# EDGAR Filing Document

**Accession Number:** 0001659326
**File Stem:** 0001193125-23-019908
**Filing Date:** 2023-1
**Character Count:** 2751673
**Document Hash:** b7303d153b362ac36b9bf6fa41e21ce1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-019908.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001193125-23-019908

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20220630

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**EFFECTIVENESS DATE**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN TRUST IV
- **CENTRAL INDEX KEY:** 0001659326
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23117
- **FILM NUMBER:** 23571000

**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:** JPMorgan Trust IV
- **DATE OF NAME CHANGE:** 20151124

## Series and Classes Contracts Data

### JPMorgan SmartRetirement Blend 2015 Fund (Series ID: S000055856)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175920 | Class I      | JTQDX           |
| C000175921 | Class R2     | JTQEX           |
| C000175922 | Class R3     | JTQFX           |
| C000175923 | Class R4     | JTQGX           |
| C000175924 | Class R5     | JTQHX           |
| C000175925 | Class R6     | JTQJX           |

### JPMorgan Equity Premium Income Fund (Series ID: S000062679)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203273 | Class A      | JEPAX           |
| C000203274 | Class C      | JEPCX           |
| C000203275 | Class I      | JEPIX           |
| C000203276 | Class R5     | JEPSX           |
| C000203277 | Class R6     | JEPRX           |

### JPMorgan Hedged Equity 2 Fund (Series ID: S000070948)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000225316 | Class R6     | JHDRX           |
| C000225317 | Class C      | JHDCX           |
| C000225318 | Class I      | JHQDX           |
| C000225319 | Class R5     | JHDFX           |
| C000225320 | Class A      | JHDAX           |

### JPMorgan Hedged Equity 3 Fund (Series ID: S000070949)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000225321 | Class R6     | JHTRX           |
| C000225322 | Class A      | JHTAX           |
| C000225323 | Class C      | JHTCX           |
| C000225324 | Class I      | JHQTX           |
| C000225325 | Class R5     | JHTGX           |

------

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSR/A** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number: 811-23117** 

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

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**277 Park Avenue** 

**New York, NY 10172** 

**(Address of principal executive offices) (Zip code)** 

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**Gregory S. Samuels** 

**277 Park Avenue** 

**New York, NY 10172** 

**(Name and Address of Agent for Service)** 

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

**Date of fiscal year end: June 30** 

**Date of reporting period: July 1, 2021 through June 30, 2022** 

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

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

------

**EXPLANTORY NOTE** 

This Registrant is filing this amendment ("Amendment") to its Form N-CSR for the period ended June 30, 2022, originally filed with the Securities and Exchange Commission on September 6, 2022 (Accession Number 0001193125-22-238795), to reflect revisions to the disclosure in Form N-CSR Item 11 (b) and Item 4 (d) of the certification.

ITEM 1. REPORTS TO STOCKHOLDERS.

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

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

shareholder reports.

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Annual Report

J.P. Morgan Large Cap Funds

June 30, 2022

---

| |
|:---|
| JPMorgan Equity Focus Fund |
| 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 (formerly known as JPMorgan Intrepid Value Fund) |
| JPMorgan U.S. Equity Fund |
| JPMorgan U.S. GARP Equity Fund |
| JPMorgan U.S. Large Cap Core Plus Fund |
| JPMorgan U.S. Research Enhanced Equity Fund |
| JPMorgan U.S. Sustainable Leaders Fund |
| JPMorgan U.S. Value Fund |

---

![](g456930img51caead81.jpg)

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**CONTENTS** 

---

| | |
|:---|:---|
| [Letter to Shareholders](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_lts-ltscc-736_1) | **1** |
| [Market Overview](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_mo-marketoverviewcc-736_1) | **2** |
| [Fund Commentaries:](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_fc-1-fundcommentarycc-736_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Equity Focus Fund](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_fc-1-fundcommentarycc-736_1) | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Equity Income Fund](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_fc-1-fundcommentarycc-736_3) | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Equity Index Fund](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_fc-1-fundcommentarycc-736_5) | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Equity Premium Income Fund](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_fc-1-fundcommentarycc-736_7) | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Hedged Equity Fund](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_fc-1-fundcommentarycc-736_10) | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Hedged Equity 2 Fund](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_fc-1-fundcommentarycc-736_12) | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Hedged Equity 3 Fund](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_fc-1-fundcommentarycc-736_14) | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Large Cap Growth Fund](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_fc-1-fundcommentarycc-736_16) | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Large Cap Value Fund](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_fc-1-fundcommentarycc-736_18) | **20** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_fc-1-fundcommentarycc-736_20) | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan U.S. Equity Fund](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_fc-1-fundcommentarycc-736_22) | **24** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan U.S. GARP Equity Fund](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_fc-1-fundcommentarycc-736_24) | **26** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan U.S. Large Cap Core Plus Fund](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_fc-1-fundcommentarycc-736_26) | **28** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan U.S. Research Enhanced Equity Fund](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_fc-1-fundcommentarycc-736_29) | **31** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan U.S. Sustainable Leaders Fund](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_fc-1-fundcommentarycc-736_31) | **33** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan U.S. Value Fund](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_fc-1-fundcommentarycc-736_33) | **35** |
| [Schedules of Portfolio Investments](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_soi-toc-scheduleofinvestments-736_1) | **37** |
| [Financial Statements](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_fs-toc-financialstatement-736_1) | **97** |
| [Financial Highlights](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_fihi-toc-financialhighlights-761_2) | **140** |
| [Notes to Financial Statements](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_ntf-ntfrunningfooter-761_1) | **184** |
| [Report of Independent Registered Public Accounting Firm](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_aud-toc-auditorsreport-736_1) | **212** |
| [Trustees](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_trust-trusteescc-736_1) | **214** |
| [Officers](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_officers-officerscc-736_1) | **218** |
| [Schedule of Shareholder Expenses](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_sse-shareholderexpensescc-736_1) | **220** |
| [Liquidity Risk Management Program](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_liquidity-lrmcc-736_1) | **227** |
| [Tax Letter](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_tl-taxlettercc-736_1) | **229** |
| [Privacy Policy — Located at the back of this Annual Report](#xx_366b4fef-a52c-472b-bce5-deaefdbf0878_privacypolicy-toc-privacypolicyannualreport-736_1) |  |

---

**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.** <br>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. <br>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.

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**Letter to Shareholders** <br>August 8, 2022 (Unaudited)

**Dear Shareholder,** 

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| | |
|:---|:---|
| ![](g456930img62c638be2.jpg)<br>| &nbsp;&nbsp; <br>*"It remains essential, in our view, that* <br> *investors consider the potential* <br> *benefits of portfolio diversification* <br> *that adapts to near-term market* <br> *conditions while cultivating long-term* <br> *opportunities."*<br> *— Andrea L. Lisher*<br>|

---

The global economic rebound that marked 2021 has been sapped of much of its strength in 2022 by accelerating inflation and rising interest rates, the conflict in Ukraine and the ongoing global impacts of the pandemic. The uncertain economic picture has proven to be particularly challenging for investors.

U.S. equity prices, which had largely led a decade-long rally in global equity, fell sharply in 2022 and turned in their worst first-half performance since 1970. In general, only select U.S. Treasury bonds and U.S. core fixed income saw increased investor demand amid the sell-off in equities.

In response to rising consumer and producer prices and tight labor markets, the U.S. Federal Reserve (the "Fed") adopted an increasingly aggressive policy stance in 2022, raising its benchmark interest rate by 25 basis points in March, then by 50 basis points in May and by 75 basis points each in June and July. Meanwhile, U.S. gross domestic product fell by 1.6% in the first quarter of 2022 and by an estimated 0.9% in the second quarter.

However, corporate earnings and revenues have largely outpaced certain investor expectations in 2022 amid sustained strength in consumer demand and management efforts to hold down expenses and pass along higher input costs. Further economic resilience was seen in labor markets, where the jobless rate remained at 3.6% from February through June.

In 2022, investors are now facing economic and market circumstances unseen in decades. In the U.S., the highest inflation rate in 40 years and the Fed's policy response have rattled both equity and fixed income markets. Concurrently, the conflict in Ukraine has constrained both energy supplies to Europe and grain shipments to a range of nations already under economic strain. The Fed and other leading central banks have acknowledged the risks of runaway inflation and have generally pledged to employ a flexible approach to counter those risks without squelching economic growth.

It remains essential, in our view, that investors consider the potential benefits of portfolio diversification that adapts to near-term market conditions, while cultivating long-term opportunities. J.P. Morgan Asset Management will seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.

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

Sincerely yours, <br> ![](g456930img1a1243343.jpg)

Andrea L. Lisher <br>Head of Americas, Client <br>J.P. Morgan Asset Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 1

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J.P. Morgan Large Cap Funds

**MARKET OVERVIEW** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

Equity markets rallied in the second half of 2021 on the back of low interest rates, record corporate earnings and the global economic rebound. However, equity markets in 2022 rendered their worst first-half performance since 1970.

By the end of June 2022, the S&P 500 had slumped into bear market territory – generally defined as a 20% or more decline since the last closing high. While bond markets largely underperformed equity markets throughout most of the twelve-month period, investor demand for U.S. Treasury bonds bolstered the Bloomberg U.S. Aggregate Index in the second half of the period.

U.S. equity generated positive returns and led developed markets equity to outperform both emerging markets equity and fixed income markets during the second half of 2021. U.S. equity prices were bolstered by continued monetary and fiscal support as well as strong consumer spending and record corporate profits.

A resurgence in the pandemic, particularly the emergence of the Omicron variant of Covid-19, in late 2021 and early 2022 failed to dent the U.S. economy. However, a number of nations reinstated social restrictions and China enacted a "Zero Covid" policy that led to severe lockdowns in several large cities, including Shanghai. The result was a sharp drop in manufacturing and other economic activity across China, which further strained on global supply chains and became a drag on the economies of other emerging market nations.

The S&P 500 reached a new closing high on January 3, 2022, bolstered by record high corporate earnings, sales, cash flows, share repurchases and dividends. However, investor sentiment began to sour as accelerating inflation started to erode consumer confidence and raise expectations for an increase in benchmark interest rates by the U.S. Federal Reserve.

Russia's invasion of Ukraine at the end of February 2022 initiated a sell-off in global financial markets that was further fueled by the highest U.S. inflation rate in more than 40 years. Equity prices recovered somewhat in March 2022 amid better-than-expected corporate earnings. However, the general trend in global financial markets was downward.

While the S&P 500 had a positive total return of 11.7% in the second half of 2021, the index plummeted in the first half of 2022 and its total returns for the twelve-month period was -10.6%. Within U.S. equity markets, small cap and mid cap stocks generally declined more than large cap stocks and growth stocks declined more than value stocks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 J.P. Morgan Large Cap Funds June 30, 2022

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JPMorgan Equity Focus Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **(9.08)%** |
| S&P 500 Index | **(10.62)%** |
| Net Assets as of 6/30/2022 (In Thousands) | **$179923** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan Equity Focus Fund (the "Fund") seeks long term capital appreciation.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

The Fund's Class I Shares outperformed the S&P 500 Index (the "Benchmark") for the twelve months ended June 30, 2022.

The Fund's security selection in the communication services and health care sectors was a leading contributor to performance relative to the Benchmark, while the Fund's underweight position in the consumer staples sector and its security selection in the information technology sector was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund's overweight positions in AutoZone Inc., ConocoPhillips and AbbVie Inc. Shares of AutoZone, an automotive parts retailer, rose amid consecutive quarters of better-than-expected earnings and revenue, and continued sales growth. Shares of ConocoPhillips, an integrated petroleum and natural gas producer, rose amid rising global energy prices for most of the reporting period. Shares of AbbVie, a pharmaceuticals maker, rose as the company reached settlements with various U.S. states to resolve legal claims against the company's Allergan unit stemming from the opioid addiction epidemic.

Leading individual detractors from relative performance included the Fund's overweight positions in Gap Inc. and Capital One Financial Co. and its position in Tesla Inc. Shares of Gap, a retailer of brand name apparel, fell amid general weakness in the apparel sector and weaker-than-expected results for several quarters. Shares of Capital One Financial, a financial services provider, fell amid general weakness in financial sector stocks as the U.S. economic growth slowed in the first half of 2022. Shares of Tesla Motors, a maker of electric vehicles and battery storage systems, fell amid slowing production and sales in China and investor concerns about slowing economic growth.

**HOW WAS THE FUND POSITIONED?**

The Fund's portfolio managers employed a bottom-up fundamental approach to stock selection. As a result of this

approach to stock selection, the Fund's largest positions were in the information technology and financials sectors and the Fund's smallest positions were in the utilities and consumer

staples sectors.

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| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Microsoft Corp. | 5.5% |
| 2. | Apple, Inc. | 5.5  |
| 3. | Alphabet, Inc., Class C | 4.1  |
| 4. | AutoZone, Inc. | 4.1  |
| 5. | UnitedHealth Group, Inc. | 3.7  |
| 6. | Bank of America Corp. | 3.6  |
| 7. | Loews Corp. | 3.6  |
| 8. | Weyerhaeuser Co. | 3.3  |
| 9. | Berkshire Hathaway, Inc., Class B | 3.1  |
| 10. | Capital One Financial Corp. | 3.0  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSTION BY SECTOR** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 22.1% |
| Financials | 13.3 |
| Health Care | 12.9 |
| Consumer Discretionary | 11.6 |
| Communication Services | 8.0 |
| Industrials | &nbsp;&nbsp; 7.7 |
| Energy | 4.8 |
| Materials | 4.5 |
| Real Estate | 4.4 |
| Consumer Staples | &nbsp;&nbsp; 2.4 |
| Utilities | &nbsp;&nbsp; 2.2 |
| Short-Term Investments | 6.1 |

---

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\*

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

\*\*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 3

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JPMorgan Equity Focus Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited) (continued)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | July 29, 2011 |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \* |  | (14.08)% | 10.94% | 12.73% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | &nbsp;&nbsp; (9.32) | 12.14 | 13.34 |
| **CLASS C SHARES** | July 29, 2011 |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\* |  | (10.79) | 11.59 | 12.88 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | &nbsp;&nbsp; (9.79) | 11.59 | 12.88 |
| **Class I SHARES** | July 29, 2011 | &nbsp;&nbsp; (9.08) | 12.43 | 13.62 |
| **Class R6 SHARES** | October 1, 2018 | &nbsp;&nbsp; (8.87) | 12.64 | 13.73 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Sales Charge for Class A Shares is 5.25%.

\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

**TEN YEAR PERFORMANCE** (6/30/12 TO 6/30/22)

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![](g456930imge7d1fe9d4.jpg)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Focus Fund and the S&P 500 Index from June 30, 2012 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through July 31, 2013, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund's performance may have been impacted.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 J.P. Morgan Large Cap Funds June 30, 2022

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JPMorgan Equity Income Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund Class I Shares <sup>\*</sup> | **(1.87)%** |
| Russell 1000 Value Index | **(6.82)%** |
| Net Assets as of 6/30/2022 (In Thousands) | **$45971414** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan Equity Income Fund (the "Fund") seeks capital appreciation and current income.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

The Fund's Class I Shares outperformed the Russell 1000 Value Index (the "Benchmark") for the twelve months ended June 30, 2022.

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

Leading individual contributors to relative performance included the Fund's overweight positions in General Dynamics Corp., Raytheon Corp. and Northrop Grumman Corp. <br>Shares of General Dynamics, Raytheon and Northrop Grumman, each an aerospace and defense manufacturers, rose after they reported better-than-expected quarterly earnings and as the military conflict in Ukraine increased demand for military hardware across Europe.

Leading individual detractors from relative performance included the Fund's overweight positions in PPG Industries Inc., Medtronic PLC and Gap Inc. Shares of PPG Industries, a specialty chemicals manufacturer, fell amid investor concerns about rising materials costs and supply chain disruptions. Shares of Medtronic, a medical technology manufacturer, fell after the company reported lower-than-expected revenue for its fiscal fourth quarter amid supply chain disruptions. Shares of Gap, a retailer of brand name apparel, fell amid general weakness in the apparel sector and weaker-than-expected results for several quarters.

**HOW WAS THE FUND POSITIONED?**

The Fund's portfolio managers' focus remained on stock selection, as they believed that quality companies trading at attractive valuations had the greatest potential to outperform in the long term. As the Fund aimed to purchase stocks with above average dividend yields, the research process seeks to identify companies with predictable and durable business models deemed capable of generating sustainable free cash

flow.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | UnitedHealth Group, Inc. | 3.2% |
| 2. | Bristol-Myers Squibb Co. | 2.8  |
| 3. | ConocoPhillips | 2.6  |
| 4. | Raytheon Technologies Corp. | 2.5  |
| 5. | Exxon Mobil Corp. | 2.4  |
| 6. | Johnson & Johnson | 2.2  |
| 7. | Philip Morris International, Inc. | 2.1  |
| 8. | Comcast Corp., Class A | 2.0  |
| 9. | Analog Devices, Inc. | 1.9  |
| 10. | Bank of America Corp. | 1.8  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSTION BY SECTOR** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Financials | 20.6% |
| Health Care | 19.8 |
| Industrials | 13.6 |
| Consumer Staples | 10.0 |
| Information Technology | &nbsp;&nbsp; 8.4 |
| Energy | &nbsp;&nbsp; 8.0 |
| Consumer Discretionary | &nbsp;&nbsp; 5.9 |
| Utilities | &nbsp;&nbsp; 4.1 |
| Communication Services | &nbsp;&nbsp; 2.9 |
| Materials | &nbsp;&nbsp; 2.8 |
| Real Estate | &nbsp;&nbsp; 2.4 |
| Short-Term Investments | &nbsp;&nbsp; 1.5 |

---

------

\*

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

\*\*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 5

------

JPMorgan Equity Income Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited) (continued)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | February 18, 1992 |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \* |  | (7.24)% | 8.22% | 10.61% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | (2.10) | 9.39 | 11.22 |
| **CLASS C SHARES** | November 4, 1997 |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\* |  | (3.63) | 8.85 | 10.77 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | (2.63) | 8.85 | 10.77 |
| **Class I SHARES** | July 2, 1987 | (1.87) | 9.68 | 11.50 |
| **Class R2 SHARES** | February 28, 2011 | (2.36) | 9.12 | 10.93 |
| **Class R3 SHARES** | September 9, 2016 | (2.10) | 9.40 | 11.22 |
| **Class R4 SHARES** | September 9, 2016 | (1.91) | 9.66 | 11.50 |
| **Class R5 SHARES** | February 28, 2011 | (1.72) | 9.85 | 11.70 |
| **Class R6 SHARES** | January 31, 2012 | (1.62) | 9.95 | 11.78 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Sales Charge for Class A Shares is 5.25%.

\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

**TEN YEAR PERFORMANCE** (6/30/12 TO 6/30/22)

------

![](g456930imgcf4431475.jpg)

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

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

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

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares and, prior to February 28, 2011, Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Income Fund and the Russell 1000 Value Index from June 30, 2012 to June 30, 2022. The performance of the Fund

assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the bench mark, if applicable. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 J.P. Morgan Large Cap Funds June 30, 2022

------

JPMorgan Equity Index Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **(10.81)%** |
| S&P 500 Index | **(10.62)%** |
| Net Assets as of 6/30/2022 (In Thousands) | **$7257784** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan Equity Index Fund (the "Fund") seeks investment results that correspond to the aggregate price and dividend performance of securities in the S&P 500 Index (the "Benchmark").

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

For the twelve months ended June 30, 2022, the Fund's Class I Shares largely performed in line with the Benchmark, before considering the effect of Fund fees and expenses. This was consistent with the Fund's investment objective and indexing strategy, as the Fund looks to generate returns that are comparable to those of the Benchmark.

U.S. equity markets provided negative returns for the period amid rising interest rates, accelerating inflation, pandemic lockdowns across China and Russia's invasion of Ukraine.

During the period, the information technology and consumer discretionary sectors were leading detractors from performance for the Fund and the Benchmark, while the energy and health care sectors were leading contributors to performance.

**HOW WAS THE FUND POSITIONED?**

Regardless of the market outlook, the Fund was managed in strict conformity with a full index replication strategy and aimed to hold the same stocks in nearly the same proportions

as those found in the Benchmark.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Apple, Inc. | 6.5% |
| 2. | Microsoft Corp. | 6.0  |
| 3. | Amazon.com, Inc. | 2.9  |
| 4. | Alphabet, Inc., Class A | 2.0  |
| 5. | Alphabet, Inc., Class C | 1.9  |
| 6. | Tesla, Inc. | 1.8  |
| 7. | Berkshire Hathaway, Inc., Class B | 1.5  |
| 8. | UnitedHealth Group, Inc. | 1.5  |
| 9. | Johnson & Johnson | 1.5  |
| 10. | NVIDIA Corp. | 1.2  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSTION BY SECTOR** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 26.6% |
| Health Care | 15.1 |
| Financials | 10.8 |
| Consumer Discretionary | 10.4 |
| Communication Services | &nbsp;&nbsp; 8.8 |
| Industrials | &nbsp;&nbsp; 7.8 |
| Consumer Staples | &nbsp;&nbsp; 6.9 |
| Energy | 4.3 |
| Utilities | &nbsp;&nbsp; 3.1 |
| Real Estate | &nbsp;&nbsp; 2.9 |
| Materials | &nbsp;&nbsp; 2.6 |
| Short-Term Investments | 0.7 |

---

------

\*

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

\*\*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 7

------

JPMorgan Equity Index Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited) (continued)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | February 18, 1992 |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \* |  | (15.69)% | &nbsp;&nbsp; 9.64% | 11.84% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | (11.02) | 10.83 | 12.45 |
| **CLASS C SHARES** | November 4, 1997 |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\* |  | (12.55) | 10.16 | 11.83 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | (11.55) | 10.16 | 11.83 |
| **Class I SHARES** | July 2, 1991 | (10.81) | 11.10 | 12.73 |
| **Class R6 SHARES** | September 1, 2016 | (10.67) | 11.27 | 12.83 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Sales Charge for Class A Shares is 5.25%.

\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

**TEN YEAR PERFORMANCE** (6/30/12 TO 6/30/22)

------

![](g456930imge26963316.jpg)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Index Fund and the S&P 500 Index from June 30, 2012 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The S&P

500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 J.P. Morgan Large Cap Funds June 30, 2022

------

JPMorgan Equity Premium Income Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **(0.73)%** |
| S&P 500 Index | **(10.62)%** |
| ICE BofAML 3-Month US Treasury Bill Index | **0.17%** |
| Net Assets as of 6/30/2022 (In Thousands) | **$3610591** |

---

**INVESTMENT OBJECTIVE\*\***

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

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

The Fund's Class I Shares outperformed the S&P 500 Index (the "Benchmark") and underperformed the ICE BofAML 3-Month U.S. Treasury Bill Index for the twelve months ended June 30, 2022.

The Fund's security selection in the health care and information technology sectors was a leading contributor to performance relative to the Benchmark, while the Fund's underweight position in the energy sector and its security selection in the materials sector were leading detractors from relative performance.

Leading individual contributors to performance relative to the Benchmark included the Fund's underweight positions in PayPal Holdings Inc. and Meta Platform Inc., and its overweight position in Progressive Corp. Shares of PayPal Holdings, a digital payments platform provider, fell after the company issued a lower-than-expected earnings forecast for the third quarter of 2021 and amid general weakness in financial technology stocks. Shares of Meta Platforms, the parent of

Facebook Inc., fell after the company reported weaker-than-expected earnings for the fourth quarter of 2021 and issued a weaker-than-expected revenue forecast. Shares of Progressive, a property and casualty insurance provider, rose amid monthly increases in the company's net premiums.

Leading individual detractors from relative performance included the Fund's underweight positions in Apple Inc., Tesla Inc. and Alphabet Inc. Shares of Apple, a provider of computers, mobile devices and related services, rose amid record earnings and revenue in the second half of 2021 and continued strong demand for mobile phones during the period. Shares of Tesla, a producer of electric vehicles and battery systems, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2022. Shares of Alphabet, parent company of Google Inc., rose amid continued growth in quarterly revenue and earnings during the period.

**HOW WAS THE FUND POSITIONED?**

The Fund seeks to generate income through a combination of selling options, investing in large cap stocks and delivering monthly income from associated option premiums and stock dividends. The Fund's portfolio managers employed a proprietary research process designed to identify what they believed were overvalued and undervalued stocks with

attractive risk/return characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 9

------

JPMorgan Equity Premium Income Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited) (continued)

------

\*

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

\*\*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ELN Equity-Linked Note

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Canadian Imperial Bank of Commerce, ELN, <br> 68.70%, 7/11/2022, (linked to S&P 500 <br> Index) (Canada)<br>| 1.7% |
| 2. | Progressive Corp. (The) | 1.7  |
| 3. | Credit Suisse AG, ELN, 67.80%, <br> 7/8/2022, (linked to S&P 500 Index) <br> (Switzerland)<br>| 1.7  |
| 4. | AbbVie, Inc. | 1.6  |
| 5. | Bristol-Myers Squibb Co. | 1.6  |
| 6. | UnitedHealth Group, Inc. | 1.6  |
| 7. | Credit Suisse AG, ELN, 65.60%, <br> 7/18/2022, (linked to S&P 500 Index) <br> (Switzerland)<br>| 1.6  |
| 8. | Coca-Cola Co. (The) | 1.6  |
| 9. | Societe Generale SA, ELN, 64.80%, <br> 7/15/2022, (linked to S&P 500 Index)<br>| 1.6  |
| 10. | BNP Paribas, ELN, 79.00%, 8/5/2022, <br> (linked to S&P 500 Index)<br>| 1.6  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSTION BY SECTOR** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Health Care | 12.9% |
| Consumer Staples | 11.9 |
| Industrials | 11.6 |
| Information Technology | 10.8 |
| Financials | 9.5 |
| Utilities | 8.3 |
| Consumer Discretionary | 4.7 |
| Communication Services | 4.5 |
| Materials | 3.4 |
| Real Estate | 2.8 |
| Energy | 2.7 |
| Other | 14.7 |
| Short-Term Investments | 2.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 J.P. Morgan Large Cap Funds June 30, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | |
|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **SINCE**<br> **INCEPTION**<br>|
| **CLASS A SHARES** | August 31, 2018 |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \* |  | (6.22)% | 5.76% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | (1.05) | 7.26 |
| **CLASS C SHARES** | August 31, 2018 |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\* |  | (2.54) | 6.73 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | (1.54) | 6.73 |
| **Class I SHARES** | August 31, 2018 | (0.73) | 7.53 |
| **Class R5 SHARES** | August 31, 2018 | (0.66) | 7.67 |
| **Class R6 SHARES** | August 31, 2018 | (0.49) | 7.80 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Sales Charge for Class A Shares is 5.25%.

\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

**LIFE OF FUND PERFORMANCE** (8/31/18 TO 6/30/22)

------

![](g456930img2f74bc047.jpg)

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

The Fund commenced operations on August 31, 2018.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Premium Income Fund, the S&P 500 Index and the ICE BofAML 3-Month US Treasury Bill Index from August 31, 2018 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the

beginning of the month and held for a full month. Each month the ICE BofAML 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through April 7, 2019, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund's performance may have been impacted.

