8%** | **Health Care Equipment & Supplies — 3.8%** |
| AtriCure, Inc. \* | 65 | 2129 |
| Axogen, Inc. \* | 83 | 897 |
| Ceribell, Inc. \* | 113 | 2124 |
| Glaukos Corp. \* | 30 | 3092 |
| Inogen, Inc. \* | 135 | 952 |
| Integra LifeSciences Holdings Corp. \* | 78 | 960 |
| iRhythm Technologies, Inc. \* | 57 | 8728 |
| Lantheus Holdings, Inc. \* | 25 | 2026 |
| OraSure Technologies, Inc. \* | 494 | 1482 |
| PROCEPT BioRobotics Corp. \* (a) | 52 | 2973 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 J.P. Morgan Small Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| Pulmonx Corp. \* | 194 | 503 |
| SI-BONE, Inc. \* | 42 | 791 |
| Sight Sciences, Inc. \* (a) | 16 | 68 |
| TransMedics Group, Inc. \* | 37 | 4906 |
| Treace Medical Concepts, Inc. \* | 559 | 3286 |
|  |  | 34917 |
| **Health Care Providers & Services — 2.8%** | **Health Care Providers & Services — 2.8%** | **Health Care Providers & Services — 2.8%** |
| Addus HomeCare Corp. \* | 5 | 531 |
| Brookdale Senior Living, Inc. \* | 215 | 1498 |
| Concentra Group Holdings Parent, Inc. | 72 | 1481 |
| CorVel Corp. \* | 12 | 1190 |
| Enhabit, Inc. \* | 198 | 1906 |
| Ensign Group, Inc. (The) | 25 | 3929 |
| Hims & Hers Health, Inc. \* (a) | 102 | 5092 |
| Hinge Health, Inc., Class A \* | 64 | 3298 |
| National HealthCare Corp. | 7 | 792 |
| NeoGenomics, Inc. \* | 41 | 299 |
| Option Care Health, Inc. \* | 83 | 2698 |
| Progyny, Inc. \* | 120 | 2652 |
| Surgery Partners, Inc. \* | 16 | 351 |
|  |  | 25717 |
| **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** |
| American Healthcare REIT, Inc. | 9 | 315 |
| CareTrust REIT, Inc. | 93 | 2845 |
| Community Healthcare Trust, Inc. | 14 | 238 |
| Sabra Health Care REIT, Inc. | 81 | 1488 |
|  |  | 4886 |
| **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** |
| Health Catalyst, Inc. \* | 240 | 904 |
| HealthStream, Inc. | 83 | 2302 |
|  |  | 3206 |
| **Hotel & Resort REITs — 1.1%** | **Hotel & Resort REITs — 1.1%** | **Hotel & Resort REITs — 1.1%** |
| Chatham Lodging Trust | 217 | 1511 |
| DiamondRock Hospitality Co. | 168 | 1288 |
| Ryman Hospitality Properties, Inc. | 49 | 4822 |
| Xenia Hotels & Resorts, Inc. | 178 | 2238 |
|  |  | 9859 |
| **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** |
| Accel Entertainment, Inc. \* | 82 | 962 |
| Biglari Holdings, Inc., Class B \* | 5 | 1540 |
| BJ's Restaurants, Inc. \* | 23 | 1033 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Brinker International, Inc. \* | 16 | 2863 |
| Hilton Grand Vacations, Inc. \* | 19 | 790 |
| International Game Technology plc | 85 | 1339 |
| Jack in the Box, Inc. (a) | 72 | 1257 |
| Kura Sushi USA, Inc., Class A \* (a) | 17 | 1494 |
| Life Time Group Holdings, Inc. \* | 87 | 2645 |
| Monarch Casino & Resort, Inc. | 25 | 2133 |
| Papa John's International, Inc. | 8 | 413 |
| Portillo's, Inc., Class A \* (a) | 104 | 1217 |
| Sabre Corp. \* | 242 | 763 |
| Shake Shack, Inc., Class A \* | 22 | 3025 |
| United Parks & Resorts, Inc. \* (a) | 41 | 1940 |
|  |  | 23414 |
| **Household Durables — 1.2%** | **Household Durables — 1.2%** | **Household Durables — 1.2%** |
| Cavco Industries, Inc. \* | 2 | 839 |
| Century Communities, Inc. | 12 | 691 |
| Champion Homes, Inc. \* | 9 | 573 |
| Green Brick Partners, Inc. \* | 19 | 1212 |
| KB Home | 22 | 1160 |
| M/I Homes, Inc. \* | 9 | 1034 |
| Meritage Homes Corp. | 20 | 1297 |
| Taylor Morrison Home Corp. \* | 23 | 1423 |
| Tri Pointe Homes, Inc. \* | 102 | 3239 |
|  |  | 11468 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Central Garden & Pet Co., Class A \* | 36 | 1140 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Clearway Energy, Inc. | 16 | 468 |
| Clearway Energy, Inc., Class C | 40 | 1287 |
|  |  | 1755 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| LXP Industrial Trust | 190 | 1569 |
| Plymouth Industrial REIT, Inc. | 63 | 1013 |
|  |  | 2582 |
| **Insurance — 1.3%** | **Insurance — 1.3%** | **Insurance — 1.3%** |
| CNO Financial Group, Inc. | 64 | 2469 |
| Fidelis Insurance Holdings Ltd. (United Kingdom) | 88 | 1462 |
| Hamilton Insurance Group Ltd., Class B (Bermuda) \* | 24 | 513 |
| Heritage Insurance Holdings, Inc. \* | 10 | 248 |
| Lemonade, Inc. \* | 17 | 763 |
| Oscar Health, Inc., Class A \* | 110 | 2359 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 27

------

JPMorgan U.S. Small Company Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Palomar Holdings, Inc. \* | 3 | 461 |
| RLI Corp. | 15 | 1058 |
| Safety Insurance Group, Inc. | 15 | 1215 |
| Selective Insurance Group, Inc. | 12 | 1071 |
| Skyward Specialty Insurance Group, Inc. \* | 7 | 396 |
|  |  | 12015 |
| **Interactive Media & Services — 0.7%** | **Interactive Media & Services — 0.7%** | **Interactive Media & Services — 0.7%** |
| Cargurus, Inc. \* | 73 | 2448 |
| QuinStreet, Inc. \* | 34 | 548 |
| Shutterstock, Inc. | 17 | 322 |
| Yelp, Inc. \* | 89 | 3033 |
|  |  | 6351 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| ASGN, Inc. \* | 41 | 2054 |
| BigBear.ai Holdings, Inc. \* (a) | 465 | 3160 |
| Unisys Corp. \* | 357 | 1614 |
|  |  | 6828 |
| **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |
| Funko, Inc., Class A \* | 194 | 926 |
| Peloton Interactive, Inc., Class A \* | 320 | 2218 |
|  |  | 3144 |
| **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
| Adaptive Biotechnologies Corp. \* | 283 | 3296 |
| CryoPort, Inc. \* | 86 | 642 |
| OmniAb, Inc. \* (a) | 53 | 93 |
| OmniAb, Inc. ‡ \* | 7 |  |
|  |  | 4031 |
| **Machinery — 1.8%** | **Machinery — 1.8%** | **Machinery — 1.8%** |
| Blue Bird Corp. \* | 29 | 1240 |
| Greenbrier Cos., Inc. (The) | 3 | 119 |
| Kennametal, Inc. | 48 | 1100 |
| Mueller Industries, Inc. | 62 | 4942 |
| Terex Corp. | 52 | 2442 |
| Titan International, Inc. \* | 106 | 1092 |
| Watts Water Technologies, Inc., Class A | 21 | 5188 |
|  |  | 16123 |
| **Marine Transportation — 0.4%** | **Marine Transportation — 0.4%** | **Marine Transportation — 0.4%** |
| Costamare, Inc. (Monaco) | 149 | 1358 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Marine Transportation — continued** | **Marine Transportation — continued** | **Marine Transportation — continued** |
| Matson, Inc. | 19 | 2082 |
| Safe Bulkers, Inc. (Monaco) | 76 | 275 |
|  |  | 3715 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| AMC Networks, Inc., Class A \* | 12 | 72 |
| Gray Media, Inc. | 41 | 188 |
| John Wiley & Sons, Inc., Class A | 36 | 1611 |
| Magnite, Inc. \* | 176 | 4234 |
| PubMatic, Inc., Class A \* | 142 | 1762 |
| Scholastic Corp. | 36 | 764 |
| Stagwell, Inc. \* | 202 | 908 |
| TechTarget, Inc. \* | 67 | 521 |
| Thryv Holdings, Inc. \* | 59 | 722 |
|  |  | 10782 |
| **Metals & Mining — 1.6%** | **Metals & Mining — 1.6%** | **Metals & Mining — 1.6%** |
| Alpha Metallurgical Resources, Inc. \* | 7 | 718 |
| Coeur Mining, Inc. \* | 313 | 2776 |
| Commercial Metals Co. | 75 | 3678 |
| Constellium SE \* | 282 | 3749 |
| Hecla Mining Co. | 208 | 1245 |
| Olympic Steel, Inc. | 8 | 269 |
| SSR Mining, Inc. (Canada) \* | 75 | 952 |
| Warrior Met Coal, Inc. | 25 | 1162 |
|  |  | 14549 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** |
| Brightspire Capital, Inc. | 178 | 900 |
| Ladder Capital Corp. | 350 | 3764 |
| MFA Financial, Inc. | 34 | 317 |
| New York Mortgage Trust, Inc. | 96 | 644 |
| Redwood Trust, Inc. | 43 | 254 |
| TPG RE Finance Trust, Inc. | 68 | 528 |
|  |  | 6407 |
| **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** |
| Avista Corp. | 7 | 278 |
| Black Hills Corp. | 10 | 552 |
| Unitil Corp. | 66 | 3437 |
|  |  | 4267 |
| **Office REITs — 0.8%** | **Office REITs — 0.8%** | **Office REITs — 0.8%** |
| City Office REIT, Inc. | 31 | 167 |
| COPT Defense Properties | 140 | 3858 |
| Empire State Realty Trust, Inc., Class A | 105 | 852 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28 J.P. Morgan Small Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Office REITs — continued** | **Office REITs — continued** | **Office REITs — continued** |
| Piedmont Realty Trust, Inc., Class A | 153 | 1111 |
| SL Green Realty Corp. | 23 | 1407 |
|  |  | 7395 |
| **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** |
| Chord Energy Corp. | 9 | 843 |
| CNX Resources Corp. \* | 27 | 924 |
| Core Natural Resources, Inc. | 7 | 462 |
| CVR Energy, Inc. | 23 | 629 |
| Delek US Holdings, Inc. | 18 | 386 |
| Excelerate Energy, Inc., Class A | 42 | 1216 |
| Gulfport Energy Corp. \* | 12 | 2512 |
| International Seaways, Inc. | 14 | 515 |
| Matador Resources Co. | 43 | 2040 |
| Murphy Oil Corp. | 62 | 1391 |
| Ovintiv, Inc. | 42 | 1608 |
| Par Pacific Holdings, Inc. \* | 17 | 442 |
| Peabody Energy Corp. | 129 | 1725 |
| Permian Resources Corp. | 152 | 2074 |
| Scorpio Tankers, Inc. (Monaco) | 3 | 110 |
| SM Energy Co. | 45 | 1122 |
| Teekay Corp. Ltd. (Bermuda) | 255 | 2105 |
| Teekay Tankers Ltd., Class A (Canada) | 59 | 2440 |
| Uranium Energy Corp. \* (a) | 261 | 1775 |
| World Kinect Corp. | 59 | 1685 |
|  |  | 26004 |
| **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** |
| Joby Aviation, Inc. \* (a) | 132 | 1389 |
| SkyWest, Inc. \* | 16 | 1704 |
|  |  | 3093 |
| **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** |
| BellRing Brands, Inc. \* | 7 | 421 |
| Nature's Sunshine Products, Inc. \* | 33 | 485 |
| Oddity Tech Ltd., Class A (Israel) \* (a) | 27 | 2055 |
|  |  | 2961 |
| **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
| ANI Pharmaceuticals, Inc. \* | 20 | 1332 |
| Atea Pharmaceuticals, Inc. \* | 104 | 374 |
| Corcept Therapeutics, Inc. \* | 36 | 2649 |
| Evolus, Inc. \* | 256 | 2357 |
| WaVe Life Sciences Ltd. \* | 58 | 377 |
|  |  | 7089 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Professional Services — 2.0%** | **Professional Services — 2.0%** | **Professional Services — 2.0%** |
| Barrett Business Services, Inc. | 48 | 2010 |
| BlackSky Technology, Inc. \* | 74 | 1527 |
| CBIZ, Inc. \* | 26 | 1901 |
| ExlService Holdings, Inc. \* | 31 | 1377 |
| Heidrick & Struggles International, Inc. | 34 | 1550 |
| IBEX Holdings Ltd. \* | 69 | 1994 |
| Insperity, Inc. | 24 | 1430 |
| KBR, Inc. | 33 | 1582 |
| Legalzoom.com, Inc. \* | 97 | 862 |
| Planet Labs PBC \* | 62 | 376 |
| Upwork, Inc. \* | 36 | 480 |
| WNS Holdings Ltd. (United Kingdom) \* | 45 | 2878 |
|  |  | 17967 |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| Cushman & Wakefield plc \* | 34 | 373 |
| Newmark Group, Inc., Class A | 121 | 1469 |
| Real Brokerage, Inc. (The) (Canada) \* | 212 | 956 |
|  |  | 2798 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| Independence Realty Trust, Inc. | 84 | 1487 |
| UMH Properties, Inc. | 17 | 288 |
| Veris Residential, Inc. | 21 | 308 |
|  |  | 2083 |
| **Retail REITs — 0.8%** | **Retail REITs — 0.8%** | **Retail REITs — 0.8%** |
| Curbline Properties Corp. | 48 | 1105 |
| InvenTrust Properties Corp. | 55 | 1512 |
| Kite Realty Group Trust | 67 | 1505 |
| Phillips Edison & Co., Inc. | 98 | 3443 |
|  |  | 7565 |
| **Semiconductors & Semiconductor Equipment — 3.0%** | **Semiconductors & Semiconductor Equipment — 3.0%** | **Semiconductors & Semiconductor Equipment — 3.0%** |
| Alpha & Omega Semiconductor Ltd. \* | 16 | 410 |
| Ambarella, Inc. \* | 15 | 990 |
| Axcelis Technologies, Inc. \* | 5 | 355 |
| Credo Technology Group Holding Ltd. \* | 84 | 7811 |
| FormFactor, Inc. \* | 59 | 2042 |
| MaxLinear, Inc. \* | 25 | 357 |
| Navitas Semiconductor Corp. \* (a) | 246 | 1611 |
| NVE Corp. | 20 | 1478 |
| Onto Innovation, Inc. \* | 11 | 1083 |
| Penguin Solutions, Inc. \* | 63 | 1245 |
| Rambus, Inc. \* | 106 | 6764 |
| Rigetti Computing, Inc. \* (a) | 155 | 1837 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 29

------

JPMorgan U.S. Small Company Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| Semtech Corp. \* | 22 | 981 |
| Ultra Clean Holdings, Inc. \* | 15 | 346 |
|  |  | 27310 |
| **Software — 6.3%** | **Software — 6.3%** | **Software — 6.3%** |
| A10 Networks, Inc. | 22 | 424 |
| Agilysys, Inc. \* | 14 | 1575 |
| Appian Corp., Class A \* | 39 | 1169 |
| Asana, Inc., Class A \* | 88 | 1182 |
| Aurora Innovation, Inc. \* (a) | 62 | 324 |
| BlackLine, Inc. \* | 27 | 1524 |
| Box, Inc., Class A \* | 106 | 3630 |
| Braze, Inc., Class A \* | 29 | 823 |
| Cipher Mining, Inc. \* (a) | 790 | 3774 |
| Cleanspark, Inc. \* (a) | 25 | 271 |
| Clearwater Analytics Holdings, Inc., Class A \* | 135 | 2967 |
| Commvault Systems, Inc. \* | 13 | 2319 |
| Consensus Cloud Solutions, Inc. \* | 77 | 1766 |
| Core Scientific, Inc. \* (a) | 241 | 4120 |
| Digital Turbine, Inc. \* | 132 | 782 |
| D-Wave Quantum, Inc. (Canada) \* (a) | 98 | 1434 |
| Freshworks, Inc., Class A \* | 181 | 2704 |
| Hut 8 Corp. (Canada) \* (a) | 23 | 438 |
| InterDigital, Inc. (a) | 21 | 4641 |
| LiveRamp Holdings, Inc. \* | 52 | 1712 |
| MARA Holdings, Inc. \* (a) | 191 | 2997 |
| ON24, Inc. \* | 366 | 1986 |
| Onestream, Inc. \* | 11 | 318 |
| Ooma, Inc. \* | 122 | 1569 |
| Pagaya Technologies Ltd., Class A \* | 85 | 1816 |
| Porch Group, Inc. \* | 73 | 864 |
| Qualys, Inc. \* | 17 | 2400 |
| Riot Platforms, Inc. \* (a) | 106 | 1195 |
| Sapiens International Corp. NV (Israel) | 42 | 1216 |
| SPS Commerce, Inc. \* | 5 | 741 |
| Tenable Holdings, Inc. \* | 59 | 1992 |
| Xperi, Inc. \* | 282 | 2233 |
| Zeta Global Holdings Corp., Class A \* | 65 | 1003 |
|  |  | 57909 |
| **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| PotlatchDeltic Corp. | 121 | 4635 |
| **Specialty Retail — 2.0%** | **Specialty Retail — 2.0%** | **Specialty Retail — 2.0%** |
| Abercrombie & Fitch Co., Class A \* | 28 | 2361 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| Advance Auto Parts, Inc. | 15 | 689 |
| American Eagle Outfitters, Inc. | 121 | 1161 |
| Arko Corp. (a) | 87 | 368 |
| Asbury Automotive Group, Inc. \* | 10 | 2269 |
| Boot Barn Holdings, Inc. \* | 14 | 2140 |
| EVgo, Inc. \* (a) | 233 | 850 |
| Group 1 Automotive, Inc. | 2 | 1064 |
| RealReal, Inc. (The) \* | 190 | 910 |
| Sonic Automotive, Inc., Class A | 18 | 1442 |
| Urban Outfitters, Inc. \* | 60 | 4374 |
| Victoria's Secret & Co. \* | 40 | 745 |
|  |  | 18373 |
| **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** |
| IonQ, Inc. \* (a) | 153 | 6566 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| Capri Holdings Ltd. \* | 134 | 2377 |
| G-III Apparel Group Ltd. \* | 28 | 617 |
| Wolverine World Wide, Inc. | 112 | 2031 |
|  |  | 5025 |
| **Trading Companies & Distributors — 2.3%** | **Trading Companies & Distributors — 2.3%** | **Trading Companies & Distributors — 2.3%** |
| Applied Industrial Technologies, Inc. | 19 | 4416 |
| BlueLinx Holdings, Inc. \* | 7 | 485 |
| Boise Cascade Co. | 18 | 1592 |
| DNOW, Inc. \* | 177 | 2629 |
| DXP Enterprises, Inc. \* | 6 | 540 |
| GATX Corp. | 7 | 1007 |
| Herc Holdings, Inc. | 21 | 2724 |
| Hudson Technologies, Inc. \* | 9 | 76 |
| McGrath RentCorp | 7 | 825 |
| MRC Global, Inc. \* | 114 | 1568 |
| Rush Enterprises, Inc., Class A | 67 | 3445 |
| WESCO International, Inc. | 12 | 2180 |
|  |  | 21487 |
| **Water Utilities — 0.4%** | **Water Utilities — 0.4%** | **Water Utilities — 0.4%** |
| American States Water Co. | 9 | 718 |
| Consolidated Water Co. Ltd., Class D | 97 | 2907 |
|  |  | 3625 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| Gogo, Inc. \* | 28 | 411 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30 J.P. Morgan Small Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Wireless Telecommunication Services — continued** | **Wireless Telecommunication Services — continued** | **Wireless Telecommunication Services — continued** |
| Spok Holdings, Inc. | 35 | 617 |
| Telephone and Data Systems, Inc. | 35 | 1249 |
|  |  | 2277 |
| Total Common Stocks <br>(Cost $759,094)<br>|  | 894763 |
| **Short-Term Investments — 11.0%** | **Short-Term Investments — 11.0%** | **Short-Term Investments — 11.0%** |
| **Investment Companies — 6.1%** | **Investment Companies — 6.1%** | **Investment Companies — 6.1%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (b) (c) <br>(Cost $56,036)<br>| 56026 | 56037 |
| **Investment of Cash Collateral from Securities Loaned — 4.9%** | **Investment of Cash Collateral from Securities Loaned — 4.9%** | **Investment of Cash Collateral from Securities Loaned — 4.9%** |
| JPMorgan Securities Lending Money Market Fund Agency <br> SL Class Shares, 4.40% (b) (c) <br>(Cost $44,768)<br>| 44768 | 44768 |
| Total Short-Term Investments <br>(Cost $100,804)<br>|  | 100805 |
| **Total Investments — 108.2%** <br>**(Cost $859,898)**<br>|  | **995568** |
| **Liabilities in Excess of Other Assets — (8.2)%** |  | **(75454)**<br>|
| **NET ASSETS — 100.0%** |  | **920114** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ‡ | Value determined using significant unobservable inputs. |
| \* | Non-income producing security.  |
| (a) | The security or a portion of this security is on loan at June 30, <br> 2025. The total value of securities on loan at June 30, 2025 is <br> $42,179.<br>|
| (b) | Investment in an affiliated fund, which is registered under the <br> Investment Company Act of 1940, as amended, and is advised by <br> J.P. Morgan Investment Management Inc.<br>|
| (c) | The rate shown is the current yield as of June 30, 2025. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 31

------

JPMorgan U.S. Small Company Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 25086 | &nbsp;&nbsp;&nbsp;&nbsp; 829 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32 J.P. Morgan Small Cap Funds June 30, 2025

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Small Cap** <br>**Blend Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Small Cap** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Small Cap** <br>**Growth Fund**  |
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $1446915 | &nbsp;&nbsp;&nbsp; $3660873 | &nbsp;&nbsp;&nbsp; $3168005 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 33561 | &nbsp;&nbsp;&nbsp; 178285 | &nbsp;&nbsp;&nbsp; 76111 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C.)  | &nbsp;&nbsp;&nbsp; 29338 | &nbsp;&nbsp;&nbsp; 62215 | &nbsp;&nbsp;&nbsp; 112363 |
| Cash | &nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp; 147 |
| Receivables: |  |  |  |
| Due from custodian | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 719 |
| Investment securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8764 | &nbsp;&nbsp;&nbsp; — |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 1117 | &nbsp;&nbsp;&nbsp; 1871 | &nbsp;&nbsp;&nbsp; 2450 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp; 2661 | &nbsp;&nbsp;&nbsp; 699 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 9 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp; — |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 116 |
| Total Assets | &nbsp;&nbsp;&nbsp; 1512337 | &nbsp;&nbsp;&nbsp; 3915553 | &nbsp;&nbsp;&nbsp; 3360619 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp; 2298 | &nbsp;&nbsp;&nbsp; 1780 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 29338 | &nbsp;&nbsp;&nbsp; 62215 | &nbsp;&nbsp;&nbsp; 112363 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 933 | &nbsp;&nbsp;&nbsp; 25213 | &nbsp;&nbsp;&nbsp; 10978 |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 747 | &nbsp;&nbsp;&nbsp; 2026 | &nbsp;&nbsp;&nbsp; 1656 |
| Administration fees | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; 178 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 77 |
| Service fees | &nbsp;&nbsp;&nbsp; 157 | &nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp; 245 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 26 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp; 263 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 31725 | &nbsp;&nbsp;&nbsp; 92764 | &nbsp;&nbsp;&nbsp; 127566 |
| Net Assets | &nbsp;&nbsp;&nbsp; $1480612 | &nbsp;&nbsp;&nbsp; $3822789 | &nbsp;&nbsp;&nbsp; $3233053 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 33

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025 (continued)

(Amounts in thousands, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Small Cap**<br> **Blend Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Small Cap**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Small Cap**<br>**Growth Fund**  |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $1258207 | &nbsp;&nbsp;&nbsp; $2401665 | &nbsp;&nbsp;&nbsp; $2794501 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 222405 | &nbsp;&nbsp;&nbsp; 1421124 | &nbsp;&nbsp;&nbsp; 438552 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $1480612 | &nbsp;&nbsp;&nbsp; $3822789 | &nbsp;&nbsp;&nbsp; $3233053 |
| Net Assets: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $424482 | &nbsp;&nbsp;&nbsp; $380269 | &nbsp;&nbsp;&nbsp; $298280 |
| Class C | &nbsp;&nbsp;&nbsp; 18580 | &nbsp;&nbsp;&nbsp; 8066 | &nbsp;&nbsp;&nbsp; 19143 |
| Class I | &nbsp;&nbsp;&nbsp; 366096 | &nbsp;&nbsp;&nbsp; 1413214 | &nbsp;&nbsp;&nbsp; 772497 |
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 424989 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3542 | &nbsp;&nbsp;&nbsp; 11144 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2167 | &nbsp;&nbsp;&nbsp; 3737 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 584 | &nbsp;&nbsp;&nbsp; 1209 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 420950 | &nbsp;&nbsp;&nbsp; 9548 |
| Class R6 | &nbsp;&nbsp;&nbsp; 671454 | &nbsp;&nbsp;&nbsp; 1593997 | &nbsp;&nbsp;&nbsp; 1692506 |
| Total | &nbsp;&nbsp;&nbsp; $1480612 | &nbsp;&nbsp;&nbsp; $3822789 | &nbsp;&nbsp;&nbsp; $3233053 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 16494 | &nbsp;&nbsp;&nbsp; 9403 | &nbsp;&nbsp;&nbsp; 17307 |
| Class C | &nbsp;&nbsp;&nbsp; 1253 | &nbsp;&nbsp;&nbsp; 411 | &nbsp;&nbsp;&nbsp; 1951 |
| Class I | &nbsp;&nbsp;&nbsp; 11425 | &nbsp;&nbsp;&nbsp; 26634 | &nbsp;&nbsp;&nbsp; 38117 |
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19925 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 692 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 217 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 69 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7893 | &nbsp;&nbsp;&nbsp; 447 |
| Class R6 | &nbsp;&nbsp;&nbsp; 20848 | &nbsp;&nbsp;&nbsp; 29897 | &nbsp;&nbsp;&nbsp; 77840 |
| Net Asset Value (a): |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $25.74 | &nbsp;&nbsp;&nbsp; $40.44 | &nbsp;&nbsp;&nbsp; $17.23 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;14.83 | &nbsp;&nbsp;&nbsp;&nbsp;19.60 | &nbsp;&nbsp;&nbsp;&nbsp;9.81 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;32.04 | &nbsp;&nbsp;&nbsp;&nbsp;53.06 | &nbsp;&nbsp;&nbsp;&nbsp;20.27 |
| Class L — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;21.33 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;38.50 | &nbsp;&nbsp;&nbsp;&nbsp;16.09 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;39.78 | &nbsp;&nbsp;&nbsp;&nbsp;17.19 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;52.86 | &nbsp;&nbsp;&nbsp;&nbsp;17.56 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;53.34 | &nbsp;&nbsp;&nbsp;&nbsp;21.35 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;32.21 | &nbsp;&nbsp;&nbsp;&nbsp;53.32 | &nbsp;&nbsp;&nbsp;&nbsp;21.74 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $27.17 | &nbsp;&nbsp;&nbsp; $42.68 | &nbsp;&nbsp;&nbsp; $18.18 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $1227820 | &nbsp;&nbsp;&nbsp; $2550177 | &nbsp;&nbsp;&nbsp; $2637152 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 33559 | &nbsp;&nbsp;&nbsp; 178275 | &nbsp;&nbsp;&nbsp; 76108 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 29596 | &nbsp;&nbsp;&nbsp; 60311 | &nbsp;&nbsp;&nbsp; 114322 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 29338 | &nbsp;&nbsp;&nbsp; 62215 | &nbsp;&nbsp;&nbsp; 112363 |

---

------

(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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34 J.P. Morgan Small Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Small Cap** <br>**Value Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SMID Cap** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Small** <br>**Company Fund**  |
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $1149096 | &nbsp;&nbsp;&nbsp; $326212 | &nbsp;&nbsp;&nbsp; $894763 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 58558 | &nbsp;&nbsp;&nbsp; 7933 | &nbsp;&nbsp;&nbsp; 56037 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C.)  | &nbsp;&nbsp;&nbsp; 27391 | &nbsp;&nbsp;&nbsp; 2555 | &nbsp;&nbsp;&nbsp; 44768 |
| Cash | &nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 110 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 5304 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5110 |
| Receivables: |  |  |  |
| Due from custodian | &nbsp;&nbsp;&nbsp; 2284 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 662 |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 13311 | &nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp; 5323 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 1661 | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 774 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 1945 | &nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp; 799 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 7 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 4 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 22 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 99 |
| Total Assets | &nbsp;&nbsp;&nbsp; 1259770 | &nbsp;&nbsp;&nbsp; 337598 | &nbsp;&nbsp;&nbsp; 1008478 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 43101 | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 40525 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 27391 | &nbsp;&nbsp;&nbsp; 2555 | &nbsp;&nbsp;&nbsp; 44768 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 5269 | &nbsp;&nbsp;&nbsp; 549 | &nbsp;&nbsp;&nbsp; 2357 |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 441 |
| Administration fees | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 55 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 49 |
| Service fees | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 75 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 17 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 77 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 76630 | &nbsp;&nbsp;&nbsp; 3441 | &nbsp;&nbsp;&nbsp; 88364 |
| Net Assets | &nbsp;&nbsp;&nbsp; $1183140 | &nbsp;&nbsp;&nbsp; $334157 | &nbsp;&nbsp;&nbsp; $920114 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 35

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025 (continued)

(Amounts in thousands, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Small Cap**<br> **Value Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SMID Cap**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Small**<br>**Company Fund**  |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $986331 | &nbsp;&nbsp;&nbsp; $261978 | &nbsp;&nbsp;&nbsp; $790005 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 196809 | &nbsp;&nbsp;&nbsp; 72179 | &nbsp;&nbsp;&nbsp; 130109 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $1183140 | &nbsp;&nbsp;&nbsp; $334157 | &nbsp;&nbsp;&nbsp; $920114 |
| Net Assets: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $115496 | &nbsp;&nbsp;&nbsp; $120929 | &nbsp;&nbsp;&nbsp; $110598 |
| Class C | &nbsp;&nbsp;&nbsp; 1819 | &nbsp;&nbsp;&nbsp; 6654 | &nbsp;&nbsp;&nbsp; 3134 |
| Class I | &nbsp;&nbsp;&nbsp; 169097 | &nbsp;&nbsp;&nbsp; 83774 | &nbsp;&nbsp;&nbsp; 138452 |
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 222094 |
| Class R2 | &nbsp;&nbsp;&nbsp; 21921 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 41978 |
| Class R3 | &nbsp;&nbsp;&nbsp; 13626 | &nbsp;&nbsp;&nbsp; 966 | &nbsp;&nbsp;&nbsp; 39960 |
| Class R4 | &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; 6088 |
| Class R5 | &nbsp;&nbsp;&nbsp; 18385 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27889 |
| Class R6 | &nbsp;&nbsp;&nbsp; 842663 | &nbsp;&nbsp;&nbsp; 121594 | &nbsp;&nbsp;&nbsp; 329921 |
| Total | &nbsp;&nbsp;&nbsp; $1183140 | &nbsp;&nbsp;&nbsp; $334157 | &nbsp;&nbsp;&nbsp; $920114 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 4847 | &nbsp;&nbsp;&nbsp; 7474 | &nbsp;&nbsp;&nbsp; 6607 |
| Class C | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; 619 | &nbsp;&nbsp;&nbsp; 210 |
| Class I | &nbsp;&nbsp;&nbsp; 6382 | &nbsp;&nbsp;&nbsp; 4630 | &nbsp;&nbsp;&nbsp; 7906 |
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12689 |
| Class R2 | &nbsp;&nbsp;&nbsp; 941 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2627 |
| Class R3 | &nbsp;&nbsp;&nbsp; 573 | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 2417 |
| Class R4 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 351 |
| Class R5 | &nbsp;&nbsp;&nbsp; 692 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1602 |
| Class R6 | &nbsp;&nbsp;&nbsp; 31670 | &nbsp;&nbsp;&nbsp; 6688 | &nbsp;&nbsp;&nbsp; 18833 |
| Net Asset Value (a): |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $23.82 | &nbsp;&nbsp;&nbsp; $16.18 | &nbsp;&nbsp;&nbsp; $16.74 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;16.29 | &nbsp;&nbsp;&nbsp;&nbsp;10.76 | &nbsp;&nbsp;&nbsp;&nbsp;14.91 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;26.50 | &nbsp;&nbsp;&nbsp;&nbsp;18.10 | &nbsp;&nbsp;&nbsp;&nbsp;17.51 |
| Class L — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;17.50 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;23.30 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;15.97 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;23.76 | &nbsp;&nbsp;&nbsp;&nbsp;16.16 | &nbsp;&nbsp;&nbsp;&nbsp;16.54 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;26.55 | &nbsp;&nbsp;&nbsp;&nbsp;18.00 | &nbsp;&nbsp;&nbsp;&nbsp;17.34 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;26.55 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;17.41 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;26.61 | &nbsp;&nbsp;&nbsp;&nbsp;18.18 | &nbsp;&nbsp;&nbsp;&nbsp;17.52 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $25.14 | &nbsp;&nbsp;&nbsp; $17.08 | &nbsp;&nbsp;&nbsp; $17.67 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $1004053 | &nbsp;&nbsp;&nbsp; $263975 | &nbsp;&nbsp;&nbsp; $759094 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 58556 | &nbsp;&nbsp;&nbsp; 7933 | &nbsp;&nbsp;&nbsp; 56036 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 27627 | &nbsp;&nbsp;&nbsp; 2479 | &nbsp;&nbsp;&nbsp; 42179 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 27391 | &nbsp;&nbsp;&nbsp; 2555 | &nbsp;&nbsp;&nbsp; 44768 |

---

------

(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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36 J.P. Morgan Small Cap Funds June 30, 2025

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Small Cap** <br>**Blend Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Small Cap** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Small Cap** <br>**Growth Fund**  |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp;&nbsp; $—<br> (a)<br>|
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 18274 | &nbsp;&nbsp;&nbsp; 49083 | &nbsp;&nbsp;&nbsp; 13314 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 1716 | &nbsp;&nbsp;&nbsp; 6317 | &nbsp;&nbsp;&nbsp; 2353 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 488 |
| Total investment income | &nbsp;&nbsp;&nbsp; 20104 | &nbsp;&nbsp;&nbsp; 55467 | &nbsp;&nbsp;&nbsp; 16155 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 9946 | &nbsp;&nbsp;&nbsp; 27815 | &nbsp;&nbsp;&nbsp; 22588 |
| Administration fees | &nbsp;&nbsp;&nbsp; 1149 | &nbsp;&nbsp;&nbsp; 3214 | &nbsp;&nbsp;&nbsp; 2610 |
| Distribution fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1053 | &nbsp;&nbsp;&nbsp; 1053 | &nbsp;&nbsp;&nbsp; 806 |
| Class C | &nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 182 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 61 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 10 |
| Service fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1053 | &nbsp;&nbsp;&nbsp; 1053 | &nbsp;&nbsp;&nbsp; 806 |
| Class C | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 61 |
| Class I | &nbsp;&nbsp;&nbsp; 1052 | &nbsp;&nbsp;&nbsp; 4145 | &nbsp;&nbsp;&nbsp; 1838 |
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 474 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 30 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 10 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 6 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp; 11 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 123 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Professional fees | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 68 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 35 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp; 276 | &nbsp;&nbsp;&nbsp; 391 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 29 |
| Transfer agency fees (See Note 2.G.) | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp; 134 |
| Other | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 48 |
| Total expenses | &nbsp;&nbsp;&nbsp; 14987 | &nbsp;&nbsp;&nbsp; 38892 | &nbsp;&nbsp;&nbsp; 30321 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (360)<br>| &nbsp;&nbsp;&nbsp; (516)<br>| &nbsp;&nbsp;&nbsp; (298)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (63)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 14626 | &nbsp;&nbsp;&nbsp; 38376 | &nbsp;&nbsp;&nbsp; 29960 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 5478 | &nbsp;&nbsp;&nbsp; 17091 | &nbsp;&nbsp;&nbsp; (13805)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 37

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025 (continued)

(Amounts in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Small Cap**<br> **Blend Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Small Cap**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Small Cap**<br>**Growth Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $74496 | &nbsp;&nbsp;&nbsp; $470897 | &nbsp;&nbsp;&nbsp; $307706 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; (3)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 74496 | &nbsp;&nbsp;&nbsp; 470888 | &nbsp;&nbsp;&nbsp; 307703 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (39247)<br>| &nbsp;&nbsp;&nbsp; (217136)<br>| &nbsp;&nbsp;&nbsp; (187984)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 7 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (39244)<br>| &nbsp;&nbsp;&nbsp; (217112)<br>| &nbsp;&nbsp;&nbsp; (187977)<br>|
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 35252 | &nbsp;&nbsp;&nbsp; 253776 | &nbsp;&nbsp;&nbsp; 119726 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $40730 | &nbsp;&nbsp;&nbsp; $270867 | &nbsp;&nbsp;&nbsp; $105921 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38 J.P. Morgan Small Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Small Cap** <br>**Value Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SMID Cap** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Small** <br>**Company Fund**  |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $104 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $70 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 21420 | &nbsp;&nbsp;&nbsp; 4426 | &nbsp;&nbsp;&nbsp; 10900 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 1422 | &nbsp;&nbsp;&nbsp; 444 | &nbsp;&nbsp;&nbsp; 1035 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 276 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 413 |
| Total investment income | &nbsp;&nbsp;&nbsp; 23222 | &nbsp;&nbsp;&nbsp; 4876 | &nbsp;&nbsp;&nbsp; 12418 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 8149 | &nbsp;&nbsp;&nbsp; 2207 | &nbsp;&nbsp;&nbsp; 5837 |
| Administration fees | &nbsp;&nbsp;&nbsp; 942 | &nbsp;&nbsp;&nbsp; 301 | &nbsp;&nbsp;&nbsp; 731 |
| Distribution fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 317 | &nbsp;&nbsp;&nbsp; 326 | &nbsp;&nbsp;&nbsp; 289 |
| Class C | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 33 |
| Class R2 | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 215 |
| Class R3 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 98 |
| Service fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 317 | &nbsp;&nbsp;&nbsp; 326 | &nbsp;&nbsp;&nbsp; 289 |
| Class C | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 11 |
| Class I | &nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp; 403 |
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 232 |
| Class R2 | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 107 |
| Class R3 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 98 |
| Class R4 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 16 |
| Class R5 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 81 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Professional fees | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 58 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 28 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 66 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; 116 |
| Transfer agency fees (See Note 2.G.) | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 55 |
| Other | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 26 |
| Total expenses | &nbsp;&nbsp;&nbsp; 11002 | &nbsp;&nbsp;&nbsp; 3785 | &nbsp;&nbsp;&nbsp; 8819 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (536)<br>| &nbsp;&nbsp;&nbsp; (456)<br>| &nbsp;&nbsp;&nbsp; (111)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 10462 | &nbsp;&nbsp;&nbsp; 3326 | &nbsp;&nbsp;&nbsp; 8708 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 12760 | &nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp; 3710 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 39

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025 (continued)

(Amounts in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Small Cap**<br> **Value Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SMID Cap**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Small**<br>**Company Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $84619 | &nbsp;&nbsp;&nbsp; $19114 | &nbsp;&nbsp;&nbsp; $40423 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 7 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 1974 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2340 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 86595 | &nbsp;&nbsp;&nbsp; 19117 | &nbsp;&nbsp;&nbsp; 42770 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (40075)<br>| &nbsp;&nbsp;&nbsp; 5306 | &nbsp;&nbsp;&nbsp; (20471)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; 2 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 462 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 723 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (39611)<br>| &nbsp;&nbsp;&nbsp; 5305 | &nbsp;&nbsp;&nbsp; (19746)<br>|
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 46984 | &nbsp;&nbsp;&nbsp; 24422 | &nbsp;&nbsp;&nbsp; 23024 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $59744 | &nbsp;&nbsp;&nbsp; $25972 | &nbsp;&nbsp;&nbsp; $26734 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40 J.P. Morgan Small Cap Funds June 30, 2025

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small** <br>**Cap Blend Fund**  | **JPMorgan Small** <br>**Cap Blend Fund**  | **JPMorgan Small Cap Equity Fund**  | **JPMorgan Small Cap Equity Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $5478 | &nbsp;&nbsp;&nbsp; $5707 | &nbsp;&nbsp;&nbsp; $17091 | &nbsp;&nbsp;&nbsp; $26448 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 74496 | &nbsp;&nbsp;&nbsp; 27285 | &nbsp;&nbsp;&nbsp; 470888 | &nbsp;&nbsp;&nbsp; 314694 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (39244)<br>| &nbsp;&nbsp;&nbsp; 101655 | &nbsp;&nbsp;&nbsp; (217112)<br>| &nbsp;&nbsp;&nbsp; (5628)<br>|
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 40730 | &nbsp;&nbsp;&nbsp; 134647 | &nbsp;&nbsp;&nbsp; 270867 | &nbsp;&nbsp;&nbsp; 335514 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (3985)<br>| &nbsp;&nbsp;&nbsp; (994)<br>| &nbsp;&nbsp;&nbsp; (49415)<br>| &nbsp;&nbsp;&nbsp; (21095)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (272)<br>| &nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp; (2862)<br>| &nbsp;&nbsp;&nbsp; (2718)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (3971)<br>| &nbsp;&nbsp;&nbsp; (1515)<br>| &nbsp;&nbsp;&nbsp; (155155)<br>| &nbsp;&nbsp;&nbsp; (83034)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (471)<br>| &nbsp;&nbsp;&nbsp; (297)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1393)<br>| &nbsp;&nbsp;&nbsp; (773)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (53)<br>| &nbsp;&nbsp;&nbsp; (20)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (54466)<br>| &nbsp;&nbsp;&nbsp; (27134)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (7625)<br>| &nbsp;&nbsp;&nbsp; (3477)<br>| &nbsp;&nbsp;&nbsp; (146927)<br>| &nbsp;&nbsp;&nbsp; (85075)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (15853)<br>| &nbsp;&nbsp;&nbsp; (6036)<br>| &nbsp;&nbsp;&nbsp; (410742)<br>| &nbsp;&nbsp;&nbsp; (220146)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 25850 | &nbsp;&nbsp;&nbsp; (608379)<br>| &nbsp;&nbsp;&nbsp; (1343245)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 24941 | &nbsp;&nbsp;&nbsp; 154461 | &nbsp;&nbsp;&nbsp; (748254)<br>| &nbsp;&nbsp;&nbsp; (1227877)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 1455671 | &nbsp;&nbsp;&nbsp; 1301210 | &nbsp;&nbsp;&nbsp; 4571043 | &nbsp;&nbsp;&nbsp; 5798920 |
| End of period | &nbsp;&nbsp;&nbsp; $1480612 | &nbsp;&nbsp;&nbsp; $1455671 | &nbsp;&nbsp;&nbsp; $3822789 | &nbsp;&nbsp;&nbsp; $4571043 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 41

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small Cap Growth Fund**  | **JPMorgan Small Cap Growth Fund**  | **JPMorgan Small Cap Value Fund**  | **JPMorgan Small Cap Value Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $(13805)<br>| &nbsp;&nbsp;&nbsp; $(11324)<br>| &nbsp;&nbsp;&nbsp; $12760 | &nbsp;&nbsp;&nbsp; $14944 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 307703 | &nbsp;&nbsp;&nbsp; 46316 | &nbsp;&nbsp;&nbsp; 86595 | &nbsp;&nbsp;&nbsp; 59507 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (187977)<br>| &nbsp;&nbsp;&nbsp; 234834 | &nbsp;&nbsp;&nbsp; (39611)<br>| &nbsp;&nbsp;&nbsp; 82981 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 105921 | &nbsp;&nbsp;&nbsp; 269826 | &nbsp;&nbsp;&nbsp; 59744 | &nbsp;&nbsp;&nbsp; 157432 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1938)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9078)<br>| &nbsp;&nbsp;&nbsp; (1966)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (194)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (261)<br>| &nbsp;&nbsp;&nbsp; (72)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (5457)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11753)<br>| &nbsp;&nbsp;&nbsp; (2918)<br>|
| Class L | &nbsp;&nbsp;&nbsp; (3763)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1739)<br>| &nbsp;&nbsp;&nbsp; (313)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1071)<br>| &nbsp;&nbsp;&nbsp; (232)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (296)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (82)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1306)<br>| &nbsp;&nbsp;&nbsp; (1623)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (17050)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (60869)<br>| &nbsp;&nbsp;&nbsp; (15525)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (28568)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (86081)<br>| &nbsp;&nbsp;&nbsp; (22945)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (468496)<br>| &nbsp;&nbsp;&nbsp; (653994)<br>| &nbsp;&nbsp;&nbsp; (64334)<br>| &nbsp;&nbsp;&nbsp; (247208)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (391143)<br>| &nbsp;&nbsp;&nbsp; (384168)<br>| &nbsp;&nbsp;&nbsp; (90671)<br>| &nbsp;&nbsp;&nbsp; (112721)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 3624196 | &nbsp;&nbsp;&nbsp; 4008364 | &nbsp;&nbsp;&nbsp; 1273811 | &nbsp;&nbsp;&nbsp; 1386532 |
| End of period | &nbsp;&nbsp;&nbsp; $3233053 | &nbsp;&nbsp;&nbsp; $3624196 | &nbsp;&nbsp;&nbsp; $1183140 | &nbsp;&nbsp;&nbsp; $1273811 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42 J.P. Morgan Small Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SMID Cap Equity Fund**  | **JPMorgan SMID Cap Equity Fund**  | **JPMorgan U.S. Small Company Fund**  | **JPMorgan U.S. Small Company Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $1550 | &nbsp;&nbsp;&nbsp; $1742 | &nbsp;&nbsp;&nbsp; $3710 | &nbsp;&nbsp;&nbsp; $3728 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 19117 | &nbsp;&nbsp;&nbsp; 1589 | &nbsp;&nbsp;&nbsp; 42770 | &nbsp;&nbsp;&nbsp; 50152 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 5305 | &nbsp;&nbsp;&nbsp; 18309 | &nbsp;&nbsp;&nbsp; (19746)<br>| &nbsp;&nbsp;&nbsp; 49756 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 25972 | &nbsp;&nbsp;&nbsp; 21640 | &nbsp;&nbsp;&nbsp; 26734 | &nbsp;&nbsp;&nbsp; 103636 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1172)<br>| &nbsp;&nbsp;&nbsp; (462)<br>| &nbsp;&nbsp;&nbsp; (9175)<br>| &nbsp;&nbsp;&nbsp; (206)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (415)<br>| &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; (958)<br>| &nbsp;&nbsp;&nbsp; (491)<br>| &nbsp;&nbsp;&nbsp; (13123)<br>| &nbsp;&nbsp;&nbsp; (666)<br>|
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (18446)<br>| &nbsp;&nbsp;&nbsp; (1157)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3460)<br>| &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (3084)<br>| &nbsp;&nbsp;&nbsp; (69)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (532)<br>| &nbsp;&nbsp;&nbsp; (20)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2450)<br>| &nbsp;&nbsp;&nbsp; (124)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (2208)<br>| &nbsp;&nbsp;&nbsp; (723)<br>| &nbsp;&nbsp;&nbsp; (27987)<br>| &nbsp;&nbsp;&nbsp; (1929)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (4434)<br>| &nbsp;&nbsp;&nbsp; (1685)<br>| &nbsp;&nbsp;&nbsp; (78672)<br>| &nbsp;&nbsp;&nbsp; (4171)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (80582)<br>| &nbsp;&nbsp;&nbsp; 36105 | &nbsp;&nbsp;&nbsp; 12468 | &nbsp;&nbsp;&nbsp; (73173)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (59044)<br>| &nbsp;&nbsp;&nbsp; 56060 | &nbsp;&nbsp;&nbsp; (39470)<br>| &nbsp;&nbsp;&nbsp; 26292 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 393201 | &nbsp;&nbsp;&nbsp; 337141 | &nbsp;&nbsp;&nbsp; 959584 | &nbsp;&nbsp;&nbsp; 933292 |
| End of period | &nbsp;&nbsp;&nbsp; $334157 | &nbsp;&nbsp;&nbsp; $393201 | &nbsp;&nbsp;&nbsp; $920114 | &nbsp;&nbsp;&nbsp; $959584 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 43

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small** <br>**Cap Blend Fund** | **JPMorgan Small** <br>**Cap Blend Fund** | **JPMorgan Small Cap Equity Fund** | **JPMorgan Small Cap Equity Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $94277 | &nbsp;&nbsp;&nbsp; $83586 | &nbsp;&nbsp;&nbsp; $50899 | &nbsp;&nbsp;&nbsp; $67569 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 3813 | &nbsp;&nbsp;&nbsp; 941 | &nbsp;&nbsp;&nbsp; 46790 | &nbsp;&nbsp;&nbsp; 19816 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (70638)<br>| &nbsp;&nbsp;&nbsp; (60207)<br>| &nbsp;&nbsp;&nbsp; (111122)<br>| &nbsp;&nbsp;&nbsp; (181736)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 27452 | &nbsp;&nbsp;&nbsp; 24320 | &nbsp;&nbsp;&nbsp; (13433)<br>| &nbsp;&nbsp;&nbsp; (94351)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 5282 | &nbsp;&nbsp;&nbsp; 5450 | &nbsp;&nbsp;&nbsp; 2628 | &nbsp;&nbsp;&nbsp; 2715 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 2860 | &nbsp;&nbsp;&nbsp; 2713 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3884)<br>| &nbsp;&nbsp;&nbsp; (4435)<br>| &nbsp;&nbsp;&nbsp; (16786)<br>| &nbsp;&nbsp;&nbsp; (24706)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 1668 | &nbsp;&nbsp;&nbsp; 1065 | &nbsp;&nbsp;&nbsp; (11298)<br>| &nbsp;&nbsp;&nbsp; (19278)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 109564 | &nbsp;&nbsp;&nbsp; 127621 | &nbsp;&nbsp;&nbsp; 339862 | &nbsp;&nbsp;&nbsp; 374655 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 3965 | &nbsp;&nbsp;&nbsp; 1512 | &nbsp;&nbsp;&nbsp; 147279 | &nbsp;&nbsp;&nbsp; 75247 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (168456)<br>| &nbsp;&nbsp;&nbsp; (149977)<br>| &nbsp;&nbsp;&nbsp; (966418)<br>| &nbsp;&nbsp;&nbsp; (888109)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (54927)<br>| &nbsp;&nbsp;&nbsp; (20844)<br>| &nbsp;&nbsp;&nbsp; (479277)<br>| &nbsp;&nbsp;&nbsp; (438207)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp; 933 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 461 | &nbsp;&nbsp;&nbsp; 294 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1148)<br>| &nbsp;&nbsp;&nbsp; (3361)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (117)<br>| &nbsp;&nbsp;&nbsp; (2134)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2286 | &nbsp;&nbsp;&nbsp; 13779 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp; 209 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (13421)<br>| &nbsp;&nbsp;&nbsp; (4841)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10545)<br>| &nbsp;&nbsp;&nbsp; 9147 |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 34 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 20 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (41)<br>| &nbsp;&nbsp;&nbsp; (65)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; (11)<br>|
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 61983 | &nbsp;&nbsp;&nbsp; 116466 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 50976 | &nbsp;&nbsp;&nbsp; 25670 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (242266)<br>| &nbsp;&nbsp;&nbsp; (450863)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (129307)<br>| &nbsp;&nbsp;&nbsp; (308727)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44 J.P. Morgan Small Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small**<br> **Cap Blend Fund** | **JPMorgan Small**<br> **Cap Blend Fund** | **JPMorgan Small Cap Equity Fund** | **JPMorgan Small Cap Equity Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $176841 | &nbsp;&nbsp;&nbsp; $169929 | &nbsp;&nbsp;&nbsp; $297293 | &nbsp;&nbsp;&nbsp; $367726 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 7612 | &nbsp;&nbsp;&nbsp; 3467 | &nbsp;&nbsp;&nbsp; 144647 | &nbsp;&nbsp;&nbsp; 83802 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (158582)<br>| &nbsp;&nbsp;&nbsp; (152087)<br>| &nbsp;&nbsp;&nbsp; (406405)<br>| &nbsp;&nbsp;&nbsp; (941212)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 25871 | &nbsp;&nbsp;&nbsp; 21309 | &nbsp;&nbsp;&nbsp; 35535 | &nbsp;&nbsp;&nbsp; (489684)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $64 | &nbsp;&nbsp;&nbsp; $25850 | &nbsp;&nbsp;&nbsp; $(608379)<br>| &nbsp;&nbsp;&nbsp; $(1343245)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 3527 | &nbsp;&nbsp;&nbsp; 1172 | &nbsp;&nbsp;&nbsp; 1631 |
| Reinvested | &nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 1060 | &nbsp;&nbsp;&nbsp; 479 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2721)<br>| &nbsp;&nbsp;&nbsp; (2545)<br>| &nbsp;&nbsp;&nbsp; (2627)<br>| &nbsp;&nbsp;&nbsp; (4365)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 1022 | &nbsp;&nbsp;&nbsp; 1021 | &nbsp;&nbsp;&nbsp; (395)<br>| &nbsp;&nbsp;&nbsp; (2255)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 343 | &nbsp;&nbsp;&nbsp; 392 | &nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; 118 |
| Reinvested | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; 121 |
| Redeemed | &nbsp;&nbsp;&nbsp; (257)<br>| &nbsp;&nbsp;&nbsp; (321)<br>| &nbsp;&nbsp;&nbsp; (735)<br>| &nbsp;&nbsp;&nbsp; (1078)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; (484)<br>| &nbsp;&nbsp;&nbsp; (839)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3393 | &nbsp;&nbsp;&nbsp; 4378 | &nbsp;&nbsp;&nbsp; 6104 | &nbsp;&nbsp;&nbsp; 7037 |
| Reinvested | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 2547 | &nbsp;&nbsp;&nbsp; 1427 |
| Redeemed | &nbsp;&nbsp;&nbsp; (5333)<br>| &nbsp;&nbsp;&nbsp; (5127)<br>| &nbsp;&nbsp;&nbsp; (17346)<br>| &nbsp;&nbsp;&nbsp; (16783)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (1820)<br>| &nbsp;&nbsp;&nbsp; (698)<br>| &nbsp;&nbsp;&nbsp; (8695)<br>| &nbsp;&nbsp;&nbsp; (8319)<br>|
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 22 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 8 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; (83)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (53)<br>|
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 345 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 5 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (344)<br>| &nbsp;&nbsp;&nbsp; (116)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (275)<br>| &nbsp;&nbsp;&nbsp; 234 |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 45