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 11

------

JPMorgan Hedged Equity Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **(5.79)%** |
| S&P 500 Index | **(10.62)%** |
| Net Assets as of 6/30/2022 (In Thousands) | **$16494334** |

---

**INVESTMENT OBJECTIVE\*\***

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

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

The Fund's Class I Shares outperformed the S&P 500 Index (the "Benchmark") for the twelve months ended June 30, 2022.

Leading individual contributors to relative performance included the Fund's underweight positions in PayPal Holdings Inc. and Adobe Inc., and its overweight position in Alphabet Inc. Shares of PayPal Holdings, a digital payments platform provider, fell after the company issued a lower-than-expected earnings forecast for the third quarter of 2021 and amid general weakness in financial technology stocks. Shares of Adobe, a digital marketing and media provider not held in the Fund, fell after the company issued consecutive weaker-than-expected quarterly forecasts during the period. Shares of Alphabet, parent company of Google Inc., rose amid continued growth in quarterly revenue and earnings during the period.

Leading individual detractors from relative performance included the Fund's overweight positions in Stanley Black & Decker Inc. and Lam Research Corp. and its underweight position in Pfizer Inc. Shares of Stanley Black & Decker, a power tools manufacturer, fell after the company reported consecutive quarters of lower-than-expected revenue and lowered its forecast for the sale of some of its business lines. Shares of Lam Research, a maker of semiconductor manufacturing equipment, fell amid decreased global demand for semiconductors and further potential U.S. restrictions on technology sales to the Chinese semiconductor industry. Shares of Pfizer, a pharmaceutical manufacturer, rose amid a resurgence in the pandemic in late 2021 and U.S. Food and Drug Administration approval for the company's COVID-19 pill.

**HOW WAS THE FUND POSITIONED?**

The Fund used an enhanced index strategy that invests primarily in common stocks of large capitalization U.S. companies, while systematically purchasing and selling exchange-traded index put options and selling exchange-traded index call options. The options overlay is known as a Put/Spread Collar strategy. The combination of the diversified portfolio of equity securities, downside protection from index

put options and income from index call options provided the Fund with a portion of the returns associated with equity market investments while exposing the Fund to less risk than

traditional long-only equity strategies.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Microsoft Corp. | 6.8% |
| 2. | Apple, Inc. | 6.5 |
| 3. | Amazon.com, Inc. | 3.1 |
| 4. | S&P 500 Index. | 3.0 |
| 5. | Alphabet, Inc., ClassA | 2.6 |
| 6. | Alphabet, Inc., ClassC | 1.9 |
| 7. | UnitedHealth Group, Inc. | 1.8 |
| 8. | Tesla, Inc. | 1.6 |
| 9. | Visa, Inc., ClassA | 1.5 |
| 10. | Berkshire Hathaway, Inc., | 1.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSTION BY SECTOR** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 25.7% |
| Health Care | 14.9 |
| Consumer Discretionary | 11.0 |
| Financials | 10.3 |
| Communication Services | 8.4 |
| Industrials | 8.0 |
| Consumer Staples | 6.3 |
| Energy | 4.2 |
| Utilities | 3.0 |
| Put Options Purchased | 3.0 |
| Real Estate | &nbsp;&nbsp; 2.7 |
| Materials | &nbsp;&nbsp; 2.5 |

---

------

\*

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

\*\*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 J.P. Morgan Large Cap Funds June 30, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **SINCE**<br> **INCEPTION**<br>|
| **CLASS A SHARES** | December 13, 2013 |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \* |  | (10.92)% | 5.52% | 6.08% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | &nbsp;&nbsp; (6.00) | 6.66 | 6.75 |
| **CLASS C SHARES** | December 13, 2013 |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\* |  | &nbsp;&nbsp; (7.49) | 6.13 | 6.25 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | &nbsp;&nbsp; (6.49) | 6.13 | 6.25 |
| **Class I SHARES** | December 13, 2013 | &nbsp;&nbsp; (5.79) | 6.93 | 7.02 |
| **Class R5 SHARES** | December 13, 2013 | &nbsp;&nbsp; (5.64) | 7.08 | 7.20 |
| **Class R6 SHARES** | December 13, 2013 | &nbsp;&nbsp; (5.54) | 7.19 | 7.27 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Sales Charge for Class A Shares is 5.25%.

\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

**LIFE OF FUND PERFORMANCE** (12/13/13 TO 6/30/22)

------

![](g456930img2d4cb3678.jpg)

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

The Fund commenced operations on December 13, 2013.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity Fund, the S&P 500 Index and the ICE BofAML 3-Month US Treasury Bill Index from December 13, 2013 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased

at the beginning of the month and held for a full month. Each month the ICE BofAML 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through May 30, 2014, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund's performance may have been impacted.

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 13

------

JPMorgan Hedged Equity 2 Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **(6.22)%** |
| S&P 500 Index | **(10.62)%** |
| Net Assets as of 6/30/2022 (In Thousands) | **$5623467** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan Hedged Equity 2 Fund (the "Fund") seeks to provide capital appreciation.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

The Fund's Class I Shares outperformed the S&P 500 Index (the "Benchmark") for the twelve months ended June 30, 2022.

The Fund's security selection in the pharmaceutical/medical technology and the financials sectors was a leading contributor to performance relative to the Benchmark, while the Fund's security selection in the basic materials and telecommunication sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund's underweight positions in PayPal Holdings Inc. and Adobe Inc., and its overweight position in Alphabet Inc. Shares of PayPal Holdings, a digital payments platform provider, fell after the company issued a lower-than-expected earnings forecast for the third quarter of 2021 and amid general weakness in financial technology stocks. Shares of Adobe, a digital marketing and media provider not held in the Fund, fell after the company issued consecutive weaker-than-expected quarterly forecasts during the period. Shares of Alphabet, parent company of Google Inc., rose amid continued growth in quarterly revenue and earnings during the period.

Leading individual detractors from relative performance included the Fund's overweight positions in Stanley Black & Decker Inc. and Lam Research Corp. and its underweight position in Pfizer Inc. Shares of Stanley Black & Decker, a power tools manufacturer, fell after the company reported consecutive quarters of lower-than-expected revenue and lowered its forecast for the sale of some of its business lines. Shares of Lam Research, a maker of semiconductor manufacturing equipment, fell amid decreased global demand for semiconductors and further potential U.S. restrictions on technology sales to the Chinese semiconductor industry. Shares of Pfizer, a pharmaceutical manufacturer, rose amid a resurgence in the pandemic in late 2021 and U.S. Food and Drug Administration approval for the company's COVID-19 pill.

**HOW WAS THE FUND POSITIONED?**

The Fund used an enhanced index strategy that invests primarily in common stocks of large capitalization U.S. companies, while systematically purchasing and selling exchange-traded index put options and selling exchange-traded index call options. The options overlay is known as a Put/Spread Collar strategy. The combination of the diversified

portfolio of equity securities, downside protection from index put options and income from index call options provided the Fund with a portion of the returns associated with equity market investments while exposing the Fund to less risk than

traditional long-only equity strategies.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Microsoft Corp. | 6.4% |
| 2. | Apple, Inc. | 6.1  |
| 3. | S&P 500 Index 7/29/2022 at USD <br> 3,910.00, European Style<br>| 4.4  |
| 4. | Amazon.com, Inc. | 3.0  |
| 5. | Alphabet, Inc., Class A | 2.4  |
| 6. | Alphabet, Inc., Class C | 1.8  |
| 7. | UnitedHealth Group, Inc. | 1.7  |
| 8. | Tesla, Inc. | 1.5  |
| 9. | Visa, Inc., Class A | 1.4  |
| 10. | Berkshire Hathaway, Inc., Class B | 1.4  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSTION BY SECTOR** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 24.3% |
| Health Care | 14.0 |
| Consumer Discretionary | 10.4 |
| Financials | &nbsp;&nbsp; 9.8 |
| Communication Services | &nbsp;&nbsp; 8.0 |
| Industrials | &nbsp;&nbsp; 7.7 |
| Consumer Staples | &nbsp;&nbsp; 6.0 |
| Put Options Purchased | 4.4 |
| Energy | 4.0 |
| Utilities | &nbsp;&nbsp; 2.8 |
| Real Estate | &nbsp;&nbsp; 2.6 |
| Materials | &nbsp;&nbsp; 2.3 |
| Short-Term Investments | &nbsp;&nbsp; 3.7 |

---

------

\*

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

\*\*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 J.P. Morgan Large Cap Funds June 30, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | |
|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **SINCE**<br> **INCEPTION**<br>|
| **CLASS A SHARES** | February 26, 2021 |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \* |  | (11.37)% | (4.20)% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | &nbsp;&nbsp; (6.49) | (0.28) |
| **CLASS C SHARES** | February 26, 2021 |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\* |  | &nbsp;&nbsp; (7.90) | (0.74) |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | &nbsp;&nbsp; (6.90) | (0.74) |
| **Class I SHARES** | February 26, 2021 | &nbsp;&nbsp; (6.22) | 0.00 |
| **Class R5 SHARES** | February 26, 2021 | &nbsp;&nbsp; (6.10) | 0.12 |
| **Class R6 SHARES** | February 26, 2021 | &nbsp;&nbsp; (6.01) | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Sales Charge for Class A Shares is 5.25%.

\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

**LIFE OF FUND PERFORMANCE** (2/26/21 TO 6/30/22)

------

![](g456930img6038d35a9.jpg)

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

The Fund commenced operations on February 26, 2021.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity 2 Fund and the S&P 500 Index from February 26, 2021 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of

the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 15

------

JPMorgan Hedged Equity 3 Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **(9.58)%** |
| S&P 500 Index | **(10.62)%** |
| Net Assets as of 6/30/2022 (In Thousands) | **$2851293** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan Hedged Equity 3 Fund (the "Fund") seeks to provide capital appreciation.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

The Fund's Class I Shares outperformed the S&P 500 Index (the "Benchmark") for the twelve months ended June 30, 2022.

The Fund's security selection in the pharmaceutical/medical technology and the financials sectors was a leading contributor to performance relative to the Benchmark, while the Fund's security selection in the basic materials and telecommunication sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund's underweight positions in PayPal Holdings Inc. and Adobe Inc., and its overweight position in Alphabet Inc. Shares of PayPal Holdings, a digital payments platform provider, fell after the company issued a lower-than-expected earnings forecast for the third quarter of 2021 and amid general weakness in financial technology stocks. Shares of Adobe, a digital marketing and media provider not held in the Fund, fell after the company issued consecutive weaker-than-expected quarterly forecasts during the period. Shares of Alphabet, parent company of Google Inc., rose amid continued growth in quarterly revenue and earnings during the period.

Leading individual detractors from relative performance included the Fund's overweight positions in Stanley Black & Decker Inc. and Lam Research Corp. and its underweight position in Pfizer Inc. Shares of Stanley Black & Decker, a power tools manufacturer, fell after the company reported consecutive quarters of lower-than-expected revenue and lowered its forecast for the sale of some of its business lines. Shares of Lam Research, a maker of semiconductor manufacturing equipment, fell amid decreased global demand for semiconductors and further potential U.S. restrictions on technology sales to the Chinese semiconductor industry. Shares of Pfizer, a pharmaceutical manufacturer, rose amid a resurgence in the pandemic in late 2021 and U.S. Food and Drug Administration approval for the company's COVID-19 pill.

**HOW WAS THE FUND POSITIONED?**

The Fund used an enhanced index strategy that invests primarily in common stocks of large capitalization U.S. companies, while systematically purchasing and selling exchange-traded index put options and selling exchange-traded index call options. The options overlay is known as a Put/Spread Collar strategy. The combination of the diversified

portfolio of equity securities, downside protection from index put options and income from index call options provided the Fund with a portion of the returns associated with equity market investments while exposing the Fund to less risk than

traditional long-only equity strategies.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Microsoft Corp. | 6.5% |
| 2. | Apple, Inc. | 6.2  |
| 3. | S&P 500 Index 8/31/2022 at USD <br> 3,905.00, European Style<br>| 5.4  |
| 4. | Amazon.com, Inc. | 3.0  |
| 5. | Alphabet, Inc., Class A | 2.4  |
| 6. | Alphabet, Inc., Class C | 1.9  |
| 7. | UnitedHealth Group, Inc. | 1.8  |
| 8. | Tesla, Inc. | 1.5  |
| 9. | Visa, Inc., Class A | 1.4  |
| 10. | Berkshire Hathaway, Inc., Class B | 1.4  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSTION BY SECTOR** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 24.5% |
| Health Care | 14.1 |
| Consumer Discretionary | 10.5 |
| Financials | &nbsp;&nbsp; 9.9 |
| Communication Services | &nbsp;&nbsp; 8.1 |
| Industrials | &nbsp;&nbsp; 7.7 |
| Consumer Staples | &nbsp;&nbsp; 6.0 |
| Put Options Purchased | &nbsp;&nbsp; 5.4 |
| Energy | 4.0 |
| Utilities | &nbsp;&nbsp; 2.8 |
| Real Estate | &nbsp;&nbsp; 2.6 |
| Materials | &nbsp;&nbsp; 2.3 |
| Short-Term Investments | &nbsp;&nbsp; 2.1 |

---

------

\*

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

\*\*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan Large Cap Funds June 30, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | |
|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **SINCE**<br> **INCEPTION**<br>|
| **CLASS A SHARES** | February 26, 2021 |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \* |  | (14.50)% | (6.76)% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | &nbsp;&nbsp; (9.78) | (2.94) |
| **CLASS C SHARES** | February 26, 2021 |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\* |  | (11.28) | (3.43) |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | (10.28) | (3.43) |
| **Class I SHARES** | February 26, 2021 | &nbsp;&nbsp; (9.58) | (2.69) |
| **Class R5 SHARES** | February 26, 2021 | &nbsp;&nbsp; (9.41) | (2.54) |
| **Class R6 SHARES** | February 26, 2021 | &nbsp;&nbsp; (9.33) | (2.45) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Sales Charge for Class A Shares is 5.25%.

\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

**LIFE OF FUND PERFORMANCE** (2/26/21 TO 6/30/22)

------

![](g456930img73301ee510.jpg)

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

The Fund commenced operations on February 26, 2021.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity 3 Fund and the S&P 500 Index from February 26, 2021 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of

the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 17

------

JPMorgan Large Cap Growth Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **(20.49)%** |
| Russell 1000 Growth Index | **(18.77)%** |
| Net Assets as of 6/30/2022 (In Thousands) | **$31346698** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan Large Cap Growth Fund (the "Fund") seeks long-term capital appreciation.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

The Fund's Class I Shares underperformed the Russell 1000 Growth Index (the "Benchmark") for the twelve months ended June 30, 2022.

The Fund's security selection and underweight positions in both the information technology and communication services sectors were leading detractors from performance relative to the Benchmark, while the Fund's overweight position and security selection in the health care sector and its security selection in the consumer discretionary sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund's out-of-Benchmark position in Snap Inc., its underweight positions in Apple Inc. and its overweight position in Carvana Co. Shares of Snap, an online camera platform and social media provider, fell after the company reported lower-than-expected quarterly results and forecast weakness in cash flow and revenue in 2022. Shares of Apple, a provider of computers, mobile devices and related services, rose amid record earnings and revenue in the second half of 2021 and continued strong demand for mobile phones during the period. Shares of Carvana, an automobile retailer, fell after the company reported a wider-than-expected loss for its first quarter and amid general weakness in e-commerce sector stocks in the second half of the period.

Leading individual contributors to relative performance included the Fund's overweight positions in McKesson Corp. and AutoZone Inc., and its underweight position in Amazon.com Inc. Shares of McKesson, a provider of pharmaceuticals, health care products and services, rose as the company moved to settle state legal claims stemming from the opioid addiction epidemic and as investors sought defensive sectors, including consumer staples, in response to the market selloff in the first half of 2022. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected earnings and revenue for its third fiscal quarter and forecast sales growth. Shares of Amazon.com, an online retailer and services provider, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021 and as investor demand shifted to value stocks and away from the largest capitalization stocks in the first half of 2022.

**HOW WAS THE FUND POSITIONED?**

The Fund's portfolio managers utilized a bottom-up approach to stock selection, rigorously researching individual companies in an effort to construct portfolios of stocks that have strong fundamentals and positive price momentum. The Fund's portfolio managers sought to invest in companies with attractive fundamentals that, in their view, possessed the potential to significantly exceed expectations for a prolonged

period of time.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Apple, Inc. | 9.3% |
| 2. | Microsoft Corp. | 9.0  |
| 3. | Alphabet, Inc., Class C | 6.7  |
| 4. | Tesla, Inc. | 3.7  |
| 5. | AbbVie, Inc. | 3.7  |
| 6. | AutoZone, Inc. | 3.1  |
| 7. | Coca-Cola Co. (The) | 2.9  |
| 8. | McKesson Corp. | 2.7  |
| 9. | Deere & Co. | 2.7  |
| 10. | Lowe's Cos., Inc. | 2.6  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSTION BY SECTOR** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 32.1% |
| Health Care | 18.0 |
| Consumer Discretionary | 14.4 |
| Industrials | &nbsp;&nbsp; 7.5 |
| Communication Services | &nbsp;&nbsp; 7.2 |
| Financials | 6.8 |
| Consumer Staples | 4.1 |
| Materials | &nbsp;&nbsp; 2.0 |
| Energy | &nbsp;&nbsp; 1.9 |
| Short-Term Investments | 6.0 |

---

------

\*

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

\*\*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 J.P. Morgan Large Cap Funds June 30, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | February 22, 1994 |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \* |  | (24.85)% | 15.02% | 14.34% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | (20.68) | 16.27 | 14.96 |
| **CLASS C SHARES** | November 4, 1997 |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\* |  | (22.07) | 15.69 | 14.50 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | (21.07) | 15.69 | 14.50 |
| **Class I SHARES** | February 28, 1992 | (20.49) | 16.55 | 15.20 |
| **Class R2 SHARES** | November 3, 2008 | (20.88) | 15.97 | 14.67 |
| **Class R3 SHARES** | September 9, 2016 | (20.68) | 16.26 | 14.94 |
| **Class R4 SHARES** | September 9, 2016 | (20.48) | 16.55 | 15.20 |
| **Class R5 SHARES** | April 14, 2009 | (20.37) | 16.73 | 15.39 |
| **Class R6 SHARES** | November 30, 2010 | (20.29) | 16.85 | 15.50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Sales Charge for Class A Shares is 5.25%.

\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

**TEN YEAR PERFORMANCE** (6/30/12 TO 6/30/22)

------

![](g456930img9eb00d6011.jpg)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Growth Fund and the Russell 1000 Growth Index from June 30, 2012 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of

all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 19

------

JPMorgan Large Cap Value Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **(5.04)%** |
| Russell 1000 Value Index | **(6.82)%** |
| Net Assets as of 6/30/2022 (In Thousands) | **$3196018** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan Large Cap Value Fund (the "Fund") seeks capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

The Fund's Class I Shares outperformed the Russell 1000 Value Index (the "Benchmark") for the twelve months ended June 30, 2022.

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

Leading individual contributors to relative performance included the Fund's overweight positions in Alcoa Corp. and Vertex Pharmaceuticals Inc. and its out-of-Benchmark position in AbbVie Inc. Shares of Alcoa, an aluminum producer, rose after the company reported better-than-expected earnings and revenue for both the first quarters of 2022. Shares of Vertex Pharmaceuticals, a drug development company, rose after the company reported better-than-expected earnings and revenue for the fourth quarter of 2021 and reported progress in its product development pipeline. Shares of AbbVie, a pharmaceuticals maker, rose as the company reached settlements with various U.S. states to resolve legal claims against the company's Allergan unit stemming from the opioid addiction epidemic.

Leading individual detractors from relative performance included the Fund's overweight positions in Zimmer Biomet Holdings Inc., Royal Caribbean Cruises Ltd. and US Foods Holding Corp. Shares of Zimmer Biomet Holdings, a medical device manufacturer, fell after the company reported lower-than-expected earnings and revenue for the fourth quarter of 2021 and issued a lower-than-expected earnings forecast for 2022. Shares of Royal Caribbean Cruises, a cruise ship operator, fell amid investor concerns that slowing economic growth and rising inflation would hurt the travel and hospitality sectors. Shares of U.S. Foods Holding, a distributor of goods to the food services industry, fell after the company reported lower-than-expected earnings for the fourth quarter of 2021.

**HOW WAS THE FUND POSITIONED?**

The Fund's portfolio manager combined a bottom-up fundamental approach to security selection with a systematic

valuation process. Overall, the Fund's portfolio manager looked to take advantage of mispriced stocks that he believed

appeared attractive relative to their fair value.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Bristol-Myers Squibb Co. | 4.5% |
| 2. | Wells Fargo & Co. | 3.3  |
| 3. | Chevron Corp. | 3.2  |
| 4. | Raytheon Technologies Corp. | 3.0  |
| 5. | Centene Corp. | 2.9  |
| 6. | Comcast Corp., Class A | 2.8  |
| 7. | Hess Corp. | 2.7  |
| 8. | Exxon Mobil Corp. | 2.5  |
| 9. | AbbVie, Inc. | 2.4  |
| 10. | Vertex Pharmaceuticals, Inc. | 2.3  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSTION BY SECTOR** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Health Care | 24.4% |
| Financials | 17.8 |
| Energy | 10.5 |
| Industrials | 10.3 |
| Consumer Staples | &nbsp;&nbsp; 7.5 |
| Utilities | &nbsp;&nbsp; 5.7 |
| Real Estate | &nbsp;&nbsp; 5.0 |
| Information Technology | 4.7 |
| Communication Services | 4.3 |
| Materials | &nbsp;&nbsp; 3.2 |
| Consumer Discretionary | &nbsp;&nbsp; 2.5 |
| Short-Term Investments | 4.1 |

---

------

\*

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

\*\*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 J.P. Morgan Large Cap Funds June 30, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | February 18, 1992 |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \* |  | (10.18)% | 7.40% | 11.88% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | &nbsp;&nbsp; (5.22) | 8.57 | 12.49 |
| **CLASS C SHARES** | March 22, 1999 |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\* |  | &nbsp;&nbsp; (6.75) | 8.03 | 12.03 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | &nbsp;&nbsp; (5.75) | 8.03 | 12.03 |
| **Class I SHARES** | March 1, 1991 | &nbsp;&nbsp; (5.04) | 8.83 | 12.70 |
| **Class R2 SHARES** | November 3, 2008 | &nbsp;&nbsp; (5.50) | 8.29 | 12.19 |
| **Class R3 SHARES** | October 1, 2018 | &nbsp;&nbsp; (5.26) | 8.56 | 12.48 |
| **Class R4 SHARES** | October 1, 2018 | &nbsp;&nbsp; (4.95) | 8.85 | 12.71 |
| **Class R5 SHARES** | May 15, 2006 | &nbsp;&nbsp; (4.84) | 9.01 | 12.91 |
| **Class R6 SHARES** | November 30, 2010 | &nbsp;&nbsp; (4.78) | 9.11 | 12.99 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Sales Charge for Class A Shares is 5.25%.

\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

**TEN YEAR PERFORMANCE** (6/30/12 TO 6/30/22)

------

![](g456930img7961955e12.jpg)

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Value Fund and the Russell 1000 Value Index from June 30, 2012 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated

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

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

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

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 21

------

JPMorgan U.S. Applied Data Science Value Fund <br>(formerly known as JPMorgan Intrepid Value Fund)

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **(3.84)%** |
| Russell 1000 Value Index | **(6.82)%** |
| Net Assets as of 6/30/2022 (In Thousands) | **$196498** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan U.S. Applied Data Science Value Fund (the "Fund") seeks to provide long-term capital appreciation.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

The Fund's Class I Shares outperformed the Russell 1000 Value Index (the "Benchmark") for the twelve months ended June 30, 2022.

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

Leading individual contributors to relative performance included the Fund's overweight positions in AutoZone Inc., Northrop Grumman Corp. and O'Reilly Automotive Inc. Shares of AutoZone, an automotive parts retailer, rose amid consecutive quarters of better-than-expected earnings and revenue and continued sales growth. Shares of Northrop Grumman, an aerospace and defense company, rose amid better-than-expected quarterly earnings and investor expectations that the defense sector will benefit from U.S. deliveries of military hardware to Ukraine's military. Share of O'Reilly Automotive, an auto parts retailer, rose after the company reported better-than-expected earnings and revenue for the fourth quarter of 2021.

Leading individual detractors from relative performance included the Fund's overweight positions in Medtronic PLC and T. Rowe Price Group Inc., and its underweight position in Pfizer Inc. Shares of Medtronic, a medical technology manufacturer, fell after the company reported lower-than-expected revenue for its fiscal fourth quarter amid supply chain disruptions. Shares of T. Rowe Price Group, a financial services provider, fell as financial market volatility in the first half of 2022 led to a decline in the company's assets under management. Shares of Pfizer, a pharmaceutical manufacturer, rose amid a resurgence in the pandemic in late 2021 and U.S. Food and Drug Administration approval for the company's COVID-19 pill.

**HOW WAS THE FUND POSITIONED?**

During the period, the Fund's portfolio managers employed a data science driven investment approach that combines research, data insights and risk management. The portfolio

managers utilize proprietary techniques to process, analyze and combine a wide variety of data sources, including a multi-decade history of proprietary fundamental research,

company fundamentals and alternative data.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | NextEra Energy, Inc. | 2.8% |
| 2. | Bristol-Myers Squibb Co. | 2.7  |
| 3. | ConocoPhillips | 2.6  |
| 4. | Prologis, Inc. | 2.3  |
| 5. | Verizon Communications, Inc. | 2.3  |
| 6. | Coca-Cola Co. (The) | 2.2  |
| 7. | Alphabet, Inc., Class C | 2.1  |
| 8. | Bank of America Corp. | 2.1  |
| 9. | Meta Platforms, Inc., Class A | 2.1  |
| 10. | Wells Fargo & Co. | 2.0  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSTION BY SECTOR** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Financials | 19.4% |
| Health Care | 17.4 |
| Industrials | 11.7 |
| Communication Services | 8.3 |
| Energy | 8.0 |
| Consumer Staples | &nbsp;&nbsp; 7.4 |
| Information Technology | &nbsp;&nbsp; 7.0 |
| Utilities | 6.4 |
| Consumer Discretionary | 5.9 |
| Real Estate | 3.9 |
| Materials | 3.1 |
| Short-Term Investments | 1.5 |

---

------

\*

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

\*\*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 J.P. Morgan Large Cap Funds June 30, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | February 19, 2005 |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \* |  | (9.12)% | 7.07% | &nbsp;&nbsp; 9.86% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | (4.07) | 8.23 | 10.45 |
| **CLASS C SHARES** | February 19, 2005 |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\* |  | (5.54) | 7.70 | 10.02 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | (4.54) | 7.70 | 10.02 |
| **Class I SHARES** | February 28, 2003 | (3.84) | 8.48 | 10.67 |
| **Class R2 SHARES** | November 3, 2008 | (4.41) | 7.92 | 10.16 |
| **Class R5 SHARES** | May 15, 2006 | (3.79) | 8.63 | 10.85 |
| **Class R6 SHARES** | November 30, 2010 | (3.70) | 8.73 | 10.93 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Sales Charge for Class A Shares is 5.25%.