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small**<br> **Cap Blend Fund** | **JPMorgan Small**<br> **Cap Blend Fund** | **JPMorgan Small Cap Equity Fund** | **JPMorgan Small Cap Equity Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1102 | &nbsp;&nbsp;&nbsp; 2207 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 877 | &nbsp;&nbsp;&nbsp; 484 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4548)<br>| &nbsp;&nbsp;&nbsp; (8759)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2569)<br>| &nbsp;&nbsp;&nbsp; (6068)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5458 | &nbsp;&nbsp;&nbsp; 5766 | &nbsp;&nbsp;&nbsp; 5478 | &nbsp;&nbsp;&nbsp; 7069 |
| Reinvested | &nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 2491 | &nbsp;&nbsp;&nbsp; 1580 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4895)<br>| &nbsp;&nbsp;&nbsp; (5126)<br>| &nbsp;&nbsp;&nbsp; (7228)<br>| &nbsp;&nbsp;&nbsp; (17625)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 793 | &nbsp;&nbsp;&nbsp; 757 | &nbsp;&nbsp;&nbsp; 741 | &nbsp;&nbsp;&nbsp; (8976)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46 J.P. Morgan Small Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small Cap Growth Fund** | **JPMorgan Small Cap Growth Fund** | **JPMorgan Small Cap Value Fund** | **JPMorgan Small Cap Value Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $34750 | &nbsp;&nbsp;&nbsp; $31603 | &nbsp;&nbsp;&nbsp; $10712 | &nbsp;&nbsp;&nbsp; $10371 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1778 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8816 | &nbsp;&nbsp;&nbsp; 1902 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (81529)<br>| &nbsp;&nbsp;&nbsp; (81279)<br>| &nbsp;&nbsp;&nbsp; (28741)<br>| &nbsp;&nbsp;&nbsp; (29454)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (45001)<br>| &nbsp;&nbsp;&nbsp; (49676)<br>| &nbsp;&nbsp;&nbsp; (9213)<br>| &nbsp;&nbsp;&nbsp; (17181)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp; 643 | &nbsp;&nbsp;&nbsp; 307 | &nbsp;&nbsp;&nbsp; 399 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 261 | &nbsp;&nbsp;&nbsp; 72 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (9945)<br>| &nbsp;&nbsp;&nbsp; (9909)<br>| &nbsp;&nbsp;&nbsp; (1668)<br>| &nbsp;&nbsp;&nbsp; (2228)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (9267)<br>| &nbsp;&nbsp;&nbsp; (9266)<br>| &nbsp;&nbsp;&nbsp; (1100)<br>| &nbsp;&nbsp;&nbsp; (1757)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 251648 | &nbsp;&nbsp;&nbsp; 311630 | &nbsp;&nbsp;&nbsp; 44858 | &nbsp;&nbsp;&nbsp; 42146 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1469 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11747 | &nbsp;&nbsp;&nbsp; 2915 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (168949)<br>| &nbsp;&nbsp;&nbsp; (155548)<br>| &nbsp;&nbsp;&nbsp; (62410)<br>| &nbsp;&nbsp;&nbsp; (83333)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 84168 | &nbsp;&nbsp;&nbsp; 156082 | &nbsp;&nbsp;&nbsp; (5805)<br>| &nbsp;&nbsp;&nbsp; (38272)<br>|
| **Class L** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 75266 | &nbsp;&nbsp;&nbsp; 88828 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 3637 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (190252)<br>| &nbsp;&nbsp;&nbsp; (222249)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class L capital transactions | &nbsp;&nbsp;&nbsp; (111349)<br>| &nbsp;&nbsp;&nbsp; (133421)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2470 | &nbsp;&nbsp;&nbsp; 2785 | &nbsp;&nbsp;&nbsp; 6593 | &nbsp;&nbsp;&nbsp; 5057 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1724 | &nbsp;&nbsp;&nbsp; 311 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4640)<br>| &nbsp;&nbsp;&nbsp; (7466)<br>| &nbsp;&nbsp;&nbsp; (9748)<br>| &nbsp;&nbsp;&nbsp; (9291)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; (2128)<br>| &nbsp;&nbsp;&nbsp; (4681)<br>| &nbsp;&nbsp;&nbsp; (1431)<br>| &nbsp;&nbsp;&nbsp; (3923)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1056 | &nbsp;&nbsp;&nbsp; 896 | &nbsp;&nbsp;&nbsp; 3027 | &nbsp;&nbsp;&nbsp; 2777 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1071 | &nbsp;&nbsp;&nbsp; 232 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1925)<br>| &nbsp;&nbsp;&nbsp; (2453)<br>| &nbsp;&nbsp;&nbsp; (3452)<br>| &nbsp;&nbsp;&nbsp; (7405)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; (849)<br>| &nbsp;&nbsp;&nbsp; (1557)<br>| &nbsp;&nbsp;&nbsp; 646 | &nbsp;&nbsp;&nbsp; (4396)<br>|
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp; 939 | &nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; 2824 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 296 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3161)<br>| &nbsp;&nbsp;&nbsp; (2125)<br>| &nbsp;&nbsp;&nbsp; (98)<br>| &nbsp;&nbsp;&nbsp; (28727)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; (2955)<br>| &nbsp;&nbsp;&nbsp; (1186)<br>| &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; (25607)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 47

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small Cap Growth** <br> **Fund** | **JPMorgan Small Cap Growth** <br> **Fund** | **JPMorgan Small Cap Value Fund** | **JPMorgan Small Cap Value Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $2246 | &nbsp;&nbsp;&nbsp; $2993 | &nbsp;&nbsp;&nbsp; $6757 | &nbsp;&nbsp;&nbsp; $24313 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1242 | &nbsp;&nbsp;&nbsp; 1614 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4891)<br>| &nbsp;&nbsp;&nbsp; (11141)<br>| &nbsp;&nbsp;&nbsp; (14057)<br>| &nbsp;&nbsp;&nbsp; (122249)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; (2563)<br>| &nbsp;&nbsp;&nbsp; (8148)<br>| &nbsp;&nbsp;&nbsp; (6058)<br>| &nbsp;&nbsp;&nbsp; (96322)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 286331 | &nbsp;&nbsp;&nbsp; 343878 | &nbsp;&nbsp;&nbsp; 161750 | &nbsp;&nbsp;&nbsp; 226911 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 16668 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 60869 | &nbsp;&nbsp;&nbsp; 15525 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (681551)<br>| &nbsp;&nbsp;&nbsp; (946019)<br>| &nbsp;&nbsp;&nbsp; (264030)<br>| &nbsp;&nbsp;&nbsp; (302186)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (378552)<br>| &nbsp;&nbsp;&nbsp; (602141)<br>| &nbsp;&nbsp;&nbsp; (41411)<br>| &nbsp;&nbsp;&nbsp; (59750)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(468496)<br>| &nbsp;&nbsp;&nbsp; $(653994)<br>| &nbsp;&nbsp;&nbsp; $(64334)<br>| &nbsp;&nbsp;&nbsp; $(247208)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2013 | &nbsp;&nbsp;&nbsp; 2014 | &nbsp;&nbsp;&nbsp; 424 | &nbsp;&nbsp;&nbsp; 446 |
| Reinvested | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 338 | &nbsp;&nbsp;&nbsp; 84 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4757)<br>| &nbsp;&nbsp;&nbsp; (5239)<br>| &nbsp;&nbsp;&nbsp; (1149)<br>| &nbsp;&nbsp;&nbsp; (1256)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (2644)<br>| &nbsp;&nbsp;&nbsp; (3225)<br>| &nbsp;&nbsp;&nbsp; (387)<br>| &nbsp;&nbsp;&nbsp; (726)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 23 |
| Reinvested | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 5 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1017)<br>| &nbsp;&nbsp;&nbsp; (1106)<br>| &nbsp;&nbsp;&nbsp; (96)<br>| &nbsp;&nbsp;&nbsp; (135)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (949)<br>| &nbsp;&nbsp;&nbsp; (1034)<br>| &nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp; (107)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 12605 | &nbsp;&nbsp;&nbsp; 16662 | &nbsp;&nbsp;&nbsp; 1659 | &nbsp;&nbsp;&nbsp; 1647 |
| Reinvested | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp; 116 |
| Redeemed | &nbsp;&nbsp;&nbsp; (8448)<br>| &nbsp;&nbsp;&nbsp; (8486)<br>| &nbsp;&nbsp;&nbsp; (2255)<br>| &nbsp;&nbsp;&nbsp; (3301)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 4228 | &nbsp;&nbsp;&nbsp; 8176 | &nbsp;&nbsp;&nbsp; (190)<br>| &nbsp;&nbsp;&nbsp; (1538)<br>|
| **Class L** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3538 | &nbsp;&nbsp;&nbsp; 4622 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (8949)<br>| &nbsp;&nbsp;&nbsp; (11737)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class L Shares | &nbsp;&nbsp;&nbsp; (5244)<br>| &nbsp;&nbsp;&nbsp; (7115)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp; 220 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 14 |
| Redeemed | &nbsp;&nbsp;&nbsp; (288)<br>| &nbsp;&nbsp;&nbsp; (501)<br>| &nbsp;&nbsp;&nbsp; (398)<br>| &nbsp;&nbsp;&nbsp; (408)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (130)<br>| &nbsp;&nbsp;&nbsp; (312)<br>| &nbsp;&nbsp;&nbsp; (62)<br>| &nbsp;&nbsp;&nbsp; (174)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48 J.P. Morgan Small Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small Cap Growth** <br> **Fund** | **JPMorgan Small Cap Growth** <br> **Fund** | **JPMorgan Small Cap Value Fund** | **JPMorgan Small Cap Value Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; 119 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 10 |
| Redeemed | &nbsp;&nbsp;&nbsp; (111)<br>| &nbsp;&nbsp;&nbsp; (161)<br>| &nbsp;&nbsp;&nbsp; (143)<br>| &nbsp;&nbsp;&nbsp; (306)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp; (103)<br>| &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; (177)<br>|
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 111 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 12 |
| Redeemed | &nbsp;&nbsp;&nbsp; (176)<br>| &nbsp;&nbsp;&nbsp; (134)<br>| &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (1058)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; (164)<br>| &nbsp;&nbsp;&nbsp; (77)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (935)<br>|
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp; 965 |
| Reinvested | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 64 |
| Redeemed | &nbsp;&nbsp;&nbsp; (233)<br>| &nbsp;&nbsp;&nbsp; (562)<br>| &nbsp;&nbsp;&nbsp; (481)<br>| &nbsp;&nbsp;&nbsp; (4463)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (128)<br>| &nbsp;&nbsp;&nbsp; (402)<br>| &nbsp;&nbsp;&nbsp; (201)<br>| &nbsp;&nbsp;&nbsp; (3434)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 13266 | &nbsp;&nbsp;&nbsp; 17714 | &nbsp;&nbsp;&nbsp; 5897 | &nbsp;&nbsp;&nbsp; 8521 |
| Reinvested | &nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2098 | &nbsp;&nbsp;&nbsp; 612 |
| Redeemed | &nbsp;&nbsp;&nbsp; (31409)<br>| &nbsp;&nbsp;&nbsp; (47180)<br>| &nbsp;&nbsp;&nbsp; (9338)<br>| &nbsp;&nbsp;&nbsp; (11366)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (17393)<br>| &nbsp;&nbsp;&nbsp; (29466)<br>| &nbsp;&nbsp;&nbsp; (1343)<br>| &nbsp;&nbsp;&nbsp; (2233)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 49

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SMID Cap Equity Fund** | **JPMorgan SMID Cap Equity Fund** | **JPMorgan U.S. Small Company Fund** | **JPMorgan U.S. Small Company Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $10227 | &nbsp;&nbsp;&nbsp; $9908 | &nbsp;&nbsp;&nbsp; $21398 | &nbsp;&nbsp;&nbsp; $18716 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1134 | &nbsp;&nbsp;&nbsp; 452 | &nbsp;&nbsp;&nbsp; 8178 | &nbsp;&nbsp;&nbsp; 186 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (25238)<br>| &nbsp;&nbsp;&nbsp; (22595)<br>| &nbsp;&nbsp;&nbsp; (26661)<br>| &nbsp;&nbsp;&nbsp; (23576)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (13877)<br>| &nbsp;&nbsp;&nbsp; (12235)<br>| &nbsp;&nbsp;&nbsp; 2915 | &nbsp;&nbsp;&nbsp; (4674)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 473 | &nbsp;&nbsp;&nbsp; 935 | &nbsp;&nbsp;&nbsp; 347 | &nbsp;&nbsp;&nbsp; 373 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 409 | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2606)<br>| &nbsp;&nbsp;&nbsp; (5568)<br>| &nbsp;&nbsp;&nbsp; (2598)<br>| &nbsp;&nbsp;&nbsp; (3966)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (2048)<br>| &nbsp;&nbsp;&nbsp; (4627)<br>| &nbsp;&nbsp;&nbsp; (1842)<br>| &nbsp;&nbsp;&nbsp; (3593)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 15295 | &nbsp;&nbsp;&nbsp; 11818 | &nbsp;&nbsp;&nbsp; 28247 | &nbsp;&nbsp;&nbsp; 35626 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp;&nbsp; 472 | &nbsp;&nbsp;&nbsp; 12668 | &nbsp;&nbsp;&nbsp; 641 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (29458)<br>| &nbsp;&nbsp;&nbsp; (31601)<br>| &nbsp;&nbsp;&nbsp; (57562)<br>| &nbsp;&nbsp;&nbsp; (69624)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (13238)<br>| &nbsp;&nbsp;&nbsp; (19311)<br>| &nbsp;&nbsp;&nbsp; (16647)<br>| &nbsp;&nbsp;&nbsp; (33357)<br>|
| **Class L** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33716 | &nbsp;&nbsp;&nbsp; 39483 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17915 | &nbsp;&nbsp;&nbsp; 1042 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (48162)<br>| &nbsp;&nbsp;&nbsp; (51015)<br>|
| Change in net assets resulting from Class L capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3469 | &nbsp;&nbsp;&nbsp; (10490)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8160 | &nbsp;&nbsp;&nbsp; 6161 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3443 | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8501)<br>| &nbsp;&nbsp;&nbsp; (8388)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3102 | &nbsp;&nbsp;&nbsp; (2227)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp; 8520 | &nbsp;&nbsp;&nbsp; 6990 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2921 | &nbsp;&nbsp;&nbsp; 65 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (88)<br>| &nbsp;&nbsp;&nbsp; (726)<br>| &nbsp;&nbsp;&nbsp; (7684)<br>| &nbsp;&nbsp;&nbsp; (7166)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; (559)<br>| &nbsp;&nbsp;&nbsp; 3757 | &nbsp;&nbsp;&nbsp; (111)<br>|
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; 1997 | &nbsp;&nbsp;&nbsp; 1012 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 532 | &nbsp;&nbsp;&nbsp; 20 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (76)<br>| &nbsp;&nbsp;&nbsp; (89)<br>| &nbsp;&nbsp;&nbsp; (2397)<br>| &nbsp;&nbsp;&nbsp; (993)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; 39 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50 J.P. Morgan Small Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SMID Cap Equity Fund** | **JPMorgan SMID Cap Equity Fund** | **JPMorgan U.S. Small Company** <br> **Fund** | **JPMorgan U.S. Small Company** <br> **Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $8409 | &nbsp;&nbsp;&nbsp; $8409 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2247 | &nbsp;&nbsp;&nbsp; 9 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4214)<br>| &nbsp;&nbsp;&nbsp; (746)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6442 | &nbsp;&nbsp;&nbsp; 7672 |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 41264 | &nbsp;&nbsp;&nbsp; 123691 | &nbsp;&nbsp;&nbsp; 81073 | &nbsp;&nbsp;&nbsp; 54758 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2190 | &nbsp;&nbsp;&nbsp; 669 | &nbsp;&nbsp;&nbsp; 27288 | &nbsp;&nbsp;&nbsp; 1883 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (94877)<br>| &nbsp;&nbsp;&nbsp; (51527)<br>| &nbsp;&nbsp;&nbsp; (97221)<br>| &nbsp;&nbsp;&nbsp; (83073)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (51423)<br>| &nbsp;&nbsp;&nbsp; 72833 | &nbsp;&nbsp;&nbsp; 11140 | &nbsp;&nbsp;&nbsp; (26432)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(80582)<br>| &nbsp;&nbsp;&nbsp; $36105 | &nbsp;&nbsp;&nbsp; $12468 | &nbsp;&nbsp;&nbsp; $(73173)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp; 671 | &nbsp;&nbsp;&nbsp; 1223 | &nbsp;&nbsp;&nbsp; 1140 |
| Reinvested | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 448 | &nbsp;&nbsp;&nbsp; 11 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1547)<br>| &nbsp;&nbsp;&nbsp; (1543)<br>| &nbsp;&nbsp;&nbsp; (1554)<br>| &nbsp;&nbsp;&nbsp; (1437)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (865)<br>| &nbsp;&nbsp;&nbsp; (842)<br>| &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; (286)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 25 |
| Reinvested | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (239)<br>| &nbsp;&nbsp;&nbsp; (574)<br>| &nbsp;&nbsp;&nbsp; (167)<br>| &nbsp;&nbsp;&nbsp; (270)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (190)<br>| &nbsp;&nbsp;&nbsp; (477)<br>| &nbsp;&nbsp;&nbsp; (120)<br>| &nbsp;&nbsp;&nbsp; (245)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 833 | &nbsp;&nbsp;&nbsp; 717 | &nbsp;&nbsp;&nbsp; 1532 | &nbsp;&nbsp;&nbsp; 2074 |
| Reinvested | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 664 | &nbsp;&nbsp;&nbsp; 38 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1636)<br>| &nbsp;&nbsp;&nbsp; (1939)<br>| &nbsp;&nbsp;&nbsp; (3298)<br>| &nbsp;&nbsp;&nbsp; (4110)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (755)<br>| &nbsp;&nbsp;&nbsp; (1193)<br>| &nbsp;&nbsp;&nbsp; (1102)<br>| &nbsp;&nbsp;&nbsp; (1998)<br>|
| **Class L** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1890 | &nbsp;&nbsp;&nbsp; 2288 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 939 | &nbsp;&nbsp;&nbsp; 61 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2727)<br>| &nbsp;&nbsp;&nbsp; (2965)<br>|
| Change in Class L Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; (616)<br>|
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 488 | &nbsp;&nbsp;&nbsp; 387 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (510)<br>| &nbsp;&nbsp;&nbsp; (540)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; (153)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 51

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SMID Cap Equity Fund** | **JPMorgan SMID Cap Equity Fund** | **JPMorgan U.S. Small Company** <br> **Fund** | **JPMorgan U.S. Small Company** <br> **Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 502 | &nbsp;&nbsp;&nbsp; 425 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; 4 |
| Redeemed | &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp; (437)<br>| &nbsp;&nbsp;&nbsp; (433)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (39)<br>| &nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp; (4)<br>|
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 58 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (130)<br>| &nbsp;&nbsp;&nbsp; (61)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (2)<br>|
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 438 | &nbsp;&nbsp;&nbsp; 572 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (245)<br>| &nbsp;&nbsp;&nbsp; (44)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 311 | &nbsp;&nbsp;&nbsp; 529 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2211 | &nbsp;&nbsp;&nbsp; 7442 | &nbsp;&nbsp;&nbsp; 4483 | &nbsp;&nbsp;&nbsp; 3179 |
| Reinvested | &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 1431 | &nbsp;&nbsp;&nbsp; 110 |
| Redeemed | &nbsp;&nbsp;&nbsp; (5253)<br>| &nbsp;&nbsp;&nbsp; (3072)<br>| &nbsp;&nbsp;&nbsp; (5392)<br>| &nbsp;&nbsp;&nbsp; (4954)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (2927)<br>| &nbsp;&nbsp;&nbsp; 4410 | &nbsp;&nbsp;&nbsp; 522 | &nbsp;&nbsp;&nbsp; (1665)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

52 J.P. Morgan Small Cap Funds June 30, 2025

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THIS PAGE IS INTENTIONALLY LEFT BLANK

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

53 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Small Cap Blend Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $25.27 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $0.70 | &nbsp;&nbsp; $0.72 | &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.25)<br>|
| Year Ended June 30, 2024 | 23.08 | 0.03 | 2.23 | 2.26 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2023 | 20.86 | 0.03 | 2.68 | 2.71 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.49)<br>|
| Year Ended June 30, 2022 | 28.67 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (5.77)<br>| &nbsp;&nbsp; (5.79)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.02)<br>|
| Year Ended June 30, 2021 | 19.11 | &nbsp;&nbsp; (0.03)<br>| 10.08 | 10.05 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.49)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 14.71 | &nbsp;&nbsp; (0.06)<br>| 0.41 | 0.35 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23)<br>|
| Year Ended June 30, 2024 | 13.51 | &nbsp;&nbsp; (0.05)<br>| 1.30 | 1.25 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended June 30, 2023 | 12.44 | &nbsp;&nbsp; (0.05)<br>| 1.59 | 1.54 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.47)<br>|
| Year Ended June 30, 2022 | 18.01 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (3.46)<br>| &nbsp;&nbsp; (3.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.02)<br>|
| Year Ended June 30, 2021 | 12.19 | &nbsp;&nbsp; (0.08)<br>| 6.37 | 6.29 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.47)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 31.37 | 0.10 | 0.86 | 0.96 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| Year Ended June 30, 2024 | 28.60 | 0.11 | 2.77 | 2.88 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.11)<br>|
| Year Ended June 30, 2023 | 25.71 | 0.11 | 3.31 | 3.42 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.53)<br>|
| Year Ended June 30, 2022 | 34.81 | 0.05 | &nbsp;&nbsp; (7.10)<br>| &nbsp;&nbsp; (7.05)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.05)<br>|
| Year Ended June 30, 2021 | 23.09 | 0.04 | 12.20 | 12.24 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.52)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 31.53 | 0.19 | 0.86 | 1.05 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| Year Ended June 30, 2024 | 28.74 | 0.19 | 2.77 | 2.96 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| Year Ended June 30, 2023 | 25.83 | 0.18 | 3.33 | 3.51 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.60)<br>|
| Year Ended June 30, 2022 | 34.96 | 0.13 | &nbsp;&nbsp; (7.13)<br>| &nbsp;&nbsp; (7.00)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.13)<br>|
| Year Ended June 30, 2021 | 23.17 | 0.11 | 12.25 | 12.36 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.57)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

54 J.P. Morgan Small Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $424482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 671454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 632304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 554551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 55

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Small Cap Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $42.85 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $2.78 | &nbsp;&nbsp; $2.81 | &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(5.13)<br>| &nbsp;&nbsp; $(5.22)<br>|
| Year Ended June 30, 2024 | 42.10 | 0.07 | 2.72 | 2.79 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.04)<br>|
| Year Ended June 30, 2023 | 43.52 | 0.15 | 4.60 | 4.75 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6.17)<br>| &nbsp;&nbsp; (6.17)<br>|
| Year Ended June 30, 2022 | 65.04 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (8.96)<br>| &nbsp;&nbsp; (9.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12.48)<br>| &nbsp;&nbsp; (12.48)<br>|
| Year Ended June 30, 2021 | 45.69 | &nbsp;&nbsp; (0.02)<br>| 21.07 | 21.05 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.70)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 23.13 | &nbsp;&nbsp; (0.11)<br>| 1.71 | 1.60 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp; (5.13)<br>|
| Year Ended June 30, 2024 | 23.71 | &nbsp;&nbsp; (0.08)<br>| 1.49 | 1.41 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (1.99)<br>|
| Year Ended June 30, 2023 | 27.11 | &nbsp;&nbsp; (0.04)<br>| 2.81 | 2.77 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6.17)<br>| &nbsp;&nbsp; (6.17)<br>|
| Year Ended June 30, 2022 | 45.39 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (5.57)<br>| &nbsp;&nbsp; (5.80)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12.48)<br>| &nbsp;&nbsp; (12.48)<br>|
| Year Ended June 30, 2021 | 32.42 | &nbsp;&nbsp; (0.20)<br>| 14.84 | 14.64 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.67)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 54.73 | 0.17 | 3.44 | 3.61 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp; (5.28)<br>|
| Year Ended June 30, 2024 | 53.16 | 0.23 | 3.46 | 3.69 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.12)<br>|
| Year Ended June 30, 2023 | 53.40 | 0.33 | 5.67 | 6.00 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (6.17)<br>| &nbsp;&nbsp; (6.24)<br>|
| Year Ended June 30, 2022 | 76.84 | 0.09 | &nbsp;&nbsp; (10.99)<br>| &nbsp;&nbsp; (10.90)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (12.48)<br>| &nbsp;&nbsp; (12.54)<br>|
| Year Ended June 30, 2021 | 53.70 | 0.17 | 24.81 | 24.98 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.84)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 41.03 | &nbsp;&nbsp; (0.08)<br>| 2.68 | 2.60 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp; (5.13)<br>|
| Year Ended June 30, 2024 | 40.43 | &nbsp;&nbsp; (0.03)<br>| 2.61 | 2.58 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (1.98)<br>|
| Year Ended June 30, 2023 | 42.12 | 0.05 | 4.43 | 4.48 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6.17)<br>| &nbsp;&nbsp; (6.17)<br>|
| Year Ended June 30, 2022 | 63.47 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (8.67)<br>| &nbsp;&nbsp; (8.87)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12.48)<br>| &nbsp;&nbsp; (12.48)<br>|
| Year Ended June 30, 2021 | 44.70 | &nbsp;&nbsp; (0.15)<br>| 20.59 | 20.44 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.67)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 42.20 | 0.01 | 2.77 | 2.78 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp; (5.20)<br>|
| Year Ended June 30, 2024 | 41.64 | 0.07 | 2.68 | 2.75 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.19)<br>|
| Year Ended June 30, 2023 | 43.11 | 0.14 | 4.57 | 4.71 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (6.17)<br>| &nbsp;&nbsp; (6.18)<br>|
| Year Ended June 30, 2022 | 64.53 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (8.88)<br>| &nbsp;&nbsp; (8.94)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12.48)<br>| &nbsp;&nbsp; (12.48)<br>|
| Year Ended June 30, 2021 | 45.38 | &nbsp;&nbsp; —<br> (d)<br>| 20.92 | 20.92 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.77)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 54.56 | 0.18 | 3.42 | 3.60 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp; (5.30)<br>|
| Year Ended June 30, 2024 | 53.01 | 0.23 | 3.45 | 3.68 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.13)<br>|
| Year Ended June 30, 2023 | 53.28 | 0.31 | 5.68 | 5.99 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (6.17)<br>| &nbsp;&nbsp; (6.26)<br>|
| Year Ended June 30, 2022 | 76.73 | 0.09 | &nbsp;&nbsp; (10.98)<br>| &nbsp;&nbsp; (10.89)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (12.48)<br>| &nbsp;&nbsp; (12.56)<br>|
| Year Ended June 30, 2021 | 53.63 | 0.17 | 24.78 | 24.95 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.85)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 55.00 | 0.28 | 3.46 | 3.74 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp; (5.40)<br>|
| Year Ended June 30, 2024 | 53.42 | 0.33 | 3.48 | 3.81 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.23)<br>|
| Year Ended June 30, 2023 | 53.64 | 0.44 | 5.69 | 6.13 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (6.17)<br>| &nbsp;&nbsp; (6.35)<br>|
| Year Ended June 30, 2022 | 77.14 | 0.23 | &nbsp;&nbsp; (11.05)<br>| &nbsp;&nbsp; (10.82)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (12.48)<br>| &nbsp;&nbsp; (12.68)<br>|
| Year Ended June 30, 2021 | 53.88 | 0.30 | 24.90 | 25.20 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.94)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 54.98 | 0.31 | 3.46 | 3.77 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp; (5.43)<br>|
| Year Ended June 30, 2024 | 53.41 | 0.36 | 3.48 | 3.84 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.27)<br>|
| Year Ended June 30, 2023 | 53.63 | 0.48 | 5.68 | 6.16 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (6.17)<br>| &nbsp;&nbsp; (6.38)<br>|
| Year Ended June 30, 2022 | 77.14 | 0.26 | &nbsp;&nbsp; (11.05)<br>| &nbsp;&nbsp; (10.79)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (12.48)<br>| &nbsp;&nbsp; (12.72)<br>|
| Year Ended June 30, 2021 | 53.87 | 0.34 | 24.90 | 25.24 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.97)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Amount rounds to less than $0.005.