\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

**TEN YEAR PERFORMANCE** (6/30/12 TO 6/30/22)

------

![](g456930img017a977113.jpg)

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Applied Data Science Value Fund and the Russell 1000 Value Index from June 30, 2012 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000

companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 23

------

JPMorgan U.S. Equity Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class L Shares) <sup>\*</sup> | **(9.63)%** |
| S&P 500 Index | **(10.62)%** |
| Net Assets as of 6/30/2022 (In Thousands) | **$18606909** |

---

**INVESTMENT OBJECTIVE\*\***

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

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

The Fund's Class L Shares outperformed the S&P 500 Index (the "Benchmark") for the twelve months ended June 30, 2022.

The Fund's security selection in both the pharmaceutical/medical technology and consumer cyclical sectors was a leading contributor to performance relative to the Benchmark, while the Fund's underweight position in the energy sector and its security selection in the basic materials sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund's overweight positions in Alphabet Inc, AbbVie Inc. and Northrop Grumman Corp. Shares of Alphabet, parent company of Google, rose amid continued growth in quarterly revenue and earnings during the period. Shares of AbbVie, a pharmaceuticals maker, rose as the company reached settlements with various U.S. states to resolve legal claims against the company's Allergan unit stemming from the opioid addiction epidemic. Shares of Northrop Grumman, an aerospace and defense company, rose amid better-than-expected quarterly earnings and investor expectations that the defense sector will benefit from U.S. deliveries of military hardware to Ukraine's military.

Leading individual detractors from relative performance included the Fund's out-of-Benchmark positions in Shopify Inc. and Snap Inc. and its overweight position in PPG Industries Inc. <br>Shares of Shopify, an internet retailing platform operator, fell amid weakness among e-commerce stocks and after the company reported lower-than-expected earnings and revenue for the first quarter of 2022. Shares of Snap, an online camera platform and social media provider, fell after the company reported lower-than-expected quarterly results and forecast weakness in cash flow and revenue in 2022. Shares of PPG Industries, a specialty chemicals manufacturer, amid investor concerns about rising materials costs and supply chain disruptions.

**HOW WAS THE FUND POSITIONED?**

The Fund's portfolio managers employed a bottom-up fundamental approach to stock selection, researching companies to determine what they believed to be their

underlying value and potential for future earnings growth.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Microsoft Corp. | 8.0% |
| 2. | Alphabet, Inc., Class A | 6.0  |
| 3. | Apple, Inc. | 4.7  |
| 4. | AbbVie, Inc. | 3.7  |
| 5. | Amazon.com, Inc. | 3.7  |
| 6. | NextEra Energy, Inc. | 3.2  |
| 7. | McDonald's Corp. | 3.2  |
| 8. | Prologis, Inc. | 3.0  |
| 9. | Bristol-Myers Squibb Co. | 2.9  |
| 10. | NXP Semiconductors NV (China) | 2.7  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSTION BY SECTOR** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 20.6% |
| Health Care | 15.3 |
| Consumer Discretionary | 12.8 |
| Industrials | 12.2 |
| Financials | 10.2 |
| Communication Services | &nbsp;&nbsp; 9.4 |
| Utilities | &nbsp;&nbsp; 4.8 |
| Materials | &nbsp;&nbsp; 3.4 |
| Energy | &nbsp;&nbsp; 3.0 |
| Real Estate | &nbsp;&nbsp; 3.0 |
| Consumer Staples | &nbsp;&nbsp; 2.1 |
| Short-Term Investments | &nbsp;&nbsp; 3.2 |

---

------

\*

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

\*\*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 J.P. Morgan Large Cap Funds June 30, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | September 10, 2001 |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \* |  | (14.76)% | 10.86% | 12.83% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | (10.04) | 12.06 | 13.44 |
| **CLASS C SHARES** | September 10, 2001 |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\* |  | (11.44) | 11.52 | 12.98 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | (10.44) | 11.52 | 12.98 |
| **Class I SHARES** | September 10, 2001 | &nbsp;&nbsp; (9.83) | 12.34 | 13.68 |
| **Class L SHARES** | September 17, 1993 | &nbsp;&nbsp; (9.63) | 12.52 | 13.85 |
| **Class R2 SHARES** | November 3, 2008 | (10.28) | 11.78 | 13.15 |
| **Class R3 SHARES** | September 9, 2016 | (10.04) | 12.07 | 13.43 |
| **Class R4 SHARES** | September 9, 2016 | &nbsp;&nbsp; (9.80) | 12.34 | 13.68 |
| **Class R5 SHARES** | May 15, 2006 | &nbsp;&nbsp; (9.68) | 12.52 | 13.88 |
| **Class R6 SHARES** | November 30, 2010 | &nbsp;&nbsp; (9.56) | 12.64 | 13.97 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Sales Charge for Class A Shares is 5.25%.

\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

**TEN YEAR PERFORMANCE** (6/30/12 TO 6/30/22)

------

![](g456930imgdf3302ca14.jpg)

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

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

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 $3,000,000 invested in Class L Shares of the JPMorgan U.S. Equity Fund and the S&P 500 Index from June 30, 2012 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect

the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 25

------

JPMorgan U.S. GARP Equity Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **(17.25)%** |
| Russell 1000 Growth Index | **(18.77)%** |
| Net Assets as of 6/30/2022 (In Thousands) | **$976149** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan U.S. GARP Equity Fund (the "Fund") seeks to provide long-term capital growth.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

The Fund's Class I Shares outperformed the Russell 1000 Growth Index (the "Benchmark") for the twelve months ended June 30, 2022.

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

Leading individual contributors to relative performance included the Fund's underweight position in PayPal Holdings Inc. and its overweight positions in O'Reilly Automotive Inc. and AbbVie Inc. Shares of PayPal Holdings, a digital payments platform provider, fell after the company issued a lower-than-expected earnings forecast for the third quarter of 2021 and amid general weakness in financial technology stocks. Shares of O'Reilly Automotive, an auto parts retailer, rose after the company reported better-than-expected earnings and revenue for the fourth quarter of 2021. Shares of AbbVie, a pharmaceuticals maker, rose as the company reached settlements with various U.S. states to resolve legal claims against the company's Allergan unit stemming from the opioid addiction epidemic.

Leading individual detractors from relative performance included the Fund's overweight positions in Lyft Inc. and Altice USA Inc., and its underweight position in Eli Lilly & Co. Shares of Lyft, a ride-hailing business, fell amid general weakness in the ride-hailing business and after the company issued a weaker-than-expected forecast for the second quarter of 2022. Shares of Altice USA, a communication services and media provider, fell amid a general decline in consumer demand for broadcast television programming and investor concerns about its impact on company earnings and revenue. Shares of Eli Lilly, a pharmaceuticals maker, rose as several of the company's drug candidates earned or advanced toward regulatory approval in the U.S. and Europe.

**HOW WAS THE FUND POSITIONED?**

The Fund's managers sought growth companies that they believed had attractive relative valuations, high quality

characteristics and strong momentum.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Microsoft Corp. | 10.4% |
| 2. | Apple, Inc. | &nbsp;&nbsp; 9.7  |
| 3. | Amazon.com, Inc. | &nbsp;&nbsp; 5.2  |
| 4. | Mastercard, Inc., Class A | &nbsp;&nbsp; 3.2  |
| 5. | Tesla, Inc. | 3.0  |
| 6. | Alphabet, Inc., Class A | &nbsp;&nbsp; 2.7  |
| 7. | UnitedHealth Group, Inc. | &nbsp;&nbsp; 2.7  |
| 8. | Alphabet, Inc., Class C | 2.6  |
| 9. | AbbVie, Inc. | 2.4  |
| 10. | Intuit, Inc. | &nbsp;&nbsp; 1.5  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSTION BY SECTOR** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 40.0% |
| Consumer Discretionary | 16.3 |
| Health Care | 13.1 |
| Communication Services | &nbsp;&nbsp; 8.1 |
| Industrials | &nbsp;&nbsp; 6.6 |
| Consumer Staples | &nbsp;&nbsp; 4.7 |
| Financials | &nbsp;&nbsp; 2.3 |
| Real Estate | &nbsp;&nbsp; 2.1 |
| Energy | &nbsp;&nbsp; 1.6 |
| Materials | &nbsp;&nbsp; 1.2 |
| Short-Term Investments | &nbsp;&nbsp; 4.0 |

---

------

\*

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

\*\*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 J.P. Morgan Large Cap Funds June 30, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | February 19, 2005 |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \* |  | (21.80)% | 10.53% | 12.67% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | (17.46) | 11.72 | 13.28 |
| **CLASS C SHARES** | February 19, 2005 |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\* |  | (18.87) | 11.17 | 12.83 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | (17.87) | 11.17 | 12.83 |
| **Class I SHARES** | February 28, 2003 | (17.25) | 12.00 | 13.56 |
| **Class R2 SHARES** | November 3, 2008 | (17.66) | 11.44 | 13.00 |
| **Class R5 SHARES** | May 15, 2006 | (17.12) | 12.17 | 13.76 |
| **Class R6 SHARES** | November 2, 2015 | (17.03) | 12.29 | 13.83 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Sales Charge for Class A Shares is 5.25%.

\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

**TEN YEAR PERFORMANCE** (6/30/12 TO 6/30/22)

------

![](g456930img9e49449e15.jpg)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. GARP Equity Fund and the Russell 1000 Growth Index, from June 30, 2012 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the

benchmark, if applicable. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 27

------

JPMorgan U.S. Large Cap Core Plus Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **(12.70)%** |
| S&P 500 Index | **(10.62)%** |
| Net Assets as of 6/30/2022 (In Thousands) | **$1637070** |

---

**INVESTMENT OBJECTIVE\*\***

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

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

The Fund's Class I Shares underperformed the S&P 500 Index (the "Benchmark") for the twelve months ended June 30, 2022.

The Fund's allocation to the media sector and its security selection in the auto & transportation sector were leading detractors from performance relative to the Benchmark, while the Fund's security selection in both the pharmaceutical/medical technology and the health services & systems sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund's out-of-Benchmark positions in Lyft Inc. and Shopify Inc., and its overweight position in NXP Semiconductors NV. Shares of Lyft, a ride-hailing business, fell amid general weakness in the ride-hailing business and after the company issued a weaker-than-expected forecast for the second quarter of 2022. Shares of Shopify, an online retailing platform operator, fell amid weakness among e-commerce stocks and after the company reported lower-than-expected earnings and revenue for the first quarter of 2022. Shares of NXP Semiconductors, a semiconductor manufacturer, fell amid investor concern about slowing demand from the automotive industry.

Leading individual contributors to relative performance included the Fund's overweight positions in AbbVie Inc. and Alphabet Inc., and its underweight position in Moderna Inc. Shares of AbbVie, a pharmaceuticals maker, rose as the

company reached settlements with various U.S. states to resolve legal claims against the company's Allergan unit stemming from the opioid addiction epidemic. Shares of Alphabet, parent company of Google, rose amid continued growth in quarterly revenue and earnings during the period. Shares of Moderna, a pharmaceuticals manufacturer, fell in the second half of the period amid investor concerns about potentially declining demand for Covid-19 vaccines.

**HOW WAS THE FUND POSITIONED?**

The Fund's portfolio managers employed a bottom-up fundamental approach to stock selection, researching companies to determine their underlying value and potential for future earnings growth. Overall, the Fund's portfolio managers aimed to take advantage of mispriced stocks that appeared attractive relative to fair value for long positions and looked for overvalued stocks in which to take short positions. The long-to-short exposure ratio at the end of the reporting

period was 123% to 23%.

---

| | | |
|:---|:---|:---|
| **TOP TEN LONG POSITIONS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **TOP TEN LONG POSITIONS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Microsoft Corp. | 5.6% |
| 2. | Amazon.com, Inc. | 3.9 |
| 3. | Apple, Inc. | 3.6 |
| 4. | Mastercard, Inc., Class A | 3.5 |
| 5. | Alphabet, Inc., Class A | 3.1 |
| 6. | UnitedHealth Group, Inc. | 2.9 |
| 7. | NXP Semiconductors NV (China) | 2.4 |
| 8. | AbbVie, Inc. | 2.1 |
| 9. | Wells Fargo & Co. | 1.9 |
| 10. | Thermo Fisher Scientific, Inc. | 1.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **TOP TEN SHORT POSITIONS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **TOP TEN SHORT POSITIONS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Intel Corp. | 4.2% |
| 2. | Enbridge, Inc. | 3.4 |
| 3. | Omnicom Group, Inc. | 3.3 |
| 4. | 3M Co. | 3.2 |
| 5. | Clorox Co. (The) | 2.3 |
| 6. | Paramount Global, Class B | 2.2 |
| 7. | Capital One Financial Corp. | 2.0 |
| 8. | General Electric Co. | 2.0 |
| 9. | Moderna, Inc. | 1.9 |
| 10. | CH Robinson Worldwide, Inc. | 1.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LONG POSITION PORTFOLIO COMPOSITION** <br>**BY SECTOR AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 23.9% |
| Health Care | 16.5 |
| Industrials | 12.8 |
| Consumer Discretionary | 10.7 |
| Financials | 8.2 |
| Communication Services | &nbsp;&nbsp; 7.9 |
| Consumer Staples | 6.1 |
| Energy | &nbsp;&nbsp; 5.0 |
| Utilities | &nbsp;&nbsp; 3.4 |
| Materials | &nbsp;&nbsp; 2.7 |
| Real Estate | &nbsp;&nbsp; 2.5 |
| Short-Term Investments | 0.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **SHORT POSITION PORTFOLIO COMPOSITION** <br>**BY SECTOR AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Industrials | 22.8% |
| Information Technology | 16.1 |
| Consumer Staples | 11.0 |
| Communication Services | &nbsp;&nbsp; 9.4 |
| Financials | 8.8 |
| Energy | &nbsp;&nbsp; 7.2 |
| Utilities | 6.5 |
| Health Care | 6.2 |
| Real Estate | &nbsp;&nbsp; 5.2 |
| Consumer Discretionary | 4.6 |
| Materials | &nbsp;&nbsp; 2.2 |

---

------

\*

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

\*\*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 29

------

JPMorgan U.S. Large Cap Core Plus Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited) (continued)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | November 1, 2005 |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \* |  | (17.48)% | &nbsp;&nbsp; 9.66% | 12.28% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | (12.89) | 10.85 | 12.88 |
| **CLASS C SHARES** | November 1, 2005 |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\* |  | (14.31) | 10.30 | 12.43 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | (13.31) | 10.30 | 12.43 |
| **Class I SHARES** | November 1, 2005 | (12.70) | 11.12 | 13.16 |
| **Class R2 SHARES** | November 3, 2008 | (13.23) | 10.46 | 12.55 |
| **Class R5 SHARES** | May 15, 2006 | (12.65) | 11.19 | 13.31 |
| **Class R6 SHARES** | November 1, 2017 | (12.58) | 11.29 | 13.36 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Sales Charge for Class A Shares is 5.25%.

\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

**TEN YEAR PERFORMANCE** (6/30/12 TO 6/30/22)

------

![](g456930img435ba18b16.jpg)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Large Cap Core Plus Fund and the S&P 500 Index from June 30, 2012 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if

applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30 J.P. Morgan Large Cap Funds June 30, 2022

------

JPMorgan U.S. Research Enhanced Equity Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **(10.13)%** |
| S&P 500 Index | **(10.62)%** |
| Net Assets as of 6/30/2022 (In Thousands) | **$6751038** |

---

**INVESTMENT OBJECTIVE\*\***

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

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

The Fund's Class I Shares outperformed the Benchmark for the twelve months ended June 30, 2022.

The Fund's security selection in the health care and industrials sectors was a leading contributor to performance relative to the Benchmark, while the Fund's security selection in the telecommunications and utilities sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund's underweight positions in PayPal Holdings Inc. and Adobe Inc., and its overweight position in Progressive Corp. Shares of PayPal Holdings, a digital payments platform provider, fell amid general weakness in financial technology stocks. Shares of Adobe, a digital marketing and media provider not held in the Fund, fell after the company issued consecutive weaker-than-expected quarterly forecasts during the period. Shares of Progressive, a property and casualty insurance provider, rose amid monthly increases in the company's net premiums. <br>

Leading individual detractors from relative performance included the Fund's overweight positions in Stanley Black & Decker Inc. and T. Rowe Price Group Inc., and its underweight position in Pfizer Inc. Shares of Stanley Black & Decker, a power tools manufacturer, fell after the company reported consecutive quarters of lower-than-expected revenue and lowered its forecast for the sale of some of its business lines. Shares of T. Rowe Price Group, a financial services provider, fell as financial market volatility in the first half of 2022 led to a decline in the company's assets under management. Shares of Pfizer, a pharmaceutical manufacturer, rose amid a resurgence in the pandemic in late 2021 and U.S. Food and Drug Administration approval for the company's COVID-19 pill.

**HOW WAS THE FUND POSITIONED?**

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

potential excess return. The Fund's portfolio managers sought investment opportunities in companies that they believed were

attractive based on valuation and strong fundamentals.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Microsoft Corp. | 6.9% |
| 2. | Apple, Inc. | 6.6  |
| 3. | Amazon.com, Inc. | 3.2  |
| 4. | Alphabet, Inc., Class A | 2.6  |
| 5. | Alphabet, Inc., Class C | 2.0  |
| 6. | UnitedHealth Group, Inc. | 1.9  |
| 7. | Tesla, Inc. | 1.6  |
| 8. | Visa, Inc., Class A | 1.5  |
| 9. | Berkshire Hathaway, Inc., Class B | 1.5  |
| 10. | AbbVie, Inc. | 1.4  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSTION BY SECTOR** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 26.0% |
| Health Care | 15.1 |
| Consumer Discretionary | 11.1 |
| Financials | 10.4 |
| Communication Services | &nbsp;&nbsp; 8.5 |
| Industrials | &nbsp;&nbsp; 8.2 |
| Consumer Staples | &nbsp;&nbsp; 6.4 |
| Energy | 4.2 |
| Utilities | &nbsp;&nbsp; 3.0 |
| Real Estate | &nbsp;&nbsp; 2.8 |
| Materials | &nbsp;&nbsp; 2.5 |
| Short-Term Investments | &nbsp;&nbsp; 1.8 |

---

------

\*

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

\*\*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 31

------

JPMorgan U.S. Research Enhanced Equity Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited) (continued)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | September 28, 2001 |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \* |  | (15.07)% | 10.28% | 11.99% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | (10.33) | 11.48 | 12.60 |
| **Class I SHARES** | September 10, 2001 | (10.13) | 11.76 | 12.88 |
| **Class R6 SHARES** | March 24, 2003 | (10.05) | 11.87 | 13.06 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Sales Charge for Class A Shares is 5.25%.

**TEN YEAR PERFORMANCE** (6/30/12 TO 6/30/22)

------

![](g456930img72fc02b217.jpg)

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Research Enhanced Equity Fund and the S&P 500 Index from June 30, 2012 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the

benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32 J.P. Morgan Large Cap Funds June 30, 2022

------

JPMorgan U.S. Sustainable Leaders Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **(14.15)%** |
| S&P 500 Index | **(10.62)%** |
| Net Assets as of 6/30/2022 (In Thousands) | **$185406** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan U.S. Sustainable Leaders Fund (the "Fund") seeks to provide long-term capital appreciation.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

The Fund's Class I Shares underperformed the S&P 500 Index (the "Benchmark") for the twelve months ended June 30, 2022.

The Fund had no holdings in the energy sector, which was a leading detractor from performance relative to the Benchmark. The Fund's security selection in the consumer discretionary sector also detracted from relative performance. The Fund's security selection in the communication services and utilities sectors was a leading contributor to relative performance.

Leading individual detractors from performance relative to the Benchmark included the Fund's underweight positions in Tesla Inc. and Alphabet Inc. and its out-of-Benchmark position in Itron Inc. Shares of Tesla, a producer of electric vehicles and battery systems, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2022. Shares of Alphabet, parent company of Google, rose amid continued growth in quarterly revenue earnings during the period. Shares of Itron, a provider of technology and services for water and energy utilities, fell after the company reported consecutive quarters of lower-than-expected revenue.

Leading individual contributors to performance relative to the Benchmark included Amazon.com Inc., PayPal Holdings Inc. and Meta Platforms Inc., none of which were held by the Fund. Shares of Amazon.com, an online retailer and services provider, fell as investor demand shifted to value stocks and away from the largest capitalization stocks in the first half of 2022. Shares of PayPal Holdings, a digital payments platform provider, fell amid general weakness in financial technology stocks. Shares of Meta Platforms, the parent of Facebook Inc., fell after the company reported weaker-than-expected earnings for the fourth quarter of 2021 and issued a weaker-than-expected revenue forecast.

**HOW WAS THE FUND POSITIONED?**

During the period, the Fund employed a proprietary scoring methodology to invest in companies that the Fund's portfolio

managers believed have attractive environmental, social and governance characteristics and potential for long-term capital appreciation. The Fund's positioning during the period was a

result of that process.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Microsoft Corp. | 8.1% |
| 2. | Apple, Inc. | 5.6  |
| 3. | Alphabet, Inc., Class A | 3.8  |
| 4. | Mastercard, Inc., Class A | 3.4  |
| 5. | UnitedHealth Group, Inc. | 2.9  |
| 6. | Bristol-Myers Squibb Co. | 2.8  |
| 7. | Merck & Co., Inc. | 2.8  |
| 8. | Costco Wholesale Corp. | 2.6  |
| 9. | Thermo Fisher Scientific, Inc. | 2.5  |
| 10. | Bank of America Corp. | 2.5  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSTION BY SECTOR** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 26.9% |
| Health Care | 18.6 |
| Financials | 13.5 |
| Industrials | 10.0 |
| Consumer Discretionary | &nbsp;&nbsp; 7.8 |
| Communication Services | &nbsp;&nbsp; 7.4 |
| Consumer Staples | 4.6 |
| Real Estate | &nbsp;&nbsp; 3.9 |
| Utilities | &nbsp;&nbsp; 3.7 |
| Materials | &nbsp;&nbsp; 2.1 |
| Short-Term Investments | &nbsp;&nbsp; 1.5 |

---

------

\*

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

\*\*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 33

------

JPMorgan U.S. Sustainable Leaders Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited) (continued)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | February 19, 2005 |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \* |  | (18.85)% | &nbsp;&nbsp; 8.99% | 11.65% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | (14.36) | 10.17 | 12.25 |
| **CLASS C SHARES** | February 19, 2005 |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\* |  | (15.77) | &nbsp;&nbsp; 9.62 | 11.80 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | (14.77) | &nbsp;&nbsp; 9.62 | 11.80 |
| **Class I SHARES** | February 28, 2003 | (14.15) | 10.44 | 12.53 |
| **Class R6 SHARES** | September 30, 2020 | (14.09) | 10.46 | 12.54 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Sales Charge for Class A Shares is 5.25%.

\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

**TEN YEAR PERFORMANCE** (6/30/12 TO 6/30/22)

------

![](g456930img23e0755618.jpg)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Sustainable Leaders Fund and the S&P 500 Index from June 30, 2012 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

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.

Effective November 1, 2016, the Fund changed its investment strategies. Although past performance is not necessarily an indication of how the Fund will perform in the future, in view of these changes, the Fund's performance record prior to this date might be less relevant for investors considering whether to purchase shares of the Fund.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34 J.P. Morgan Large Cap Funds June 30, 2022

------

JPMorgan U.S. Value Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class A Shares, without a sales charge) <sup>\*</sup>  | **(4.04)%** |
| Russell 1000 Value Index | **(6.82)%** |
| Net Assets as of 6/30/2022 (In Thousands) | **$2814328** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan U.S. Value Fund (the "Fund") seeks to provide capital growth over the long term.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

The Fund's Class A Shares, without a sales charge, outperformed the Russell 1000 Value Index (the "Benchmark") for the twelve months ended June 30, 2022.

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

Leading individual contributors to relative performance included the Fund's overweight positions in AutoZone Inc., Northrop Grumman Corp. and General Dynamics Corp. Shares of AutoZone, an automotive parts retailer, rose amid consecutive quarters of better-than-expected earnings and revenue and continued sales growth. Shares of Northrop Grumman and General Dynamics, both aerospace and defense manufacturers, rose after they reported better-than-expected quarterly earnings and as the military conflict in Ukraine increased demand for military hardware across Europe.

Leading individual detractors from relative performance included the Fund's overweight positions in T. Rowe Price Group Inc., BlackRock Inc. and Citigroup Inc. Shares of T. Rowe Price Group, a financial services provider, fell as financial market volatility in the first half of 2022 led to a decline in the company's assets under management. Shares of BlackRock and Citigroup, both financial services providers, fell in the second half of the period as they exited operations in Russia in response to U.S. financial sanctions and amid investor concerns about slowing economic growth.

**HOW WAS THE FUND POSITIONED?**

The Fund's portfolio managers focused on stock selection and aimed to invest in undervalued companies with durable franchises, strong management and the ability to grow their intrinsic value per share. The portfolio managers employed a bottom-up approach to security selection and fundamental

research.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF June 30, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | UnitedHealth Group, Inc. | 2.6% |
| 2. | ConocoPhillips | 2.5  |
| 3. | Bristol-Myers Squibb Co. | 2.4  |
| 4. | Wells Fargo & Co. | 2.2  |
| 5. | Exxon Mobil Corp. | 2.1  |
| 6. | Johnson & Johnson | 1.9  |
| 7. | Raytheon Technologies Corp. | 1.8  |
| 8. | Berkshire Hathaway, Inc., Class B | 1.8  |
| 9. | BlackRock, Inc. | 1.7  |
| 10. | EOG Resources, Inc. | 1.7  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSTION BY SECTOR** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Financials | 23.9% |
| Health Care | 19.4 |
| Industrials | 12.0 |
| Consumer Discretionary | 8.6 |
| Energy | &nbsp;&nbsp; 7.6 |
| Information Technology | 6.8 |
| Consumer Staples | &nbsp;&nbsp; 5.8 |
| Communication Services | 4.5 |
| Materials | &nbsp;&nbsp; 3.7 |
| Utilities | &nbsp;&nbsp; 3.6 |
| Real Estate | &nbsp;&nbsp; 1.4 |
| Short-Term Investments | &nbsp;&nbsp; 2.7 |

---

------

\*

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

\*\*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 35

------

JPMorgan U.S. Value Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited) (continued)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | September 23, 1987 |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \* |  | (9.08)% | &nbsp;&nbsp; 8.36% | 11.13% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | (4.04) | &nbsp;&nbsp; 9.53 | 11.73 |
| **CLASS C SHARES** | January 2, 1998 |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\* |  | (5.52) | &nbsp;&nbsp; 8.99 | 11.28 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | (4.52) | &nbsp;&nbsp; 8.99 | 11.28 |
| **Class I SHARES** | January 25, 1996 | (3.80) | &nbsp;&nbsp; 9.81 | 12.01 |
| **Class R2 SHARES** | November 2, 2015 | (4.29) | &nbsp;&nbsp; 9.26 | 11.55 |
| **Class R3 SHARES** | July 31, 2017 | (4.06) | &nbsp;&nbsp; 9.54 | 11.73 |
| **Class R4 SHARES** | July 31, 2017 | (3.81) | &nbsp;&nbsp; 9.81 | 12.01 |
| **Class R5 SHARES** | November 2, 2015 | (3.67) | &nbsp;&nbsp; 9.98 | 12.13 |
| **Class R6 SHARES** | November 2, 2015 | (3.56) | 10.08 | 12.19 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Sales Charge for Class A Shares is 5.25%.