(e) Amount rounds to less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

56 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $380269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 846460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1413214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1933600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2320448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2480437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4239905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 882992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1309013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1593997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1603059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2036447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1793598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2069498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

57 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Small Cap Growth Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $16.91 | &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $0.55 | &nbsp;&nbsp; $0.42 | &nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.10)<br>|
| Year Ended June 30, 2024 | 15.75 | &nbsp;&nbsp; (0.11)<br>| 1.27 | 1.16 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 13.92 | &nbsp;&nbsp; (0.10)<br>| 2.00 | 1.90 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2022 | 25.86 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (8.46)<br>| &nbsp;&nbsp; (8.66)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (3.28)<br>|
| Year Ended June 30, 2021 | 18.70 | &nbsp;&nbsp; (0.23)<br>| 9.22 | 8.99 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.83)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 9.69 | &nbsp;&nbsp; (0.13)<br>| 0.33 | 0.20 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08)<br>|
| Year Ended June 30, 2024 | 9.08 | &nbsp;&nbsp; (0.11)<br>| 0.72 | 0.61 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 8.09 | &nbsp;&nbsp; (0.10)<br>| 1.16 | 1.06 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2022 | 16.62 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (5.07)<br>| &nbsp;&nbsp; (5.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (3.28)<br>|
| Year Ended June 30, 2021 | 12.53 | &nbsp;&nbsp; (0.23)<br>| 6.14 | 5.91 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.82)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.86 | &nbsp;&nbsp; (0.11)<br>| 0.67 | 0.56 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>|
| Year Ended June 30, 2024 | 18.46 | &nbsp;&nbsp; (0.08)<br>| 1.48 | 1.40 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 16.26 | &nbsp;&nbsp; (0.07)<br>| 2.34 | 2.27 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2022 | 29.53 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (9.83)<br>| &nbsp;&nbsp; (9.99)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (3.28)<br>|
| Year Ended June 30, 2021 | 21.14 | &nbsp;&nbsp; (0.20)<br>| 10.46 | 10.26 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.87)<br>|
| **Class L** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 20.88 | &nbsp;&nbsp; (0.08)<br>| 0.70 | 0.62 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| Year Ended June 30, 2024 | 19.38 | &nbsp;&nbsp; (0.06)<br>| 1.56 | 1.50 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 17.04 | &nbsp;&nbsp; (0.05)<br>| 2.46 | 2.41 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2022 | 30.73 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (10.27)<br>| &nbsp;&nbsp; (10.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (3.28)<br>|
| Year Ended June 30, 2021 | 21.93 | &nbsp;&nbsp; (0.16)<br>| 10.85 | 10.69 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.89)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 15.78 | &nbsp;&nbsp; (0.16)<br>| 0.53 | 0.37 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>|
| Year Ended June 30, 2024 | 14.74 | &nbsp;&nbsp; (0.14)<br>| 1.18 | 1.04 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 13.06 | &nbsp;&nbsp; (0.13)<br>| 1.88 | 1.75 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2022 | 24.55 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (7.98)<br>| &nbsp;&nbsp; (8.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (3.28)<br>|
| Year Ended June 30, 2021 | 17.85 | &nbsp;&nbsp; (0.27)<br>| 8.79 | 8.52 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.82)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 16.85 | &nbsp;&nbsp; (0.13)<br>| 0.56 | 0.43 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2024 | 15.71 | &nbsp;&nbsp; (0.11)<br>| 1.25 | 1.14 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 13.88 | &nbsp;&nbsp; (0.10)<br>| 2.00 | 1.90 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2022 | 25.79 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (8.44)<br>| &nbsp;&nbsp; (8.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (3.28)<br>|
| Year Ended June 30, 2021 | 18.66 | &nbsp;&nbsp; (0.23)<br>| 9.21 | 8.98 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.85)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 17.21 | &nbsp;&nbsp; (0.09)<br>| 0.57 | 0.48 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13)<br>|
| Year Ended June 30, 2024 | 15.99 | &nbsp;&nbsp; (0.07)<br>| 1.29 | 1.22 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 14.10 | &nbsp;&nbsp; (0.06)<br>| 2.02 | 1.96 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2022 | 26.08 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (8.56)<br>| &nbsp;&nbsp; (8.70)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (3.28)<br>|
| Year Ended June 30, 2021 | 18.83 | &nbsp;&nbsp; (0.17)<br>| 9.29 | 9.12 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.87)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 20.90 | &nbsp;&nbsp; (0.08)<br>| 0.70 | 0.62 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| Year Ended June 30, 2024 | 19.40 | &nbsp;&nbsp; (0.06)<br>| 1.56 | 1.50 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 17.06 | &nbsp;&nbsp; (0.05)<br>| 2.46 | 2.41 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2022 | 30.76 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (10.28)<br>| &nbsp;&nbsp; (10.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (3.28)<br>|
| Year Ended June 30, 2021 | 21.95 | &nbsp;&nbsp; (0.16)<br>| 10.86 | 10.70 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.89)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

58 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $298280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.77)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 772497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 569015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1013916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1096814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

59 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Small Cap Growth Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $21.28 | &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $0.72 | &nbsp;&nbsp; $0.66 | &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.20)<br>|
| Year Ended June 30, 2024 | 19.73 | &nbsp;&nbsp; (0.04)<br>| 1.59 | 1.55 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 17.34 | &nbsp;&nbsp; (0.03)<br>| 2.49 | 2.46 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2022 | 31.17 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (10.44)<br>| &nbsp;&nbsp; (10.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (3.28)<br>|
| Year Ended June 30, 2021 | 22.21 | &nbsp;&nbsp; (0.13)<br>| 10.99 | 10.86 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.90)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1692506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2460861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2380212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3794115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

61 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Small Cap Value Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $24.62 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.88 | &nbsp;&nbsp; $1.04 | &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(1.62)<br>| &nbsp;&nbsp; $(1.84)<br>|
| Year Ended June 30, 2024 | 22.44 | 0.18 | 2.35 | 2.53 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.35)<br>|
| Year Ended June 30, 2023 | 22.93 | 0.21 | 1.58 | 1.79 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (2.28)<br>|
| Year Ended June 30, 2022 | 32.06 | 0.12 | &nbsp;&nbsp; (4.25)<br>| &nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp; (5.00)<br>|
| Year Ended June 30, 2021 | 18.48 | 0.12 | 13.59 | 13.71 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 17.40 | 0.02 | 0.66 | 0.68 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (1.79)<br>|
| Year Ended June 30, 2024 | 15.99 | 0.04 | 1.67 | 1.71 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2023 | 16.97 | 0.07 | 1.17 | 1.24 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (2.22)<br>|
| Year Ended June 30, 2022 | 25.08 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp; (4.95)<br>|
| Year Ended June 30, 2021 | 14.52 | 0.01 | 10.64 | 10.65 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 27.19 | 0.25 | 0.95 | 1.20 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (1.89)<br>|
| Year Ended June 30, 2024 | 24.73 | 0.26 | 2.60 | 2.86 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.40)<br>|
| Year Ended June 30, 2023 | 25.05 | 0.30 | 1.71 | 2.01 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (2.33)<br>|
| Year Ended June 30, 2022 | 34.53 | 0.23 | &nbsp;&nbsp; (4.65)<br>| &nbsp;&nbsp; (4.42)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp; (5.06)<br>|
| Year Ended June 30, 2021 | 19.88 | 0.21 | 14.62 | 14.83 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 24.14 | 0.09 | 0.85 | 0.94 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (1.78)<br>|
| Year Ended June 30, 2024 | 22.02 | 0.10 | 2.32 | 2.42 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2023 | 22.54 | 0.15 | 1.55 | 1.70 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (2.22)<br>|
| Year Ended June 30, 2022 | 31.62 | 0.05 | &nbsp;&nbsp; (4.17)<br>| &nbsp;&nbsp; (4.12)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp; (4.96)<br>|
| Year Ended June 30, 2021 | 18.25 | 0.06 | 13.41 | 13.47 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 24.56 | 0.15 | 0.88 | 1.03 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (1.83)<br>|
| Year Ended June 30, 2024 | 22.38 | 0.16 | 2.35 | 2.51 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.33)<br>|
| Year Ended June 30, 2023 | 22.88 | 0.21 | 1.57 | 1.78 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (2.28)<br>|
| Year Ended June 30, 2022 | 32.00 | 0.13 | &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp; (4.11)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp; (5.01)<br>|
| Year Ended June 30, 2021 | 18.45 | 0.13 | 13.56 | 13.69 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 27.24 | 0.27 | 0.92 | 1.19 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (1.88)<br>|
| Year Ended June 30, 2024 | 24.73 | 0.22 | 2.62 | 2.84 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.33)<br>|
| Year Ended June 30, 2023 | 25.05 | 0.29 | 1.72 | 2.01 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (2.33)<br>|
| Year Ended June 30, 2022 | 34.52 | 0.22 | &nbsp;&nbsp; (4.63)<br>| &nbsp;&nbsp; (4.41)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp; (5.06)<br>|
| Year Ended June 30, 2021 | 19.88 | 0.22 | 14.61 | 14.83 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 27.23 | 0.28 | 0.96 | 1.24 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (1.92)<br>|
| Year Ended June 30, 2024 | 24.77 | 0.28 | 2.61 | 2.89 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.43)<br>|
| Year Ended June 30, 2023 | 25.09 | 0.35 | 1.70 | 2.05 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (2.37)<br>|
| Year Ended June 30, 2022 | 34.56 | 0.25 | &nbsp;&nbsp; (4.63)<br>| &nbsp;&nbsp; (4.38)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp; (5.09)<br>|
| Year Ended June 30, 2021 | 19.89 | 0.24 | 14.64 | 14.88 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.21)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 27.29 | 0.31 | 0.96 | 1.27 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (1.95)<br>|
| Year Ended June 30, 2024 | 24.83 | 0.31 | 2.61 | 2.92 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.46)<br>|
| Year Ended June 30, 2023 | 25.14 | 0.36 | 1.72 | 2.08 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (2.39)<br>|
| Year Ended June 30, 2022 | 34.62 | 0.29 | &nbsp;&nbsp; (4.66)<br>| &nbsp;&nbsp; (4.37)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp; (5.11)<br>|
| Year Ended June 30, 2021 | 19.92 | 0.27 | 14.66 | 14.93 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

62 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $115496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 842663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 798822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 929661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

63 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SMID Cap Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $15.27 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $1.04 | &nbsp;&nbsp; $1.06 | &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.15)<br>|
| Year Ended June 30, 2024 | 14.45 | 0.04 | 0.83 | 0.87 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended June 30, 2023 | 14.91 | 0.03 | 1.31 | 1.34 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (1.80)<br>|
| Year Ended June 30, 2022 | 21.12 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.20)<br>| &nbsp;&nbsp; (4.20)<br>|
| Year Ended June 30, 2021 | 15.52 | 0.01 | 6.32 | 6.33 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.73)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 10.22 | &nbsp;&nbsp; (0.04)<br>| 0.70 | 0.66 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.12)<br>|
| Year Ended June 30, 2024 | 9.69 | &nbsp;&nbsp; (0.02)<br>| 0.56 | 0.54 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended June 30, 2023 | 10.61 | &nbsp;&nbsp; (0.03)<br>| 0.91 | 0.88 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (1.80)<br>|
| Year Ended June 30, 2022 | 16.25 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.20)<br>| &nbsp;&nbsp; (4.20)<br>|
| Year Ended June 30, 2021 | 12.08 | &nbsp;&nbsp; (0.06)<br>| 4.89 | 4.83 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.66)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 17.05 | 0.07 | 1.16 | 1.23 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.18)<br>|
| Year Ended June 30, 2024 | 16.13 | 0.09 | 0.91 | 1.00 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08)<br>|
| Year Ended June 30, 2023 | 16.43 | 0.07 | 1.46 | 1.53 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (1.83)<br>|
| Year Ended June 30, 2022 | 22.81 | 0.01 | &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.20)<br>| &nbsp;&nbsp; (4.20)<br>|
| Year Ended June 30, 2021 | 16.71 | 0.06 | 6.82 | 6.88 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.78)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 15.25 | 0.02 | 1.04 | 1.06 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.15)<br>|
| Year Ended June 30, 2024 | 14.41 | 0.05 | 0.82 | 0.87 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended June 30, 2023 | 14.88 | 0.03 | 1.30 | 1.33 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (1.80)<br>|
| Year Ended June 30, 2022 | 21.08 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.20)<br>| &nbsp;&nbsp; (4.20)<br>|
| Year Ended June 30, 2021 | 15.41 | 0.03 | 6.27 | 6.30 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.63)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 16.95 | 0.07 | 1.15 | 1.22 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.17)<br>|
| Year Ended June 30, 2024 | 16.04 | 0.08 | 0.92 | 1.00 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2023 | 16.33 | 0.07 | 1.46 | 1.53 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (1.82)<br>|
| Year Ended June 30, 2022 | 22.70 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.20)<br>| &nbsp;&nbsp; (4.20)<br>|
| Year Ended June 30, 2021 | 16.64 | 0.05 | 6.79 | 6.84 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.78)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 17.13 | 0.11 | 1.17 | 1.28 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.23)<br>|
| Year Ended June 30, 2024 | 16.20 | 0.13 | 0.93 | 1.06 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13)<br>|
| Year Ended June 30, 2023 | 16.49 | 0.13 | 1.45 | 1.58 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (1.87)<br>|
| Year Ended June 30, 2022 | 22.83 | 0.06 | &nbsp;&nbsp; (2.20)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.20)<br>| &nbsp;&nbsp; (4.20)<br>|
| Year Ended June 30, 2021 | 16.73 | 0.11 | 6.82 | 6.93 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.83)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $120929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

65 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. Small Company Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $17.57 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $0.57 | &nbsp;&nbsp; $0.59 | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(1.40)<br>| &nbsp;&nbsp; $(1.42)<br>|
| Year Ended June 30, 2024 | 15.77 | 0.02 | 1.81 | 1.83 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended June 30, 2023 | 14.62 | 0.04 | 1.99 | 2.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.88)<br>|
| Year Ended June 30, 2022 | 23.54 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; (3.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp; (5.32)<br>|
| Year Ended June 30, 2021 | 14.84 | &nbsp;&nbsp; (0.01)<br>| 9.26 | 9.25 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.55)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 15.84 | &nbsp;&nbsp; (0.07)<br>| 0.54 | 0.47 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.40)<br>|
| Year Ended June 30, 2024 | 14.27 | &nbsp;&nbsp; (0.06)<br>| 1.63 | 1.57 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 13.34 | &nbsp;&nbsp; (0.04)<br>| 1.82 | 1.78 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.85)<br>|
| Year Ended June 30, 2022 | 22.04 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (3.27)<br>| &nbsp;&nbsp; (3.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp; (5.32)<br>|
| Year Ended June 30, 2021 | 13.96 | &nbsp;&nbsp; (0.10)<br>| 8.69 | 8.59 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.51)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.32 | 0.06 | 0.59 | 0.65 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.46)<br>|
| Year Ended June 30, 2024 | 16.44 | 0.06 | 1.89 | 1.95 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2023 | 15.21 | 0.08 | 2.07 | 2.15 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.92)<br>|
| Year Ended June 30, 2022 | 24.21 | 0.04 | &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp; (5.32)<br>|
| Year Ended June 30, 2021 | 15.25 | 0.04 | 9.51 | 9.55 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.59)<br>|
| **Class L** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.31 | 0.08 | 0.60 | 0.68 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.49)<br>|
| Year Ended June 30, 2024 | 16.43 | 0.08 | 1.89 | 1.97 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2023 | 15.20 | 0.10 | 2.07 | 2.17 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.94)<br>|
| Year Ended June 30, 2022 | 24.18 | 0.07 | &nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp; (5.34)<br>|
| Year Ended June 30, 2021 | 15.23 | 0.07 | 9.51 | 9.58 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.63)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 16.86 | &nbsp;&nbsp; (0.03)<br>| 0.54 | 0.51 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.40)<br>|
| Year Ended June 30, 2024 | 15.15 | &nbsp;&nbsp; (0.03)<br>| 1.74 | 1.71 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 14.08 | &nbsp;&nbsp; — | 1.92 | 1.92 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.85)<br>|
| Year Ended June 30, 2022 | 22.92 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (3.46)<br>| &nbsp;&nbsp; (3.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp; (5.32)<br>|
| Year Ended June 30, 2021 | 14.48 | &nbsp;&nbsp; (0.06)<br>| 9.02 | 8.96 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.52)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 17.38 | 0.01 | 0.57 | 0.58 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.42)<br>|
| Year Ended June 30, 2024 | 15.60 | 0.01 | 1.80 | 1.81 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended June 30, 2023 | 14.48 | 0.04 | 1.96 | 2.00 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.88)<br>|
| Year Ended June 30, 2022 | 23.36 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (3.55)<br>| &nbsp;&nbsp; (3.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp; (5.32)<br>|
| Year Ended June 30, 2021 | 14.74 | &nbsp;&nbsp; (0.01)<br>| 9.20 | 9.19 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.57)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.15 | 0.06 | 0.59 | 0.65 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.46)<br>|
| Year Ended June 30, 2024 | 16.29 | 0.06 | 1.86 | 1.92 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>|
| Year Ended June 30, 2023 | 15.08 | 0.08 | 2.05 | 2.13 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.92)<br>|
| Year Ended June 30, 2022 | 24.05 | 0.04 | &nbsp;&nbsp; (3.69)<br>| &nbsp;&nbsp; (3.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp; (5.32)<br>|
| Year Ended June 30, 2021 | 15.16 | 0.04 | 9.46 | 9.50 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.61)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.23 | 0.08 | 0.59 | 0.67 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.49)<br>|
| Year Ended June 30, 2024 | 16.36 | 0.09 | 1.88 | 1.97 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>|
| Year Ended June 30, 2023 | 15.15 | 0.11 | 2.05 | 2.16 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.95)<br>|
| Year Ended June 30, 2022 | 24.13 | 0.07 | &nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp; (5.34)<br>|
| Year Ended June 30, 2021 | 15.20 | 0.07 | 9.49 | 9.56 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.63)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

66 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $110598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

67 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. Small Company Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $18.33 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.59 | &nbsp;&nbsp; $0.69 | &nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp; $(1.40)<br>| &nbsp;&nbsp; $(1.50)<br>|
| Year Ended June 30, 2024 | 16.44 | 0.10 | 1.90 | 2.00 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.11)<br>|
| Year Ended June 30, 2023 | 15.21 | 0.12 | 2.07 | 2.19 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.96)<br>|
| Year Ended June 30, 2022 | 24.20 | 0.09 | &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.63)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp; (5.36)<br>|
| Year Ended June 30, 2021 | 15.25 | 0.09 | 9.51 | 9.60 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.65)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

68 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $329921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

69 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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:

---

| | | | |
|:---|:---|:---|:---|
|  | **Classes Offered** | **Trust** | **Diversification Classification** |
| JPMorgan Small Cap Blend Fund | Class A, Class C, Class I and Class R6 | JPM I | Diversified |
| JPMorgan Small Cap Equity Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan Small Cap Growth Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM II | Diversified |
| JPMorgan Small Cap Value Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM II | Diversified |
| JPMorgan SMID Cap Equity Fund | Class A, Class C, Class I, Class R3, Class R4 and Class R6 | JPM II | Diversified |
| JPMorgan U.S. Small Company Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM I | Diversified |

---

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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

70 J.P. Morgan Small Cap Funds June 30, 2025

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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 Securities and Exchange Commission ("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 are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Blend Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $1509814 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1509814 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Equity Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $3901373 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3901373 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 71

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Growth Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $3356479 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3356479 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Value Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $1235045 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1235045 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $872 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $872 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SMID Cap Equity Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $336700 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $336700 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Small Company Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; $9783 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9783 |
| Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp; 546 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 546 |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; 16074 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16074 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; 93813 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93813 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; 2251 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2251 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; 72511 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72511 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; 11025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11025 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; 16181 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16181 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; 18400 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18400 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; 16759 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16759 |
| Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 7855 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7855 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; 41422 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41422 |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; 10883 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10883 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; 4595 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4595 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; 3697 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3697 |
| Distributors | &nbsp;&nbsp;&nbsp;&nbsp; 975 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 975 |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; 19360 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19360 |
| Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp; 7243 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7243 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; 3493 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3493 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; 5774 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5774 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 11335 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11335 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

72 J.P. Morgan Small Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Small Company Fund** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; $21140 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $21140 |
| Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; 14883 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14883 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; 2359 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2359 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; 29694 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29694 |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp; 9830 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9830 |
| Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; 10259 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10259 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; 1305 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1305 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; 34917 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34917 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; 25717 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25717 |
| Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp; 4886 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4886 |
| Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; 3206 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3206 |
| Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp; 9859 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9859 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; 23414 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23414 |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; 11468 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11468 |
| Household Products | &nbsp;&nbsp;&nbsp;&nbsp; 1140 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1140 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp; 1755 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1755 |
| Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp; 2582 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2582 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; 12015 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12015 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; 6351 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6351 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; 6828 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6828 |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; 3144 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3144 |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp; 4031 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4031 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; 16123 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16123 |
| Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp; 3715 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3715 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; 10782 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10782 |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; 14549 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14549 |
| Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; 6407 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6407 |
| Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; 4267 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4267 |
| Office REITs | &nbsp;&nbsp;&nbsp;&nbsp; 7395 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7395 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; 26004 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26004 |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; 3093 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3093 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; 2961 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2961 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; 7089 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7089 |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; 17967 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17967 |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; 2798 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2798 |
| Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp; 2083 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2083 |
| Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp; 7565 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7565 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 27310 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27310 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; 57909 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57909 |
| Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; 4635 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4635 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; 18373 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18373 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; 6566 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6566 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp; 5025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5025 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; 21487 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21487 |
| Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp; 3625 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3625 |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; 2277 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2277 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 894763 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 894763 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 73

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Small Company Fund** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; $56037 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $56037 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 44768 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44768 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 100805 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100805 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $995568 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $995568 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $829 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $829 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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, 2025, 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. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

74 J.P. Morgan Small Cap Funds June 30, 2025

------

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, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment Securities** <br>**on Loan, at value,** <br>**Presented on the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Cash Collateral** <br>**Posted by Borrower\***<br>| **Net Amount Due** <br>**to Counterparty** <br>**(not less than zero)**<br>|
| Small Cap Blend Fund | &nbsp;&nbsp; $29596 | &nbsp;&nbsp; $(29,338)\*\*<br>| &nbsp;&nbsp; $258 |
| Small Cap Equity Fund | &nbsp;&nbsp; 60311 | &nbsp;&nbsp; (60311)<br>| &nbsp;&nbsp; — |
| Small Cap Growth Fund | &nbsp;&nbsp; 114322 | &nbsp;&nbsp; (112,363)\*\*<br>| &nbsp;&nbsp; 1959 |
| Small Cap Value Fund | &nbsp;&nbsp; 27627 | &nbsp;&nbsp; (27,391)\*\*<br>| &nbsp;&nbsp; 236 |
| SMID Cap Equity Fund | &nbsp;&nbsp; 2479 | &nbsp;&nbsp; (2479)<br>| &nbsp;&nbsp; — |
| U.S. Small Company Fund | &nbsp;&nbsp; 42179 | &nbsp;&nbsp; (42179)<br>| &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

\*\* Subsequent to June 30, 2025, additional collateral was received.

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, 2025, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:

---

| | |
|:---|:---|
| Small Cap Blend Fund | &nbsp;&nbsp; $1 |
| Small Cap Equity Fund | &nbsp;&nbsp; 2 |
| Small Cap Growth Fund | &nbsp;&nbsp; 2 |
| Small Cap Value Fund | &nbsp;&nbsp; —<br> (a)<br>|
| SMID Cap Equity Fund | &nbsp;&nbsp; —<br> (a)<br>|
| U.S. Small Company Fund | &nbsp;&nbsp; 1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank's compensation and is included on the Statements of Operations as Income from securities lending (net).

**D. Investment Transactions with Affiliates**— The Funds invested in Underlying Funds advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds' distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Blend Fund**  | **Small Cap Blend Fund**  | **Small Cap Blend Fund**  | **Small Cap Blend Fund**  | **Small Cap Blend Fund**  | **Small Cap Blend Fund**  | **Small Cap Blend Fund**  | **Small Cap Blend Fund**  | **Small Cap Blend Fund**  | **Small Cap Blend Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b)<br>| $28927 | $355429 | $350797 | $—<br> (c)<br>| $2 | $33561 | 33555 | $1716 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 75

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Blend Fund** (continued) | **Small Cap Blend Fund** (continued) | **Small Cap Blend Fund** (continued) | **Small Cap Blend Fund** (continued) | **Small Cap Blend Fund** (continued) | **Small Cap Blend Fund** (continued) | **Small Cap Blend Fund** (continued) | **Small Cap Blend Fund** (continued) | **Small Cap Blend Fund** (continued) | **Small Cap Blend Fund** (continued) |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2024**<br>| **Purchases at**<br> **Cost**<br>| **Proceeds from**<br> **Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Value at**<br> **June 30,**<br> **2025**<br>| **Shares at**<br> **June 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (a) (b)<br>| $43749 | $205426 | $219840 | $2<br> \*<br>| $1 | $29338 | 29338 | $859<br> \*<br>| $— |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 5016 | 20318 | 25334 |  |  |  |  | 46<br> \*<br>|  |
| **Total** | $77692 | $581173 | $595971 | $2 | $3 | $62899 |  | $2621 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of June 30, 2025.