\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

**TEN YEAR PERFORMANCE** (6/30/12 TO 6/30/22)

------

![](g456930imgf7ab7ca519.jpg)

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

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

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

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

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

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

June 30, 2012 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Value Index is an unmanaged index, which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36 J.P. Morgan Large Cap Funds June 30, 2022

------

JPMorgan Equity Focus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 96.3%** | **Common Stocks — 96.3%** | **Common Stocks — 96.3%** |
| **Air Freight & Logistics — 2.5%** | **Air Freight & Logistics — 2.5%** | **Air Freight & Logistics — 2.5%** |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 20 | 4442 |
| **Automobiles — 2.7%** | **Automobiles — 2.7%** | **Automobiles — 2.7%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* | 7 | 4908 |
| **Banks — 3.7%** | **Banks — 3.7%** | **Banks — 3.7%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 214 | 6665 |
| **Biotechnology — 4.6%** | **Biotechnology — 4.6%** | **Biotechnology — 4.6%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 31 | 4798 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | 6 | 3529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8327 |
| **Building Products — 1.2%** | **Building Products — 1.2%** | **Building Products — 1.2%** |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | 16 | 2075 |
| **Construction & Engineering — 1.8%** | **Construction & Engineering — 1.8%** | **Construction & Engineering — 1.8%** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 3218 |
| **Construction Materials — 2.6%** | **Construction Materials — 2.6%** | **Construction Materials — 2.6%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 4710 |
| **Consumer Finance — 3.1%** | **Consumer Finance — 3.1%** | **Consumer Finance — 3.1%** |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 5493 |
| **Containers & Packaging — 2.0%** | **Containers & Packaging — 2.0%** | **Containers & Packaging — 2.0%** |
| &nbsp;&nbsp;&nbsp; Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 3640 |
| **Diversified Financial Services — 3.2%** | **Diversified Financial Services — 3.2%** | **Diversified Financial Services — 3.2%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 5802 |
| **Electric Utilities — 2.2%** | **Electric Utilities — 2.2%** | **Electric Utilities — 2.2%** |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; 4002 |
| **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 1576 |
| **Equity Real Estate Investment Trusts (REITs) — 4.6%** | **Equity Real Estate Investment Trusts (REITs) — 4.6%** | **Equity Real Estate Investment Trusts (REITs) — 4.6%** |
| &nbsp;&nbsp;&nbsp; Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 2129 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp; 6065 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8194 |
| **Health Care Equipment & Supplies — 2.5%** | **Health Care Equipment & Supplies — 2.5%** | **Health Care Equipment & Supplies — 2.5%** |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 1558 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 2910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4468 |
| **Health Care Providers & Services — 3.8%** | **Health Care Providers & Services — 3.8%** | **Health Care Providers & Services — 3.8%** |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 6833 |
| **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 2424 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Household Products — 2.5%** | **Household Products — 2.5%** | **Household Products — 2.5%** |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 31 | 4440 |
| **Insurance — 3.7%** | **Insurance — 3.7%** | **Insurance — 3.7%** |
| &nbsp;&nbsp;&nbsp; Loews Corp. | 112 | 6628 |
| **Interactive Media & Services — 4.2%** | **Interactive Media & Services — 4.2%** | **Interactive Media & Services — 4.2%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | 4 | 7555 |
| **Internet & Direct Marketing Retail — 2.8%** | **Internet & Direct Marketing Retail — 2.8%** | **Internet & Direct Marketing Retail — 2.8%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | 47 | 5004 |
| **IT Services — 4.0%** | **IT Services — 4.0%** | **IT Services — 4.0%** |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | 20 | 2233 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 16 | 5012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7245 |
| **Machinery — 2.5%** | **Machinery — 2.5%** | **Machinery — 2.5%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 2584 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 1969 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4553 |
| **Media — 2.3%** | **Media — 2.3%** | **Media — 2.3%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 4075 |
| **Oil, Gas & Consumable Fuels — 4.9%** | **Oil, Gas & Consumable Fuels — 4.9%** | **Oil, Gas & Consumable Fuels — 4.9%** |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 4690 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp; 4094 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8784 |
| **Pharmaceuticals — 2.4%** | **Pharmaceuticals — 2.4%** | **Pharmaceuticals — 2.4%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 4260 |
| **Semiconductors & Semiconductor Equipment — 4.9%** | **Semiconductors & Semiconductor Equipment — 4.9%** | **Semiconductors & Semiconductor Equipment — 4.9%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 2646 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 2723 |
| &nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 3506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8875 |
| **Software — 7.1%** | **Software — 7.1%** | **Software — 7.1%** |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp; 10180 |
| &nbsp;&nbsp;&nbsp; Zoom Video Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 2666 |
|  |  | &nbsp;&nbsp; 12846 |
| **Specialty Retail — 5.0%** | **Specialty Retail — 5.0%** | **Specialty Retail — 5.0%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 7477 |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 1494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8971 |
| **Technology Hardware, Storage & Peripherals — 5.6%** | **Technology Hardware, Storage & Peripherals — 5.6%** | **Technology Hardware, Storage & Peripherals — 5.6%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp; 10119 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 37

------

JPMorgan Equity Focus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Wireless Telecommunication Services — 1.7%** | **Wireless Telecommunication Services — 1.7%** | **Wireless Telecommunication Services — 1.7%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. \* | 23 | 3124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $148,498)<br>|  | 173256 |
| **Short Term Investments — 6.3%** | **Short Term Investments — 6.3%** | **Short Term Investments — 6.3%** |
| **Investment Companies — 6.3%** | **Investment Companies — 6.3%** | **Investment Companies — 6.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 1.54% (a) (b) <br>(Cost $11,340)<br>| 11339 | 11341 |
| **Total Investments — 102.6%** <br>**(Cost $159,838)**<br>|  | **184597** |
| **Liabilities in Excess of Other Assets — (2.6)%** |  | **(4674)** |
| **NET ASSETS — 100.0%** |  | **179923** |

---

&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;

\* 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, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38 J.P. Morgan Large Cap Funds June 30, 2022

------

JPMorgan Equity Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 98.4%** | **Common Stocks — 98.4%** | **Common Stocks — 98.4%** |
| **Aerospace & Defense — 5.5%** | **Aerospace & Defense — 5.5%** | **Aerospace & Defense — 5.5%** |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 3686 | 815545 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 1159  | 554737 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 11967 | 1150139 |
|  |  | &nbsp;&nbsp; 2520421 |
| **Air Freight & Logistics — 1.6%** | **Air Freight & Logistics — 1.6%** | **Air Freight & Logistics — 1.6%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 4087  | 746004 |
| **Banks — 7.0%** | **Banks — 7.0%** | **Banks — 7.0%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 27292  | 849594 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 9117 | 419315 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 4494  | 709020 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | 7966 | 377808 |
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 8538 | &nbsp;&nbsp;&nbsp;&nbsp; 392903 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 11561 | &nbsp;&nbsp;&nbsp;&nbsp; 452852 |
|  |  | &nbsp;&nbsp; 3201492 |
| **Beverages — 2.2%** | **Beverages — 2.2%** | **Beverages — 2.2%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 8791 | &nbsp;&nbsp;&nbsp;&nbsp; 553042 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2753 | &nbsp;&nbsp;&nbsp;&nbsp; 458750 |
|  |  | &nbsp;&nbsp; 1011792 |
| **Biotechnology — 2.3%** | **Biotechnology — 2.3%** | **Biotechnology — 2.3%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5010 | &nbsp;&nbsp;&nbsp;&nbsp; 767384 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1115 | &nbsp;&nbsp;&nbsp;&nbsp; 271125 |
|  |  | &nbsp;&nbsp; 1038509 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41252 |
| **Capital Markets — 6.7%** | **Capital Markets — 6.7%** | **Capital Markets — 6.7%** |
| &nbsp;&nbsp;&nbsp; BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1263 | &nbsp;&nbsp;&nbsp;&nbsp; 769577 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 5954 | &nbsp;&nbsp;&nbsp;&nbsp; 376163 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3559 | &nbsp;&nbsp;&nbsp;&nbsp; 728512 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 9717 | &nbsp;&nbsp;&nbsp;&nbsp; 739048 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1907 | &nbsp;&nbsp;&nbsp;&nbsp; 183969 |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2594 | &nbsp;&nbsp;&nbsp;&nbsp; 294692 |
|  |  | &nbsp;&nbsp; 3091961 |
| **Chemicals — 2.8%** | **Chemicals — 2.8%** | **Chemicals — 2.8%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2910 | &nbsp;&nbsp;&nbsp;&nbsp; 699780 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5286 | &nbsp;&nbsp;&nbsp;&nbsp; 604422 |
|  |  | &nbsp;&nbsp; 1304202 |
| **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2318 | &nbsp;&nbsp;&nbsp;&nbsp; 303358 |
| **Consumer Finance — 2.0%** | **Consumer Finance — 2.0%** | **Consumer Finance — 2.0%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3717 | &nbsp;&nbsp;&nbsp;&nbsp; 515194 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4020 | &nbsp;&nbsp;&nbsp;&nbsp; 418866 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 934060 |
| **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7991 | &nbsp;&nbsp;&nbsp;&nbsp; 405557 |
| **Electric Utilities — 2.7%** | **Electric Utilities — 2.7%** | **Electric Utilities — 2.7%** |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9549 | &nbsp;&nbsp;&nbsp;&nbsp; 739689 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7395 | &nbsp;&nbsp;&nbsp;&nbsp; 523265 |
|  |  | &nbsp;&nbsp; 1262954 |
| **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp; 3601 | &nbsp;&nbsp;&nbsp;&nbsp; 453692 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | 9766  | 307740 |
| **Equity Real Estate Investment Trusts (REITs) — 2.4%** | **Equity Real Estate Investment Trusts (REITs) — 2.4%** | **Equity Real Estate Investment Trusts (REITs) — 2.4%** |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. \* | 1119  | 162222 |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 1176 | 228412 |
| &nbsp;&nbsp;&nbsp; Boston Properties, Inc. | 1862  | 165681 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | 2960 | 348276 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | 4055  | 208562 |
|  |  | &nbsp;&nbsp; 1113153 |
| **Food & Staples Retailing — 3.0%** | **Food & Staples Retailing — 3.0%** | **Food & Staples Retailing — 3.0%** |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | 9819 | 831790 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 4595  | 558613 |
|  |  | &nbsp;&nbsp; 1390403 |
| **Food Products — 1.4%** | **Food Products — 1.4%** | **Food Products — 1.4%** |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp; 10184 | &nbsp;&nbsp;&nbsp;&nbsp; 632342 |
| **Health Care Equipment & Supplies — 3.2%** | **Health Care Equipment & Supplies — 3.2%** | **Health Care Equipment & Supplies — 3.2%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp; 3808 | &nbsp;&nbsp;&nbsp;&nbsp; 413764 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson and Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1795 | &nbsp;&nbsp;&nbsp;&nbsp; 442396 |
| &nbsp;&nbsp;&nbsp; Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp; 6734 | &nbsp;&nbsp;&nbsp;&nbsp; 604395 |
|  |  | &nbsp;&nbsp; 1460555 |
| **Health Care Providers & Services — 6.9%** | **Health Care Providers & Services — 6.9%** | **Health Care Providers & Services — 6.9%** |
| &nbsp;&nbsp;&nbsp; AmerisourceBergen Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2753 | &nbsp;&nbsp;&nbsp;&nbsp; 389489 |
| &nbsp;&nbsp;&nbsp; Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1907 | &nbsp;&nbsp;&nbsp;&nbsp; 502690 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 8561 | &nbsp;&nbsp;&nbsp;&nbsp; 793248 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2855 | &nbsp;&nbsp; 1466471 |
|  |  | &nbsp;&nbsp; 3151898 |
| **Hotels, Restaurants & Leisure — 2.2%** | **Hotels, Restaurants & Leisure — 2.2%** | **Hotels, Restaurants & Leisure — 2.2%** |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2742 | &nbsp;&nbsp;&nbsp;&nbsp; 676895 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4477 | &nbsp;&nbsp;&nbsp;&nbsp; 342026 |
|  |  | &nbsp;&nbsp; 1018921 |
| **Household Products — 1.3%** | **Household Products — 1.3%** | **Household Products — 1.3%** |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 4145 | &nbsp;&nbsp;&nbsp;&nbsp; 596047 |
| **Insurance — 4.9%** | **Insurance — 4.9%** | **Insurance — 4.9%** |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2339 | &nbsp;&nbsp;&nbsp;&nbsp; 381275 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 2899 | &nbsp;&nbsp;&nbsp;&nbsp; 569882 |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 5417 | &nbsp;&nbsp;&nbsp;&nbsp; 354453 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1121 | &nbsp;&nbsp;&nbsp;&nbsp; 174000 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6768 | &nbsp;&nbsp;&nbsp;&nbsp; 424964 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 3094 | &nbsp;&nbsp;&nbsp;&nbsp; 359777 |
|  |  | &nbsp;&nbsp; 2264351 |
| **IT Services — 1.6%** | **IT Services — 1.6%** | **IT Services — 1.6%** |
| &nbsp;&nbsp;&nbsp; Accenture plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 753 | &nbsp;&nbsp;&nbsp;&nbsp; 209215 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1380 | &nbsp;&nbsp;&nbsp;&nbsp; 126474 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2980 | &nbsp;&nbsp;&nbsp;&nbsp; 420733 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 756422 |
| **Machinery — 3.4%** | **Machinery — 3.4%** | **Machinery — 3.4%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1331 | &nbsp;&nbsp;&nbsp;&nbsp; 398570 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5049 | &nbsp;&nbsp;&nbsp;&nbsp; 612518 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2198 | &nbsp;&nbsp;&nbsp;&nbsp; 540934 |
|  |  | &nbsp;&nbsp; 1552022 |
| **Media — 2.0%** | **Media — 2.0%** | **Media — 2.0%** |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp; 23644 | &nbsp;&nbsp;&nbsp;&nbsp; 927801 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 39

------

JPMorgan Equity Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Multi-Utilities — 1.4%** | **Multi-Utilities — 1.4%** | **Multi-Utilities — 1.4%** |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | 5325  | 359400 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 590 | 47115 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 3936  | 249059 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 655574 |
| **Oil, Gas & Consumable Fuels — 8.0%** | **Oil, Gas & Consumable Fuels — 8.0%** | **Oil, Gas & Consumable Fuels — 8.0%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 3296 | 477181 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 13239  | 1188971 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 7353 | 812109 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 12900  | 1104715 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | 719 | 76424 |
|  |  | &nbsp;&nbsp; 3659400 |
| **Pharmaceuticals — 7.4%** | **Pharmaceuticals — 7.4%** | **Pharmaceuticals — 7.4%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp; 16604 | &nbsp;&nbsp; 1278527 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1620 | &nbsp;&nbsp;&nbsp;&nbsp; 525178 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 5580 | &nbsp;&nbsp;&nbsp;&nbsp; 990610 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2086 | &nbsp;&nbsp;&nbsp;&nbsp; 190170 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7815 | &nbsp;&nbsp;&nbsp;&nbsp; 409727 |
|  |  | &nbsp;&nbsp; 3394212 |
| **Road & Rail — 1.3%** | **Road & Rail — 1.3%** | **Road & Rail — 1.3%** |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2627 | &nbsp;&nbsp;&nbsp;&nbsp; 597201 |
| **Semiconductors & Semiconductor Equipment — 4.0%** | **Semiconductors & Semiconductor Equipment — 4.0%** | **Semiconductors & Semiconductor Equipment — 4.0%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5959 | &nbsp;&nbsp;&nbsp;&nbsp; 870576 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | &nbsp;&nbsp;&nbsp;&nbsp; 2110 | &nbsp;&nbsp;&nbsp;&nbsp; 312268 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4198 | &nbsp;&nbsp;&nbsp;&nbsp; 645044 |
|  |  | &nbsp;&nbsp; 1827888 |
| **Software — 1.2%** | **Software — 1.2%** | **Software — 1.2%** |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2090 | &nbsp;&nbsp;&nbsp;&nbsp; 536726 |
| **Specialty Retail — 3.7%** | **Specialty Retail — 3.7%** | **Specialty Retail — 3.7%** |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1870 | &nbsp;&nbsp;&nbsp;&nbsp; 323643 |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3615 | &nbsp;&nbsp;&nbsp;&nbsp; 235632 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 2171  | 595563 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 10152 | 566995 |
|  |  | &nbsp;&nbsp; 1721833 |
| **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 1175  | 160682 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | 3769 | 269256 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 429938 |
| **Tobacco — 2.0%** | **Tobacco — 2.0%** | **Tobacco — 2.0%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 9572  | 945095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $33,586,660)<br>|  | 45254776 |
| **Short Term Investments — 1.5%** | **Short Term Investments — 1.5%** | **Short Term Investments — 1.5%** |
| **Investment Companies — 1.5%** | **Investment Companies — 1.5%** | **Investment Companies — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 1.54% (a) (b) <br>(Cost $667,488)<br>| 667379 | &nbsp;&nbsp;&nbsp;&nbsp; 667513 |
| **Total Investments — 99.9%** <br>**(Cost $34,254,148)**<br>|  | **45922289** |
| **Other Assets Less Liabilities — 0.1%** |  | **49125** |
| **NET ASSETS — 100.0%** |  | **45971414** |

---

&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;

\* 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, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40 J.P. Morgan Large Cap Funds June 30, 2022

------

JPMorgan Equity Index Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.2%** | **Common Stocks — 99.2%** | **Common Stocks — 99.2%** |
| **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The) \* | 126 | 17164 |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 52 | 11512 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 85 | 2670 |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 9 | 1969 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 43 | 10524 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 53 | 22987 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 33 | 15786 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 336 | 32267 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 49 | 2965 |
| &nbsp;&nbsp;&nbsp; TransDigm Group, Inc. \* | 12 | 6282 |
|  |  | &nbsp;&nbsp;&nbsp; 124126 |
| **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** |
| &nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2912 |
| &nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3691 |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 12203 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp;&nbsp; 30264 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 49070 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp; Alaska Air Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1140 |
| &nbsp;&nbsp;&nbsp; American Airlines Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1859 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4192 |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. \* | &nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4835 |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2613 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14639 |
| **Auto Components — 0.1%** | **Auto Components — 0.1%** | **Auto Components — 0.1%** |
| &nbsp;&nbsp;&nbsp; Aptiv plc \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5447 |
| &nbsp;&nbsp;&nbsp; BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7252 |
| **Automobiles — 2.0%** | **Automobiles — 2.0%** | **Automobiles — 2.0%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp; 891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9922 |
| &nbsp;&nbsp;&nbsp; General Motors Co. \* | &nbsp;&nbsp;&nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp;&nbsp; 10453 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 127569 |
|  |  | &nbsp;&nbsp;&nbsp; 147944 |
| **Banks — 3.7%** | **Banks — 3.7%** | **Banks — 3.7%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 1601 | &nbsp;&nbsp;&nbsp;&nbsp; 49824 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 438 | &nbsp;&nbsp;&nbsp;&nbsp; 20161 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3952 |
| &nbsp;&nbsp;&nbsp; Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2166 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5204 |
| &nbsp;&nbsp;&nbsp; First Republic Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5842 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3908 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. (a) | 663 | 74662 |
| &nbsp;&nbsp;&nbsp; KeyCorp | 210 | 3627 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 40 | 6456 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 93 | 14730 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | 211 | 3955 |
| &nbsp;&nbsp;&nbsp; Signature Bank | 14 | 2546 |
| &nbsp;&nbsp;&nbsp; SVB Financial Group \* | 13 | 5247 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | 301 | 14255 |
| &nbsp;&nbsp;&nbsp; US Bancorp | 305 | 14046 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 856 | 33515 |
| &nbsp;&nbsp;&nbsp; Zions Bancorp NA | 34 | 1739 |
|  |  | &nbsp;&nbsp;&nbsp; 265835 |
| **Beverages — 1.9%** | **Beverages — 1.9%** | **Beverages — 1.9%** |
| &nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2895 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 881 | &nbsp;&nbsp;&nbsp;&nbsp; 55407 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8563 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5893 |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2317 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7870 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp;&nbsp; 52019 |
|  |  | &nbsp;&nbsp;&nbsp; 134964 |
| **Biotechnology — 2.2%** | **Biotechnology — 2.2%** | **Biotechnology — 2.2%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 399 | &nbsp;&nbsp;&nbsp;&nbsp; 61097 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; 29340 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6742 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp;&nbsp; 17502 |
| &nbsp;&nbsp;&nbsp; Incyte Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3229 |
| &nbsp;&nbsp;&nbsp; Moderna, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 11159 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 14415 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 16269 |
|  |  | &nbsp;&nbsp;&nbsp; 159753 |
| **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| &nbsp;&nbsp;&nbsp; Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1941 |
| &nbsp;&nbsp;&nbsp; AO Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1605 |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6828 |
| &nbsp;&nbsp;&nbsp; Fortune Brands Home & Security, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1768 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International plc | &nbsp;&nbsp;&nbsp;&nbsp; 157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7519 |
| &nbsp;&nbsp;&nbsp; Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2695 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29212 |
| **Capital Markets — 2.9%** | **Capital Markets — 2.9%** | **Capital Markets — 2.9%** |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5897 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Equity Funds 41

------

JPMorgan Equity Index Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 168 | 6998 |
| &nbsp;&nbsp;&nbsp; BlackRock, Inc. | 32 | 19580 |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 24 | 2713 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 340 | 21510 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | 81 | 16608 |
| &nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 9 | 3290 |
| &nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 63 | 1473 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 78 | 23028 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 126 | 11851 |
| &nbsp;&nbsp;&nbsp; Invesco Ltd. | 76 | 1226 |
| &nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 9 | 2181 |
| &nbsp;&nbsp;&nbsp; Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9855 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 316 | &nbsp;&nbsp;&nbsp;&nbsp; 24028 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7548 |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3969 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4539 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3924 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 26410 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5109 |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5829 |
|  |  | &nbsp;&nbsp;&nbsp; 207566 |
| **Chemicals — 1.8%** | **Chemicals — 1.8%** | **Chemicals — 1.8%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 12039 |
| &nbsp;&nbsp;&nbsp; Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5525 |
| &nbsp;&nbsp;&nbsp; Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2876 |
| &nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4037 |
| &nbsp;&nbsp;&nbsp; Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8845 |
| &nbsp;&nbsp;&nbsp; Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8483 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6380 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2612 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8626 |
| &nbsp;&nbsp;&nbsp; FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3042 |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6853 |
| &nbsp;&nbsp;&nbsp; Linde plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; 32667 |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5110 |
| &nbsp;&nbsp;&nbsp; Mosaic Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3859 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6096 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 12096 |
|  |  | &nbsp;&nbsp;&nbsp; 129146 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7334 |
| &nbsp;&nbsp;&nbsp; Copart, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5243 |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6159 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** |
| &nbsp;&nbsp;&nbsp; Rollins, Inc. | 51 | 1786 |
| &nbsp;&nbsp;&nbsp; Waste Management, Inc. | 86 | 13192 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33714 |
| **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc. \* | 51 | 4762 |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 938 | 39986 |
| &nbsp;&nbsp;&nbsp; F5, Inc. \* | 13 | 2089 |
| &nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 73 | 2079 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 38 | 7916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 56832 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4066 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4213 |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4263 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8476 |
| **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 19087 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9245 |
| &nbsp;&nbsp;&nbsp; Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5999 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 37458 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| &nbsp;&nbsp;&nbsp; Amcor plc | &nbsp;&nbsp;&nbsp;&nbsp; 339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4217 |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2986 |
| &nbsp;&nbsp;&nbsp; Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4965 |
| &nbsp;&nbsp;&nbsp; International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500 |
| &nbsp;&nbsp;&nbsp; Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2908 |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1903 |
| &nbsp;&nbsp;&nbsp; Westrock Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22771 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4251 |
| &nbsp;&nbsp;&nbsp; LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2884 |
| &nbsp;&nbsp;&nbsp; Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3177 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10312 |
| **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp; 111503 |
| **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | &nbsp;&nbsp; 1616 | &nbsp;&nbsp;&nbsp;&nbsp; 33873 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42 J.P. Morgan Equity Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc. | 210 | 2290 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 948 | 48112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 84275 |
| **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** |
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 57 | 3319 |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 116 | 11122 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 74 | 4223 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 174 | 18633 |
| &nbsp;&nbsp;&nbsp; Edison International | 86 | 5442 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | 46 | 5171 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 52 | 3380 |
| &nbsp;&nbsp;&nbsp; Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6576 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp;&nbsp; 10028 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4948 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 443 | &nbsp;&nbsp;&nbsp;&nbsp; 34351 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2045 |
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1865 |
| &nbsp;&nbsp;&nbsp; PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4507 |
| &nbsp;&nbsp;&nbsp; Southern Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp; 17104 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8700 |
|  |  | &nbsp;&nbsp;&nbsp; 141414 |
| **Electrical Equipment — 0.5%** | **Electrical Equipment — 0.5%** | **Electrical Equipment — 0.5%** |
| &nbsp;&nbsp;&nbsp; AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5728 |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 11348 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp; 10666 |
| &nbsp;&nbsp;&nbsp; Generac Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3034 |
| &nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36007 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8678 |
| &nbsp;&nbsp;&nbsp; CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4806 |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5407 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5663 |
| &nbsp;&nbsp;&nbsp; TE Connectivity Ltd. (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8229 |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3966 |
| &nbsp;&nbsp;&nbsp; Trimble, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3288 |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3485 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 43522 |
| **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6096 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** |
| &nbsp;&nbsp;&nbsp; Halliburton Co. | 204 | 6385 |
| &nbsp;&nbsp;&nbsp; Schlumberger NV | 319 | 11410 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 23891 |
| **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
| &nbsp;&nbsp;&nbsp; Activision Blizzard, Inc. | 177 | 13742 |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 63 | 7723 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. \* | 31 | 2553 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. \* | 100 | 17538 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. \* | 36 | 4373 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) \* | 411 | 38816 |
| &nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc. \* | 499 | 6690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 91435 |
| **Equity Real Estate Investment Trusts (REITs) — 2.8%** | **Equity Real Estate Investment Trusts (REITs) — 2.8%** | **Equity Real Estate Investment Trusts (REITs) — 2.8%** |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4863 |
| &nbsp;&nbsp;&nbsp; American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 26812 |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6131 |
| &nbsp;&nbsp;&nbsp; Boston Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2864 |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3234 |
| &nbsp;&nbsp;&nbsp; Crown Castle International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp; 16460 |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8343 |
| &nbsp;&nbsp;&nbsp; Duke Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4769 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 13500 |
| &nbsp;&nbsp;&nbsp; Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5579 |
| &nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3857 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5157 |
| &nbsp;&nbsp;&nbsp; Federal Realty OP LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1545 |
| &nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3156 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2530 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3194 |
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2758 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4551 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp;&nbsp; 19660 |
| &nbsp;&nbsp;&nbsp; Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 10779 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9270 |
| &nbsp;&nbsp;&nbsp; Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2077 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7790 |
| &nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7035 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3111 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4640 |
| &nbsp;&nbsp;&nbsp; VICI Properties, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6476 |
| &nbsp;&nbsp;&nbsp; Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1027 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Equity Funds 43