(c) Amount rounds to less than one thousand.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Equity Fund**  | **Small Cap Equity Fund**  | **Small Cap Equity Fund**  | **Small Cap Equity Fund**  | **Small Cap Equity Fund**  | **Small Cap Equity Fund**  | **Small Cap Equity Fund**  | **Small Cap Equity Fund**  | **Small Cap Equity Fund**  | **Small Cap Equity Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (a) (b)<br>| $105873 | $1265169 | $1192756 | $(9)<br>| $8 | $178285 | 178249 | $6317 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (a) (b)<br>| 98969 | 430766 | 467527 | (9)\*<br>| 16 | 62215 | 62215 | 2,036<br> \*<br>|  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 12494 | 50141 | 62635 |  |  |  |  | 107<br> \*<br>|  |
| **Total** | $217336 | $1746076 | $1722918 | $(18)<br>| $24 | $240500 |  | $8460 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Growth Fund**  | **Small Cap Growth Fund**  | **Small Cap Growth Fund**  | **Small Cap Growth Fund**  | **Small Cap Growth Fund**  | **Small Cap Growth Fund**  | **Small Cap Growth Fund**  | **Small Cap Growth Fund**  | **Small Cap Growth Fund**  | **Small Cap Growth Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (a) (b)<br>| $38017 | $972435 | $934340 | $(3)<br>| $2 | $76111 | 76096 | $2353 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (a) (b)<br>| 106008 | 746241 | 739893 | 2<br> \*<br>| 5 | 112363 | 112363 | 2,922<br> \*<br>|  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 11985 | 40968 | 52953 |  |  |  |  | 103<br> \*<br>|  |
| **Total** | $156010 | $1759644 | $1727186 | $(1)<br>| $7 | $188474 |  | $5378 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

76 J.P. Morgan Small Cap Funds June 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Value Fund**  | **Small Cap Value Fund**  | **Small Cap Value Fund**  | **Small Cap Value Fund**  | **Small Cap Value Fund**  | **Small Cap Value Fund**  | **Small Cap Value Fund**  | **Small Cap Value Fund**  | **Small Cap Value Fund**  | **Small Cap Value Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b)<br>| $24344 | $570221 | $536009 | $2 | $— | $58558 | 58546 | $1422 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (a) (b)<br>| 26589 | 221142 | 220343 | 1<br> \*<br>| 2 | 27391 | 27391 | 849<br> \*<br>|  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 3925 | 15618 | 19543 |  |  |  |  | 26<br> \*<br>|  |
| **Total** | $54858 | $806981 | $775895 | $3 | $2 | $85949 |  | $2297 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SMID Cap Equity Fund**  | **SMID Cap Equity Fund**  | **SMID Cap Equity Fund**  | **SMID Cap Equity Fund**  | **SMID Cap Equity Fund**  | **SMID Cap Equity Fund**  | **SMID Cap Equity Fund**  | **SMID Cap Equity Fund**  | **SMID Cap Equity Fund**  | **SMID Cap Equity Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b)<br>| $12501 | $139929 | $144499 | $3 | $(1)<br>| $7933 | 7932 | $444 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (a) (b)<br>|  | 24583 | 22028 |  |  | 2555 | 2555 | 25<br> \*<br>|  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>|  | 7430 | 7430 |  |  |  |  | 3<br> \*<br>|  |
| **Total** | $12501 | $171942 | $173957 | $3 | $(1)<br>| $10488 |  | $472 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Small Company Fund**  | **U.S. Small Company Fund**  | **U.S. Small Company Fund**  | **U.S. Small Company Fund**  | **U.S. Small Company Fund**  | **U.S. Small Company Fund**  | **U.S. Small Company Fund**  | **U.S. Small Company Fund**  | **U.S. Small Company Fund**  | **U.S. Small Company Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b)<br>| $10540 | $516138 | $470649 | $7 | $1 | $56037 | 56026 | $1035 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (a) (b)<br>| 49584 | 260936 | 265756 | 3<br> \*<br>| 1 | 44768 | 44768 | 1,429<br> \*<br>|  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 6112 | 21013 | 27125 |  |  |  |  | 44<br> \*<br>|  |
| **Total** | $66236 | $798087 | $763530 | $10 | $2 | $100805 |  | $2508 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 77

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

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

**E. 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).

**Derivatives Volume**

The table below discloses the volume of the Funds' futures contracts activity during the year ended June 30, 2025 (amounts in thousands, except number of contracts):

---

| | | |
|:---|:---|:---|
|  | **Small Cap** <br>**Value Fund**<br>| **U.S. Small** <br>**Company Fund**<br>|
| **Futures Contracts:** |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $31349 | &nbsp;&nbsp; $20877 |
| Ending Notional Balance Long | &nbsp;&nbsp; 32535 | &nbsp;&nbsp; 25086 |

---

**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.

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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

78 J.P. Morgan Small Cap Funds June 30, 2025

------

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, 2025, are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class L** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** | **Total** |
| **Small Cap Blend Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | $26 | $4 | $7 | n/a | n/a | n/a | n/a | n/a | $3 | $40 |
| **Small Cap Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 14 | 2 | 118 | n/a | $2 | $—<br> (a)<br>| $—<br> (a)<br>| $9 | 31 | 176 |
| **Small Cap Growth Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 41 | 4 | 13 | $6 | 4 | 2 | —<br> (a)<br>| 1 | 63 | 134 |
| **Small Cap Value Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 31 | 1 | 7 | n/a | 23 | 6 | —<br> (a)<br>| 2 | 33 | 103 |
| **SMID Cap Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 29 | 1 | 8 | n/a | n/a | —<br> (a)<br>| —<br> (a)<br>| n/a | 4 | 42 |
| **U.S. Small Company Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 12 | 2 | 9 | 5 | 7 | 2 | —<br> (a)<br>| —<br> (a)<br>| 18 | 55 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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, 2025, 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, 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:

---

| | | | |
|:---|:---|:---|:---|
|  | **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5483 | &nbsp;&nbsp;&nbsp;&nbsp; $(5483)<br>|
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 59805 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (59805)<br>|
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27841 | &nbsp;&nbsp;&nbsp;&nbsp; (27841)<br>|
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 6269 | &nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp; (6370)<br>|
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32 |

---

The reclassifications for the Funds relate primarily to tax adjustments on certain investments and tax equalization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 79

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**J. Segment Reporting** — The Funds adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**K. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee** — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows:

---

| | |
|:---|:---|
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |

---

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.010% of each Fund's respective average daily net assets in excess of $25 billion. For the year ended June 30, 2025, 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.

**C. Distribution Fees**— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ("JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.

The Boards have adopted a Distribution Plan (the "Distribution Plan") for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R2** | **Class R3** |
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

80 J.P. Morgan Small Cap Funds June 30, 2025

------

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, 2025, JPMDS retained the following:

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; $52 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>|
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

**D. Service Fees**— The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class L** | **Class R2** | **Class R3** | **Class R4** | **Class R5** |
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**E. Custodian and Accounting Fees**— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

**F. Waivers and Reimbursements**—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>|
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 81

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

The expense limitation agreements were in effect for the year ended June 30, 2025 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2025.

For the year ended June 30, 2025, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |  |
|  | **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** | **Contractual** <br>**Reimbursements**<br>|
| Small Cap Blend Fund | &nbsp;&nbsp; $172 | &nbsp;&nbsp; $115 | &nbsp;&nbsp; $34 | &nbsp;&nbsp; $321 | &nbsp;&nbsp; $1 |
| Small Cap Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 377 | &nbsp;&nbsp; 377 | &nbsp;&nbsp; — |
| Small Cap Growth Fund | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 63 |
| Small Cap Value Fund | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 503 | &nbsp;&nbsp; 4 |
| SMID Cap Equity Fund | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 446 | &nbsp;&nbsp; 3 |
| U.S. Small Company Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; — |

---

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, 2025 were as follows:

---

| | |
|:---|:---|
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; $39 |
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 139 |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 33 |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp; 22 |

---

**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, 2025, Small Cap Blend Fund, Small Cap Equity Fund, Small Cap Growth Fund and SMID Cap Equity 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, 2025, and incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows:

---

| | |
|:---|:---|
|  | **Brokerage Commissions** |
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; $33 |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 56 |

---

The 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

82 J.P. Morgan Small Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Investment Transactions** 

During the year ended June 30, 2025, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>|
| Small Cap Blend Fund | $732831 | $733009 |
| Small Cap Equity Fund | 1088258 | 2134579 |
| Small Cap Growth Fund | 1668904 | 2148408 |
| Small Cap Value Fund | 889830 | 996016 |
| SMID Cap Equity Fund | 155312 | 235941 |
| U.S. Small Company Fund | 994564 | 1055087 |

---

During the year ended June 30, 2025, 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, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; $1315040 | &nbsp;&nbsp;&nbsp;&nbsp; $291173 | &nbsp;&nbsp;&nbsp;&nbsp; $96399 | &nbsp;&nbsp;&nbsp;&nbsp; $194774 |
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2795207 | &nbsp;&nbsp;&nbsp;&nbsp; 1290013 | &nbsp;&nbsp;&nbsp;&nbsp; 183847 | &nbsp;&nbsp;&nbsp;&nbsp; 1106166 |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2893430 | &nbsp;&nbsp;&nbsp;&nbsp; 712003 | &nbsp;&nbsp;&nbsp;&nbsp; 248954 | &nbsp;&nbsp;&nbsp;&nbsp; 463049 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1105253 | &nbsp;&nbsp;&nbsp;&nbsp; 196312 | &nbsp;&nbsp;&nbsp;&nbsp; 65648 | &nbsp;&nbsp;&nbsp;&nbsp; 130664 |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 276659 | &nbsp;&nbsp;&nbsp;&nbsp; 75448 | &nbsp;&nbsp;&nbsp;&nbsp; 15407 | &nbsp;&nbsp;&nbsp;&nbsp; 60041 |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp; 874187 | &nbsp;&nbsp;&nbsp;&nbsp; 173536 | &nbsp;&nbsp;&nbsp;&nbsp; 51326 | &nbsp;&nbsp;&nbsp;&nbsp; 122210 |

---

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, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**Long-Term** <br>**Capital Gains**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; $15853 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $15853 |
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 45035 | &nbsp;&nbsp;&nbsp;&nbsp; 365707 | &nbsp;&nbsp;&nbsp;&nbsp; 410742 |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 28295 | &nbsp;&nbsp;&nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp;&nbsp; 28568 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 17690 | &nbsp;&nbsp;&nbsp;&nbsp; 68391 | &nbsp;&nbsp;&nbsp;&nbsp; 86081 |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4056 | &nbsp;&nbsp;&nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp;&nbsp; 4434 |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp; 8014 | &nbsp;&nbsp;&nbsp;&nbsp; 70658 | &nbsp;&nbsp;&nbsp;&nbsp; 78672 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 83

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

The tax character of distributions paid during the year ended June 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**Long-Term** <br>**Capital Gains**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; $6036 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6036 |
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 48340 | &nbsp;&nbsp;&nbsp;&nbsp; 171806 | &nbsp;&nbsp;&nbsp;&nbsp; 220146 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 20731 | &nbsp;&nbsp;&nbsp;&nbsp; 2214 | &nbsp;&nbsp;&nbsp;&nbsp; 22945 |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1685 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1685 |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4171 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4171 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of June 30, 2025, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; $1962 | &nbsp;&nbsp;&nbsp;&nbsp; $38382 | &nbsp;&nbsp;&nbsp;&nbsp; $194774 |
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 18431 | &nbsp;&nbsp;&nbsp;&nbsp; 296626 | &nbsp;&nbsp;&nbsp;&nbsp; 1106166 |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 463049 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1468 | &nbsp;&nbsp;&nbsp;&nbsp; 64742 | &nbsp;&nbsp;&nbsp;&nbsp; 130664 |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2020 | &nbsp;&nbsp;&nbsp;&nbsp; 10179 | &nbsp;&nbsp;&nbsp;&nbsp; 60041 |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1404 | &nbsp;&nbsp;&nbsp;&nbsp; 51566 | &nbsp;&nbsp;&nbsp;&nbsp; 122210 |

---

The cumulative timing differences primarily consist of tax adjustments on certain investments, certain derivatives, ordinary loss deferrals and wash sale loss deferrals.

As of June 30, 2025, the Funds did not have any net capital loss carryforwards.

Net capital losses (gains) and specified ordinary losses 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, 2025, the following Funds deferred to July 1, 2025 the following net capital losses (gains), specified ordinary losses and late year ordinary losses of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | &nbsp;&nbsp;&nbsp; **Specified** <br>**Ordinary Losses** | &nbsp;&nbsp;&nbsp; **Late Year** <br>**Ordinary Loss Deferral** |
|  | **Short-Term** | &nbsp;&nbsp;&nbsp; **Specified** <br>**Ordinary Losses** | &nbsp;&nbsp;&nbsp; **Late Year** <br>**Ordinary Loss Deferral** |
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; $9278 | &nbsp;&nbsp;&nbsp;&nbsp; $3379 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 812 | &nbsp;&nbsp;&nbsp;&nbsp; 15976 | &nbsp;&nbsp;&nbsp;&nbsp; 7636 |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp; 44792 | &nbsp;&nbsp;&nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

During the year ended June 30, 2025, the following Funds utilized capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized**  | **Capital Loss Utilized**  |
|  | **Short-Term** | **Long-Term** |
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; $6537 | &nbsp;&nbsp;&nbsp;&nbsp; $23052 |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 241596 |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4863 |

---

**6. Borrowings** 

The Funds rely upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

84 J.P. Morgan Small Cap Funds June 30, 2025

------

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, 2025.

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 28, 2025.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2025.

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 NAV 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 NAV 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. Effective August 5, 2025, 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, 2025.

**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, 2025, the Funds had individual shareholder and/or affiliated omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Non-Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** |
| Small Cap Blend Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 64.6<br> %<br>|
| Small Cap Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;17.6 |
| Small Cap Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;34.6 |
| Small Cap Value Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;19.2 |
| SMID Cap Equity Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;33.7 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;19.6 |
| U.S. Small Company Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;44.9 |

---

As of June 30, 2025, 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 Funds as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **J.P. Morgan** <br>**Investor** <br>**Funds**<br>| &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Funds**<br>|
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 12.6<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.1<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 85

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

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.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

86 J.P. Morgan Small Cap Funds June 30, 2025

------

**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, 2025, the related statements of operations for the year ended June 30, 2025, the statements of changes in net assets for each of the two years in the period ended June 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2025 (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, 2025, 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, 2025 and each of the financial highlights for each of the five years in the period ended June 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 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 22, 2025

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Small Cap Funds 87

------

**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, 2025. 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, 2025. The information necessary to complete your income tax returns for the calendar year ending December 31, 2025 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, 2025:

---

| | |
|:---|:---|
|  | **Dividends** <br>**Received** <br>**Deduction**<br>|
| JPMorgan Small Cap Blend Fund | 93.40<br> %<br>|
| JPMorgan Small Cap Equity Fund | 85.54 |
| JPMorgan Small Cap Growth Fund | 39.70 |
| JPMorgan Small Cap Value Fund | 86.18 |
| JPMorgan SMID Cap Equity Fund | 86.72 |
| JPMorgan U.S. Small Company Fund | 97.83 |

---

**Long Term Capital Gain**

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2025:

---

| | |
|:---|:---|
|  | **Long-Term** <br>**Capital Gain** <br>**Distribution**<br>|
| JPMorgan Small Cap Equity Fund | &nbsp;&nbsp; $423392 |
| JPMorgan Small Cap Growth Fund | &nbsp;&nbsp; 273 |
| JPMorgan Small Cap Value Fund | &nbsp;&nbsp; 74660 |
| JPMorgan SMID Cap Equity Fund | &nbsp;&nbsp; 378 |
| JPMorgan U.S. Small Company Fund | &nbsp;&nbsp; 70658 |

---

**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, 2025:

---

| | |
|:---|:---|
|  | **Qualified** <br>**Dividend** <br>**Income**<br>|
| JPMorgan Small Cap Blend Fund | &nbsp;&nbsp; $15226 |
| JPMorgan Small Cap Equity Fund | &nbsp;&nbsp; 40347 |
| JPMorgan Small Cap Growth Fund | &nbsp;&nbsp; 11224 |
| JPMorgan Small Cap Value Fund | &nbsp;&nbsp; 15577 |
| JPMorgan SMID Cap Equity Fund | &nbsp;&nbsp; 3618 |
| JPMorgan U.S. Small Company Fund | &nbsp;&nbsp; 8014 |

---

**Section 199A Income**

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.

---

| | |
|:---|:---|
|  | **Qualified** <br>**Business** <br>**Income**<br>|
| JPMorgan Small Cap Value Fund | &nbsp;&nbsp; $2113 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

88 undefined June 30, 2025

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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.

![](g73314imgc758e83e2.jpg)

------

![](g73314imgbab474903.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2025. All rights reserved. June 2025.

AN-SC-625

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

**Statement Regarding Basis for Approval of Investment Advisory Agreements**

Not applicable.

------

Annual Financial Statements

J.P. Morgan Investor Funds

June 30, 2025

---

| |
|:---|
| JPMorgan Investor Balanced Fund |
| JPMorgan Investor Conservative Growth Fund |
| JPMorgan Investor Growth Fund |
| JPMorgan Investor Growth & Income Fund |

---

![](g76743img8cba63f11.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_ed24959e-3168-4617-8e87-c1b6d51863c9_SOI-TOC-ScheduleofInvestments-844_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_ed24959e-3168-4617-8e87-c1b6d51863c9_FS-TOC-FinancialStatement-844_1) | &nbsp;&nbsp; **5** |
| [Financial Highlights](#xx_ed24959e-3168-4617-8e87-c1b6d51863c9_FIHI-TOC-FinancialHighlights-844_1) | &nbsp;&nbsp; **14** |
| [Notes to Financial Statements](#xx_ed24959e-3168-4617-8e87-c1b6d51863c9_NTF-NTFRunningFooter-844_1) | &nbsp;&nbsp; **22** |
| [Report of Independent Registered Public Accounting Firm](#xx_ed24959e-3168-4617-8e87-c1b6d51863c9_AUD-TOC-AuditorsReport-844_1) | &nbsp;&nbsp; **36** |
| [Tax Letter](#xx_ed24959e-3168-4617-8e87-c1b6d51863c9_TL-TAXLETTERCC-844_1) | &nbsp;&nbsp; **37** |

---

**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 INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 85.6%** | **Investment Companies — 85.6%** | **Investment Companies — 85.6%** |
| **Alternative Assets — 0.9%** | **Alternative Assets — 0.9%** | **Alternative Assets — 0.9%** |
| JPMorgan Unconstrained Debt Fund Class R6 <br> Shares (a)<br>| 4791 | 47141 |
| **Fixed Income — 44.8%** | **Fixed Income — 44.8%** | **Fixed Income — 44.8%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 119579 | 1236450 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 88181 | 638431 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 8732 | 55096 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 31988 | 209519 |
| JPMorgan Income Fund Class R6 Shares (a) | 33752 | 289929 |
| JPMorgan Short Duration Core Plus Fund Class R6 <br> Shares (a)<br>| 8418 | 79214 |
| Total Fixed Income |  | 2508639 |
| **International Equity — 4.7%** | **International Equity — 4.7%** | **International Equity — 4.7%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 1636 | 58187 |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 3772 | 70687 |
| JPMorgan Europe Dynamic Fund Class R6 Shares (a) | 1634 | 65106 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 3106 | 69576 |
| Total International Equity |  | 263556 |
| **U.S. Equity — 35.2%** | **U.S. Equity — 35.2%** | **U.S. Equity — 35.2%** |
| JPMorgan Equity Income Fund Class R6 Shares (a) | 6727 | 169595 |
| JPMorgan Large Cap Growth Fund Class R6 Shares (a) | 3595 | 320926 |
| JPMorgan Large Cap Value Fund Class R6 Shares (a) | 10444 | 213481 |
| JPMorgan Mid Cap Growth Fund Class R6 Shares (a) | 1478 | 81983 |
| JPMorgan Small Cap Equity Fund Class R6 Shares (a) | 485 | 25864 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 962 | 25589 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 17292 | 452532 |
| JPMorgan U.S. GARP Equity Fund Class R6 Shares (a) | 2502 | 223487 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 6248 | 285041 |
| JPMorgan Value Advantage Fund Class R6 Shares (a) | 4385 | 170114 |
| Total U.S. Equity |  | 1968612 |
| Total Investment Companies <br>(Cost $3,700,808)<br>|  | 4787948 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Exchange-Traded Funds — 13.5%** | **Exchange-Traded Funds — 13.5%** | **Exchange-Traded Funds — 13.5%** |
| **Fixed Income — 2.8%** | **Fixed Income — 2.8%** | **Fixed Income — 2.8%** |
| JPMorgan Limited Duration Bond ETF (a) | 2981 | 155685 |
| **International Equity — 8.0%** | **International Equity — 8.0%** | **International Equity — 8.0%** |
| JPMorgan Global Select Equity ETF (a) | 2218 | 142699 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 4337 | 306925 |
| Total International Equity |  | 449624 |
| **U.S. Equity — 2.7%** | **U.S. Equity — 2.7%** | **U.S. Equity — 2.7%** |
| JPMorgan Small & Mid Cap Enhanced Equity ETF (a) | 2576 | 152533 |
| Total Exchange-Traded Funds <br>(Cost $561,743)<br>|  | 757842 |
| **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** |
| **Investment Companies — 1.1%** | **Investment Companies — 1.1%** | **Investment Companies — 1.1%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b) <br>(Cost $60,121)<br>| 60121 | 60121 |
| **Total Investments — 100.2%** <br>**(Cost $4,322,672)**<br>|  | **5605911** |
| **Liabilities in Excess of Other Assets — (0.2)%** |  | **(8857)**<br>|
| **NET ASSETS — 100.0%** |  | **5597054** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the current yield as of June 30, 2025.

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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Investor Funds 1

------

JPMorgan Investor Conservative Growth Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 86.5%** | **Investment Companies — 86.5%** | **Investment Companies — 86.5%** |
| **Alternative Assets — 1.0%** | **Alternative Assets — 1.0%** | **Alternative Assets — 1.0%** |
| JPMorgan Unconstrained Debt Fund Class R6 <br> Shares (a)<br>| 4225 | 41577 |
| **Fixed Income — 62.4%** | **Fixed Income — 62.4%** | **Fixed Income — 62.4%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 126171 | 1304602 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 83067 | 601403 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 6762 | 42669 |
| JPMorgan Government Bond Fund Class R6 Shares (a) | 4157 | 39993 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 24273 | 158990 |
| JPMorgan Income Fund Class R6 Shares (a) | 30381 | 260973 |
| JPMorgan Short Duration Core Plus Fund Class R6 <br> Shares (a)<br>| 8337 | 78454 |
| Total Fixed Income |  | 2487084 |
| **International Equity — 3.3%** | **International Equity — 3.3%** | **International Equity — 3.3%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 837 | 29778 |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 2098 | 39315 |
| JPMorgan Europe Dynamic Fund Class R6 Shares (a) | 546 | 21772 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 1775 | 39750 |
| Total International Equity |  | 130615 |
| **U.S. Equity — 19.8%** | **U.S. Equity — 19.8%** | **U.S. Equity — 19.8%** |
| JPMorgan Equity Income Fund Class R6 Shares (a) | 3599 | 90724 |
| JPMorgan Large Cap Growth Fund Class R6 Shares (a) | 1307 | 116686 |
| JPMorgan Large Cap Value Fund Class R6 Shares (a) | 3250 | 66429 |
| JPMorgan Mid Cap Growth Fund Class R6 Shares (a) | 1046 | 58006 |
| JPMorgan Small Cap Equity Fund Class R6 Shares (a) | 343 | 18304 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 752 | 20021 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 5506 | 144094 |
| JPMorgan U.S. GARP Equity Fund Class R6 Shares (a) | 1063 | 94946 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 2032 | 92689 |
| JPMorgan Value Advantage Fund Class R6 Shares (a) | 2313 | 89708 |
| Total U.S. Equity |  | 791607 |
| Total Investment Companies <br>(Cost $3,106,537)<br>|  | 3450883 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Exchange-Traded Funds — 12.5%** | **Exchange-Traded Funds — 12.5%** | **Exchange-Traded Funds — 12.5%** |
| **Fixed Income — 5.8%** | **Fixed Income — 5.8%** | **Fixed Income — 5.8%** |
| JPMorgan Limited Duration Bond ETF (a) | 4444 | 232091 |
| **International Equity — 5.8%** | **International Equity — 5.8%** | **International Equity — 5.8%** |
| JPMorgan Global Select Equity ETF (a) | 941 | 60544 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 2396 | 169564 |
| Total International Equity |  | 230108 |
| **U.S. Equity — 0.9%** | **U.S. Equity — 0.9%** | **U.S. Equity — 0.9%** |
| JPMorgan Small & Mid Cap Enhanced Equity ETF (a) | 623 | 36903 |
| Total Exchange-Traded Funds <br>(Cost $398,967)<br>|  | 499102 |
| **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** |
| **Investment Companies — 1.1%** | **Investment Companies — 1.1%** | **Investment Companies — 1.1%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b) <br>(Cost $42,523)<br>| 42523 | 42523 |
| **Total Investments — 100.1%** <br>**(Cost $3,548,027)**<br>|  | **3992508** |
| **Liabilities in Excess of Other Assets — (0.1)%** |  | **(3546)**<br>|
| **NET ASSETS — 100.0%** |  | **3988962** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the current yield as of June 30, 2025.

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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 J.P. Morgan Investor Funds June 30, 2025

------

JPMorgan Investor Growth Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 83.2%** | **Investment Companies — 83.2%** | **Investment Companies — 83.2%** |
| **Fixed Income — 12.0%** | **Fixed Income — 12.0%** | **Fixed Income — 12.0%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 44355 | 458635 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 11858 | 85852 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 4040 | 25492 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 19746 | 129333 |
| JPMorgan Income Fund Class R6 Shares (a) | 3370 | 28950 |
| Total Fixed Income |  | 728262 |
| **International Equity — 14.0%** | **International Equity — 14.0%** | **International Equity — 14.0%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 4223 | 150211 |
| JPMorgan Emerging Markets Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 6653 | 124672 |
| JPMorgan Europe Dynamic Fund Class R6 Shares (a) | 3504 | 139623 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 11881 | 266128 |
| JPMorgan International Focus Fund Class R6 Shares (a) | 5903 | 168237 |
| Total International Equity |  | 848871 |
| **U.S. Equity — 57.2%** | **U.S. Equity — 57.2%** | **U.S. Equity — 57.2%** |
| JPMorgan Equity Income Fund Class R6 Shares (a) | 7224 | 182104 |
| JPMorgan Large Cap Growth Fund Class R6 Shares (a) | 8405 | 750269 |
| JPMorgan Large Cap Value Fund Class R6 Shares (a) | 28435 | 581209 |
| JPMorgan Mid Cap Growth Fund Class R6 Shares (a) | 2110 | 117074 |
| JPMorgan Small Cap Equity Fund Class R6 Shares (a) | 395 | 21046 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 2719 | 72342 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 30664 | 802476 |
| JPMorgan U.S. GARP Equity Fund Class R6 Shares (a) | 3697 | 330292 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 9469 | 431997 |
| JPMorgan Value Advantage Fund Class R6 Shares (a) | 4711 | 182739 |
| Total U.S. Equity |  | 3471548 |
| Total Investment Companies <br>(Cost $3,199,687)<br>|  | 5048681 |
| **Exchange-Traded Funds — 15.5%** | **Exchange-Traded Funds — 15.5%** | **Exchange-Traded Funds — 15.5%** |
| **International Equity — 11.4%** | **International Equity — 11.4%** | **International Equity — 11.4%** |
| JPMorgan Global Select Equity ETF (a) | 3262 | 209870 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 6764 | 478695 |
| Total International Equity |  | 688565 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Equity — 4.1%** | **U.S. Equity — 4.1%** | **U.S. Equity — 4.1%** |
| JPMorgan Small & Mid Cap Enhanced Equity ETF (a) | 4247 | 251477 |
| Total Exchange-Traded Funds <br>(Cost $726,355)<br>|  | 940042 |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| **Investment Companies — 1.3%** | **Investment Companies — 1.3%** | **Investment Companies — 1.3%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b) <br>(Cost $79,559)<br>| 79559 | 79559 |
| **Total Investments — 100.0%** <br>**(Cost $4,005,601)**<br>|  | **6068282** |
| **Liabilities in Excess of Other Assets — (0.0)% ^** |  | **(1780)**<br>|
| **NET ASSETS — 100.0%** |  | **6066502** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (b) | The rate shown is the current yield as of June 30, <br> 2025.<br>|

---

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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Investor Funds 3

------

JPMorgan Investor Growth & Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 86.3%** | **Investment Companies — 86.3%** | **Investment Companies — 86.3%** |
| **Fixed Income — 31.6%** | **Fixed Income — 31.6%** | **Fixed Income — 31.6%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 75472 | 780378 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 48400 | 350416 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 3842 | 24242 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 26566 | 174010 |
| JPMorgan Income Fund Class R6 Shares (a) | 23614 | 202845 |
| JPMorgan Short Duration Core Plus Fund Class R6 <br> Shares (a)<br>| 5183 | 48774 |
| Total Fixed Income |  | 1580665 |
| **International Equity — 8.2%** | **International Equity — 8.2%** | **International Equity — 8.2%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 2810 | 99937 |
| JPMorgan Emerging Markets Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 4060 | 76094 |
| JPMorgan Europe Dynamic Fund Class R6 Shares (a) | 1730 | 68905 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 4244 | 95061 |
| JPMorgan International Focus Fund Class R6 Shares (a) | 2396 | 68288 |
| Total International Equity |  | 408285 |
| **U.S. Equity — 46.5%** | **U.S. Equity — 46.5%** | **U.S. Equity — 46.5%** |
| JPMorgan Equity Income Fund Class R6 Shares (a) | 6339 | 159803 |
| JPMorgan Large Cap Growth Fund Class R6 Shares (a) | 5995 | 535194 |
| JPMorgan Large Cap Value Fund Class R6 Shares (a) | 15974 | 326517 |
| JPMorgan Mid Cap Growth Fund Class R6 Shares (a) | 1401 | 77724 |
| JPMorgan Small Cap Equity Fund Class R6 Shares (a) | 485 | 25837 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 1192 | 31708 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 18738 | 490383 |
| JPMorgan U.S. GARP Equity Fund Class R6 Shares (a) | 2128 | 190141 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 6867 | 313271 |
| JPMorgan Value Advantage Fund Class R6 Shares (a) | 4372 | 169582 |
| Total U.S. Equity |  | 2320160 |
| Total Investment Companies <br>(Cost $2,997,102)<br>|  | 4309110 |
| **Exchange-Traded Funds — 13.0%** | **Exchange-Traded Funds — 13.0%** | **Exchange-Traded Funds — 13.0%** |
| **Fixed Income — 1.0%** | **Fixed Income — 1.0%** | **Fixed Income — 1.0%** |
| JPMorgan Limited Duration Bond ETF (a) | 918 | 47953 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **International Equity — 8.6%** | **International Equity — 8.6%** | **International Equity — 8.6%** |
| JPMorgan Global Select Equity ETF (a) | 2224 | 143117 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 4019 | 284388 |
| Total International Equity |  | 427505 |
| **U.S. Equity — 3.4%** | **U.S. Equity — 3.4%** | **U.S. Equity — 3.4%** |
| JPMorgan Small & Mid Cap Enhanced Equity ETF (a) | 2896 | 171463 |
| Total Exchange-Traded Funds <br>(Cost $485,322)<br>|  | 646921 |
| **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** |
| **Investment Companies — 0.8%** | **Investment Companies — 0.8%** | **Investment Companies — 0.8%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b) <br>(Cost $42,229)<br>| 42229 | 42229 |
| **Total Investments — 100.1%** <br>**(Cost $3,524,653)**<br>|  | **4998260** |
| **Liabilities in Excess of Other Assets — (0.1)%** |  | **(7149)**<br>|
| **NET ASSETS — 100.0%** |  | **4991111** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the current yield as of June 30, 2025.

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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 J.P. Morgan Investor Funds June 30, 2025

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Investor** <br>**Balanced Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Investor** <br>**Conservative** <br>**Growth Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Investor** <br>**Growth** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Investor** <br>**Growth &** <br>**Income Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; $5605911 | &nbsp;&nbsp;&nbsp; $3992508 | &nbsp;&nbsp;&nbsp; $6068282 | &nbsp;&nbsp;&nbsp; $4998260 |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 1286 | &nbsp;&nbsp;&nbsp; 1945 | &nbsp;&nbsp;&nbsp; 5863 | &nbsp;&nbsp;&nbsp; 2316 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 1442 | &nbsp;&nbsp;&nbsp; 1296 | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 1009 |
| Total Assets | &nbsp;&nbsp;&nbsp; 5608639 | &nbsp;&nbsp;&nbsp; 3995749 | &nbsp;&nbsp;&nbsp; 6074424 | &nbsp;&nbsp;&nbsp; 5001585 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; 1251 | &nbsp;&nbsp;&nbsp; 1158 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 832 |
| Distributions | &nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; 178 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 7110 | &nbsp;&nbsp;&nbsp; 3773 | &nbsp;&nbsp;&nbsp; 5177 | &nbsp;&nbsp;&nbsp; 7207 |
| Accrued liabilities: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp; 196 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 1142 | &nbsp;&nbsp;&nbsp; 714 | &nbsp;&nbsp;&nbsp; 1082 | &nbsp;&nbsp;&nbsp; 958 |
| Service fees | &nbsp;&nbsp;&nbsp; 1123 | &nbsp;&nbsp;&nbsp; 791 | &nbsp;&nbsp;&nbsp; 1084 | &nbsp;&nbsp;&nbsp; 916 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 22 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 496 | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp; 165 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 11585 | &nbsp;&nbsp;&nbsp; 6787 | &nbsp;&nbsp;&nbsp; 7922 | &nbsp;&nbsp;&nbsp; 10474 |
| Net Assets | &nbsp;&nbsp;&nbsp; $5597054 | &nbsp;&nbsp;&nbsp; $3988962 | &nbsp;&nbsp;&nbsp; $6066502 | &nbsp;&nbsp;&nbsp; $4991111 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Investor Funds 5

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025 (continued)

(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Investor**<br> **Balanced Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Investor**<br> **Conservative**<br> **Growth Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Investor**<br> **Growth**<br> **Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Investor**<br> **Growth &**<br>**Income Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $4299066 | &nbsp;&nbsp;&nbsp; $3579826 | &nbsp;&nbsp;&nbsp; $3955924 | &nbsp;&nbsp;&nbsp; $3527734 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 1297988 | &nbsp;&nbsp;&nbsp; 409136 | &nbsp;&nbsp;&nbsp; 2110578 | &nbsp;&nbsp;&nbsp; 1463377 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $5597054 | &nbsp;&nbsp;&nbsp; $3988962 | &nbsp;&nbsp;&nbsp; $6066502 | &nbsp;&nbsp;&nbsp; $4991111 |
| Net Assets: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $4929424 | &nbsp;&nbsp;&nbsp; $2845050 | &nbsp;&nbsp;&nbsp; $4914349 | &nbsp;&nbsp;&nbsp; $4484627 |
| Class C | &nbsp;&nbsp;&nbsp; 238975 | &nbsp;&nbsp;&nbsp; 223681 | &nbsp;&nbsp;&nbsp; 163468 | &nbsp;&nbsp;&nbsp; 90881 |
| Class I | &nbsp;&nbsp;&nbsp; 386975 | &nbsp;&nbsp;&nbsp; 827548 | &nbsp;&nbsp;&nbsp; 786881 | &nbsp;&nbsp;&nbsp; 342126 |
| Class R6 | &nbsp;&nbsp;&nbsp; 41680 | &nbsp;&nbsp;&nbsp; 92683 | &nbsp;&nbsp;&nbsp; 201804 | &nbsp;&nbsp;&nbsp; 73477 |
| Total | &nbsp;&nbsp;&nbsp; $5597054 | &nbsp;&nbsp;&nbsp; $3988962 | &nbsp;&nbsp;&nbsp; $6066502 | &nbsp;&nbsp;&nbsp; $4991111 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 299448 | &nbsp;&nbsp;&nbsp; 221412 | &nbsp;&nbsp;&nbsp; 181025 | &nbsp;&nbsp;&nbsp; 218747 |
| Class C | &nbsp;&nbsp;&nbsp; 14848 | &nbsp;&nbsp;&nbsp; 17511 | &nbsp;&nbsp;&nbsp; 6783 | &nbsp;&nbsp;&nbsp; 4633 |
| Class I | &nbsp;&nbsp;&nbsp; 23436 | &nbsp;&nbsp;&nbsp; 63870 | &nbsp;&nbsp;&nbsp; 28044 | &nbsp;&nbsp;&nbsp; 17109 |
| Class R6 | &nbsp;&nbsp;&nbsp; 2527 | &nbsp;&nbsp;&nbsp; 7160 | &nbsp;&nbsp;&nbsp; 7195 | &nbsp;&nbsp;&nbsp; 3675 |
| Net Asset Value (a): |  |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $16.46 | &nbsp;&nbsp;&nbsp; $12.85 | &nbsp;&nbsp;&nbsp; $27.15 | &nbsp;&nbsp;&nbsp; $20.50 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;16.09 | &nbsp;&nbsp;&nbsp;&nbsp;12.77 | &nbsp;&nbsp;&nbsp;&nbsp;24.10 | &nbsp;&nbsp;&nbsp;&nbsp;19.62 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;16.51 | &nbsp;&nbsp;&nbsp;&nbsp;12.96 | &nbsp;&nbsp;&nbsp;&nbsp;28.06 | &nbsp;&nbsp;&nbsp;&nbsp;20.00 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;16.50 | &nbsp;&nbsp;&nbsp;&nbsp;12.95 | &nbsp;&nbsp;&nbsp;&nbsp;28.05 | &nbsp;&nbsp;&nbsp;&nbsp;19.99 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $17.24 | &nbsp;&nbsp;&nbsp; $13.46 | &nbsp;&nbsp;&nbsp; $28.43 | &nbsp;&nbsp;&nbsp; $21.47 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 4322672 | &nbsp;&nbsp;&nbsp; 3548027 | &nbsp;&nbsp;&nbsp; 4005601 | &nbsp;&nbsp;&nbsp; 3524653 |

---

------

(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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 J.P. Morgan Investor Funds June 30, 2025

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Investor** <br>**Balanced Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Investor** <br>**Conservative** <br>**Growth Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Investor** <br>**Growth** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Investor** <br>**Growth &** <br>**Income Fund** <br>|
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 167110 | &nbsp;&nbsp;&nbsp; 146708 | &nbsp;&nbsp;&nbsp; 101172 | &nbsp;&nbsp;&nbsp; 118884 |
| Total investment income | &nbsp;&nbsp;&nbsp; 167113 | &nbsp;&nbsp;&nbsp; 146708 | &nbsp;&nbsp;&nbsp; 101172 | &nbsp;&nbsp;&nbsp; 118884 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 2746 | &nbsp;&nbsp;&nbsp; 1975 | &nbsp;&nbsp;&nbsp; 2806 | &nbsp;&nbsp;&nbsp; 2374 |
| Distribution fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 12077 | &nbsp;&nbsp;&nbsp; 7108 | &nbsp;&nbsp;&nbsp; 11463 | &nbsp;&nbsp;&nbsp; 10677 |
| Class C | &nbsp;&nbsp;&nbsp; 1881 | &nbsp;&nbsp;&nbsp; 1866 | &nbsp;&nbsp;&nbsp; 1172 | &nbsp;&nbsp;&nbsp; 697 |
| Service fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 12077 | &nbsp;&nbsp;&nbsp; 7108 | &nbsp;&nbsp;&nbsp; 11463 | &nbsp;&nbsp;&nbsp; 10677 |
| Class C | &nbsp;&nbsp;&nbsp; 627 | &nbsp;&nbsp;&nbsp; 622 | &nbsp;&nbsp;&nbsp; 391 | &nbsp;&nbsp;&nbsp; 232 |
| Class I | &nbsp;&nbsp;&nbsp; 934 | &nbsp;&nbsp;&nbsp; 2016 | &nbsp;&nbsp;&nbsp; 1793 | &nbsp;&nbsp;&nbsp; 799 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp; 124 |
| Professional fees | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 48 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 38 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp; 194 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; 138 |
| Transfer agency fees (See Note 2.E.) | &nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; 487 | &nbsp;&nbsp;&nbsp; 340 |
| Other | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 48 |
| Total expenses | &nbsp;&nbsp;&nbsp; 31166 | &nbsp;&nbsp;&nbsp; 21341 | &nbsp;&nbsp;&nbsp; 30291 | &nbsp;&nbsp;&nbsp; 26386 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (66)<br>| &nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp; (1097)<br>| &nbsp;&nbsp;&nbsp; (906)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 31100 | &nbsp;&nbsp;&nbsp; 21289 | &nbsp;&nbsp;&nbsp; 29194 | &nbsp;&nbsp;&nbsp; 25480 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 136013 | &nbsp;&nbsp;&nbsp; 125419 | &nbsp;&nbsp;&nbsp; 71978 | &nbsp;&nbsp;&nbsp; 93404 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from investments in affiliates | &nbsp;&nbsp;&nbsp; 75736 | &nbsp;&nbsp;&nbsp; 10713 | &nbsp;&nbsp;&nbsp; (2464)<br>| &nbsp;&nbsp;&nbsp; 25934 |
| Distribution of capital gains received from investment company affiliates | &nbsp;&nbsp;&nbsp; 102548 | &nbsp;&nbsp;&nbsp; 43315 | &nbsp;&nbsp;&nbsp; 172033 | &nbsp;&nbsp;&nbsp; 113568 |
| Change in net unrealized appreciation/depreciation on investments in affiliates | &nbsp;&nbsp;&nbsp; 216039 | &nbsp;&nbsp;&nbsp; 151881 | &nbsp;&nbsp;&nbsp; 417431 | &nbsp;&nbsp;&nbsp; 268268 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 394323 | &nbsp;&nbsp;&nbsp; 205909 | &nbsp;&nbsp;&nbsp; 587000 | &nbsp;&nbsp;&nbsp; 407770 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $530336 | &nbsp;&nbsp;&nbsp; $331328 | &nbsp;&nbsp;&nbsp; $658978 | &nbsp;&nbsp;&nbsp; $501174 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Investor Funds 7

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Investor Balanced Fund**  | **JPMorgan Investor Balanced Fund**  | **JPMorgan Investor Conservative** <br>**Growth Fund**  | **JPMorgan Investor Conservative** <br>**Growth Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $136013 | &nbsp;&nbsp;&nbsp; $126175 | &nbsp;&nbsp;&nbsp; $125419 | &nbsp;&nbsp;&nbsp; $116565 |
| Net realized gain (loss) on investments in affiliates  | &nbsp;&nbsp;&nbsp; 75736 | &nbsp;&nbsp;&nbsp; 65602 | &nbsp;&nbsp;&nbsp; 10713 | &nbsp;&nbsp;&nbsp; 10103 |
| Distributions of capital gains received from investment company affiliates  | &nbsp;&nbsp;&nbsp; 102548 | &nbsp;&nbsp;&nbsp; 23132 | &nbsp;&nbsp;&nbsp; 43315 | &nbsp;&nbsp;&nbsp; 10406 |
| Change in net unrealized appreciation/depreciation of investments in <br> affiliates <br>| &nbsp;&nbsp;&nbsp; 216039 | &nbsp;&nbsp;&nbsp; 371653 | &nbsp;&nbsp;&nbsp; 151881 | &nbsp;&nbsp;&nbsp; 169895 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 530336 | &nbsp;&nbsp;&nbsp; 586562 | &nbsp;&nbsp;&nbsp; 331328 | &nbsp;&nbsp;&nbsp; 306969 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (274098)<br>| &nbsp;&nbsp;&nbsp; (158090)<br>| &nbsp;&nbsp;&nbsp; (143727)<br>| &nbsp;&nbsp;&nbsp; (92422)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (13079)<br>| &nbsp;&nbsp;&nbsp; (9059)<br>| &nbsp;&nbsp;&nbsp; (11313)<br>| &nbsp;&nbsp;&nbsp; (9150)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (22076)<br>| &nbsp;&nbsp;&nbsp; (12332)<br>| &nbsp;&nbsp;&nbsp; (42752)<br>| &nbsp;&nbsp;&nbsp; (23685)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (2224)<br>| &nbsp;&nbsp;&nbsp; (1255)<br>| &nbsp;&nbsp;&nbsp; (2699)<br>| &nbsp;&nbsp;&nbsp; (1406)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (311477)<br>| &nbsp;&nbsp;&nbsp; (180736)<br>| &nbsp;&nbsp;&nbsp; (200491)<br>| &nbsp;&nbsp;&nbsp; (126663)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (43399)<br>| &nbsp;&nbsp;&nbsp; (212825)<br>| &nbsp;&nbsp;&nbsp; 9470 | &nbsp;&nbsp;&nbsp; (351702)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 175460 | &nbsp;&nbsp;&nbsp; 193001 | &nbsp;&nbsp;&nbsp; 140307 | &nbsp;&nbsp;&nbsp; (171396)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 5421594 | &nbsp;&nbsp;&nbsp; 5228593 | &nbsp;&nbsp;&nbsp; 3848655 | &nbsp;&nbsp;&nbsp; 4020051 |
| End of period | &nbsp;&nbsp;&nbsp; $5597054 | &nbsp;&nbsp;&nbsp; $5421594 | &nbsp;&nbsp;&nbsp; $3988962 | &nbsp;&nbsp;&nbsp; $3848655 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 J.P. Morgan Investor Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Investor Growth Fund**  | **JPMorgan Investor Growth Fund**  | **JPMorgan Investor Growth &** <br>**Income Fund**  | **JPMorgan Investor Growth &** <br>**Income Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $71978 | &nbsp;&nbsp;&nbsp; $64681 | &nbsp;&nbsp;&nbsp; $93404 | &nbsp;&nbsp;&nbsp; $83898 |
| Net realized gain (loss) on investments in affiliates  | &nbsp;&nbsp;&nbsp; (2464)<br>| &nbsp;&nbsp;&nbsp; 3130 | &nbsp;&nbsp;&nbsp; 25934 | &nbsp;&nbsp;&nbsp; 15332 |
| Distributions of capital gains received from investment company affiliates  | &nbsp;&nbsp;&nbsp; 172033 | &nbsp;&nbsp;&nbsp; 34298 | &nbsp;&nbsp;&nbsp; 113568 | &nbsp;&nbsp;&nbsp; 24789 |
| Change in net unrealized appreciation/depreciation of investments in affiliates  | &nbsp;&nbsp;&nbsp; 417431 | &nbsp;&nbsp;&nbsp; 689364 | &nbsp;&nbsp;&nbsp; 268268 | &nbsp;&nbsp;&nbsp; 463943 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 658978 | &nbsp;&nbsp;&nbsp; 791473 | &nbsp;&nbsp;&nbsp; 501174 | &nbsp;&nbsp;&nbsp; 587962 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (144093)<br>| &nbsp;&nbsp;&nbsp; (126648)<br>| &nbsp;&nbsp;&nbsp; (180447)<br>| &nbsp;&nbsp;&nbsp; (125308)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (4802)<br>| &nbsp;&nbsp;&nbsp; (4656)<br>| &nbsp;&nbsp;&nbsp; (3612)<br>| &nbsp;&nbsp;&nbsp; (2967)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (23389)<br>| &nbsp;&nbsp;&nbsp; (19469)<br>| &nbsp;&nbsp;&nbsp; (14528)<br>| &nbsp;&nbsp;&nbsp; (9954)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (5386)<br>| &nbsp;&nbsp;&nbsp; (3731)<br>| &nbsp;&nbsp;&nbsp; (3142)<br>| &nbsp;&nbsp;&nbsp; (1999)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (177670)<br>| &nbsp;&nbsp;&nbsp; (154504)<br>| &nbsp;&nbsp;&nbsp; (201729)<br>| &nbsp;&nbsp;&nbsp; (140228)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 271503 | &nbsp;&nbsp;&nbsp; 196616 | &nbsp;&nbsp;&nbsp; 107247 | &nbsp;&nbsp;&nbsp; 94634 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 752811 | &nbsp;&nbsp;&nbsp; 833585 | &nbsp;&nbsp;&nbsp; 406692 | &nbsp;&nbsp;&nbsp; 542368 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 5313691 | &nbsp;&nbsp;&nbsp; 4480106 | &nbsp;&nbsp;&nbsp; 4584419 | &nbsp;&nbsp;&nbsp; 4042051 |
| End of period | &nbsp;&nbsp;&nbsp; $6066502 | &nbsp;&nbsp;&nbsp; $5313691 | &nbsp;&nbsp;&nbsp; $4991111 | &nbsp;&nbsp;&nbsp; $4584419 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Investor Funds 9

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Investor Balanced Fund** | **JPMorgan Investor Balanced Fund** | **JPMorgan Investor Conservative** <br>**Growth Fund** | **JPMorgan Investor Conservative** <br>**Growth Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $573500 | &nbsp;&nbsp;&nbsp; $653143 | &nbsp;&nbsp;&nbsp; $352803 | &nbsp;&nbsp;&nbsp; $409116 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 272640 | &nbsp;&nbsp;&nbsp; 157213 | &nbsp;&nbsp;&nbsp; 142957 | &nbsp;&nbsp;&nbsp; 91976 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (863750)<br>| &nbsp;&nbsp;&nbsp; (880443)<br>| &nbsp;&nbsp;&nbsp; (581466)<br>| &nbsp;&nbsp;&nbsp; (678851)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (17610)<br>| &nbsp;&nbsp;&nbsp; (70087)<br>| &nbsp;&nbsp;&nbsp; (85706)<br>| &nbsp;&nbsp;&nbsp; (177759)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 46652 | &nbsp;&nbsp;&nbsp; 38336 | &nbsp;&nbsp;&nbsp; 32254 | &nbsp;&nbsp;&nbsp; 24490 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 13044 | &nbsp;&nbsp;&nbsp; 9024 | &nbsp;&nbsp;&nbsp; 11265 | &nbsp;&nbsp;&nbsp; 9114 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (104922)<br>| &nbsp;&nbsp;&nbsp; (192256)<br>| &nbsp;&nbsp;&nbsp; (108097)<br>| &nbsp;&nbsp;&nbsp; (234213)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (45226)<br>| &nbsp;&nbsp;&nbsp; (144896)<br>| &nbsp;&nbsp;&nbsp; (64578)<br>| &nbsp;&nbsp;&nbsp; (200609)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 52425 | &nbsp;&nbsp;&nbsp; 66231 | &nbsp;&nbsp;&nbsp; 406898 | &nbsp;&nbsp;&nbsp; 232076 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 21326 | &nbsp;&nbsp;&nbsp; 11928 | &nbsp;&nbsp;&nbsp; 42502 | &nbsp;&nbsp;&nbsp; 23486 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (59875)<br>| &nbsp;&nbsp;&nbsp; (79253)<br>| &nbsp;&nbsp;&nbsp; (340909)<br>| &nbsp;&nbsp;&nbsp; (230268)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 13876 | &nbsp;&nbsp;&nbsp; (1094)<br>| &nbsp;&nbsp;&nbsp; 108491 | &nbsp;&nbsp;&nbsp; 25294 |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 10656 | &nbsp;&nbsp;&nbsp; 8050 | &nbsp;&nbsp;&nbsp; 61787 | &nbsp;&nbsp;&nbsp; 4749 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2219 | &nbsp;&nbsp;&nbsp; 1255 | &nbsp;&nbsp;&nbsp; 2694 | &nbsp;&nbsp;&nbsp; 1401 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (7314)<br>| &nbsp;&nbsp;&nbsp; (6053)<br>| &nbsp;&nbsp;&nbsp; (13218)<br>| &nbsp;&nbsp;&nbsp; (4778)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 5561 | &nbsp;&nbsp;&nbsp; 3252 | &nbsp;&nbsp;&nbsp; 51263 | &nbsp;&nbsp;&nbsp; 1372 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(43399)<br>| &nbsp;&nbsp;&nbsp; $(212825)<br>| &nbsp;&nbsp;&nbsp; $9470 | &nbsp;&nbsp;&nbsp; $(351702)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 35629 | &nbsp;&nbsp;&nbsp; 43809 | &nbsp;&nbsp;&nbsp; 27950 | &nbsp;&nbsp;&nbsp; 34441 |
| Reinvested | &nbsp;&nbsp;&nbsp; 16934 | &nbsp;&nbsp;&nbsp; 10416 | &nbsp;&nbsp;&nbsp; 11329 | &nbsp;&nbsp;&nbsp; 7653 |
| Redeemed | &nbsp;&nbsp;&nbsp; (53828)<br>| &nbsp;&nbsp;&nbsp; (58837)<br>| &nbsp;&nbsp;&nbsp; (46112)<br>| &nbsp;&nbsp;&nbsp; (56716)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (1265)<br>| &nbsp;&nbsp;&nbsp; (4612)<br>| &nbsp;&nbsp;&nbsp; (6833)<br>| &nbsp;&nbsp;&nbsp; (14622)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2966 | &nbsp;&nbsp;&nbsp; 2608 | &nbsp;&nbsp;&nbsp; 2578 | &nbsp;&nbsp;&nbsp; 2056 |
| Reinvested | &nbsp;&nbsp;&nbsp; 829 | &nbsp;&nbsp;&nbsp; 614 | &nbsp;&nbsp;&nbsp; 898 | &nbsp;&nbsp;&nbsp; 765 |
| Redeemed | &nbsp;&nbsp;&nbsp; (6663)<br>| &nbsp;&nbsp;&nbsp; (13410)<br>| &nbsp;&nbsp;&nbsp; (8615)<br>| &nbsp;&nbsp;&nbsp; (20057)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (2868)<br>| &nbsp;&nbsp;&nbsp; (10188)<br>| &nbsp;&nbsp;&nbsp; (5139)<br>| &nbsp;&nbsp;&nbsp; (17236)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3248 | &nbsp;&nbsp;&nbsp; 4348 | &nbsp;&nbsp;&nbsp; 32066 | &nbsp;&nbsp;&nbsp; 19106 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1320 | &nbsp;&nbsp;&nbsp; 787 | &nbsp;&nbsp;&nbsp; 3342 | &nbsp;&nbsp;&nbsp; 1939 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3710)<br>| &nbsp;&nbsp;&nbsp; (5288)<br>| &nbsp;&nbsp;&nbsp; (26987)<br>| &nbsp;&nbsp;&nbsp; (18994)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 858 | &nbsp;&nbsp;&nbsp; (153)<br>| &nbsp;&nbsp;&nbsp; 8421 | &nbsp;&nbsp;&nbsp; 2051 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 J.P. Morgan Investor Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Investor Balanced** <br> **Fund** | **JPMorgan Investor Balanced** <br> **Fund** | **JPMorgan Investor Conservative**<br> **Growth Fund** | **JPMorgan Investor Conservative**<br> **Growth Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 661 | &nbsp;&nbsp;&nbsp; 534 | &nbsp;&nbsp;&nbsp; 4910 | &nbsp;&nbsp;&nbsp; 400 |
| Reinvested | &nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp; 116 |
| Redeemed | &nbsp;&nbsp;&nbsp; (451)<br>| &nbsp;&nbsp;&nbsp; (406)<br>| &nbsp;&nbsp;&nbsp; (1045)<br>| &nbsp;&nbsp;&nbsp; (397)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 347 | &nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; 4077 | &nbsp;&nbsp;&nbsp; 119 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Investor Funds 11