------

JPMorgan Equity Index Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. | 102 | 8439 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 168 | 5566 |
|  |  | &nbsp;&nbsp;&nbsp; 205173 |
| **Food & Staples Retailing — 1.5%** | **Food & Staples Retailing — 1.5%** | **Food & Staples Retailing — 1.5%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 100 | 47954 |
| &nbsp;&nbsp;&nbsp; Kroger Co. (The) | 148 | 7009 |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | 115 | 9743 |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. | 162 | 6134 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 317 | 38531 |
|  |  | &nbsp;&nbsp;&nbsp; 109371 |
| **Food Products — 1.1%** | **Food Products — 1.1%** | **Food Products — 1.1%** |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9857 |
| &nbsp;&nbsp;&nbsp; Campbell Soup Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2193 |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3709 |
| &nbsp;&nbsp;&nbsp; General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp; 10257 |
| &nbsp;&nbsp;&nbsp; Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7091 |
| &nbsp;&nbsp;&nbsp; Hormel Foods Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3030 |
| &nbsp;&nbsp;&nbsp; JM Smucker Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3134 |
| &nbsp;&nbsp;&nbsp; Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4081 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6112 |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2330 |
| &nbsp;&nbsp;&nbsp; McCormick & Co., Inc. (Non-Voting) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4702 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp;&nbsp; 19397 |
| &nbsp;&nbsp;&nbsp; Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5664 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 81557 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3518 |
| **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp;&nbsp; 42945 |
| &nbsp;&nbsp;&nbsp; ABIOMED, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2546 |
| &nbsp;&nbsp;&nbsp; Align Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3915 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7301 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson and Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 15864 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 323 | &nbsp;&nbsp;&nbsp;&nbsp; 12027 |
| &nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3485 |
| &nbsp;&nbsp;&nbsp; Dentsply Sirona, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1738 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6604 |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 13346 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3901 |
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6651 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp; 16264 |
| &nbsp;&nbsp;&nbsp; Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp;&nbsp; 27180 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| &nbsp;&nbsp;&nbsp; ResMed, Inc. | 33 | 6923 |
| &nbsp;&nbsp;&nbsp; STERIS plc | 23 | 4660 |
| &nbsp;&nbsp;&nbsp; Stryker Corp. | 76 | 15114 |
| &nbsp;&nbsp;&nbsp; Teleflex, Inc. | 11 | 2603 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 47 | 4970 |
|  |  | &nbsp;&nbsp;&nbsp; 198037 |
| **Health Care Providers & Services — 3.5%** | **Health Care Providers & Services — 3.5%** | **Health Care Providers & Services — 3.5%** |
| &nbsp;&nbsp;&nbsp; AmerisourceBergen Corp. | 34 | 4817 |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 62 | 3214 |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | 132 | 11171 |
| &nbsp;&nbsp;&nbsp; Cigna Corp. | 72 | 18874 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp;&nbsp; 27429 |
| &nbsp;&nbsp;&nbsp; DaVita, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1093 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 26263 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8632 |
| &nbsp;&nbsp;&nbsp; Henry Schein, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2391 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 13366 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4904 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 10705 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3705 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3523 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp; 108779 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1526 |
|  |  | &nbsp;&nbsp;&nbsp; 250392 |
| **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 16038 |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1853 |
| &nbsp;&nbsp;&nbsp; Carnival Corp. \* (b) | &nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1585 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8251 |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3185 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3171 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3245 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7002 |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2607 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8441 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp;&nbsp; 41216 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2311 |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd. \* (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1052 |
| &nbsp;&nbsp;&nbsp; Penn National Gaming, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1123 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1768 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp;&nbsp; 19778 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44 J.P. Morgan Equity Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. \* | 24 | 1357 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 64 | 7307 |
|  |  | &nbsp;&nbsp;&nbsp; 131290 |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | 72 | 4786 |
| &nbsp;&nbsp;&nbsp; Garmin Ltd. | 34 | 3384 |
| &nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 58 | 4120 |
| &nbsp;&nbsp;&nbsp; Mohawk Industries, Inc. \* | 12 | 1441 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 83 | 1582 |
| &nbsp;&nbsp;&nbsp; NVR, Inc. \* | 1 | 2795 |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 54 | 2126 |
| &nbsp;&nbsp;&nbsp; Whirlpool Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1965 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22199 |
| **Household Products — 1.5%** | **Household Products — 1.5%** | **Household Products — 1.5%** |
| &nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5078 |
| &nbsp;&nbsp;&nbsp; Clorox Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3917 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp;&nbsp; 15159 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; 10279 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 541 | &nbsp;&nbsp;&nbsp;&nbsp; 77880 |
|  |  | &nbsp;&nbsp;&nbsp; 112313 |
| **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; AES Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3168 |
| **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** |
| &nbsp;&nbsp;&nbsp; 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 16624 |
| &nbsp;&nbsp;&nbsp; General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp; 249 | &nbsp;&nbsp;&nbsp;&nbsp; 15820 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp; 26709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 59153 |
| **Insurance — 2.2%** | **Insurance — 2.2%** | **Insurance — 2.2%** |
| &nbsp;&nbsp;&nbsp; Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7402 |
| &nbsp;&nbsp;&nbsp; Allstate Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7867 |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9144 |
| &nbsp;&nbsp;&nbsp; Aon plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 12930 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7732 |
| &nbsp;&nbsp;&nbsp; Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2110 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3085 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 18803 |
| &nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4005 |
| &nbsp;&nbsp;&nbsp; Everest Re Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2495 |
| &nbsp;&nbsp;&nbsp; Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1996 |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4857 |
| &nbsp;&nbsp;&nbsp; Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1706 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| &nbsp;&nbsp;&nbsp; Loews Corp. | 44 | 2601 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 113 | 17590 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | 156 | 9798 |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 53 | 3543 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 132 | 15351 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 85 | 8100 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 54 | 9162 |
| &nbsp;&nbsp;&nbsp; Willis Towers Watson plc | 25 | 4968 |
| &nbsp;&nbsp;&nbsp; WR Berkley Corp. | 47 | 3228 |
|  |  | &nbsp;&nbsp;&nbsp; 158473 |
| **Interactive Media & Services — 5.2%** | **Interactive Media & Services — 5.2%** | **Interactive Media & Services — 5.2%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 147961 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 136175 |
| &nbsp;&nbsp;&nbsp; Match Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4493 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 518 | &nbsp;&nbsp;&nbsp;&nbsp; 83486 |
| &nbsp;&nbsp;&nbsp; Twitter, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6438 |
|  |  | &nbsp;&nbsp;&nbsp; 378553 |
| **Internet & Direct Marketing Retail — 3.0%** | **Internet & Direct Marketing Retail — 3.0%** | **Internet & Direct Marketing Retail — 3.0%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | &nbsp;&nbsp; 1975 | &nbsp;&nbsp;&nbsp; 209789 |
| &nbsp;&nbsp;&nbsp; eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5266 |
| &nbsp;&nbsp;&nbsp; Etsy, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2101 |
|  |  | &nbsp;&nbsp;&nbsp; 217156 |
| **IT Services — 4.3%** | **IT Services — 4.3%** | **IT Services — 4.3%** |
| &nbsp;&nbsp;&nbsp; Accenture plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp; 39700 |
| &nbsp;&nbsp;&nbsp; Akamai Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3305 |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp; 19807 |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3772 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7940 |
| &nbsp;&nbsp;&nbsp; DXC Technology Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1673 |
| &nbsp;&nbsp;&nbsp; EPAM Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3803 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 12639 |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; 11684 |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3668 |
| &nbsp;&nbsp;&nbsp; Gartner, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4397 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7032 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp;&nbsp; 28667 |
| &nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2961 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp; 61160 |
| &nbsp;&nbsp;&nbsp; Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8259 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 261 | &nbsp;&nbsp;&nbsp;&nbsp; 18257 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Equity Funds 45

------

JPMorgan Equity Index Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **IT Services — continued** | **IT Services — continued** | **IT Services — continued** |
| &nbsp;&nbsp;&nbsp; VeriSign, Inc. \* | 22 | 3600 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 372 | 73146 |
|  |  | &nbsp;&nbsp;&nbsp; 315470 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. | 30 | 2423 |
| **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 68 | 8046 |
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A \* | 5 | 2419 |
| &nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 9 | 3070 |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc. \* | 11 | 2454 |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | 146 | 37033 |
| &nbsp;&nbsp;&nbsp; Illumina, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6538 |
| &nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9272 |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5882 |
| &nbsp;&nbsp;&nbsp; PerkinElmer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4050 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; 48009 |
| &nbsp;&nbsp;&nbsp; Waters Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4501 |
| &nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5056 |
|  |  | &nbsp;&nbsp;&nbsp; 136330 |
| **Machinery — 1.5%** | **Machinery — 1.5%** | **Machinery — 1.5%** |
| &nbsp;&nbsp;&nbsp; Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 21524 |
| &nbsp;&nbsp;&nbsp; Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6164 |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp; 18873 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3948 |
| &nbsp;&nbsp;&nbsp; Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4400 |
| &nbsp;&nbsp;&nbsp; IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3116 |
| &nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 11660 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3856 |
| &nbsp;&nbsp;&nbsp; Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2463 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6745 |
| &nbsp;&nbsp;&nbsp; PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6463 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7130 |
| &nbsp;&nbsp;&nbsp; Pentair plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1709 |
| &nbsp;&nbsp;&nbsp; Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2374 |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3574 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3384 |
| &nbsp;&nbsp;&nbsp; Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3178 |
|  |  | &nbsp;&nbsp;&nbsp; 110561 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 12250 |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp; 1009 | &nbsp;&nbsp;&nbsp;&nbsp; 39601 |
| &nbsp;&nbsp;&nbsp; DISH Network Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1015 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Media — continued** | **Media — continued** | **Media — continued** |
| &nbsp;&nbsp;&nbsp; Fox Corp., Class A | 70 | 2263 |
| &nbsp;&nbsp;&nbsp; Fox Corp., Class B | 33 | 969 |
| &nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. (The) | 89 | 2446 |
| &nbsp;&nbsp;&nbsp; News Corp., Class A | 88 | 1366 |
| &nbsp;&nbsp;&nbsp; News Corp., Class B | 27 | 432 |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 46 | 2954 |
| &nbsp;&nbsp;&nbsp; Paramount Global, Class B | 137 | 3390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 66686 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 327 | 9573 |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | 179 | 10690 |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6271 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26534 |
| **Multiline Retail — 0.5%** | **Multiline Retail — 0.5%** | **Multiline Retail — 0.5%** |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 12676 |
| &nbsp;&nbsp;&nbsp; Dollar Tree, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7920 |
| &nbsp;&nbsp;&nbsp; Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; 14742 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 35338 |
| **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5267 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4203 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4421 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7606 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp; 14616 |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5543 |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2702 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7132 |
| &nbsp;&nbsp;&nbsp; Sempra Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp; 10662 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 69318 |
| **Oil, Gas & Consumable Fuels — 4.0%** | **Oil, Gas & Consumable Fuels — 4.0%** | **Oil, Gas & Consumable Fuels — 4.0%** |
| &nbsp;&nbsp;&nbsp; APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2665 |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 443 | &nbsp;&nbsp;&nbsp;&nbsp; 64216 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp;&nbsp; 26223 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4691 |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7636 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4563 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp; 14602 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 951 | &nbsp;&nbsp;&nbsp;&nbsp; 81439 |
| &nbsp;&nbsp;&nbsp; Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6625 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7378 |
| &nbsp;&nbsp;&nbsp; Marathon Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3591 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46 J.P. Morgan Equity Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 122 | 10040 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 201 | 11834 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. | 101 | 5596 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 109 | 8904 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. | 51 | 11332 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | 92 | 9791 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 275 | 8581 |
|  |  | &nbsp;&nbsp;&nbsp; 289707 |
| **Personal Products — 0.2%** | **Personal Products — 0.2%** | **Personal Products — 0.2%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), Class A | 52 | 13326 |
| **Pharmaceuticals — 4.8%** | **Pharmaceuticals — 4.8%** | **Pharmaceuticals — 4.8%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 481 | &nbsp;&nbsp;&nbsp;&nbsp; 37007 |
| &nbsp;&nbsp;&nbsp; Catalent, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4340 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp; 57722 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 594 | &nbsp;&nbsp;&nbsp; 105444 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 571 | &nbsp;&nbsp;&nbsp;&nbsp; 52045 |
| &nbsp;&nbsp;&nbsp; Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1932 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | &nbsp;&nbsp; 1267 | &nbsp;&nbsp;&nbsp;&nbsp; 66408 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2865 |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp; 18262 |
|  |  | &nbsp;&nbsp;&nbsp; 346025 |
| **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5048 |
| &nbsp;&nbsp;&nbsp; Jacobs Engineering Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3691 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3107 |
| &nbsp;&nbsp;&nbsp; Nielsen Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1885 |
| &nbsp;&nbsp;&nbsp; Robert Half International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1868 |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21769 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5431 |
| **Road & Rail — 0.9%** | **Road & Rail — 0.9%** | **Road & Rail — 0.9%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 491 | &nbsp;&nbsp;&nbsp;&nbsp; 14263 |
| &nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2980 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 12229 |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5312 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 30237 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 65021 |
| **Semiconductors & Semiconductor Equipment — 5.2%** | **Semiconductors & Semiconductor Equipment — 5.2%** | **Semiconductors & Semiconductor Equipment — 5.2%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 366 | &nbsp;&nbsp;&nbsp;&nbsp; 27974 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp; 17258 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 199 | 18143 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 92 | 44775 |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc. \* | 31 | 5951 |
| &nbsp;&nbsp;&nbsp; Intel Corp. | 923 | 34531 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 34 | 10749 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 31 | 13344 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 126 | 7290 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 252 | 13935 |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 10 | 3801 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 565 | 85688 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | 59 | 8774 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4935 |
| &nbsp;&nbsp;&nbsp; Qorvo, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2309 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp; 32297 |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3365 |
| &nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3422 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3238 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp; 31984 |
|  |  | &nbsp;&nbsp;&nbsp; 373763 |
| **Software — 8.9%** | **Software — 8.9%** | **Software — 8.9%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 39045 |
| &nbsp;&nbsp;&nbsp; ANSYS, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4699 |
| &nbsp;&nbsp;&nbsp; Autodesk, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8444 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9339 |
| &nbsp;&nbsp;&nbsp; Ceridian HCM Holding, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1460 |
| &nbsp;&nbsp;&nbsp; Citrix Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2736 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8509 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 24607 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 1688 | &nbsp;&nbsp;&nbsp; 433613 |
| &nbsp;&nbsp;&nbsp; NortonLifeLock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2885 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp;&nbsp; 24829 |
| &nbsp;&nbsp;&nbsp; Paycom Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3045 |
| &nbsp;&nbsp;&nbsp; PTC, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2527 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9436 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp; 37015 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 21518 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 10496 |
| &nbsp;&nbsp;&nbsp; Tyler Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3113 |
|  |  | &nbsp;&nbsp;&nbsp; 647316 |
| **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2387 |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9630 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1449 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Equity Funds 47

------

JPMorgan Equity Index Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 46 | 2980 |
| &nbsp;&nbsp;&nbsp; CarMax, Inc. \* | 36 | 3279 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 233 | 63980 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 149 | 26068 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | 15 | 9373 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 79 | 5571 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 265 | 14807 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. | 25 | 4896 |
| &nbsp;&nbsp;&nbsp; Ulta Beauty, Inc. \* | 12 | 4545 |
|  |  | &nbsp;&nbsp;&nbsp; 148965 |
| **Technology Hardware, Storage & Peripherals — 6.8%** | **Technology Hardware, Storage & Peripherals — 6.8%** | **Technology Hardware, Storage & Peripherals — 6.8%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 3471 | &nbsp;&nbsp;&nbsp; 474552 |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3892 |
| &nbsp;&nbsp;&nbsp; HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7795 |
| &nbsp;&nbsp;&nbsp; NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3277 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3188 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3169 |
|  |  | &nbsp;&nbsp;&nbsp; 495873 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp;&nbsp; 29271 |
| &nbsp;&nbsp;&nbsp; PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 867 |
| &nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 937 |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1735 |
| &nbsp;&nbsp;&nbsp; VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36029 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 409 | &nbsp;&nbsp;&nbsp;&nbsp; 17072 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 34552 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 51624 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| &nbsp;&nbsp;&nbsp; Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6487 |
| &nbsp;&nbsp;&nbsp; United Rentals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3927 |
| &nbsp;&nbsp;&nbsp; WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14817 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6104 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. \* | 133 | 17894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $4,212,051)<br>|  | 7201860 |
| **Short Term Investments — 0.7%** | **Short Term Investments — 0.7%** | **Short Term Investments — 0.7%** |
| **Investment Companies — 0.6%** | **Investment Companies — 0.6%** | **Investment Companies — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class Institutional Shares, 1.31% (c) (d) <br>(Cost $45,597)<br>| 45597 | 45597 |
| **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 1.50% (c) (d)<br>| 4405 | 4403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (c) (d)<br>| 1597 | 1597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment of Cash Collateral from Securities <br> Loaned <br>(Cost $6,000)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short Term Investments <br>(Cost $51,597)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 51597 |
| **Total Investments — 99.9%** <br>**(Cost $4,263,648)**<br>|  | **7253457** |
| **Other Assets Less Liabilities — 0.1%** |  | **4327** |
| **NET ASSETS — 100.0%** |  | **7257784** |

---

&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;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | 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>|
| (b) | The security or a portion of this security is on loan at <br> June 30, 2022. The total value of securities on loan at <br> June 30, 2022 is $5,442.<br>|
| (c) | 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>|
| (d) | The rate shown is the current yield as of June 30, <br> 2022.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48 J.P. Morgan Equity Funds June 30, 2022

------

**Futures contracts outstanding as of June 30, 2022 (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 | 287 | 09/16/2022 | USD | 54473 | (461) |

---

&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, 2022 J.P. Morgan Equity Funds 49

------

JPMorgan Equity Premium Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 82.5%** | **Common Stocks — 82.5%** | **Common Stocks — 82.5%** |
| **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 89 | 19709 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 25 | 11810 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 132 | 12651 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 81 | 4968 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 49138 |
| **Air Freight & Logistics — 1.3%** | **Air Freight & Logistics — 1.3%** | **Air Freight & Logistics — 1.3%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 264 | 48191 |
| **Banks — 1.1%** | **Banks — 1.1%** | **Banks — 1.1%** |
| &nbsp;&nbsp;&nbsp; US Bancorp | 619 | 28488 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 248 | 9716 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 38204 |
| **Beverages — 3.5%** | **Beverages — 3.5%** | **Beverages — 3.5%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 891 | &nbsp;&nbsp;&nbsp;&nbsp; 56063 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; 19946 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp; 50889 |
|  |  | &nbsp;&nbsp;&nbsp; 126898 |
| **Biotechnology — 3.3%** | **Biotechnology — 3.3%** | **Biotechnology — 3.3%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp;&nbsp; 59182 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 22040 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 38827 |
|  |  | &nbsp;&nbsp;&nbsp; 120049 |
| **Building Products — 1.0%** | **Building Products — 1.0%** | **Building Products — 1.0%** |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp; 36063 |
| **Capital Markets — 1.4%** | **Capital Markets — 1.4%** | **Capital Markets — 1.4%** |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp; 16506 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 32499 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 49005 |
| **Chemicals — 2.6%** | **Chemicals — 2.6%** | **Chemicals — 2.6%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp; 27986 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7210 |
| &nbsp;&nbsp;&nbsp; Linde plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp;&nbsp; 44074 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp; 15580 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 94850 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6057 |
| **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp; 10137 |
| **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; 20870 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* | 129 | 35156 |
| **Diversified Telecommunication Services — 1.0%** | **Diversified Telecommunication Services — 1.0%** | **Diversified Telecommunication Services — 1.0%** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 741 | 37611 |
| **Electric Utilities — 4.9%** | **Electric Utilities — 4.9%** | **Electric Utilities — 4.9%** |
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 546 | 32031 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 118 | 12603 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 228 | 14882 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 1045 | 47380 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 400 | 15342 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 486 | 37646 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 241 | 17044 |
|  |  | &nbsp;&nbsp;&nbsp; 176928 |
| **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp; 333 | &nbsp;&nbsp;&nbsp;&nbsp; 41983 |
| **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 19640 |
| **Equity Real Estate Investment Trusts (REITs) — 2.7%** | **Equity Real Estate Investment Trusts (REITs) — 2.7%** | **Equity Real Estate Investment Trusts (REITs) — 2.7%** |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; 13815 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9986 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 25923 |
| &nbsp;&nbsp;&nbsp; Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 25840 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5341 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp; 17907 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 98812 |
| **Food & Staples Retailing — 1.9%** | **Food & Staples Retailing — 1.9%** | **Food & Staples Retailing — 1.9%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 26681 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 343 | &nbsp;&nbsp;&nbsp;&nbsp; 41693 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 68374 |
| **Food Products — 3.1%** | **Food Products — 3.1%** | **Food Products — 3.1%** |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5987 |
| &nbsp;&nbsp;&nbsp; Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp;&nbsp; 55717 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 786 | &nbsp;&nbsp;&nbsp;&nbsp; 48769 |
|  |  | &nbsp;&nbsp;&nbsp; 110473 |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9129 |
| **Health Care Providers & Services — 2.6%** | **Health Care Providers & Services — 2.6%** | **Health Care Providers & Services — 2.6%** |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp; 15191 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 19615 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp; 57757 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 92563 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | 119 | 29417 |
| **Household Products — 2.5%** | **Household Products — 2.5%** | **Household Products — 2.5%** |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 302 | 40915 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 333 | 47855 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 88770 |
| **Insurance — 5.6%** | **Insurance — 5.6%** | **Insurance — 5.6%** |
| &nbsp;&nbsp;&nbsp; Aon plc, Class A | 116 | 31204 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 304 | 49553 |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | 253 | 16536 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 523 | 60875 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 270 | 45735 |
|  |  | &nbsp;&nbsp;&nbsp; 203903 |
| **Interactive Media & Services — 1.3%** | **Interactive Media & Services — 1.3%** | **Interactive Media & Services — 1.3%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 47371 |
| **Internet & Direct Marketing Retail — 0.7%** | **Internet & Direct Marketing Retail — 0.7%** | **Internet & Direct Marketing Retail — 0.7%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp;&nbsp; 27207 |
| **IT Services — 6.4%** | **IT Services — 6.4%** | **IT Services — 6.4%** |
| &nbsp;&nbsp;&nbsp; Accenture plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; 41484 |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 30491 |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5786 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 10810 |
| &nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; 49436 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp;&nbsp; 48177 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp; 45447 |
|  |  | &nbsp;&nbsp;&nbsp; 231631 |
| **Life Sciences Tools & Services — 1.6%** | **Life Sciences Tools & Services — 1.6%** | **Life Sciences Tools & Services — 1.6%** |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7945 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 49076 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 57021 |
| **Machinery — 2.4%** | **Machinery — 2.4%** | **Machinery — 2.4%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 25164 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 323 | &nbsp;&nbsp;&nbsp;&nbsp; 39146 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp;&nbsp; 21476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 85786 |
| **Media — 1.7%** | **Media — 1.7%** | **Media — 1.7%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 17260 |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp; 1133 | &nbsp;&nbsp;&nbsp;&nbsp; 44450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 61710 |
| **Multi-Utilities — 3.4%** | **Multi-Utilities — 3.4%** | **Multi-Utilities — 3.4%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp;&nbsp; 34902 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | 36 | 2426 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 250 | 23743 |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | 177 | 22477 |
| &nbsp;&nbsp;&nbsp; Sempra Energy | 30 | 4569 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 345 | 34682 |
|  |  | &nbsp;&nbsp;&nbsp; 122799 |
| **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 175 | 25337 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 510 | 43660 |
| &nbsp;&nbsp;&nbsp; TC Energy Corp. (Canada) | 534 | 27667 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 96664 |
| **Pharmaceuticals — 5.1%** | **Pharmaceuticals — 5.1%** | **Pharmaceuticals — 5.1%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 757 | &nbsp;&nbsp;&nbsp;&nbsp; 58307 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; 50582 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp;&nbsp; 47533 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp;&nbsp; 26061 |
|  |  | &nbsp;&nbsp;&nbsp; 182483 |
| **Professional Services — 0.6%** | **Professional Services — 0.6%** | **Professional Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp;&nbsp; 16009 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21336 |
| **Road & Rail — 3.7%** | **Road & Rail — 3.7%** | **Road & Rail — 3.7%** |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp; 44819 |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp; 48859 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp;&nbsp; 40035 |
|  |  | &nbsp;&nbsp;&nbsp; 133713 |
| **Semiconductors & Semiconductor Equipment — 1.7%** | **Semiconductors & Semiconductor Equipment — 1.7%** | **Semiconductors & Semiconductor Equipment — 1.7%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; 15925 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp;&nbsp; 44322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 60247 |
| **Software — 1.9%** | **Software — 1.9%** | **Software — 1.9%** |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 19265 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp;&nbsp; 49290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 68555 |
| **Specialty Retail — 2.7%** | **Specialty Retail — 2.7%** | **Specialty Retail — 2.7%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 13514 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp; 39160 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp; 45726 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 98400 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 51

------

JPMorgan Equity Premium Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 40 | 5480 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 155 | 15880 |
| **Tobacco — 0.9%** | **Tobacco — 0.9%** | **Tobacco — 0.9%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | 327 | 13646 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 194 | 19158 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 32804 |
| **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. \* | 124 | 16703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $3,039,770)<br>|  | 2978011 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Equity-Linked Notes — 14.6%** | **Equity-Linked Notes — 14.6%** | **Equity-Linked Notes — 14.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas, ELN, 76.60%, 7/25/2022, (linked to <br> S&P 500 Index) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 40569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas, ELN, 79.00%, 8/5/2022, (linked to <br> S&P 500 Index) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 55808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BofA Finance LLC, ELN, 81.02%, 8/1/2022, (linked <br> to S&P 500 Index) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 50441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, ELN, <br> 68.70%, 7/11/2022, (linked to S&P 500 Index) <br> (Canada) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 61156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., ELN, <br> 79.90%, 7/29/2022, (linked to S&P 500 <br> Index) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 50645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse AG, ELN, 65.60%, 7/18/2022, (linked <br> to S&P 500 Index) (Switzerland) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 56831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse AG, ELN, 67.80%, 7/8/2022, (linked <br> to S&P 500 Index) (Switzerland) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 60411 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Finance Corp., ELN, 84.4%, 7/22/2022, (linked <br> to S&P 500 Index) (a)<br>| 11 | 40720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA, ELN, 64.80%, 7/15/2022, <br> (linked to S&P 500 Index) (a)<br>| 14 | 56038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG, ELN, 78.20%, 8/8/2022, (linked to S&P <br> 500 Index) (Switzerland) (a)<br>| 14 | 55748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity-Linked Notes <br>(Cost $539,993)<br>|  | &nbsp;&nbsp;&nbsp; 528367 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short Term Investments — 2.2%** | **Short Term Investments — 2.2%** | **Short Term Investments — 2.2%** |
| **Investment Companies — 2.2%** | **Investment Companies — 2.2%** | **Investment Companies — 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 1.54% (b) (c) <br>(Cost $80,015)<br>| 80001 | 80017 |
| **Total Investments — 99.3%** <br>**(Cost $3,659,778)**<br>|  | **3586395** |
| **Other Assets Less Liabilities — 0.7%** |  | **24196** |
| **NET ASSETS — 100.0%** |  | **3610591** |

---

&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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. 

(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(c) The rate shown is the current yield as of June 30, 2022.