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Investor Growth Fund** | **JPMorgan Investor Growth Fund** | **JPMorgan Investor Growth &** <br>**Income Fund** | **JPMorgan Investor Growth &** <br>**Income Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $823119 | &nbsp;&nbsp;&nbsp; $773616 | &nbsp;&nbsp;&nbsp; $642423 | &nbsp;&nbsp;&nbsp; $692100 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 143248 | &nbsp;&nbsp;&nbsp; 125924 | &nbsp;&nbsp;&nbsp; 179536 | &nbsp;&nbsp;&nbsp; 124623 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (807928)<br>| &nbsp;&nbsp;&nbsp; (739171)<br>| &nbsp;&nbsp;&nbsp; (728429)<br>| &nbsp;&nbsp;&nbsp; (719625)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 158439 | &nbsp;&nbsp;&nbsp; 160369 | &nbsp;&nbsp;&nbsp; 93530 | &nbsp;&nbsp;&nbsp; 97098 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 37955 | &nbsp;&nbsp;&nbsp; 32309 | &nbsp;&nbsp;&nbsp; 19724 | &nbsp;&nbsp;&nbsp; 16955 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 4723 | &nbsp;&nbsp;&nbsp; 4609 | &nbsp;&nbsp;&nbsp; 3596 | &nbsp;&nbsp;&nbsp; 2949 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (46865)<br>| &nbsp;&nbsp;&nbsp; (56626)<br>| &nbsp;&nbsp;&nbsp; (36698)<br>| &nbsp;&nbsp;&nbsp; (58727)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (4187)<br>| &nbsp;&nbsp;&nbsp; (19708)<br>| &nbsp;&nbsp;&nbsp; (13378)<br>| &nbsp;&nbsp;&nbsp; (38823)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 116746 | &nbsp;&nbsp;&nbsp; 122645 | &nbsp;&nbsp;&nbsp; 57880 | &nbsp;&nbsp;&nbsp; 56494 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 22740 | &nbsp;&nbsp;&nbsp; 18857 | &nbsp;&nbsp;&nbsp; 13628 | &nbsp;&nbsp;&nbsp; 9358 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (87691)<br>| &nbsp;&nbsp;&nbsp; (102127)<br>| &nbsp;&nbsp;&nbsp; (53752)<br>| &nbsp;&nbsp;&nbsp; (54907)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 51795 | &nbsp;&nbsp;&nbsp; 39375 | &nbsp;&nbsp;&nbsp; 17756 | &nbsp;&nbsp;&nbsp; 10945 |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 98543 | &nbsp;&nbsp;&nbsp; 40446 | &nbsp;&nbsp;&nbsp; 16118 | &nbsp;&nbsp;&nbsp; 38082 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 5386 | &nbsp;&nbsp;&nbsp; 3731 | &nbsp;&nbsp;&nbsp; 3106 | &nbsp;&nbsp;&nbsp; 1974 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (38473)<br>| &nbsp;&nbsp;&nbsp; (27597)<br>| &nbsp;&nbsp;&nbsp; (9885)<br>| &nbsp;&nbsp;&nbsp; (14642)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 65456 | &nbsp;&nbsp;&nbsp; 16580 | &nbsp;&nbsp;&nbsp; 9339 | &nbsp;&nbsp;&nbsp; 25414 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $271503 | &nbsp;&nbsp;&nbsp; $196616 | &nbsp;&nbsp;&nbsp; $107247 | &nbsp;&nbsp;&nbsp; $94634 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 32036 | &nbsp;&nbsp;&nbsp; 33733 | &nbsp;&nbsp;&nbsp; 32533 | &nbsp;&nbsp;&nbsp; 38561 |
| Reinvested | &nbsp;&nbsp;&nbsp; 5567 | &nbsp;&nbsp;&nbsp; 5557 | &nbsp;&nbsp;&nbsp; 9051 | &nbsp;&nbsp;&nbsp; 6918 |
| Redeemed | &nbsp;&nbsp;&nbsp; (31478)<br>| &nbsp;&nbsp;&nbsp; (32287)<br>| &nbsp;&nbsp;&nbsp; (36936)<br>| &nbsp;&nbsp;&nbsp; (39985)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 6125 | &nbsp;&nbsp;&nbsp; 7003 | &nbsp;&nbsp;&nbsp; 4648 | &nbsp;&nbsp;&nbsp; 5494 |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1662 | &nbsp;&nbsp;&nbsp; 1580 | &nbsp;&nbsp;&nbsp; 1044 | &nbsp;&nbsp;&nbsp; 985 |
| Reinvested | &nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 171 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2053)<br>| &nbsp;&nbsp;&nbsp; (2810)<br>| &nbsp;&nbsp;&nbsp; (1944)<br>| &nbsp;&nbsp;&nbsp; (3490)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (184)<br>| &nbsp;&nbsp;&nbsp; (1002)<br>| &nbsp;&nbsp;&nbsp; (710)<br>| &nbsp;&nbsp;&nbsp; (2334)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4400 | &nbsp;&nbsp;&nbsp; 5098 | &nbsp;&nbsp;&nbsp; 3007 | &nbsp;&nbsp;&nbsp; 3211 |
| Reinvested | &nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp;&nbsp; 804 | &nbsp;&nbsp;&nbsp; 703 | &nbsp;&nbsp;&nbsp; 531 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3315)<br>| &nbsp;&nbsp;&nbsp; (4352)<br>| &nbsp;&nbsp;&nbsp; (2774)<br>| &nbsp;&nbsp;&nbsp; (3129)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 1940 | &nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp; 936 | &nbsp;&nbsp;&nbsp; 613 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 J.P. Morgan Investor Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Investor Growth Fund** | **JPMorgan Investor Growth Fund** | **JPMorgan Investor Growth &**<br> **Income Fund** | **JPMorgan Investor Growth &**<br> **Income Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3699 | &nbsp;&nbsp;&nbsp; 1693 | &nbsp;&nbsp;&nbsp; 836 | &nbsp;&nbsp;&nbsp; 2306 |
| Reinvested | &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 112 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1452)<br>| &nbsp;&nbsp;&nbsp; (1157)<br>| &nbsp;&nbsp;&nbsp; (508)<br>| &nbsp;&nbsp;&nbsp; (887)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 2449 | &nbsp;&nbsp;&nbsp; 696 | &nbsp;&nbsp;&nbsp; 488 | &nbsp;&nbsp;&nbsp; 1531 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Investor Funds 13

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Investor Balanced Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $15.81 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $1.16 | &nbsp;&nbsp; $1.56 | &nbsp;&nbsp; $(0.48)<br>| &nbsp;&nbsp; $(0.43)<br>| &nbsp;&nbsp; $(0.91)<br>|
| Year Ended June 30, 2024 | 14.63 | 0.36 | 1.34 | 1.70 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2023 | 14.44 | 0.30 | 0.87 | 1.17 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2022 | 17.07 | 0.22 | &nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.72)<br>|
| Year Ended June 30, 2021 | 14.77 | 0.21 | 3.03 | 3.24 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.94)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 15.48 | 0.31 | 1.13 | 1.44 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.83)<br>|
| Year Ended June 30, 2024 | 14.33 | 0.27 | 1.33 | 1.60 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2023 | 14.16 | 0.22 | 0.86 | 1.08 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.91)<br>|
| Year Ended June 30, 2022 | 16.75 | 0.13 | &nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.64)<br>|
| Year Ended June 30, 2021 | 14.51 | 0.12 | 2.98 | 3.10 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.86)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 15.86 | 0.44 | 1.16 | 1.60 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.95)<br>|
| Year Ended June 30, 2024 | 14.67 | 0.40 | 1.35 | 1.75 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.56)<br>|
| Year Ended June 30, 2023 | 14.47 | 0.33 | 0.89 | 1.22 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (1.02)<br>|
| Year Ended June 30, 2022 | 17.11 | 0.26 | &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.76)<br>|
| Year Ended June 30, 2021 | 14.80 | 0.25 | 3.04 | 3.29 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.98)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 15.84 | 0.48 | 1.17 | 1.65 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.99)<br>|
| Year Ended June 30, 2024 | 14.66 | 0.44 | 1.34 | 1.78 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.60)<br>|
| Year Ended June 30, 2023 | 14.46 | 0.33 | 0.92 | 1.25 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (1.05)<br>|
| Year Ended June 30, 2022 | 17.10 | 0.31 | &nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2021 | 14.79 | 0.27 | 3.06 | 3.33 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (1.02)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) 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. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 J.P. Morgan Investor Funds June 30, 2025

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4929424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4754802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4466541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4301016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4788045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Investor Funds 15

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Investor Conservative Growth Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $12.42 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $0.67 | &nbsp;&nbsp; $1.07 | &nbsp;&nbsp; $(0.43)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.64)<br>|
| Year Ended June 30, 2024 | 11.85 | 0.36 | 0.60 | 0.96 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.39)<br>|
| Year Ended June 30, 2023 | 12.00 | 0.29 | 0.27 | 0.56 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.71)<br>|
| Year Ended June 30, 2022 | 13.90 | 0.20 | &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.48)<br>|
| Year Ended June 30, 2021 | 12.63 | 0.20 | 1.56 | 1.76 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.49)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 12.35 | 0.33 | 0.67 | 1.00 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.58)<br>|
| Year Ended June 30, 2024 | 11.78 | 0.28 | 0.62 | 0.90 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.33)<br>|
| Year Ended June 30, 2023 | 11.94 | 0.23 | 0.26 | 0.49 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.65)<br>|
| Year Ended June 30, 2022 | 13.83 | 0.13 | &nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.41)<br>|
| Year Ended June 30, 2021 | 12.57 | 0.13 | 1.55 | 1.68 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.42)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 12.52 | 0.43 | 0.68 | 1.11 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.67)<br>|
| Year Ended June 30, 2024 | 11.94 | 0.39 | 0.61 | 1.00 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2023 | 12.08 | 0.33 | 0.27 | 0.60 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.74)<br>|
| Year Ended June 30, 2022 | 13.99 | 0.24 | &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.51)<br>|
| Year Ended June 30, 2021 | 12.71 | 0.24 | 1.57 | 1.81 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.53)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 12.51 | 0.47 | 0.68 | 1.15 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.71)<br>|
| Year Ended June 30, 2024 | 11.93 | 0.42 | 0.61 | 1.03 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2023 | 12.08 | 0.36 | 0.26 | 0.62 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.77)<br>|
| Year Ended June 30, 2022 | 13.98 | 0.27 | &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.54)<br>|
| Year Ended June 30, 2021 | 12.70 | 0.27 | 1.57 | 1.84 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.56)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) 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. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan Investor Funds June 30, 2025

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2845050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2835901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2877376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2998252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3327682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 827548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 694360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 633390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 649055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Investor Funds 17

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Investor Growth Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $24.95 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $2.69 | &nbsp;&nbsp; $3.01 | &nbsp;&nbsp; $(0.59)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.81)<br>|
| Year Ended June 30, 2024 | 21.90 | 0.31 | 3.48 | 3.79 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.74)<br>|
| Year Ended June 30, 2023 | 20.71 | 0.27 | 2.59 | 2.86 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.67)<br>|
| Year Ended June 30, 2022 | 25.19 | 0.23 | &nbsp;&nbsp; (3.56)<br>| &nbsp;&nbsp; (3.33)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (1.15)<br>|
| Year Ended June 30, 2021 | 19.50 | 0.16 | 7.08 | 7.24 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; (1.55)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 22.26 | 0.17 | 2.38 | 2.55 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.71)<br>|
| Year Ended June 30, 2024 | 19.63 | 0.16 | 3.12 | 3.28 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.65)<br>|
| Year Ended June 30, 2023 | 18.73 | 0.15 | 2.32 | 2.47 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.57)<br>|
| Year Ended June 30, 2022 | 22.94 | 0.09 | &nbsp;&nbsp; (3.22)<br>| &nbsp;&nbsp; (3.13)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (1.08)<br>|
| Year Ended June 30, 2021 | 17.92 | 0.03 | 6.49 | 6.52 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; (1.50)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 25.76 | 0.39 | 2.78 | 3.17 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.87)<br>|
| Year Ended June 30, 2024 | 22.59 | 0.37 | 3.59 | 3.96 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.79)<br>|
| Year Ended June 30, 2023 | 21.30 | 0.33 | 2.67 | 3.00 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.71)<br>|
| Year Ended June 30, 2022 | 25.87 | 0.29 | &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; (3.37)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (1.20)<br>|
| Year Ended June 30, 2021 | 19.99 | 0.22 | 7.26 | 7.48 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; (1.60)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 25.75 | 0.46 | 2.78 | 3.24 | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.94)<br>|
| Year Ended June 30, 2024 | 22.58 | 0.43 | 3.59 | 4.02 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.85)<br>|
| Year Ended June 30, 2023 | 21.29 | 0.39 | 2.66 | 3.05 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.76)<br>|
| Year Ended June 30, 2022 | 25.86 | 0.35 | &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; (3.31)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (1.26)<br>|
| Year Ended June 30, 2021 | 19.98 | 0.28 | 7.25 | 7.53 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; (1.65)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) 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. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 J.P. Morgan Investor Funds June 30, 2025

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4914349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4364015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3677684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3195974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3494958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 554576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Investor Funds 19

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Investor Growth & Income Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $19.25 | &nbsp;&nbsp; $0.39 | &nbsp;&nbsp; $1.70 | &nbsp;&nbsp; $2.09 | &nbsp;&nbsp; $(0.53)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.84)<br>|
| Year Ended June 30, 2024 | 17.36 | 0.35 | 2.13 | 2.48 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.59)<br>|
| Year Ended June 30, 2023 | 16.81 | 0.30 | 1.47 | 1.77 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.22)<br>|
| Year Ended June 30, 2022 | 20.06 | 0.22 | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.85)<br>|
| Year Ended June 30, 2021 | 16.59 | 0.19 | 4.57 | 4.76 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (1.29)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.46 | 0.27 | 1.63 | 1.90 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.74)<br>|
| Year Ended June 30, 2024 | 16.67 | 0.24 | 2.05 | 2.29 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2023 | 16.18 | 0.20 | 1.43 | 1.63 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.14)<br>|
| Year Ended June 30, 2022 | 19.34 | 0.12 | &nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.75)<br>|
| Year Ended June 30, 2021 | 16.04 | 0.09 | 4.40 | 4.49 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (1.19)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.80 | 0.42 | 1.67 | 2.09 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.89)<br>|
| Year Ended June 30, 2024 | 16.97 | 0.39 | 2.07 | 2.46 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.63)<br>|
| Year Ended June 30, 2023 | 16.45 | 0.33 | 1.45 | 1.78 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.26)<br>|
| Year Ended June 30, 2022 | 19.65 | 0.27 | &nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.90)<br>|
| Year Ended June 30, 2021 | 16.28 | 0.23 | 4.47 | 4.70 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (1.33)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.80 | 0.47 | 1.66 | 2.13 | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.94)<br>|
| Year Ended June 30, 2024 | 16.97 | 0.44 | 2.07 | 2.51 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.68)<br>|
| Year Ended June 30, 2023 | 16.45 | 0.38 | 1.44 | 1.82 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.30)<br>|
| Year Ended June 30, 2022 | 19.65 | 0.31 | &nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.94)<br>|
| Year Ended June 30, 2021 | 16.27 | 0.28 | 4.47 | 4.75 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (1.37)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) 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. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 J.P. Morgan Investor Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4484627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4121869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3621965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3302595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3595109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Investor Funds 21

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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:

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| | | |
|:---|:---|:---|
|  | **Classes Offered** | **Diversification Classification** |
| JPMorgan Investor Balanced Fund | Class A, Class C, Class I and Class R6 | Diversified |
| JPMorgan Investor Conservative Growth Fund | Class A, Class C, Class I and Class R6 | Diversified |
| JPMorgan Investor Growth Fund | Class A, Class C, Class I and Class R6 | Diversified |
| JPMorgan Investor Growth & Income Fund | Class A, Class C, Class I and Class R6 | Diversified |

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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 Securities and Exchange Commission ("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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 J.P. Morgan Investor Funds June 30, 2025

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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"):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Balanced Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $5605911 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5605911 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Conservative Growth Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $3992508 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3992508 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Growth Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $6068282 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6068282 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Growth & Income Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $4998260 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4998260 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Investor Funds 23

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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, 2025, 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.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investor Balanced Fund**  | **Investor Balanced Fund**  | **Investor Balanced Fund**  | **Investor Balanced Fund**  | **Investor Balanced Fund**  | **Investor Balanced Fund**  | **Investor Balanced Fund**  | **Investor Balanced Fund**  | **Investor Balanced Fund**  | **Investor Balanced Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| $1261095 | $149646 | $203028 | $(31029)<br>| $59766 | $1236450 | 119579 | $52181 | $— |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 623483 | 71781 | 67669 | (12202)<br>| 23038 | 638431 | 88181 | 31347 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 49998 | 3430 |  |  | 1668 | 55096 | 8732 | 3430 |  |
| JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| 68217 | 1072 | 18899 | 6094 | 1703 | 58187 | 1636 | 1070 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares (a)<br>| 69368 | 1618 | 8753 | 740 | 7714 | 70687 | 3772 | 1618 |  |
| JPMorgan Equity Income Fund Class R6 <br> Shares (a)<br>| 167119 | 13087 | 20179 | 3061 | 6507 | 169595 | 6727 | 3444 | 9643 |
| JPMorgan Europe Dynamic Fund Class R6 <br> Shares (a)<br>| 74402 | 2902 | 26011 | 7179 | 6634 | 65106 | 1634 | 2901 |  |
| JPMorgan Global Select Equity ETF (a) | 67750 | 65868 |  |  | 9081 | 142699 | 2218 | 511 | 1117 |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 148778 | 62751 | 7681 | (711)<br>| 6382 | 209519 | 31988 | 12143 |  |
| JPMorgan Income Fund Class R6 Shares (a) | 282808 | 24076 | 23688 | (2562)<br>| 9295 | 289929 | 33752 | 17379 |  |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 67415 | 2058 | 7984 | 1856 | 6231 | 69576 | 3106 | 2058 |  |
| JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| 291140 | 21824 | 44744 | 7492 | 31213 | 306925 | 4337 | 8249 |  |
| JPMorgan Large Cap Growth Fund Class R6 <br> Shares (a)<br>| 320421 | 11735 | 52840 | 21256 | 20354 | 320926 | 3595 | 685 | 3113 |
| JPMorgan Large Cap Value Fund Class R6 <br> Shares (a)<br>| 172312 | 36759 |  |  | 4410 | 213481 | 10444 | 3157 | 17620 |
| JPMorgan Limited Duration Bond ETF (a) | 158121 |  | 5544 | (5)<br>| 3113 | 155685 | 2981 | 7003 |  |
| JPMorgan Mid Cap Growth Fund Class R6 <br> Shares (a)<br>| 73692 | 9317 | 7746 | 227 | 6493 | 81983 | 1478 |  | 5562 |
| JPMorgan Short Duration Core Plus Fund <br> Class R6 Shares (a)<br>| 77651 | 3329 | 4049 | (239)<br>| 2522 | 79214 | 8418 | 3329 |  |
| JPMorgan Small & Mid Cap Enhanced Equity <br> ETF (a)<br>| 153779 |  | 9029 | 2637 | 5146 | 152533 | 2576 | 1481 |  |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 24375 | 2423 |  |  | (934)<br>| 25864 | 485 | 146 | 2276 |
| JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| 31158 | 1877 | 7228 | 890 | (1108)<br>| 25589 | 962 | 318 | 1559 |
| JPMorgan U.S. Equity Fund Class R6 Shares <br> (a)<br>| 491307 | 43068 | 112246 | 52385 | (21982)<br>| 452532 | 17292 | 3214 | 23479 |
| JPMorgan U.S. GARP Equity Fund Class R6 <br> Shares (a)<br>| 203713 | 20184 | 19944 | 828 | 18706 | 223487 | 2502 | 783 | 11893 |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.27% (a) (b)<br>| 56151 | 368403 | 364433 |  |  | 60121 | 60121 | 2638 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 J.P. Morgan Investor Funds June 30, 2025

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investor Balanced Fund** (continued) | **Investor Balanced Fund** (continued) | **Investor Balanced Fund** (continued) | **Investor Balanced Fund** (continued) | **Investor Balanced Fund** (continued) | **Investor Balanced Fund** (continued) | **Investor Balanced Fund** (continued) | **Investor Balanced Fund** (continued) | **Investor Balanced Fund** (continued) | **Investor Balanced Fund** (continued) |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2024**<br>| **Purchases at**<br> **Cost**<br>| **Proceeds from**<br> **Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Value at**<br> **June 30,**<br> **2025**<br>| **Shares at**<br> **June 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| JPMorgan U.S. Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| $282677 | $30485 | $49096 | $14899 | $6076 | $285041 | 6248 | $2859 | $12947 |
| JPMorgan Unconstrained Debt Fund Class R6 <br> Shares (a)<br>| 43863 | 2209 |  |  | 1069 | 47141 | 4791 | 2208 |  |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 165826 | 16297 | 17891 | 2940 | 2942 | 170114 | 4385 | 2958 | 13339 |
| **Total** | $5426619 | $966199 | $1078682 | $75736 | $216039 | $5605911 |  | $167110 | $102548 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investor Conservative Growth Fund**  | **Investor Conservative Growth Fund**  | **Investor Conservative Growth Fund**  | **Investor Conservative Growth Fund**  | **Investor Conservative Growth Fund**  | **Investor Conservative Growth Fund**  | **Investor Conservative Growth Fund**  | **Investor Conservative Growth Fund**  | **Investor Conservative Growth Fund**  | **Investor Conservative Growth Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| $1292692 | $144264 | $162576 | $(26254)<br>| $56476 | $1304602 | 126171 | $54832 | $— |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 571792 | 66109 | 46675 | (8735)<br>| 18912 | 601403 | 83067 | 29564 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 38720 | 2657 |  |  | 1292 | 42669 | 6762 | 2657 |  |
| JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| 38222 | 600 | 13370 | 4355 | (29)<br>| 29778 | 837 | 600 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| 38491 | 855 | 4739 | 419 | 4289 | 39315 | 2098 | 855 |  |
| JPMorgan Equity Income Fund Class R6 <br> Shares (a)<br>| 88131 | 7040 | 9115 | 1610 | 3058 | 90724 | 3599 | 1813 | 5228 |
| JPMorgan Europe Dynamic Fund Class R6 <br> Shares (a)<br>| 23206 | 830 | 6677 | 2043 | 2370 | 21772 | 546 | 830 |  |
| JPMorgan Global Select Equity ETF (a) | 33010 | 24951 | 1188 | 33 | 3738 | 60544 | 941 | 247 | 539 |
| JPMorgan Government Bond Fund Class R6 <br> Shares (a)<br>| 42121 | 1326 | 4500 | (845)<br>| 1891 | 39993 | 4157 | 1326 |  |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 111673 | 47391 | 4356 | (444)<br>| 4726 | 158990 | 24273 | 9121 |  |
| JPMorgan Income Fund Class R6 Shares (a) | 253753 | 15710 | 14533 | (1648)<br>| 7691 | 260973 | 30381 | 15709 |  |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 39034 | 3172 | 7410 | 1120 | 3834 | 39750 | 1775 | 1192 |  |
| JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| 162960 | 21250 | 37214 | 5754 | 16814 | 169564 | 2396 | 4622 |  |
| JPMorgan Large Cap Growth Fund Class R6 <br> Shares (a)<br>| 118184 | 11913 | 29609 | 9102 | 7096 | 116686 | 1307 | 254 | 1155 |
| JPMorgan Large Cap Value Fund Class R6 <br> Shares (a)<br>| 57349 | 14485 | 7099 | (41)<br>| 1735 | 66429 | 3250 | 1011 | 5670 |
| JPMorgan Limited Duration Bond ETF (a) | 227514 |  |  |  | 4577 | 232091 | 4444 | 10136 |  |
| JPMorgan Mid Cap Growth Fund Class R6 <br> Shares (a)<br>| 54257 | 7089 | 8262 | 534 | 4388 | 58006 | 1046 |  | 3882 |
| JPMorgan Short Duration Core Plus Fund <br> Class R6 Shares (a)<br>| 77506 | 3316 | 4664 | (245)<br>| 2541 | 78454 | 8337 | 3316 |  |
| JPMorgan Small & Mid Cap Enhanced Equity <br> ETF (a)<br>| 35893 | 1874 | 2789 | 688 | 1237 | 36903 | 623 | 364 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Investor Funds 25