**Futures contracts outstanding as of June 30, 2022 (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 | 136 | 09/16/2022 | USD | 25813 | 144 |

---

&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;

52 J.P. Morgan Large Cap Funds June 30, 2022

------

JPMorgan Hedged Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.6%** | **Common Stocks — 97.6%** | **Common Stocks — 97.6%** |
| **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 104 | 49778 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 1201 | 115441 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 667 | 40746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 205965 |
| **Air Freight & Logistics — 1.4%** | **Air Freight & Logistics — 1.4%** | **Air Freight & Logistics — 1.4%** |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 245 | 55492 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 916 | 167238 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 222730 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. \* | 668 | 24129 |
| **Auto Components — 0.2%** | **Auto Components — 0.2%** | **Auto Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; Aptiv plc \* | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12278 |
| &nbsp;&nbsp;&nbsp; Magna International, Inc. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp; 447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24537 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36815 |
| **Automobiles — 1.8%** | **Automobiles — 1.8%** | **Automobiles — 1.8%** |
| &nbsp;&nbsp;&nbsp; General Motors Co. \* | &nbsp;&nbsp;&nbsp;&nbsp; 802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25465 |
| &nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4114 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp; 268392 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 297971 |
| **Banks — 3.7%** | **Banks — 3.7%** | **Banks — 3.7%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. (a) | &nbsp;&nbsp; 5791 | &nbsp;&nbsp;&nbsp;&nbsp; 180285 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22248 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp; 1293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43448 |
| &nbsp;&nbsp;&nbsp; SVB Financial Group \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19655 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | &nbsp;&nbsp; 1158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54938 |
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp; 2373 | &nbsp;&nbsp;&nbsp;&nbsp; 109212 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. (a) | &nbsp;&nbsp; 4485 | &nbsp;&nbsp;&nbsp;&nbsp; 175678 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 605464 |
| **Beverages — 2.1%** | **Beverages — 2.1%** | **Beverages — 2.1%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) (a) | &nbsp;&nbsp; 3347 | &nbsp;&nbsp;&nbsp;&nbsp; 210577 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65780 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69064 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 345421 |
| **Biotechnology — 2.9%** | **Biotechnology — 2.9%** | **Biotechnology — 2.9%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. (a) | &nbsp;&nbsp; 1542 | &nbsp;&nbsp;&nbsp;&nbsp; 236104 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32232 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9787 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11678 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | 150 | 88843 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | 341 | 96030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 474674 |
| **Building Products — 0.8%** | **Building Products — 0.8%** | **Building Products — 0.8%** |
| &nbsp;&nbsp;&nbsp; Lennox International, Inc. | 17 | 3492 |
| &nbsp;&nbsp;&nbsp; Masco Corp. | 711 | 35994 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | 700 | 90888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 130374 |
| **Capital Markets — 2.1%** | **Capital Markets — 2.1%** | **Capital Markets — 2.1%** |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 524 | 49242 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 924 | 70305 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp;&nbsp; 111602 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54493 |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 345049 |
| **Chemicals — 1.8%** | **Chemicals — 1.8%** | **Chemicals — 1.8%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27537 |
| &nbsp;&nbsp;&nbsp; Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13338 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26914 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp; 562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50441 |
| &nbsp;&nbsp;&nbsp; Linde plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp; 426 | &nbsp;&nbsp;&nbsp;&nbsp; 122382 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56413 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 297025 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Cintas Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19390 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18408 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41864 |
| **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp; 769 | &nbsp;&nbsp;&nbsp;&nbsp; 106603 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30050 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 136653 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27000 |
| **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 878 | &nbsp;&nbsp;&nbsp;&nbsp; 239558 |
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 254154 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 53

------

JPMorgan Hedged Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. (a) | 705 | 35775 |
| **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 329 | 21446 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 2701 | 122409 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 1180 | 45281 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. (a) | 1607 | 124513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 313649 |
| **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | 791 | 99612 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 583 | 16837 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53910 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81860 |
| **Equity Real Estate Investment Trusts (REITs) — 2.7%** | **Equity Real Estate Investment Trusts (REITs) — 2.7%** | **Equity Real Estate Investment Trusts (REITs) — 2.7%** |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59835 |
| &nbsp;&nbsp;&nbsp; Duke Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11550 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49815 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33089 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | &nbsp;&nbsp; 1419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22258 |
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp. | &nbsp;&nbsp; 1305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25802 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 914 | &nbsp;&nbsp;&nbsp;&nbsp; 107567 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36166 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43339 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9928 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | &nbsp;&nbsp; 1006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51719 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 451068 |
| **Food & Staples Retailing — 1.3%** | **Food & Staples Retailing — 1.3%** | **Food & Staples Retailing — 1.3%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp;&nbsp; 138287 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67939 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 206226 |
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
| &nbsp;&nbsp;&nbsp; Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28896 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A (a) | &nbsp;&nbsp; 1539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 124461 |
| **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77726 |
| &nbsp;&nbsp;&nbsp; ABIOMED, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5478 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | &nbsp;&nbsp; 1108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71154 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* (a) | 1739 | 64814 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc. \* | 186 | 13842 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. \* | 363 | 72867 |
| &nbsp;&nbsp;&nbsp; Medtronic plc (a) | 458 | 41061 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 441 | 46373 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 393315 |
| **Health Care Providers & Services — 3.6%** | **Health Care Providers & Services — 3.6%** | **Health Care Providers & Services — 3.6%** |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | 1222 | 103432 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 211 | 101957 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 63 | 29676 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 140 | 45506 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 594 | &nbsp;&nbsp;&nbsp;&nbsp; 304988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 585559 |
| **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59583 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56450 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27852 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41887 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp;&nbsp; 126501 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3775 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 333324 |
| **Household Durables — 0.5%** | **Household Durables — 0.5%** | **Household Durables — 0.5%** |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4574 |
| &nbsp;&nbsp;&nbsp; Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57452 |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4898 |
| &nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17430 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84354 |
| **Household Products — 1.4%** | **Household Products — 1.4%** | **Household Products — 1.4%** |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60113 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) (a) | &nbsp;&nbsp; 1216 | &nbsp;&nbsp;&nbsp;&nbsp; 174858 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 234971 |
| **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51743 |
| **Insurance — 2.2%** | **Insurance — 2.2%** | **Insurance — 2.2%** |
| &nbsp;&nbsp;&nbsp; Aon plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46970 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24521 |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp; 1193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78073 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | &nbsp;&nbsp; 1167 | &nbsp;&nbsp;&nbsp;&nbsp; 135618 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

54 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 158 | 15135 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 387 | 65370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 365687 |
| **Interactive Media & Services — 5.8%** | **Interactive Media & Services — 5.8%** | **Interactive Media & Services — 5.8%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* | 196 | 425581 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | 147 | 321533 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* (a) | 1227 | 197896 |
| &nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc., Class A \* | 485 | 16128 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 961138 |
| **Internet & Direct Marketing Retail — 3.1%** | **Internet & Direct Marketing Retail — 3.1%** | **Internet & Direct Marketing Retail — 3.1%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | 4855 | 515620 |
| **IT Services — 4.4%** | **IT Services — 4.4%** | **IT Services — 4.4%** |
| &nbsp;&nbsp;&nbsp; Accenture plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp; 151410 |
| &nbsp;&nbsp;&nbsp; Affirm Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7448 |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45306 |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47050 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp;&nbsp; 228846 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A (a) | &nbsp;&nbsp; 1251 | &nbsp;&nbsp;&nbsp;&nbsp; 246271 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 726331 |
| **Life Sciences Tools & Services — 2.0%** | **Life Sciences Tools & Services — 2.0%** | **Life Sciences Tools & Services — 2.0%** |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 507 | &nbsp;&nbsp;&nbsp;&nbsp; 128601 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 366 | &nbsp;&nbsp;&nbsp;&nbsp; 198654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 327255 |
| **Machinery — 2.1%** | **Machinery — 2.1%** | **Machinery — 2.1%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 442 | &nbsp;&nbsp;&nbsp;&nbsp; 132410 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33254 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23443 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | &nbsp;&nbsp; 1116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78896 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68260 |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 345860 |
| **Media — 1.4%** | **Media — 1.4%** | **Media — 1.4%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 103396 |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A (a) | &nbsp;&nbsp; 3169 | &nbsp;&nbsp;&nbsp;&nbsp; 124342 |
| &nbsp;&nbsp;&nbsp; Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3723 |
| &nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5536 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 236997 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 613 | 17947 |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | 148 | 15421 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33368 |
| **Multiline Retail — 0.1%** | **Multiline Retail — 0.1%** | **Multiline Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | 55 | 13449 |
| **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 611 | 55210 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 1706 | 50473 |
| &nbsp;&nbsp;&nbsp; Sempra Energy | 517 | 77618 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 183301 |
| **Oil, Gas & Consumable Fuels — 4.1%** | **Oil, Gas & Consumable Fuels — 4.1%** | **Oil, Gas & Consumable Fuels — 4.1%** |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24916 |
| &nbsp;&nbsp;&nbsp; Chevron Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 955 | &nbsp;&nbsp;&nbsp;&nbsp; 138292 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp; 1810 | &nbsp;&nbsp;&nbsp;&nbsp; 162589 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93467 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94499 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68967 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp; 298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24399 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71409 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 678538 |
| **Pharmaceuticals — 4.2%** | **Pharmaceuticals — 4.2%** | **Pharmaceuticals — 4.2%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. (a) | &nbsp;&nbsp; 2316 | &nbsp;&nbsp;&nbsp;&nbsp; 178344 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 559 | &nbsp;&nbsp;&nbsp;&nbsp; 181400 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson (a) | &nbsp;&nbsp; 1047 | &nbsp;&nbsp;&nbsp;&nbsp; 185898 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83159 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | &nbsp;&nbsp; 1068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55971 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 684772 |
| **Professional Services — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24724 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54705 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79429 |
| **Road & Rail — 1.0%** | **Road & Rail — 1.0%** | **Road & Rail — 1.0%** |
| &nbsp;&nbsp;&nbsp; Lyft, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3507 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91844 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7510 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62538 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 165399 |
| **Semiconductors & Semiconductor Equipment — 5.6%** | **Semiconductors & Semiconductor Equipment — 5.6%** | **Semiconductors & Semiconductor Equipment — 5.6%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* (a) | &nbsp;&nbsp; 1405 | &nbsp;&nbsp;&nbsp;&nbsp; 107452 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 916 | &nbsp;&nbsp;&nbsp;&nbsp; 133802 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 55

------

JPMorgan Hedged Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <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** |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 153 | 13887 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 249 | 106291 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 980 | 56924 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 554 | 30603 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. (a) | 1122 | 170171 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | 652 | 96479 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 351 | 44872 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. (a) | 1093 | 167924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 928405 |
| **Software — 8.8%** | **Software — 8.8%** | **Software — 8.8%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc. \* | 230 | 84340 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19980 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp; 111878 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. (a) | &nbsp;&nbsp; 4380 | &nbsp;&nbsp; 1124932 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36172 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45854 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24919 |
|  |  | &nbsp;&nbsp; 1448075 |
| **Specialty Retail — 2.8%** | **Specialty Retail — 2.8%** | **Specialty Retail — 2.8%** |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12629 |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39550 |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48133 |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11975 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54045 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 871 | &nbsp;&nbsp;&nbsp;&nbsp; 152053 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88499 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51566 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 458450 |
| **Technology Hardware, Storage & Peripherals — 6.9%** | **Technology Hardware, Storage & Peripherals — 6.9%** | **Technology Hardware, Storage & Peripherals — 6.9%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. (a) | &nbsp;&nbsp; 7854 | &nbsp;&nbsp; 1073848 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp; 998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71276 |
|  |  | &nbsp;&nbsp; 1145124 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84419 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Tobacco — 0.8%** | **Tobacco — 0.8%** | **Tobacco — 0.8%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. (a) | 1392 | 58136 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 780 | 76999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 135135 |
| **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. \* | 615 | 82770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $12,971,764)<br>|  | 16095362 |
|  | **NO. OF** <br> **CONTRACTS**<br>|  |
| **Options Purchased — 3.0%** | **Options Purchased — 3.0%** | **Options Purchased — 3.0%** |
| **Put Options Purchased — 3.0%** | **Put Options Purchased — 3.0%** | **Put Options Purchased — 3.0%** |
| **Index Funds — 3.0%** | **Index Funds — 3.0%** | **Index Funds — 3.0%** |
| &nbsp;&nbsp;&nbsp; S&P 500 Index |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/30/2022 at USD 3,580.00, European <br> Style<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional Amount: USD 16,473,974 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparty: Exchange-Traded \* (Cost <br> $524,372)<br>| 43520 | &nbsp;&nbsp;&nbsp;&nbsp; 503744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Put Options Purchased <br>(Cost $524,372)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 503744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Options Purchased <br>(Cost $524,372)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 503744 |
| **Total Investments — 100.6%** <br>**(Cost $13,496,136)**<br>|  | **16599106** |
| **Liabilities in Excess of Other Assets — (0.6)%** |  | **(104772)** |
| **NET ASSETS — 100.0%** |  | **16494334** |

---

&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** |  |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (a) All or a portion of the security is segregated for options written.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

56 J.P. Morgan Large Cap Funds June 30, 2022

------

**Futures contracts outstanding as of June 30, 2022 (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 | 2520 | 09/16/2022 | USD | 478296 | 3514 |

---

&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, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2022 (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 ($)** |
| S&P 500 Index | Exchange-Traded | 43520 | USD 16,473,974 | USD 4,005.00 | 9/30/2022 | (382976) |
| **Written Put Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange-Traded | 43520 | USD 16,473,974  | USD 3,020.00  | 9/30/2022 | (118592) |
| Total Written Options Contracts (Premiums Received $508,009) | Total Written Options Contracts (Premiums Received $508,009) | Total Written Options Contracts (Premiums Received $508,009) | Total Written Options Contracts (Premiums Received $508,009) | Total Written Options Contracts (Premiums Received $508,009) | Total Written Options Contracts (Premiums Received $508,009) | (501568) |

---

&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, 2022 J.P. Morgan Large Cap Funds 57

------

JPMorgan Hedged Equity 2 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 94.0%** | **Common Stocks — 94.0%** | **Common Stocks — 94.0%** |
| **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 34 | 16320 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 395 | 37923 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 219 | 13392 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 67635 |
| **Air Freight & Logistics — 1.3%** | **Air Freight & Logistics — 1.3%** | **Air Freight & Logistics — 1.3%** |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 80 | 18213 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 301 | 54967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 73180 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. \* | 219 | 7927 |
| **Auto Components — 0.2%** | **Auto Components — 0.2%** | **Auto Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; Aptiv plc \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4031 |
| &nbsp;&nbsp;&nbsp; Magna International, Inc. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12091 |
| **Automobiles — 1.7%** | **Automobiles — 1.7%** | **Automobiles — 1.7%** |
| &nbsp;&nbsp;&nbsp; General Motors Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8364 |
| &nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1468 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; 88141 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 97973 |
| **Banks — 3.6%** | **Banks — 3.6%** | **Banks — 3.6%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1914 | &nbsp;&nbsp;&nbsp;&nbsp; 59583 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7306 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp; 14274 |
| &nbsp;&nbsp;&nbsp; SVB Financial Group \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6203 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389 | &nbsp;&nbsp;&nbsp;&nbsp; 18466 |
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp;&nbsp;&nbsp; 35885 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1473 | &nbsp;&nbsp;&nbsp;&nbsp; 57705 |
|  |  | &nbsp;&nbsp;&nbsp; 199422 |
| **Beverages — 2.0%** | **Beverages — 2.0%** | **Beverages — 2.0%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 69189 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp; 21563 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp; 22683 |
|  |  | &nbsp;&nbsp;&nbsp; 113435 |
| **Biotechnology — 2.8%** | **Biotechnology — 2.8%** | **Biotechnology — 2.8%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 506 | &nbsp;&nbsp;&nbsp;&nbsp; 77552 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 10587 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3214 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3847 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | 50 | 29272 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | 112 | 31597 |
|  |  | &nbsp;&nbsp;&nbsp; 156069 |
| **Building Products — 0.8%** | **Building Products — 0.8%** | **Building Products — 0.8%** |
| &nbsp;&nbsp;&nbsp; Lennox International, Inc. | 5 | 1145 |
| &nbsp;&nbsp;&nbsp; Masco Corp. | 234 | 11827 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | 230 | 29873 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 42845 |
| **Capital Markets — 2.0%** | **Capital Markets — 2.0%** | **Capital Markets — 2.0%** |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 172 | 16175 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 297 | 22626 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; 36654 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp; 17900 |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; 19504 |
|  |  | &nbsp;&nbsp;&nbsp; 112859 |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9072 |
| &nbsp;&nbsp;&nbsp; Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4376 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8812 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp;&nbsp; 16563 |
| &nbsp;&nbsp;&nbsp; Linde plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 40279 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp; 18531 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 97633 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6370 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6032 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 13764 |
| **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp; 34993 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9920 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 44913 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8892 |
| **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp;&nbsp; 78691 |
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 83477 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

58 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 217 | 11033 |
| **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 104 | 6798 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 890 | 40333 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 388 | 14875 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 528 | 40905 |
|  |  | &nbsp;&nbsp;&nbsp; 102911 |
| **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | 260 | 32714 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 192 | 5532 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp; 17720 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9167 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26887 |
| **Equity Real Estate Investment Trusts (REITs) — 2.6%** | **Equity Real Estate Investment Trusts (REITs) — 2.6%** | **Equity Real Estate Investment Trusts (REITs) — 2.6%** |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp; 19655 |
| &nbsp;&nbsp;&nbsp; Duke Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3796 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 16428 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp; 10863 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7316 |
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8467 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301 | &nbsp;&nbsp;&nbsp;&nbsp; 35338 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 11892 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp; 14236 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3263 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp; 16989 |
|  |  | &nbsp;&nbsp;&nbsp; 148243 |
| **Food & Staples Retailing — 1.2%** | **Food & Staples Retailing — 1.2%** | **Food & Staples Retailing — 1.2%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 45458 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp; 22304 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 67762 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| &nbsp;&nbsp;&nbsp; Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9487 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 506 | &nbsp;&nbsp;&nbsp;&nbsp; 31398 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 40885 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp;&nbsp; 25568 |
| &nbsp;&nbsp;&nbsp; ABIOMED, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1795 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364 | &nbsp;&nbsp;&nbsp;&nbsp; 23378 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | 571 | 21286 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc. \* | 61 | 4539 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. \* | 119 | 23944 |
| &nbsp;&nbsp;&nbsp; Medtronic plc | 150 | 13468 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 139 | 14557 |
|  |  | &nbsp;&nbsp;&nbsp; 128535 |
| **Health Care Providers & Services — 3.4%** | **Health Care Providers & Services — 3.4%** | **Health Care Providers & Services — 3.4%** |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | 402 | 34026 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 69 | 33310 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 21 | 9754 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 46 | 14995 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp; 100195 |
|  |  | &nbsp;&nbsp;&nbsp; 192280 |
| **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 19641 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 18483 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9152 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp; 13749 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp; 41440 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1246 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5674 |
|  |  | &nbsp;&nbsp;&nbsp; 109385 |
| **Household Durables — 0.5%** | **Household Durables — 0.5%** | **Household Durables — 0.5%** |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1498 |
| &nbsp;&nbsp;&nbsp; Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp;&nbsp; 18879 |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1611 |
| &nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5725 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27713 |
| **Household Products — 1.4%** | **Household Products — 1.4%** | **Household Products — 1.4%** |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp; 19753 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 57472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 77225 |
| **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp; 17009 |
| **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
| &nbsp;&nbsp;&nbsp; Aon plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; 15216 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8041 |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392 | &nbsp;&nbsp;&nbsp;&nbsp; 25649 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383 | &nbsp;&nbsp;&nbsp;&nbsp; 44558 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 59

------

JPMorgan Hedged Equity 2 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 52 | 4963 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 127 | 21461 |
|  |  | &nbsp;&nbsp;&nbsp; 119888 |
| **Interactive Media & Services — 5.6%** | **Interactive Media & Services — 5.6%** | **Interactive Media & Services — 5.6%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* | 64 | 139922 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | 48 | 105789 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* (a) | 403 | 65042 |
| &nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc., Class A \* | 160 | 5299 |
|  |  | &nbsp;&nbsp;&nbsp; 316052 |
| **Internet & Direct Marketing Retail — 3.0%** | **Internet & Direct Marketing Retail — 3.0%** | **Internet & Direct Marketing Retail — 3.0%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | 1597 | 169626 |
| **IT Services — 4.2%** | **IT Services — 4.2%** | **IT Services — 4.2%** |
| &nbsp;&nbsp;&nbsp; Accenture plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp; 49716 |
| &nbsp;&nbsp;&nbsp; Affirm Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2445 |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp; 14902 |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp; 15446 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp;&nbsp; 75184 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411 | &nbsp;&nbsp;&nbsp;&nbsp; 80803 |
|  |  | &nbsp;&nbsp;&nbsp; 238496 |
| **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp;&nbsp; 42263 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 65202 |
|  |  | &nbsp;&nbsp;&nbsp; 107465 |
| **Machinery — 2.0%** | **Machinery — 2.0%** | **Machinery — 2.0%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 43484 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp; 11278 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7696 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367 | &nbsp;&nbsp;&nbsp;&nbsp; 25958 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 22397 |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3153 |
|  |  | &nbsp;&nbsp;&nbsp; 113966 |
| **Media — 1.4%** | **Media — 1.4%** | **Media — 1.4%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp; 33953 |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1040 | &nbsp;&nbsp;&nbsp;&nbsp; 40822 |
| &nbsp;&nbsp;&nbsp; Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1229 |
| &nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1819 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 77823 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 201 | 5896 |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | 49 | 5074 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10970 |
| **Multiline Retail — 0.1%** | **Multiline Retail — 0.1%** | **Multiline Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | 18 | 4439 |
| **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 203 | 18313 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 562 | 16620 |
| &nbsp;&nbsp;&nbsp; Sempra Energy | 169 | 25460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 60393 |
| **Oil, Gas & Consumable Fuels — 4.0%** | **Oil, Gas & Consumable Fuels — 4.0%** | **Oil, Gas & Consumable Fuels — 4.0%** |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8185 |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314 | &nbsp;&nbsp;&nbsp;&nbsp; 45446 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp; 53416 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp;&nbsp; 30713 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281 | &nbsp;&nbsp;&nbsp;&nbsp; 31050 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264 | &nbsp;&nbsp;&nbsp;&nbsp; 22641 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7812 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 23464 |
|  |  | &nbsp;&nbsp;&nbsp; 222727 |
| **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 761 | &nbsp;&nbsp;&nbsp;&nbsp; 58595 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp; 59438 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344 | &nbsp;&nbsp;&nbsp;&nbsp; 61045 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp;&nbsp; 27259 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351 | &nbsp;&nbsp;&nbsp;&nbsp; 18385 |
|  |  | &nbsp;&nbsp;&nbsp; 224722 |
| **Professional Services — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8140 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp; 17974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26114 |
| **Road & Rail — 1.0%** | **Road & Rail — 1.0%** | **Road & Rail — 1.0%** |
| &nbsp;&nbsp;&nbsp; Lyft, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1231 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp; 30173 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2377 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 20541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 54322 |
| **Semiconductors & Semiconductor Equipment — 5.4%** | **Semiconductors & Semiconductor Equipment — 5.4%** | **Semiconductors & Semiconductor Equipment — 5.4%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461 | &nbsp;&nbsp;&nbsp;&nbsp; 35276 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301 | &nbsp;&nbsp;&nbsp;&nbsp; 43926 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <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** |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 49 | 4461 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 82 | 34949 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 322 | 18679 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 182 | 10055 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 368 | 55873 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | 214 | 31667 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 116 | 14772 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 359 | 55209 |
|  |  | &nbsp;&nbsp;&nbsp; 304867 |
| **Software — 8.5%** | **Software — 8.5%** | **Software — 8.5%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc. \* | 76 | 27698 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6524 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 36863 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1439 | &nbsp;&nbsp;&nbsp; 369551 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 11890 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 15078 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8163 |
|  |  | &nbsp;&nbsp;&nbsp; 475767 |
| **Specialty Retail — 2.7%** | **Specialty Retail — 2.7%** | **Specialty Retail — 2.7%** |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4147 |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 13138 |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp;&nbsp; 15810 |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3931 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 17742 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp;&nbsp; 49958 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 29275 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp;&nbsp; 16950 |
|  |  | &nbsp;&nbsp;&nbsp; 150951 |
| **Technology Hardware, Storage & Peripherals — 6.7%** | **Technology Hardware, Storage & Peripherals — 6.7%** | **Technology Hardware, Storage & Peripherals — 6.7%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2582 | &nbsp;&nbsp;&nbsp; 352957 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327 | &nbsp;&nbsp;&nbsp;&nbsp; 23404 |
|  |  | &nbsp;&nbsp;&nbsp; 376361 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 | &nbsp;&nbsp;&nbsp;&nbsp; 27730 |
| **Tobacco — 0.8%** | **Tobacco — 0.8%** | **Tobacco — 0.8%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457 | &nbsp;&nbsp;&nbsp;&nbsp; 19099 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp;&nbsp; 25272 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 44371 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. \* | 202 | 27192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $5,921,651)<br>|  | 5286873 |
|  | **NO. OF** <br> **CONTRACTS**<br>|  |
| **Options Purchased — 4.4%** | **Options Purchased — 4.4%** | **Options Purchased — 4.4%** |
| **Put Options Purchased — 4.4%** | **Put Options Purchased — 4.4%** | **Put Options Purchased — 4.4%** |
| **Index Funds — 4.4%** | **Index Funds — 4.4%** | **Index Funds — 4.4%** |
| &nbsp;&nbsp;&nbsp; S&P 500 Index |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/29/2022 at USD 3,910.00, European <br> Style<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional Amount: USD 5,357,070 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparty: Exchange-Traded \* (Cost <br> $195,758)<br>| 14152 | 250491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Put Options Purchased <br>(Cost $195,758)<br>|  | &nbsp;&nbsp;&nbsp; 250491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Options Purchased <br>(Cost $195,758)<br>|  | &nbsp;&nbsp;&nbsp; 250491 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short Term Investments — 3.8%** | **Short Term Investments — 3.8%** | **Short Term Investments — 3.8%** |
| **Investment Companies — 3.8%** | **Investment Companies — 3.8%** | **Investment Companies — 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (b) (c) <br>(Cost $212,012)<br>| 212012 | &nbsp;&nbsp;&nbsp; 212012 |
| **Total Investments — 102.2%** <br>**(Cost $6,329,421)**<br>|  | **5749376** |
| **Liabilities in Excess of Other Assets — (2.2)%** |  | **(125909)** |
| **NET ASSETS — 100.0%** |  | **5623467** |

---

&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** |  |
| 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 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, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 61

------

JPMorgan Hedged Equity 2 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

**Futures contracts outstanding as of June 30, 2022 (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 | 376 | 09/16/2022 | USD | 71365 | (100) |

---

&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, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2022 (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 ($)** |
| S&P 500 Index | Exchange-Traded | 14152 | USD 5,357,070 | USD 4,360.00 | 7/29/2022 | &nbsp;&nbsp; (1557) |
| **Written Put Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange-Traded | 14152 | USD 5,357,070  | USD 3,290.00  | 7/29/2022 | (15142) |
| Total Written Options Contracts (Premiums Received $191,908) | Total Written Options Contracts (Premiums Received $191,908) | Total Written Options Contracts (Premiums Received $191,908) | Total Written Options Contracts (Premiums Received $191,908) | Total Written Options Contracts (Premiums Received $191,908) | Total Written Options Contracts (Premiums Received $191,908) | (16699) |