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investor Conservative Growth Fund** (continued) | **Investor Conservative Growth Fund** (continued) | **Investor Conservative Growth Fund** (continued) | **Investor Conservative Growth Fund** (continued) | **Investor Conservative Growth Fund** (continued) | **Investor Conservative Growth Fund** (continued) | **Investor Conservative Growth Fund** (continued) | **Investor Conservative Growth Fund** (continued) | **Investor Conservative Growth Fund** (continued) | **Investor Conservative Growth Fund** (continued) |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2024**<br>| **Purchases at**<br> **Cost**<br>| **Proceeds from**<br> **Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Value at**<br> **June 30,**<br> **2025**<br>| **Shares at**<br> **June 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| $17987 | $1714 | $786 | $(114)<br>| $(497)<br>| $18304 | 343 | $103 | $1611 |
| JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| 18594 | 3300 | 1571 | 40 | (342)<br>| 20021 | 752 | 227 | 1068 |
| JPMorgan U.S. Equity Fund Class R6 Shares <br> (a)<br>| 145932 | 27925 | 39599 | 9071 | 765 | 144094 | 5506 | 1035 | 7669 |
| JPMorgan U.S. GARP Equity Fund Class R6 <br> Shares (a)<br>| 97411 | 8506 | 19319 | 8376 | (28)<br>| 94946 | 1063 | 354 | 5374 |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.27% (a) (b)<br>| 44902 | 637946 | 640325 |  |  | 42523 | 42523 | 2114 |  |
| JPMorgan U.S. Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 85051 | 22268 | 22173 | 4176 | 3367 | 92689 | 2032 | 897 | 3991 |
| JPMorgan Unconstrained Debt Fund Class R6 <br> Shares (a)<br>| 38686 | 1948 |  |  | 943 | 41577 | 4225 | 1948 |  |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 86974 | 8709 | 8730 | 1718 | 1037 | 89708 | 2313 | 1581 | 7128 |
| **Total** | $3840045 | $1087148 | $1097279 | $10713 | $151881 | $3992508 |  | $146708 | $43315 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investor Growth Fund**  | **Investor Growth Fund**  | **Investor Growth Fund**  | **Investor Growth Fund**  | **Investor Growth Fund**  | **Investor Growth Fund**  | **Investor Growth Fund**  | **Investor Growth Fund**  | **Investor Growth Fund**  | **Investor Growth Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| $452911 | $59842 | $64263 | $(11864)<br>| $22009 | $458635 | 44355 | $19956 | $— |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 74109 | 16057 | 5654 | (1021)<br>| 2361 | 85852 | 11858 | 4091 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 18800 | 5974 |  |  | 718 | 25492 | 4040 | 1343 |  |
| JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| 130488 | 2048 |  |  | 17675 | 150211 | 4223 | 2048 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares (a)<br>| 108430 | 2529 |  |  | 13713 | 124672 | 6653 | 2529 |  |
| JPMorgan Equity Income Fund Class R6 <br> Shares (a)<br>| 160101 | 13623 |  |  | 8380 | 182104 | 7224 | 3537 | 10086 |
| JPMorgan Europe Dynamic Fund Class R6 <br> Shares (a)<br>| 125486 | 4894 | 16529 | 3082 | 22690 | 139623 | 3504 | 4894 |  |
| JPMorgan Global Select Equity ETF (a) | 136929 | 59218 |  |  | 13723 | 209870 | 3262 | 981 | 2143 |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 63515 | 62392 |  |  | 3426 | 129333 | 19746 | 5896 |  |
| JPMorgan Income Fund Class R6 Shares (a) | 23802 | 7340 | 2827 | (259)<br>| 894 | 28950 | 3370 | 1653 |  |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 229401 | 12628 | 5865 | (142)<br>| 30106 | 266128 | 11881 | 7003 |  |
| JPMorgan International Focus Fund Class R6 <br> Shares (a)<br>| 149911 | 4654 |  |  | 13672 | 168237 | 5903 | 4655 |  |
| JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| 415127 | 14078 | 6950 | 59 | 56381 | 478695 | 6764 | 11744 |  |
| JPMorgan Large Cap Growth Fund Class R6 <br> Shares (a)<br>| 670980 | 19744 | 30303 | 3618 | 86230 | 750269 | 8405 | 1445 | 6569 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 J.P. Morgan Investor Funds June 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investor Growth Fund** (continued) | **Investor Growth Fund** (continued) | **Investor Growth Fund** (continued) | **Investor Growth Fund** (continued) | **Investor Growth Fund** (continued) | **Investor Growth Fund** (continued) | **Investor Growth Fund** (continued) | **Investor Growth Fund** (continued) | **Investor Growth Fund** (continued) | **Investor Growth Fund** (continued) |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2024**<br>| **Purchases at**<br> **Cost**<br>| **Proceeds from**<br> **Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Value at**<br> **June 30,**<br> **2025**<br>| **Shares at**<br> **June 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| JPMorgan Large Cap Value Fund Class R6 <br> Shares (a)<br>| $454872 | $114409 | $— | $— | $11928 | $581209 | 28435 | $8504 | $47257 |
| JPMorgan Mid Cap Growth Fund Class R6 <br> Shares (a)<br>| 101265 | 7245 |  |  | 8564 | 117074 | 2110 |  | 7245 |
| JPMorgan Small & Mid Cap Enhanced Equity <br> ETF (a)<br>| 240562 |  |  |  | 10915 | 251477 | 4247 | 2441 |  |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 19835 | 1971 |  |  | (760)<br>| 21046 | 395 | 118 | 1852 |
| JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| 77009 | 5015 | 8261 | 1290 | (2711)<br>| 72342 | 2719 | 865 | 4150 |
| JPMorgan U.S. Equity Fund Class R6 Shares <br> (a)<br>| 739576 | 47261 | 28039 | 1365 | 42313 | 802476 | 30664 | 5579 | 41682 |
| JPMorgan U.S. GARP Equity Fund Class R6 <br> Shares (a)<br>| 297421 | 17596 | 10836 | 1607 | 24504 | 330292 | 3697 | 1086 | 16510 |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.27% (a) (b)<br>| 77824 | 219144 | 217409 |  |  | 79559 | 79559 | 3260 |  |
| JPMorgan U.S. Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 386829 | 24576 | 5788 | (199)<br>| 26579 | 431997 | 9469 | 4366 | 20210 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 161111 | 17507 |  |  | 4121 | 182739 | 4711 | 3178 | 14329 |
| **Total** | $5316294 | $739745 | $402724 | $(2464)<br>| $417431 | $6068282 |  | $101172 | $172033 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investor Growth & Income Fund**  | **Investor Growth & Income Fund**  | **Investor Growth & Income Fund**  | **Investor Growth & Income Fund**  | **Investor Growth & Income Fund**  | **Investor Growth & Income Fund**  | **Investor Growth & Income Fund**  | **Investor Growth & Income Fund**  | **Investor Growth & Income Fund**  | **Investor Growth & Income Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| $773080 | $102013 | $112453 | $(19234)<br>| $36972 | $780378 | 75472 | $32765 | $— |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 325829 | 46204 | 27337 | (4973)<br>| 10693 | 350416 | 48400 | 16876 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 21999 | 1509 |  |  | 734 | 24242 | 3842 | 1509 |  |
| JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| 98981 | 1553 | 13496 | (1124)<br>| 14023 | 99937 | 2810 | 1553 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares (a)<br>| 70557 | 1646 | 4820 | 360 | 8351 | 76094 | 4060 | 1646 |  |
| JPMorgan Equity Income Fund Class R6 <br> Shares (a)<br>| 142605 | 11974 | 2438 | 208 | 7454 | 159803 | 6339 | 3123 | 8851 |
| JPMorgan Europe Dynamic Fund Class R6 <br> Shares (a)<br>| 73768 | 2877 | 21837 | 5342 | 8755 | 68905 | 1730 | 2877 |  |
| JPMorgan Global Select Equity ETF (a) | 75944 | 57803 |  |  | 9370 | 143117 | 2224 | 563 | 1231 |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 116384 | 53039 |  |  | 4587 | 174010 | 26566 | 9772 |  |
| JPMorgan Income Fund Class R6 Shares (a) | 190276 | 19480 | 11510 | (1409)<br>| 6008 | 202845 | 23614 | 11826 |  |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 86957 | 7409 | 10632 | 1392 | 9935 | 95061 | 4244 | 2654 |  |
| JPMorgan International Focus Fund Class R6 <br> Shares (a)<br>| 60849 | 1890 |  |  | 5549 | 68288 | 2396 | 1890 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Investor Funds 27

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investor Growth & Income Fund** (continued) | **Investor Growth & Income Fund** (continued) | **Investor Growth & Income Fund** (continued) | **Investor Growth & Income Fund** (continued) | **Investor Growth & Income Fund** (continued) | **Investor Growth & Income Fund** (continued) | **Investor Growth & Income Fund** (continued) | **Investor Growth & Income Fund** (continued) | **Investor Growth & Income Fund** (continued) | **Investor Growth & Income Fund** (continued) |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2024**<br>| **Purchases at**<br> **Cost**<br>| **Proceeds from**<br> **Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Value at**<br> **June 30,**<br> **2025**<br>| **Shares at**<br> **June 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| $255428 | $2261 | $6433 | $740 | $32392 | $284388 | 4019 | $7229 | $— |
| JPMorgan Large Cap Growth Fund Class R6 <br> Shares (a)<br>| 485971 | 10347 | 26098 | 6076 | 58898 | 535194 | 5995 | 1051 | 4779 |
| JPMorgan Large Cap Value Fund Class R6 <br> Shares (a)<br>| 266252 | 53782 |  |  | 6483 | 326517 | 15974 | 4868 | 27258 |
| JPMorgan Limited Duration Bond ETF (a) | 45802 | 3374 | 2154 | (15)<br>| 946 | 47953 | 918 | 2037 |  |
| JPMorgan Mid Cap Growth Fund Class R6 <br> Shares (a)<br>| 64124 | 9447 | 1929 | (83)<br>| 6165 | 77724 | 1401 |  | 4936 |
| JPMorgan Short Duration Core Plus Fund <br> Class R6 Shares (a)<br>| 42700 | 4767 |  |  | 1307 | 48774 | 5183 | 1876 |  |
| JPMorgan Small & Mid Cap Enhanced Equity <br> ETF (a)<br>| 164021 |  |  |  | 7442 | 171463 | 2896 | 1665 |  |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 24350 | 2420 |  |  | (933)<br>| 25837 | 485 | 145 | 2274 |
| JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| 40724 | 2461 | 10932 | 2289 | (2834)<br>| 31708 | 1192 | 414 | 2047 |
| JPMorgan U.S. Equity Fund Class R6 Shares <br> (a)<br>| 492674 | 35792 | 68420 | 24918 | 5419 | 490383 | 18738 | 3414 | 25150 |
| JPMorgan U.S. GARP Equity Fund Class R6 <br> Shares (a)<br>| 165986 | 12385 | 3844 | 587 | 15027 | 190141 | 2128 | 625 | 9504 |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.27% (a) (b)<br>| 51097 | 191073 | 199941 |  |  | 42229 | 42229 | 2423 |  |
| JPMorgan U.S. Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 295521 | 26410 | 30343 | 9854 | 11829 | 313271 | 6867 | 3134 | 14241 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 156324 | 16247 | 7691 | 1006 | 3696 | 169582 | 4372 | 2949 | 13297 |
| **Total** | $4588203 | $678163 | $562308 | $25934 | $268268 | $4998260 |  | $118884 | $113568 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of June 30, 2025.

**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, 2025, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R6** | **Total** |
| **Investor Balanced Fund** |  |  |  |  |  |
| Transfer agency fees  | $257 | $14 | $15 | $1 | $287 |
| **Investor Conservative Growth Fund** |  |  |  |  |  |
| Transfer agency fees  | 140 | 8 | 27 | 2 | 177 |
| **Investor Growth Fund** |  |  |  |  |  |
| Transfer agency fees  | 431 | 15 | 27 | 14 | 487 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28 J.P. Morgan Investor Funds June 30, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R6** | **Total** |
| **Investor Growth & Income Fund** |  |  |  |  |  |
| Transfer agency fees  | $316 | $8 | $14 | $2 | $340 |

---

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, 2025, 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:

---

| | | | |
|:---|:---|:---|:---|
|  | **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| Investor Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $28195 | &nbsp;&nbsp;&nbsp;&nbsp; $(28195)<br>|
| Investor Conservative Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9900 | &nbsp;&nbsp;&nbsp;&nbsp; (9900)<br>|
| Investor Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57958 | &nbsp;&nbsp;&nbsp;&nbsp; (57958)<br>|
| Investor Growth & Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34697 | &nbsp;&nbsp;&nbsp;&nbsp; (34697)<br>|

---

The reclassifications for the Funds relate primarily to tax adjustments on certain investments.

**H. Segment Reporting** — The Funds adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**I. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Investor Funds 29

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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:

---

| | |
|:---|:---|
| **Class A** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|

---

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, 2025, JPMDS retained the following:

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| Investor Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp; $126 | &nbsp;&nbsp;&nbsp;&nbsp; $1 |
| Investor Conservative Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Investor Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Investor Growth & Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

**D. Service Fees**— The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | |
|:---|:---|:---|
| **Class A** | **Class C** | **Class I** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30 J.P. Morgan Investor Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**F. Waivers and Reimbursements**—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R6** |
| JPMorgan Investor Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| JPMorgan Investor Conservative Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| JPMorgan Investor Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| JPMorgan Investor Growth & Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |

---

The expense limitation agreements were in effect for the year ended June 30, 2025 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2025.

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, 2025, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | |
|:---|:---|:---|:---|
|  | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |
|  | **Investment** <br>**Advisory Fees**<br>| **Service** <br>**Fees**<br>| **Total** |
| Investor Balanced Fund | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1 |
| Investor Conservative Growth Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Investor Growth Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; 1016 |
| Investor Growth & Income Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 846 | &nbsp;&nbsp; 847 |

---

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, 2025 were as follows:

---

| | |
|:---|:---|
| Investor Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp; $65 |
| Investor Conservative Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| Investor Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
| Investor Growth & Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 59 |

---

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Investor Funds 31

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Investment Transactions** 

During the year ended June 30, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>|
| Investor Balanced Fund | $597794 | $714248 |
| Investor Conservative Growth Fund | 449203 | 456954 |
| Investor Growth Fund | 520601 | 185315 |
| Investor Growth & Income Fund | 487090 | 362366 |

---

During the year ended June 30, 2025, 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, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Investor Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp; $4423433 | &nbsp;&nbsp;&nbsp;&nbsp; $1308920 | &nbsp;&nbsp;&nbsp;&nbsp; $126442 | &nbsp;&nbsp;&nbsp;&nbsp; $1182478 |
| Investor Conservative Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3622726 | &nbsp;&nbsp;&nbsp;&nbsp; 540675 | &nbsp;&nbsp;&nbsp;&nbsp; 170893 | &nbsp;&nbsp;&nbsp;&nbsp; 369782 |
| Investor Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4061725 | &nbsp;&nbsp;&nbsp;&nbsp; 2037024 | &nbsp;&nbsp;&nbsp;&nbsp; 30467 | &nbsp;&nbsp;&nbsp;&nbsp; 2006557 |
| Investor Growth & Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3616908 | &nbsp;&nbsp;&nbsp;&nbsp; 1447071 | &nbsp;&nbsp;&nbsp;&nbsp; 65719 | &nbsp;&nbsp;&nbsp;&nbsp; 1381352 |

---

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, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**Long-Term** <br>**Capital Gains**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Investor Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp; $176170 | &nbsp;&nbsp;&nbsp;&nbsp; $135307 | &nbsp;&nbsp;&nbsp;&nbsp; $311477 |
| Investor Conservative Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 140375 | &nbsp;&nbsp;&nbsp;&nbsp; 60116 | &nbsp;&nbsp;&nbsp;&nbsp; 200491 |
| Investor Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 131447 | &nbsp;&nbsp;&nbsp;&nbsp; 46223 | &nbsp;&nbsp;&nbsp;&nbsp; 177670 |
| Investor Growth & Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 132791 | &nbsp;&nbsp;&nbsp;&nbsp; 68938 | &nbsp;&nbsp;&nbsp;&nbsp; 201729 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* 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, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**Long-Term** <br>**Capital Gains**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Investor Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp; $125517 | &nbsp;&nbsp;&nbsp;&nbsp; $55219 | &nbsp;&nbsp;&nbsp;&nbsp; $180736 |
| Investor Conservative Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 116252 | &nbsp;&nbsp;&nbsp;&nbsp; 10411 | &nbsp;&nbsp;&nbsp;&nbsp; 126663 |
| Investor Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 64343 | &nbsp;&nbsp;&nbsp;&nbsp; 90161 | &nbsp;&nbsp;&nbsp;&nbsp; 154504 |
| Investor Growth & Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 83354 | &nbsp;&nbsp;&nbsp;&nbsp; 56874 | &nbsp;&nbsp;&nbsp;&nbsp; 140228 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32 J.P. Morgan Investor Funds June 30, 2025

------

As of June 30, 2025, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Investor Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp; $6601 | &nbsp;&nbsp;&nbsp;&nbsp; $111559 | &nbsp;&nbsp;&nbsp;&nbsp; $1182478 |
| Investor Conservative Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5113 | &nbsp;&nbsp;&nbsp;&nbsp; 35191 | &nbsp;&nbsp;&nbsp;&nbsp; 369782 |
| Investor Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 536 | &nbsp;&nbsp;&nbsp;&nbsp; 104080 | &nbsp;&nbsp;&nbsp;&nbsp; 2006557 |
| Investor Growth & Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2821 | &nbsp;&nbsp;&nbsp;&nbsp; 80538 | &nbsp;&nbsp;&nbsp;&nbsp; 1381352 |

---

The cumulative timing differences primarily consist of wash sale loss deferrals.

As of June 30, 2025, the Funds did not have any net capital loss carryforwards.

**6. Borrowings** 

The Funds rely upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to the Trust and may be relied upon by the Funds because the Funds and the series of the Trust are all investment companies in the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended June 30, 2025.

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 28, 2025.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2025.

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 NAV 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 NAV 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. Effective August 5, 2025, 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, 2025.

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Investor Funds 33

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

As of June 30, 2025, the Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Non-Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** |
| Investor Balanced Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 62.8<br> %<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 23.9<br> %<br>|
| Investor Conservative Growth Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;54.7 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;34.3 |
| Investor Growth Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;41.5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;31.9 |
| Investor Growth & Income Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;45.8 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;37.0 |

---

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

As of June 30, 2025, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds:

---

| | |
|:---|:---|
|  | **% of Net Assets** |
| JPMorgan Europe Dynamic Fund | &nbsp;&nbsp;&nbsp;&nbsp; 47.5<br> %<br>|
| JPMorgan U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;44.8 |
| JPMorgan Small & Mid Cap Enhanced Equity ETF (formerly known as JPMorgan Market Expansion Enhanced Equity ETF) | &nbsp;&nbsp;&nbsp;&nbsp;33.3 |
| JPMorgan Limited Duration Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;24.6 |
| JPMorgan Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;23.5 |
| JPMorgan International Research Enhanced Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;16.1 |
| JPMorgan International Focus Fund | &nbsp;&nbsp;&nbsp;&nbsp;14.8 |
| JPMorgan Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;14.1 |
| JPMorgan Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;14.0 |
| JPMorgan Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;12.6 |
| JPMorgan High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;10.2 |
| JPMorgan U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;10.2 |

---

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.

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.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's portfolio may

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34 J.P. Morgan Investor Funds June 30, 2025

------

underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Investor Funds 35

------

**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, 2025, the related statements of operations for the year ended June 30, 2025, the statements of changes in net assets for each of the two years in the period ended June 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2025 (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, 2025, 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, 2025 and each of the financial highlights for each of the five years in the period ended June 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 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 22, 2025

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36 J.P. Morgan Investor Funds June 30, 2025

------

**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, 2025. 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, 2025. The information necessary to complete your income tax returns for the calendar year ending December 31, 2025 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, 2025:

---

| | |
|:---|:---|
|  | **Dividends** <br>**Received** <br>**Deduction**<br>|
| JPMorgan Investor Balanced Fund | 11.93<br> %<br>|
| JPMorgan Investor Conservative Growth Fund | 6.12 |
| JPMorgan Investor Growth Fund | 25.24 |
| JPMorgan Investor Growth & Income Fund | 17.45 |

---

**Long Term Capital Gain**

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2025:

---

| | |
|:---|:---|
|  | **Long-Term** <br>**Capital Gain** <br>**Distribution**<br>|
| JPMorgan Investor Balanced Fund | &nbsp;&nbsp; $135307 |
| JPMorgan Investor Conservative Growth Fund | &nbsp;&nbsp; 60116 |
| JPMorgan Investor Growth Fund | &nbsp;&nbsp; 46223 |
| JPMorgan Investor Growth & Income Fund | &nbsp;&nbsp; 68938 |

---

**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, 2025:

---

| | |
|:---|:---|
|  | **Qualified** <br>**Dividend** <br>**Income**<br>|
| JPMorgan Investor Balanced Fund | &nbsp;&nbsp; $61169 |
| JPMorgan Investor Conservative Growth Fund | &nbsp;&nbsp; 32324 |
| JPMorgan Investor Growth Fund | &nbsp;&nbsp; 116767 |
| JPMorgan Investor Growth & Income Fund | &nbsp;&nbsp; 67051 |

---

**Foreign Source Income and Foreign Tax Credit Pass Through**

For the fiscal year ended June 30, 2025, 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, 2025 will be disclosed in the semi-annual report for the period ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Investor Funds 37

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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.

![](g76743img8d4487192.jpg)

------

![](g76743imgae8654263.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2025. All rights reserved. June 2025.

AN-INV-625

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

**Statement Regarding Basis for Approval of Investment Advisory Agreements**

Not applicable.

------

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.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

------

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

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.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

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.

------

ITEM 19. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(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.](d20573dex99codeeth.htm)

#### 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.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(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:](d20573dex99cert.htm)

#### Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.
(b) [A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.](d20573dex99906cert.htm)

#### 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 | JPMorgan Trust II |
| By: | /s/ Matthew J. Kamburowski |
|  | Matthew J. Kamburowski |
|  | President and Principal Executive Officer |
|  | September 2, 2025 |

---

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/ Matthew J. Kamburowski |
|  | Matthew J. Kamburowski |
|  | President and Principal Executive Officer |
|  | September 2, 2025 |
| By: | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |
|  | September 2, 2025 |

---

## Ex-99.Code

EX-99 COD ETH 2

**JPMorgan Trust I** 

**JPMorgan Trust II** 

**JPMorgan Trust IV** 

**Undiscovered Managers Funds** 

**JPMorgan Institutional Trust** 

**J. P. Morgan Mutual Fund Investment Trust** 

**J. P. Morgan Fleming Mutual Fund Group, Inc.** 

**J.P. Morgan Exchange-Traded Fund Trust** 

**(collectively the "J.P. Morgan Funds")** 

**Code of Ethics for Principal Executive** 

**and Principal Financial Officers** 

**Persons covered by this Code of Ethics:** 

**Matthew J. Kamburowski Principal Executive Officer** 

**Timothy J. Clemens Principal Financial Officer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Covered Officers/ Purpose of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **This Sarbanes-Oxley Code of Ethics for the J.P. Morgan Funds (the "Funds") applies to the Funds' Principal Executive Officer and Principal Financial Officer (the "Covered Officers") for the purpose of promoting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Compliance with applicable laws and governmental rules and regulations;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **The prompt internal reporting of violations of this Sarbanes-Oxley Code of Ethics to an appropriate person or persons identified herein; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** **Accountability for adherence to this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest.** 

**A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Funds.** 

**Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The Funds and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Sarbanes-Oxley Code of Ethics does not, and is not intended to, repeat or replace these programs and procedures.** 

**Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and the investment advisers, principal underwriters, administrators, and/or affiliated persons thereof (the "Funds Principal Service Providers") of which the Covered Officers are also officers or employees. As a result, the Sarbanes-Oxley Code of Ethics recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company, the Funds Principal Service Providers, or for both) be involved in establishing policies and implementing decisions that will have different effects on the Funds Principal Service Providers and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the** 

------

 **Funds and the Funds Principal Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.** 

**Other conflicts of interest are covered by the Sarbanes-Oxley Code of Ethics, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Advisers Act. The following list provides examples of conflicts of interest under the Sarbanes-Oxley Code of Ethics, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Each Covered Officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Not use his personal influence or personal relationships improperly to influence investment decisions and/or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Funds;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Complete on an annual basis the Funds' Trustee and Officer Questionnaire which requests information regarding other business affiliations and relationships** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **In furtherance of the above, below are some examples of conflict of interest situations that should be discussed with the Investment Adviser's Compliance department, which is responsible for the day-to-day monitoring of the Investment Adviser and/or the Funds Chief Compliance Officer. Examples of these include, but are not limited to:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Serving as a director on the board of any public, private company or not for profit organization;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **The receipt of any gifts in excess of $100;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **The receipt of any entertainment from any company with which the Funds have current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety or other formulation as the Funds already use in another code of conduct;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than the Funds Principal Service Providers;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** **A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares such as compensation or equity ownership other than an interest arising from the Covered Officer's employment with the Funds' Principal Service Providers.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's directors and auditors, and/or to governmental regulators and self-regulatory organizations;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations;** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Reporting and Accountability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Each covered officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Upon adoption of this Sarbanes-Oxley Code of Ethics (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Annually thereafter affirm to the Board that he has complied with the requirements of this Sarbanes-Oxley Code of Ethics;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Not retaliate against any other Covered Officer and/or any employee of the Funds or affiliated persons for reports of potential violations that are made in good faith; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **Notify the Funds' Chief Compliance Officer promptly if he knows of any violation of this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Failure to take any of the actions specified in Section 6(a) above is itself a violation of this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **The Funds' Chief Compliance Officer is responsible for applying this Sarbanes-Oxley Code of Ethics to specific situations in which questions are presented relating to the Code. The Chief Compliance Officer has the authority to interpret this Sarbanes-Oxley Code of Ethics in any particular situation. However, any waivers sought by the Covered Officer will require prior review and approval by the Funds' Board.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **The Funds will follow these procedures in investigating and enforcing this Sarbanes-Oxley Code of Ethics:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **The Funds' Chief Compliance Officer (or his designee) will take all appropriate action to investigate any potential violations reported to him;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **If, after such investigation, the Funds' Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Any matter the Funds' Chief Compliance Officer believes to be a violation will be reported to the Funds' Board which will consider appropriate action, which may include review of, and/or appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; and/or a recommendation to dismiss the Covered Officer;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **The Funds' Board will be responsible for granting waivers, as appropriate; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** **Any changes to, or waivers of this Sarbanes-Oxley Code of Ethics will, to the extent required, be disclosed to the Funds' Board as provided by SEC rules.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **This Sarbanes-Oxley Code of Ethics shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Sarbanes-Oxley Code of Ethics, they are superseded by the Sarbanes-Oxley Code of Ethics to the extent that they overlap or conflict with the provisions of this Sarbanes-Oxley Code of Ethics. The Funds' and their investment adviser's codes of ethics under Rule 17j-l, under the Investment Company Act, the adviser's more detailed policies and procedures set forth in the Investment Adviser's Code of Ethics are separate requirements applying to the Covered Officers and others, and are not part of this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Any amendments to the Sarbanes-Oxley Code of Ethics, other than amendments to the list of Covered Officers, must be approved or ratified by a majority vote of the Funds' Board, including a majority of independent directors or trustees.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **All reports and records prepared or maintained pursuant to this Sarbanes-Oxley Code of Ethics will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Sarbanes-Oxley Code of Ethics, such matters shall not be disclosed to anyone.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **All reports and records maintained under this Sarbanes-Oxley Code of Ethics are intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion**.

## Ex-99.Cert

EXHIBIT ITEM 13 (b)1

CERTIFICATIONS

I, Matthew J. Kamburowski, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Equity Income
Fund, JPMorgan Equity Index Fund, JPMorgan Investor Balanced Fund, JPMorgan Investor Conservative Growth Fund, JPMorgan Investor Growth & Income Fund, JPMorgan Investor Growth Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value
Fund, JPMorgan Mid Cap Growth Fund, JPMorgan Small Cap Growth Fund, JPMorgan Small Cap Value Fund and JPMorgan SMID Cap Equity Fund (the "Funds"), each a series of JPMorgan Trust II (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Funds' disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting 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; and

5. The Registrant's other certifying officer and I have disclosed to the Funds' auditors and the audit
committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weakness in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Funds' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Funds' internal control over financial reporting.

Date: September 2, 2025

---

| |
|:---|
| /s/ Matthew J. Kamburowski |
| Matthew J. Kamburowski |
| President and Principal Executive Officer |

---

------

CERTIFICATIONS

I, Timothy J. Clemens, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Equity Income
Fund, JPMorgan Equity Index Fund, JPMorgan Investor Balanced Fund, JPMorgan Investor Conservative Growth Fund, JPMorgan Investor Growth & Income Fund, JPMorgan Investor Growth Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value
Fund, JPMorgan Mid Cap Growth Fund, JPMorgan Small Cap Growth Fund, JPMorgan Small Cap Value Fund and JPMorgan SMID Cap Equity Fund (the "Funds"), each a series of the JPMorgan Trust II (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Funds' disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting 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; and

5. The Registrant's other certifying officer and I have disclosed to the Funds' auditors and the audit
committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weakness in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Funds' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Funds' internal control over financial reporting.

Date: September 2, 2025

---

| |
|:---|
| /s/ Timothy J. Clemens |
| Timothy J. Clemens |
| Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940** 

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan Equity Income Fund, JPMorgan Equity Index Fund, JPMorgan Investor Balanced Fund, JPMorgan Investor Conservative Growth Fund, JPMorgan Investor Growth & Income Fund, JPMorgan Investor Growth Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value Fund, JPMorgan Mid Cap Growth Fund, JPMorgan Small Cap Growth Fund, JPMorgan Small Cap Value Fund and JPMorgan SMID Cap Equity Fund (the "Funds"), each a series of the JPMorgan Trust II (the "Registrant");

I, Matthew J. Kamburowski, certify that:

1. The Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of the operations of the Funds.

---

| |
|:---|
| /s/ Matthew J. Kamburowski |
| Matthew J. Kamburowski |
| President and Principal Executive Officer |

---

September 2, 2025

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

------

**Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940** 

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan Equity Income Fund, JPMorgan Equity Index Fund, JPMorgan Investor Balanced Fund, JPMorgan Investor Conservative Growth Fund, JPMorgan Investor Growth & Income Fund, JPMorgan Investor Growth Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value Fund, JPMorgan Mid Cap Growth Fund, JPMorgan Small Cap Growth Fund, JPMorgan Small Cap Value Fund and JPMorgan SMID Cap Equity Fund (the "Funds"), each a series of the JPMorgan Trust II (the "Registrant");

I, Timothy J. Clemens, certify that:

1. The Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of the operations of the Funds.

---

| |
|:---|
| /s/ Timothy J. Clemens |
| Timothy J. Clemens |
| Treasurer and Principal Financial Officer |

---

September 2, 2025

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.