---

&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;

62 J.P. Morgan Large Cap Funds June 30, 2022

------

JPMorgan Hedged Equity 3 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 92.2%** | **Common Stocks — 92.2%** | **Common Stocks — 92.2%** |
| **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 17 | 8152 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 196 | 18868 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 109 | 6656 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33676 |
| **Air Freight & Logistics — 1.3%** | **Air Freight & Logistics — 1.3%** | **Air Freight & Logistics — 1.3%** |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 40 | 9063 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 150 | 27343 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36406 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. \* | 109 | 3944 |
| **Auto Components — 0.2%** | **Auto Components — 0.2%** | **Auto Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; Aptiv plc \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2005 |
| &nbsp;&nbsp;&nbsp; Magna International, Inc. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6016 |
| **Automobiles — 1.7%** | **Automobiles — 1.7%** | **Automobiles — 1.7%** |
| &nbsp;&nbsp;&nbsp; General Motors Co. \* | &nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4162 |
| &nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 43881 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 48672 |
| **Banks — 3.5%** | **Banks — 3.5%** | **Banks — 3.5%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 946 | &nbsp;&nbsp;&nbsp;&nbsp; 29452 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3620 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7100 |
| &nbsp;&nbsp;&nbsp; SVB Financial Group \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3219 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9187 |
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 388 | &nbsp;&nbsp;&nbsp;&nbsp; 17854 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 732 | &nbsp;&nbsp;&nbsp;&nbsp; 28670 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 99102 |
| **Beverages — 2.0%** | **Beverages — 2.0%** | **Beverages — 2.0%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 547 | &nbsp;&nbsp;&nbsp;&nbsp; 34428 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 10729 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 11259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 56416 |
| **Biotechnology — 2.7%** | **Biotechnology — 2.7%** | **Biotechnology — 2.7%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp;&nbsp; 38529 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5265 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1599 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1919 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | 25 | 14573 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | 56 | 15730 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 77615 |
| **Building Products — 0.7%** | **Building Products — 0.7%** | **Building Products — 0.7%** |
| &nbsp;&nbsp;&nbsp; Lennox International, Inc. | 3 | 570 |
| &nbsp;&nbsp;&nbsp; Masco Corp. | 116 | 5879 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | 114 | 14858 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21307 |
| **Capital Markets — 2.0%** | **Capital Markets — 2.0%** | **Capital Markets — 2.0%** |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 86 | 8048 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 148 | 11278 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 18237 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8550 |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 55822 |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4502 |
| &nbsp;&nbsp;&nbsp; Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2179 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4396 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8248 |
| &nbsp;&nbsp;&nbsp; Linde plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 20020 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9223 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 48568 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3173 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3006 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6845 |
| **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 17400 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22300 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4420 |
| **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp; 39162 |
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 41543 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 63

------

JPMorgan Hedged Equity 3 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 115 | 5848 |
| **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 54 | 3504 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 442 | 20049 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 192 | 7372 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 263 | 20375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 51300 |
| **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | 129 | 16277 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 95 | 2752 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8828 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4560 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13388 |
| **Equity Real Estate Investment Trusts (REITs) — 2.6%** | **Equity Real Estate Investment Trusts (REITs) — 2.6%** | **Equity Real Estate Investment Trusts (REITs) — 2.6%** |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9783 |
| &nbsp;&nbsp;&nbsp; Duke Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1888 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8178 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5406 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3640 |
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4213 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; 17580 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5915 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7079 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1622 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8452 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 73756 |
| **Food & Staples Retailing — 1.2%** | **Food & Staples Retailing — 1.2%** | **Food & Staples Retailing — 1.2%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 22604 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 11104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33708 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| &nbsp;&nbsp;&nbsp; Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4719 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp;&nbsp; 15624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20343 |
| **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp; 12691 |
| &nbsp;&nbsp;&nbsp; ABIOMED, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 892 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp; 11623 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | 284 | 10590 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc. \* | 30 | 2269 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. \* | 59 | 11916 |
| &nbsp;&nbsp;&nbsp; Medtronic plc | 72 | 6460 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 71 | 7437 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 63878 |
| **Health Care Providers & Services — 3.4%** | **Health Care Providers & Services — 3.4%** | **Health Care Providers & Services — 3.4%** |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | 200 | 16917 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 35 | 16699 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 10 | 4833 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 23 | 7460 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp; 49839 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 95748 |
| **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9789 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9239 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4564 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6842 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 20669 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 54549 |
| **Household Durables — 0.5%** | **Household Durables — 0.5%** | **Household Durables — 0.5%** |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 747 |
| &nbsp;&nbsp;&nbsp; Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9394 |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 801 |
| &nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2849 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13791 |
| **Household Products — 1.3%** | **Household Products — 1.3%** | **Household Products — 1.3%** |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9830 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp;&nbsp; 28593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 38423 |
| **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8448 |
| **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
| &nbsp;&nbsp;&nbsp; Aon plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7570 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3753 |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp; 12761 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp; 22217 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 26 | 2466 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 63 | 10679 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 59446 |
| **Interactive Media & Services — 5.5%** | **Interactive Media & Services — 5.5%** | **Interactive Media & Services — 5.5%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* | 32 | 69579 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | 24 | 52637 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | 201 | 32356 |
| &nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc., Class A \* | 79 | 2636 |
|  |  | &nbsp;&nbsp;&nbsp; 157208 |
| **Internet & Direct Marketing Retail — 2.9%** | **Internet & Direct Marketing Retail — 2.9%** | **Internet & Direct Marketing Retail — 2.9%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | 794 | 84309 |
| **IT Services — 4.2%** | **IT Services — 4.2%** | **IT Services — 4.2%** |
| &nbsp;&nbsp;&nbsp; Accenture plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp; 24730 |
| &nbsp;&nbsp;&nbsp; Affirm Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1209 |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7406 |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7681 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp; 37411 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp; 40201 |
|  |  | &nbsp;&nbsp;&nbsp; 118638 |
| **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 21010 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 32405 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 53415 |
| **Machinery — 2.0%** | **Machinery — 2.0%** | **Machinery — 2.0%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 21625 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5429 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3830 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp; 12915 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 11142 |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 56487 |
| **Media — 1.4%** | **Media — 1.4%** | **Media — 1.4%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 16880 |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 518 | &nbsp;&nbsp;&nbsp;&nbsp; 20323 |
| &nbsp;&nbsp;&nbsp; Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611 |
| &nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 907 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 38721 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 100 | 2934 |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | 24 | 2530 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5464 |
| **Multiline Retail — 0.1%** | **Multiline Retail — 0.1%** | **Multiline Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | 9 | 2217 |
| **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 100 | 9023 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 280 | 8267 |
| &nbsp;&nbsp;&nbsp; Sempra Energy | 84 | 12669 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29959 |
| **Oil, Gas & Consumable Fuels — 3.9%** | **Oil, Gas & Consumable Fuels — 3.9%** | **Oil, Gas & Consumable Fuels — 3.9%** |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4075 |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; 22611 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips (a) | &nbsp;&nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp;&nbsp; 26578 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 15281 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 15453 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp; 11267 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3886 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 11682 |
|  |  | &nbsp;&nbsp;&nbsp; 110833 |
| **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp;&nbsp; 29101 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 29610 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp; 30366 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; 13574 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9080 |
|  |  | &nbsp;&nbsp;&nbsp; 111731 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4048 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8943 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12991 |
| **Road & Rail — 0.9%** | **Road & Rail — 0.9%** | **Road & Rail — 0.9%** |
| &nbsp;&nbsp;&nbsp; Lyft, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 15009 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1145 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 10219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27003 |
| **Semiconductors & Semiconductor Equipment — 5.3%** | **Semiconductors & Semiconductor Equipment — 5.3%** | **Semiconductors & Semiconductor Equipment — 5.3%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp; 17562 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 21855 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 65

------

JPMorgan Hedged Equity 3 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <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** |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 25 | 2277 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 41 | 17391 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 160 | 9297 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 91 | 5005 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 183 | 27796 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | 106 | 15759 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 57 | 7349 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 179 | 27465 |
|  |  | &nbsp;&nbsp;&nbsp; 151756 |
| **Software — 8.3%** | **Software — 8.3%** | **Software — 8.3%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc. \* | 38 | 13768 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3258 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 18340 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 716 | &nbsp;&nbsp;&nbsp; 183857 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5919 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7497 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4067 |
|  |  | &nbsp;&nbsp;&nbsp; 236706 |
| **Specialty Retail — 2.6%** | **Specialty Retail — 2.6%** | **Specialty Retail — 2.6%** |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2063 |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6585 |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7867 |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1952 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8821 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 24861 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 14468 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8434 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 75051 |
| **Technology Hardware, Storage & Peripherals — 6.6%** | **Technology Hardware, Storage & Peripherals — 6.6%** | **Technology Hardware, Storage & Peripherals — 6.6%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. (a) | &nbsp;&nbsp; 1284 | &nbsp;&nbsp;&nbsp; 175545 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp;&nbsp; 11644 |
|  |  | &nbsp;&nbsp;&nbsp; 187189 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; 13795 |
| **Tobacco — 0.8%** | **Tobacco — 0.8%** | **Tobacco — 0.8%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9484 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 12587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22071 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. \* | 100 | 13520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $2,946,892)<br>|  | 2629550 |
|  | **NO. OF** <br> **CONTRACTS**<br>|  |
| **Options Purchased — 5.4%** | **Options Purchased — 5.4%** | **Options Purchased — 5.4%** |
| **Put Options Purchased — 5.4%** | **Put Options Purchased — 5.4%** | **Put Options Purchased — 5.4%** |
| **Index Funds — 5.4%** | **Index Funds — 5.4%** | **Index Funds — 5.4%** |
| &nbsp;&nbsp;&nbsp; S&P 500 Index |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/31/2022 at USD 3,905.00, European Style |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional Amount: USD 2,692,162 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparty: Exchange-Traded \* (Cost <br> $93,533)<br>| 7112 | 152908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Put Options Purchased <br>(Cost $93,533)<br>|  | &nbsp;&nbsp;&nbsp; 152908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Options Purchased <br>(Cost $93,533)<br>|  | &nbsp;&nbsp;&nbsp; 152908 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short Term Investments — 2.1%** | **Short Term Investments — 2.1%** | **Short Term Investments — 2.1%** |
| **Investment Companies — 2.1%** | **Investment Companies — 2.1%** | **Investment Companies — 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (b) (c) <br>(Cost $60,717)<br>| 60717 | &nbsp;&nbsp;&nbsp;&nbsp; 60717 |
| **Total Investments — 99.7%** <br>**(Cost $3,101,142)**<br>|  | **2843175** |
| **Other Assets Less Liabilities — 0.3%** |  | **8118** |
| **NET ASSETS — 100.0%** |  | **2851293** |

---

&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** |  |
| 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 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, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

66 J.P. Morgan Large Cap Funds June 30, 2022

------

**Futures contracts outstanding as of June 30, 2022 (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 | 333 | 09/16/2022 | USD | 63203 | (303) |

---

&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, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2022 (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 ($)** |
| S&P 500 Index | Exchange-Traded | 7112 | USD 2,692,162 | USD 4,350.00 | 8/31/2022 | &nbsp;&nbsp; (5192) |
| **Written Put Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2022 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange-Traded | 7112 | USD 2,692,162  | USD 3,300.00  | 8/31/2022 | (26172) |
| Total Written Options Contracts (Premiums Received $81,615) | Total Written Options Contracts (Premiums Received $81,615) | Total Written Options Contracts (Premiums Received $81,615) | Total Written Options Contracts (Premiums Received $81,615) | Total Written Options Contracts (Premiums Received $81,615) | Total Written Options Contracts (Premiums Received $81,615) | (31364) |

---

&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, 2022 J.P. Morgan Large Cap Funds 67

------

JPMorgan Large Cap Growth Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 94.0%** | **Common Stocks — 94.0%** | **Common Stocks — 94.0%** |
| **Air Freight & Logistics — 1.6%** | **Air Freight & Logistics — 1.6%** | **Air Freight & Logistics — 1.6%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 2802 | 511389 |
| **Automobiles — 3.7%** | **Automobiles — 3.7%** | **Automobiles — 3.7%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* | 1709 | 1151009 |
| **Banks — 1.2%** | **Banks — 1.2%** | **Banks — 1.2%** |
| &nbsp;&nbsp;&nbsp; SVB Financial Group \* | 953 | 376269 |
| **Beverages — 3.4%** | **Beverages — 3.4%** | **Beverages — 3.4%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 14305 | 899896 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp. \* | 1833 | 169961 |
|  |  | &nbsp;&nbsp; 1069857 |
| **Biotechnology — 7.9%** | **Biotechnology — 7.9%** | **Biotechnology — 7.9%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 7503 | 1149114 |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17342 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1606 | &nbsp;&nbsp;&nbsp;&nbsp; 390691 |
| &nbsp;&nbsp;&nbsp; Exact Sciences Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30086 |
| &nbsp;&nbsp;&nbsp; Moderna, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24570 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1006 | &nbsp;&nbsp;&nbsp;&nbsp; 594908 |
| &nbsp;&nbsp;&nbsp; Seagen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1449 | &nbsp;&nbsp;&nbsp;&nbsp; 256466 |
|  |  | &nbsp;&nbsp; 2463177 |
| **Building Products — 0.8%** | **Building Products — 0.8%** | **Building Products — 0.8%** |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1952 | &nbsp;&nbsp;&nbsp;&nbsp; 253510 |
| **Capital Markets — 5.2%** | **Capital Markets — 5.2%** | **Capital Markets — 5.2%** |
| &nbsp;&nbsp;&nbsp; Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6700 | &nbsp;&nbsp;&nbsp;&nbsp; 611191 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9126 | &nbsp;&nbsp;&nbsp;&nbsp; 576569 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4502 | &nbsp;&nbsp;&nbsp;&nbsp; 342437 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82884 |
|  |  | &nbsp;&nbsp; 1613081 |
| **Chemicals — 0.8%** | **Chemicals — 0.8%** | **Chemicals — 0.8%** |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1144 | &nbsp;&nbsp;&nbsp;&nbsp; 256153 |
| **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1192 | &nbsp;&nbsp;&nbsp;&nbsp; 124205 |
| **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** |
| &nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1137 | &nbsp;&nbsp;&nbsp;&nbsp; 226665 |
| **Electronic Equipment, Instruments & Components — 1.0%** | **Electronic Equipment, Instruments & Components — 1.0%** | **Electronic Equipment, Instruments & Components — 1.0%** |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5014 | &nbsp;&nbsp;&nbsp;&nbsp; 322824 |
| **Health Care Equipment & Supplies — 1.2%** | **Health Care Equipment & Supplies — 1.2%** | **Health Care Equipment & Supplies — 1.2%** |
| &nbsp;&nbsp;&nbsp; ABIOMED, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45121 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1709 | &nbsp;&nbsp;&nbsp;&nbsp; 127357 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1021 | &nbsp;&nbsp;&nbsp;&nbsp; 204910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 377388 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Health Care Providers & Services — 6.8%** | **Health Care Providers & Services — 6.8%** | **Health Care Providers & Services — 6.8%** |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | 5402 | 500522 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 2541 | 427135 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 2601 | 848577 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 692 | 355293 |
|  |  | &nbsp;&nbsp; 2131527 |
| **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A \* | 63 | 5644 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | 169 | 220273 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 2463 | 334977 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 560894 |
| **Interactive Media & Services — 7.2%** | **Interactive Media & Services — 7.2%** | **Interactive Media & Services — 7.2%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956 | &nbsp;&nbsp; 2090900 |
| &nbsp;&nbsp;&nbsp; Match Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32052 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 845 | &nbsp;&nbsp;&nbsp;&nbsp; 136212 |
| &nbsp;&nbsp;&nbsp; Snap, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5780 |
|  |  | &nbsp;&nbsp; 2264944 |
| **Internet & Direct Marketing Retail — 2.0%** | **Internet & Direct Marketing Retail — 2.0%** | **Internet & Direct Marketing Retail — 2.0%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5682 | &nbsp;&nbsp;&nbsp;&nbsp; 603496 |
| &nbsp;&nbsp;&nbsp; Etsy, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20184 |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (Brazil) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9620 |
| &nbsp;&nbsp;&nbsp; Wayfair, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 636527 |
| **IT Services — 1.7%** | **IT Services — 1.7%** | **IT Services — 1.7%** |
| &nbsp;&nbsp;&nbsp; Block, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9938 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4534 | &nbsp;&nbsp;&nbsp;&nbsp; 305973 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1170 | &nbsp;&nbsp;&nbsp;&nbsp; 165276 |
| &nbsp;&nbsp;&nbsp; MongoDB, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55325 |
| &nbsp;&nbsp;&nbsp; Shopify, Inc., Class A (Canada) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1656 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 538168 |
| **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 122434 |
| **Machinery — 2.7%** | **Machinery — 2.7%** | **Machinery — 2.7%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2786 | &nbsp;&nbsp;&nbsp;&nbsp; 834449 |
| **Metals & Mining — 1.2%** | **Metals & Mining — 1.2%** | **Metals & Mining — 1.2%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 13084 | &nbsp;&nbsp;&nbsp;&nbsp; 382834 |
| **Multiline Retail — 0.7%** | **Multiline Retail — 0.7%** | **Multiline Retail — 0.7%** |
| &nbsp;&nbsp;&nbsp; Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1543 | &nbsp;&nbsp;&nbsp;&nbsp; 217923 |
| **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6727 | &nbsp;&nbsp;&nbsp;&nbsp; 604142 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

68 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Personal Products — 0.7%** | **Personal Products — 0.7%** | **Personal Products — 0.7%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), Class A | 783 | 199400 |
| **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 1675 | 543118 |
| **Professional Services — 1.7%** | **Professional Services — 1.7%** | **Professional Services — 1.7%** |
| &nbsp;&nbsp;&nbsp; Equifax, Inc. | 1030 | 188258 |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 2000 | 346217 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 534475 |
| **Semiconductors & Semiconductor Equipment — 5.7%** | **Semiconductors & Semiconductor Equipment — 5.7%** | **Semiconductors & Semiconductor Equipment — 5.7%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | 5782 | 442180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Registered), NYRS <br> (Netherlands)<br>| 436 | 207626 |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc. \* | 290 | 56542 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413 | &nbsp;&nbsp;&nbsp;&nbsp; 176043 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3990 | &nbsp;&nbsp;&nbsp;&nbsp; 604905 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1853 | &nbsp;&nbsp;&nbsp;&nbsp; 284667 |
|  |  | &nbsp;&nbsp; 1771963 |
| **Software — 14.4%** | **Software — 14.4%** | **Software — 14.4%** |
| &nbsp;&nbsp;&nbsp; HubSpot, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13229 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 792 | &nbsp;&nbsp;&nbsp;&nbsp; 305097 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 10985 | &nbsp;&nbsp; 2821252 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9422 | &nbsp;&nbsp;&nbsp;&nbsp; 658308 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1560 | &nbsp;&nbsp;&nbsp;&nbsp; 257479 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1320 | &nbsp;&nbsp;&nbsp;&nbsp; 401005 |
| &nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The), Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11582 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44386 |
|  |  | &nbsp;&nbsp; 4512338 |
| **Specialty Retail — 5.7%** | **Specialty Retail — 5.7%** | **Specialty Retail — 5.7%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453 | &nbsp;&nbsp;&nbsp;&nbsp; 973352 |
| &nbsp;&nbsp;&nbsp; Carvana Co. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4044 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4574 | &nbsp;&nbsp;&nbsp;&nbsp; 798884 |
|  |  | &nbsp;&nbsp; 1776280 |
| **Technology Hardware, Storage & Peripherals — 9.3%** | **Technology Hardware, Storage & Peripherals — 9.3%** | **Technology Hardware, Storage & Peripherals — 9.3%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 21337 | &nbsp;&nbsp; 2917189 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5222 | &nbsp;&nbsp;&nbsp;&nbsp; 159369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $24,304,559)<br>|  | 29453501 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Short Term Investments — 6.0%** | **Short Term Investments — 6.0%** | **Short Term Investments — 6.0%** |
| **Investment Companies — 6.0%** | **Investment Companies — 6.0%** | **Investment Companies — 6.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 1.54% (b) (c) <br>(Cost $1,876,903)<br>| 1876514 | 1876889 |
| **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% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 1.50% (b) (c)<br>| 3890 | 3888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (b) (c)<br>| 2552 | 2551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment of Cash Collateral from <br> Securities Loaned <br>(Cost $6,439)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short Term Investments <br>(Cost $1,883,342)<br>|  | &nbsp;&nbsp; 1883328 |
| **Total Investments — 100.0%** <br>**(Cost $26,187,901)**<br>|  | **31336829** |
| **Other Assets Less Liabilities — 0.0% ^** |  | **9869** |
| **NET ASSETS — 100.0%** |  | **31346698** |

---

&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 |

---

&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, 2022. The total value of securities on loan at <br> June 30, 2022 is $5,817.<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> 2022.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 69

------

JPMorgan Large Cap Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 95.9%** | **Common Stocks — 95.9%** | **Common Stocks — 95.9%** |
| **Aerospace & Defense — 3.5%** | **Aerospace & Defense — 3.5%** | **Aerospace & Defense — 3.5%** |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 1009 | 97033 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 246 | 15011 |
|  |  | &nbsp;&nbsp;&nbsp; 112044 |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 23 | 5237 |
| **Airlines — 1.6%** | **Airlines — 1.6%** | **Airlines — 1.6%** |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. \* | 1082 | 31343 |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. \* | 527 | 19053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 50396 |
| **Banks — 10.4%** | **Banks — 10.4%** | **Banks — 10.4%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 2379 | 74074 |
| &nbsp;&nbsp;&nbsp; First Republic Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; 15790 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp;&nbsp; 62908 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 713 | &nbsp;&nbsp;&nbsp;&nbsp; 13372 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596 | &nbsp;&nbsp;&nbsp;&nbsp; 28264 |
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 697 | &nbsp;&nbsp;&nbsp;&nbsp; 32062 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2734 | &nbsp;&nbsp;&nbsp; 107075 |
|  |  | &nbsp;&nbsp;&nbsp; 333545 |
| **Beverages — 2.4%** | **Beverages — 2.4%** | **Beverages — 2.4%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 964 | &nbsp;&nbsp;&nbsp;&nbsp; 60652 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 483 | &nbsp;&nbsp;&nbsp;&nbsp; 17107 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 77759 |
| **Biotechnology — 7.6%** | **Biotechnology — 7.6%** | **Biotechnology — 7.6%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp;&nbsp; 75891 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp;&nbsp; 15621 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp; 11298 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; 66738 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266 | &nbsp;&nbsp;&nbsp;&nbsp; 74872 |
|  |  | &nbsp;&nbsp;&nbsp; 244420 |
| **Building Products — 0.8%** | **Building Products — 0.8%** | **Building Products — 0.8%** |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699 | &nbsp;&nbsp;&nbsp;&nbsp; 24937 |
| **Capital Markets — 1.4%** | **Capital Markets — 1.4%** | **Capital Markets — 1.4%** |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp; 16861 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp;&nbsp; 15638 |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp; 12009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 44508 |
| **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** |
| &nbsp;&nbsp;&nbsp; Chemours Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7852 |
| &nbsp;&nbsp;&nbsp; Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp;&nbsp; 15261 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp;&nbsp; 20131 |
| &nbsp;&nbsp;&nbsp; FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp;&nbsp; 30352 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 73596 |
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 702 | &nbsp;&nbsp;&nbsp;&nbsp; 29938 |
| **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; 30960 |
| **Electric Utilities — 3.3%** | **Electric Utilities — 3.3%** | **Electric Utilities — 3.3%** |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1044 | &nbsp;&nbsp;&nbsp;&nbsp; 47305 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 332 | 25693 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 460 | 32564 |
|  |  | &nbsp;&nbsp;&nbsp; 105562 |
| **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** |
| &nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 65 | 13015 |
| **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. \* | 66 | 11541 |
| **Equity Real Estate Investment Trusts (REITs) — 5.0%** | **Equity Real Estate Investment Trusts (REITs) — 5.0%** | **Equity Real Estate Investment Trusts (REITs) — 5.0%** |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 923 | 65008 |
| &nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 562 | 9717 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 235 | 37450 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp;&nbsp; 11252 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp; 17497 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538 | &nbsp;&nbsp;&nbsp;&nbsp; 17809 |
|  |  | &nbsp;&nbsp;&nbsp; 158733 |
| **Food & Staples Retailing — 3.3%** | **Food & Staples Retailing — 3.3%** | **Food & Staples Retailing — 3.3%** |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589 | &nbsp;&nbsp;&nbsp;&nbsp; 36706 |
| &nbsp;&nbsp;&nbsp; US Foods Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp;&nbsp; 31442 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp; 38881 |
|  |  | &nbsp;&nbsp;&nbsp; 107029 |
| **Food Products — 1.8%** | **Food Products — 1.8%** | **Food Products — 1.8%** |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; 12261 |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644 | &nbsp;&nbsp;&nbsp;&nbsp; 46034 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 58295 |
| **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** |
| &nbsp;&nbsp;&nbsp; Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347 | &nbsp;&nbsp;&nbsp;&nbsp; 31161 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 557 | &nbsp;&nbsp;&nbsp;&nbsp; 58529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 89690 |
| **Health Care Providers & Services — 9.5%** | **Health Care Providers & Services — 9.5%** | **Health Care Providers & Services — 9.5%** |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp;&nbsp; 33479 |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1098 | &nbsp;&nbsp;&nbsp;&nbsp; 92877 |
| &nbsp;&nbsp;&nbsp; Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264 | &nbsp;&nbsp;&nbsp;&nbsp; 69622 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 13394 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 65764 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 27271 |
|  |  | &nbsp;&nbsp;&nbsp; 302407 |
| **Hotels, Restaurants & Leisure — 0.4%** | **Hotels, Restaurants & Leisure — 0.4%** | **Hotels, Restaurants & Leisure — 0.4%** |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383 | &nbsp;&nbsp;&nbsp;&nbsp; 13367 |
| **Household Durables — 0.6%** | **Household Durables — 0.6%** | **Household Durables — 0.6%** |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp; 11954 |
| &nbsp;&nbsp;&nbsp; KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6162 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18116 |
| **Industrial Conglomerates — 1.1%** | **Industrial Conglomerates — 1.1%** | **Industrial Conglomerates — 1.1%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp; 34432 |
| **Insurance — 5.0%** | **Insurance — 5.0%** | **Insurance — 5.0%** |
| &nbsp;&nbsp;&nbsp; Allstate Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306 | &nbsp;&nbsp;&nbsp;&nbsp; 38817 |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586 | &nbsp;&nbsp;&nbsp;&nbsp; 29988 |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367 | &nbsp;&nbsp;&nbsp;&nbsp; 24019 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

70 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 297 | 34509 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 190 | 32067 |
|  |  | &nbsp;&nbsp;&nbsp; 159400 |
| **Interactive Media & Services — 1.1%** | **Interactive Media & Services — 1.1%** | **Interactive Media & Services — 1.1%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* | 13 | 28984 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | 48 | 7724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36708 |
| **IT Services — 2.0%** | **IT Services — 2.0%** | **IT Services — 2.0%** |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 698 | 63949 |
| **Machinery — 2.0%** | **Machinery — 2.0%** | **Machinery — 2.0%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | 43 | 12907 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp; 43256 |
| &nbsp;&nbsp;&nbsp; Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8645 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 64808 |
| **Media — 2.8%** | **Media — 2.8%** | **Media — 2.8%** |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2257 | &nbsp;&nbsp;&nbsp;&nbsp; 88549 |
| **Metals & Mining — 0.9%** | **Metals & Mining — 0.9%** | **Metals & Mining — 0.9%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999 | &nbsp;&nbsp;&nbsp;&nbsp; 29231 |
| **Multi-Utilities — 2.4%** | **Multi-Utilities — 2.4%** | **Multi-Utilities — 2.4%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp;&nbsp; 48921 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 968 | &nbsp;&nbsp;&nbsp;&nbsp; 28642 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 77563 |
| **Oil, Gas & Consumable Fuels — 10.5%** | **Oil, Gas & Consumable Fuels — 10.5%** | **Oil, Gas & Consumable Fuels — 10.5%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 706 | &nbsp;&nbsp;&nbsp; 102171 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563 | &nbsp;&nbsp;&nbsp;&nbsp; 68220 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 945 | &nbsp;&nbsp;&nbsp;&nbsp; 80904 |
| &nbsp;&nbsp;&nbsp; Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 809 | &nbsp;&nbsp;&nbsp;&nbsp; 85758 |
|  |  | &nbsp;&nbsp;&nbsp; 337053 |
| **Pharmaceuticals — 4.5%** | **Pharmaceuticals — 4.5%** | **Pharmaceuticals — 4.5%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1885 | &nbsp;&nbsp;&nbsp; 145184 |
| **Professional Services — 0.7%** | **Professional Services — 0.7%** | **Professional Services — 0.7%** |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 21109 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 128 | 8357 |
| **Technology Hardware, Storage & Peripherals — 1.8%** | **Technology Hardware, Storage & Peripherals — 1.8%** | **Technology Hardware, Storage & Peripherals — 1.8%** |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | 709 | 50615 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. \* | 162 | 7272 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 57887 |
| **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** |
| &nbsp;&nbsp;&nbsp; Kontoor Brands, Inc. | 219 | 7318 |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | 964 | 29406 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $2,919,172)<br>|  | 3066049 |
| **Short Term Investments — 4.1%** | **Short Term Investments — 4.1%** | **Short Term Investments — 4.1%** |
| **Investment Companies — 4.1%** | **Investment Companies — 4.1%** | **Investment Companies — 4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 1.54% (a) (b) <br>(Cost $130,466)<br>| 130449 | &nbsp;&nbsp;&nbsp; 130474 |
| **Total Investments — 100.0%** <br>**(Cost $3,049,638)**<br>|  | **3196523** |
| **Liabilities in Excess of Other Assets — (0.0)% ^** |  | **(505)** |
| **NET ASSETS — 100.0%** |  | **3196018** |

---

&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;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (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> 2022.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 71

------

JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 98.4%** | **Common Stocks — 98.4%** | **Common Stocks — 98.4%** |
| **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 7 | 3417 |
| **Auto Components — 0.5%** | **Auto Components — 0.5%** | **Auto Components — 0.5%** |
| &nbsp;&nbsp;&nbsp; Lear Corp. | 8 | 1012 |
| **Banks — 8.8%** | **Banks — 8.8%** | **Banks — 8.8%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 131 | 4084 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 52 | 2403 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 39 | 1391 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 15 | 2298 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 18 | 2868 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 102 | 3981 |
| &nbsp;&nbsp;&nbsp; Western Alliance Bancorp | 3 | 213 |
|  |  | &nbsp;&nbsp; 17238 |
| **Beverages — 2.2%** | **Beverages — 2.2%** | **Beverages — 2.2%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 4382 |
| **Biotechnology — 2.6%** | **Biotechnology — 2.6%** | **Biotechnology — 2.6%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 3086 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 2088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5174 |
| **Building Products — 1.5%** | **Building Products — 1.5%** | **Building Products — 1.5%** |
| &nbsp;&nbsp;&nbsp; Johnson Controls International plc | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 1384 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2955 |
| **Capital Markets — 5.1%** | **Capital Markets — 5.1%** | **Capital Markets — 5.1%** |
| &nbsp;&nbsp;&nbsp; BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 3493 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1206 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 3709 |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 1560 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9968 |
| **Chemicals — 2.6%** | **Chemicals — 2.6%** | **Chemicals — 2.6%** |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; 1818 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 1613 |
| &nbsp;&nbsp;&nbsp; Linde plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1610 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5041 |
| **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 979 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 703 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2512 |
| **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** |
| &nbsp;&nbsp;&nbsp; Berry Global Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* | 8 | 2218 |
| **Diversified Telecommunication Services — 2.3%** | **Diversified Telecommunication Services — 2.3%** | **Diversified Telecommunication Services — 2.3%** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 90 | 4543 |
| **Electric Utilities — 4.5%** | **Electric Utilities — 4.5%** | **Electric Utilities — 4.5%** |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 17 | 975 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 51 | 2324 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 72 | 5574 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8873 |
| **Electrical Equipment — 1.9%** | **Electrical Equipment — 1.9%** | **Electrical Equipment — 1.9%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | 29 | 3716 |
| **Equity Real Estate Investment Trusts (REITs) — 3.2%** | **Equity Real Estate Investment Trusts (REITs) — 3.2%** | **Equity Real Estate Investment Trusts (REITs) — 3.2%** |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 4580 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 968 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6323 |
| **Food & Staples Retailing — 0.7%** | **Food & Staples Retailing — 0.7%** | **Food & Staples Retailing — 0.7%** |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 1426 |
| **Food Products — 2.0%** | **Food Products — 2.0%** | **Food Products — 2.0%** |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 2739 |
| &nbsp;&nbsp;&nbsp; Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 1205 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3944 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |
| &nbsp;&nbsp;&nbsp; Becton Dickinson and Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 1253 |
| &nbsp;&nbsp;&nbsp; Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 3318 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4571 |
| **Health Care Providers & Services — 4.9%** | **Health Care Providers & Services — 4.9%** | **Health Care Providers & Services — 4.9%** |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 1982 |
| &nbsp;&nbsp;&nbsp; Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 3424 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 2483 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 1796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9685 |
| **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp; Travel + Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 757 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1574 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

72 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Household Durables — 0.7%** | **Household Durables — 0.7%** | **Household Durables — 0.7%** |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 9 | 345 |
| &nbsp;&nbsp;&nbsp; Whirlpool Corp. | 6 | 958 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1303 |
| **Household Products — 1.5%** | **Household Products — 1.5%** | **Household Products — 1.5%** |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 12 | 1761 |
| &nbsp;&nbsp;&nbsp; Spectrum Brands Holdings, Inc. | 14 | 1093 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2854 |
| **Insurance — 3.1%** | **Insurance — 3.1%** | **Insurance — 3.1%** |
| &nbsp;&nbsp;&nbsp; Loews Corp. | 48 | 2841 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 19 | 3241 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6082 |
| **Interactive Media & Services — 4.1%** | **Interactive Media & Services — 4.1%** | **Interactive Media & Services — 4.1%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 4106 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 4013 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8119 |
| **IT Services — 2.3%** | **IT Services — 2.3%** | **IT Services — 2.3%** |
| &nbsp;&nbsp;&nbsp; Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 1083 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 1183 |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 1096 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4503 |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 1245 |
| **Machinery — 3.1%** | **Machinery — 3.1%** | **Machinery — 3.1%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 2490 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 2573 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6103 |
| **Media — 1.9%** | **Media — 1.9%** | **Media — 1.9%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 1255 |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 2518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3773 |
| **Multiline Retail — 0.6%** | **Multiline Retail — 0.6%** | **Multiline Retail — 0.6%** |
| &nbsp;&nbsp;&nbsp; Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 1208 |
| **Multi-Utilities — 1.9%** | **Multi-Utilities — 1.9%** | **Multi-Utilities — 1.9%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 1156 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | 21 | 1424 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 10 | 1067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3647 |
| **Oil, Gas & Consumable Fuels — 8.0%** | **Oil, Gas & Consumable Fuels — 8.0%** | **Oil, Gas & Consumable Fuels — 8.0%** |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 13 | 1794 |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 16 | 2255 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 58 | 5168 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 72 | 1861 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 31 | 3400 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 7 | 617 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 8 | 650 |
|  |  | &nbsp;&nbsp; 15745 |
| **Pharmaceuticals — 7.0%** | **Pharmaceuticals — 7.0%** | **Pharmaceuticals — 7.0%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 5344 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 2725 |
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc \* | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 1472 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 2450 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 1723 |
|  |  | &nbsp;&nbsp; 13714 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722 |
| **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 1255 |
| **Road & Rail — 3.0%** | **Road & Rail — 3.0%** | **Road & Rail — 3.0%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 2045 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 3838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5883 |
| **Semiconductors & Semiconductor Equipment — 3.4%** | **Semiconductors & Semiconductor Equipment — 3.4%** | **Semiconductors & Semiconductor Equipment — 3.4%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 2303 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 994 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 2749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6721 |
| **Software — 1.0%** | **Software — 1.0%** | **Software — 1.0%** |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 2035 |
| **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 2686 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 1152 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 2522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6360 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 73

------

JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp. | 30 | 449 |
| **Tobacco — 1.0%** | **Tobacco — 1.0%** | **Tobacco — 1.0%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | 48 | 1991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $173,950)<br>|  | 193334 |
| **Short Term Investments — 1.5%** | **Short Term Investments — 1.5%** | **Short Term Investments — 1.5%** |
| **Investment Companies — 1.5%** | **Investment Companies — 1.5%** | **Investment Companies — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 1.54% (a) (b) <br>(Cost $2,967)<br>| 2966 | 2967 |
| **Total Investments — 99.9%** <br>**(Cost $176,917)**<br>|  | **196301** |
| **Other Assets Less Liabilities — 0.1%** |  | **197** |
| **NET ASSETS — 100.0%** |  | **196498** |

---

&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;

\* 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, 2022.

**Futures contracts outstanding as of June 30, 2022 (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 | 17 | 09/16/2022 | USD | 3227 | 104 |

---

&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;

74 J.P. Morgan Large Cap Funds June 30, 2022

------

JPMorgan U.S. Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 96.6%** | **Common Stocks — 96.6%** | **Common Stocks — 96.6%** |
| **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 806 | 385475 |
| **Automobiles — 1.2%** | **Automobiles — 1.2%** | **Automobiles — 1.2%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* | 330 | 221982 |
| **Banks — 4.8%** | **Banks — 4.8%** | **Banks — 4.8%** |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | 9588 | 454742 |
| &nbsp;&nbsp;&nbsp; US Bancorp | 2175  | 100084 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 8832 | 345953 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 900779 |
| **Beverages — 2.1%** | **Beverages — 2.1%** | **Beverages — 2.1%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 6193  | 389616 |
| **Biotechnology — 6.5%** | **Biotechnology — 6.5%** | **Biotechnology — 6.5%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4533 | &nbsp;&nbsp;&nbsp;&nbsp; 694265 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 673 | &nbsp;&nbsp;&nbsp;&nbsp; 397696 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413 | &nbsp;&nbsp;&nbsp;&nbsp; 116372 |
|  |  | &nbsp;&nbsp; 1208333 |
| **Building Products — 1.3%** | **Building Products — 1.3%** | **Building Products — 1.3%** |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp; 1884 | &nbsp;&nbsp;&nbsp;&nbsp; 244705 |
| **Capital Markets — 4.6%** | **Capital Markets — 4.6%** | **Capital Markets — 4.6%** |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp;&nbsp; 192637 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 4625 | &nbsp;&nbsp;&nbsp;&nbsp; 351798 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp; 303232 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 847667 |
| **Chemicals — 2.5%** | **Chemicals — 2.5%** | **Chemicals — 2.5%** |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2109 | &nbsp;&nbsp;&nbsp;&nbsp; 189371 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2401 | &nbsp;&nbsp;&nbsp;&nbsp; 274518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 463889 |
| **Construction Materials — 0.9%** | **Construction Materials — 0.9%** | **Construction Materials — 0.9%** |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1133 | &nbsp;&nbsp;&nbsp;&nbsp; 161056 |
| **Diversified Telecommunication Services — 2.3%** | **Diversified Telecommunication Services — 2.3%** | **Diversified Telecommunication Services — 2.3%** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 8420 | &nbsp;&nbsp;&nbsp;&nbsp; 427290 |
| **Electric Utilities — 4.8%** | **Electric Utilities — 4.8%** | **Electric Utilities — 4.8%** |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7684 | &nbsp;&nbsp;&nbsp;&nbsp; 595207 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4297 | &nbsp;&nbsp;&nbsp;&nbsp; 304078 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 899285 |
| **Electrical Equipment — 2.5%** | **Electrical Equipment — 2.5%** | **Electrical Equipment — 2.5%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp; 3724 | &nbsp;&nbsp;&nbsp;&nbsp; 469187 |
| **Energy Equipment & Services — 1.3%** | **Energy Equipment & Services — 1.3%** | **Energy Equipment & Services — 1.3%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp; 8641 | &nbsp;&nbsp;&nbsp;&nbsp; 249470 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Equity Real Estate Investment Trusts (REITs) — 3.0%** | **Equity Real Estate Investment Trusts (REITs) — 3.0%** | **Equity Real Estate Investment Trusts (REITs) — 3.0%** |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | 4791  | 563684 |
| **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | 9658  | 359943 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. \* | 795 | 159542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 519485 |
| **Health Care Providers & Services — 3.1%** | **Health Care Providers & Services — 3.1%** | **Health Care Providers & Services — 3.1%** |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | 5265  | 445424 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 264 | 135788 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 581212 |
| **Hotels, Restaurants & Leisure — 3.9%** | **Hotels, Restaurants & Leisure — 3.9%** | **Hotels, Restaurants & Leisure — 3.9%** |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 967 | 131568 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2389 | &nbsp;&nbsp;&nbsp;&nbsp; 589722 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 721290 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 1129 | &nbsp;&nbsp;&nbsp;&nbsp; 131295 |
| **Interactive Media & Services — 7.1%** | **Interactive Media & Services — 7.1%** | **Interactive Media & Services — 7.1%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514 | &nbsp;&nbsp; 1120710 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 837 | &nbsp;&nbsp;&nbsp;&nbsp; 134869 |
| &nbsp;&nbsp;&nbsp; Snap, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 4459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58544 |
|  |  | &nbsp;&nbsp; 1314123 |
| **Internet & Direct Marketing Retail — 3.7%** | **Internet & Direct Marketing Retail — 3.7%** | **Internet & Direct Marketing Retail — 3.7%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 6458 | &nbsp;&nbsp;&nbsp;&nbsp; 685852 |
| **IT Services — 2.4%** | **IT Services — 2.4%** | **IT Services — 2.4%** |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1432 | &nbsp;&nbsp;&nbsp;&nbsp; 451760 |
| **Machinery — 2.5%** | **Machinery — 2.5%** | **Machinery — 2.5%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1526 | &nbsp;&nbsp;&nbsp;&nbsp; 457066 |
| **Multiline Retail — 1.5%** | **Multiline Retail — 1.5%** | **Multiline Retail — 1.5%** |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1098 | &nbsp;&nbsp;&nbsp;&nbsp; 269501 |
| **Oil, Gas & Consumable Fuels — 1.7%** | **Oil, Gas & Consumable Fuels — 1.7%** | **Oil, Gas & Consumable Fuels — 1.7%** |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1424 | &nbsp;&nbsp;&nbsp;&nbsp; 317648 |
| **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 6887 | &nbsp;&nbsp;&nbsp;&nbsp; 530324 |
| **Professional Services — 0.9%** | **Professional Services — 0.9%** | **Professional Services — 0.9%** |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1740 | &nbsp;&nbsp;&nbsp;&nbsp; 175229 |
| **Road & Rail — 2.9%** | **Road & Rail — 2.9%** | **Road & Rail — 2.9%** |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1758 | &nbsp;&nbsp;&nbsp;&nbsp; 399481 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 6533 | &nbsp;&nbsp;&nbsp;&nbsp; 133671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 533152 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 75

------

JPMorgan U.S. Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Semiconductors & Semiconductor Equipment — 5.5%** | **Semiconductors & Semiconductor Equipment — 5.5%** | **Semiconductors & Semiconductor Equipment — 5.5%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | 3353 | 256402 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 1308  | 191068 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | 3322 | 491687 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | 998 | 89409 |
|  |  | &nbsp;&nbsp; 1028566 |
| **Software — 7.9%** | **Software — 7.9%** | **Software — 7.9%** |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 5754 | 1477751 |
| **Specialty Retail — 1.5%** | **Specialty Retail — 1.5%** | **Specialty Retail — 1.5%** |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 976 | 170528 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | 173 | 109344 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 279872 |
| **Technology Hardware, Storage & Peripherals — 4.7%** | **Technology Hardware, Storage & Peripherals — 4.7%** | **Technology Hardware, Storage & Peripherals — 4.7%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6377 | &nbsp;&nbsp;&nbsp;&nbsp; 871897 |
| **Textiles, Apparel & Luxury Goods — 1.0%** | **Textiles, Apparel & Luxury Goods — 1.0%** | **Textiles, Apparel & Luxury Goods — 1.0%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 1896 | &nbsp;&nbsp;&nbsp;&nbsp; 193795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $12,757,261)<br>|  | 17972236 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Short Term Investments — 3.2%** | **Short Term Investments — 3.2%** | **Short Term Investments — 3.2%** |
| **Investment Companies — 3.2%** | **Investment Companies — 3.2%** | **Investment Companies — 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 1.54% (a) (b) <br>(Cost $594,247)<br>| 594157 | 594276 |
| **Total Investments — 99.8%** <br>**(Cost $13,351,508)**<br>|  | **18566512** |
| **Other Assets Less Liabilities — 0.2%** |  | **40397** |
| **NET ASSETS — 100.0%** |  | **18606909** |

---

&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;

\* 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, 2022.

**Futures contracts outstanding as of June 30, 2022 (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 | 1325 | 09/16/2022 | USD | 251485 | 5370 |

---

&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;

76 J.P. Morgan Large Cap Funds June 30, 2022

------

JPMorgan U.S. GARP Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 95.9%** | **Common Stocks — 95.9%** | **Common Stocks — 95.9%** |
| **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 98 | 6003 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 18 | 3249 |
| **Automobiles — 3.1%** | **Automobiles — 3.1%** | **Automobiles — 3.1%** |
| &nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A \* (a) | 42 | 1082 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* | 43 | 28890 |
|  |  | &nbsp;&nbsp; 29972 |
| **Banks — 0.4%** | **Banks — 0.4%** | **Banks — 0.4%** |
| &nbsp;&nbsp;&nbsp; SVB Financial Group \* | 10 | 3831 |
| **Beverages — 2.4%** | **Beverages — 2.4%** | **Beverages — 2.4%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 156 | 9833 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 4802 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 8449 |
|  |  | &nbsp;&nbsp; 23084 |
| **Biotechnology — 3.8%** | **Biotechnology — 3.8%** | **Biotechnology — 3.8%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp; 23350 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 5675 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 7777 |
|  |  | &nbsp;&nbsp; 36802 |
| **Building Products — 0.9%** | **Building Products — 0.9%** | **Building Products — 0.9%** |
| &nbsp;&nbsp;&nbsp; Fortune Brands Home & Security, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 1934 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 6987 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8921 |
| **Capital Markets — 0.9%** | **Capital Markets — 0.9%** | **Capital Markets — 0.9%** |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 3880 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 5022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8902 |
| **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
| &nbsp;&nbsp;&nbsp; Linde plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 5952 |
| **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** |
| &nbsp;&nbsp;&nbsp; Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 7190 |
| **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 2544 |
| **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 2688 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 6203 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Entertainment — 1.2%** | **Entertainment — 1.2%** | **Entertainment — 1.2%** |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 49 | 6021 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. \* | 34 | 5924 |
|  |  | &nbsp;&nbsp; 11945 |
| **Equity Real Estate Investment Trusts (REITs) — 1.8%** | **Equity Real Estate Investment Trusts (REITs) — 1.8%** | **Equity Real Estate Investment Trusts (REITs) — 1.8%** |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | 6 | 3745 |
| &nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. | 79 | 3637 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 175 | 2741 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | 41 | 4765 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 15 | 2438 |
|  |  | &nbsp;&nbsp; 17326 |
| **Food & Staples Retailing — 1.2%** | **Food & Staples Retailing — 1.2%** | **Food & Staples Retailing — 1.2%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp; 11503 |
| &nbsp;&nbsp;&nbsp; Performance Food Group Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344 |
|  |  | &nbsp;&nbsp; 11847 |
| **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| &nbsp;&nbsp;&nbsp; Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 3335 |
| **Health Care Equipment & Supplies — 1.2%** | **Health Care Equipment & Supplies — 1.2%** | **Health Care Equipment & Supplies — 1.2%** |
| &nbsp;&nbsp;&nbsp; Align Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 2864 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp; 8594 |
|  |  | &nbsp;&nbsp; 11458 |
| **Health Care Providers & Services — 4.2%** | **Health Care Providers & Services — 4.2%** | **Health Care Providers & Services — 4.2%** |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 8493 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 6717 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp; 26144 |
|  |  | &nbsp;&nbsp; 41354 |
| **Hotels, Restaurants & Leisure — 2.9%** | **Hotels, Restaurants & Leisure — 2.9%** | **Hotels, Restaurants & Leisure — 2.9%** |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 2635 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 6602 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 3351 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 4647 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 3795 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 7579 |
|  |  | &nbsp;&nbsp; 28609 |
| **Household Durables — 0.6%** | **Household Durables — 0.6%** | **Household Durables — 0.6%** |
| &nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 5602 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| &nbsp;&nbsp;&nbsp; Aon plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 2481 |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 3812 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6293 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 77

------

JPMorgan U.S. GARP Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Interactive Media & Services — 6.3%** | **Interactive Media & Services — 6.3%** | **Interactive Media & Services — 6.3%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* | 12 | 26369 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | 12 | 25812 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | 58 | 9433 |
|  |  | &nbsp;&nbsp; 61614 |
| **Internet & Direct Marketing Retail — 5.2%** | **Internet & Direct Marketing Retail — 5.2%** | **Internet & Direct Marketing Retail — 5.2%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | 476 | 50556 |
| **IT Services — 5.5%** | **IT Services — 5.5%** | **IT Services — 5.5%** |
| &nbsp;&nbsp;&nbsp; Accenture plc, Class A | 36 | 10023 |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 17 | 3571 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 2 | 168 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 98 | 30949 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 8762 |
|  |  | &nbsp;&nbsp; 53473 |
| **Life Sciences Tools & Services — 2.6%** | **Life Sciences Tools & Services — 2.6%** | **Life Sciences Tools & Services — 2.6%** |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 4442 |
| &nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 4058 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 13419 |
| &nbsp;&nbsp;&nbsp; Waters Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 3045 |
|  |  | &nbsp;&nbsp; 24964 |
| **Machinery — 1.3%** | **Machinery — 1.3%** | **Machinery — 1.3%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 2995 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 2761 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 3611 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 3715 |
|  |  | &nbsp;&nbsp; 13082 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 5786 |
| **Metals & Mining — 0.6%** | **Metals & Mining — 0.6%** | **Metals & Mining — 0.6%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp; 2756 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 2851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5607 |
| **Oil, Gas & Consumable Fuels — 1.6%** | **Oil, Gas & Consumable Fuels — 1.6%** | **Oil, Gas & Consumable Fuels — 1.6%** |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp; 11068 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 4407 |
|  |  | &nbsp;&nbsp; 15475 |
| **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 3041 |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; 9884 |
|  |  | &nbsp;&nbsp; 12925 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| &nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc. \* | 19 | 3252 |
| **Road & Rail — 2.0%** | **Road & Rail — 2.0%** | **Road & Rail — 2.0%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | 149 | 4318 |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 41 | 1912 |
| &nbsp;&nbsp;&nbsp; Lyft, Inc., Class A \* | 132 | 1755 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 15 | 3296 |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 22 | 5741 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. \* | 122 | 2492 |
|  |  | &nbsp;&nbsp; 19514 |
| **Semiconductors & Semiconductor Equipment — 6.2%** | **Semiconductors & Semiconductor Equipment — 6.2%** | **Semiconductors & Semiconductor Equipment — 6.2%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | 139 | 10606 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 10526 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 12188 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 7475 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp; 10475 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 9296 |
|  |  | &nbsp;&nbsp; 60566 |
| **Software — 17.0%** | **Software — 17.0%** | **Software — 17.0%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 5638 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 9677 |
| &nbsp;&nbsp;&nbsp; Ceridian HCM Holding, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 2298 |
| &nbsp;&nbsp;&nbsp; Coupa Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 2684 |
| &nbsp;&nbsp;&nbsp; Dropbox, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 306 | &nbsp;&nbsp;&nbsp;&nbsp; 6429 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 2546 |
| &nbsp;&nbsp;&nbsp; HubSpot, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 962 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp; 14512 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 396 | 101807 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp; 11706 |
| &nbsp;&nbsp;&nbsp; VMware, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 2132 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 5206 |
|  |  | 165597 |
| **Specialty Retail — 3.7%** | **Specialty Retail — 3.7%** | **Specialty Retail — 3.7%** |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 2439 |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 3611 |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 4891 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp; 14410 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp; 11119 |
|  |  | &nbsp;&nbsp; 36470 |
| **Technology Hardware, Storage & Peripherals — 10.7%** | **Technology Hardware, Storage & Peripherals — 10.7%** | **Technology Hardware, Storage & Peripherals — 10.7%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 691 | &nbsp;&nbsp; 94447 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

78 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <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** |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 250 | 3319 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | 92 | 6580 |
|  |  | 104346 |
| **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 76 | 7788 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 65 | 6418 |
| **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** |
| &nbsp;&nbsp;&nbsp; United Rentals, Inc. \* | 22 | 5271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $687,640)<br>|  | 935814 |
| **Short Term Investments — 4.0%** | **Short Term Investments — 4.0%** | **Short Term Investments — 4.0%** |
| **Investment Companies — 3.9%** | **Investment Companies — 3.9%** | **Investment Companies — 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 1.54% (b) (c) <br>(Cost $38,481)<br>| 38475 | &nbsp;&nbsp; 38483 |
| **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (b) (c) <br>(Cost $638)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short Term Investments <br>(Cost $39,119)<br>|  | &nbsp;&nbsp; 39121 |
| **Total Investments — 99.9%** <br>**(Cost $726,759)**<br>|  | **974935** |
| **Other Assets Less Liabilities — 0.1%** |  | **1214** |
| **NET ASSETS — 100.0%** |  | **976149** |

---

&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;

\* Non-income producing security.

&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, 2022. The total value of securities on loan at June 30, 2022 is $587.

&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, 2022.

**Futures contracts outstanding as of June 30, 2022 (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 | 200 | 09/16/2022 | USD | 37960 | (1059) |

---

&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, 2022 J.P. Morgan Large Cap Funds 79

------

JPMorgan U.S. Large Cap Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Long Positions — 122.5%** | **Long Positions — 122.5%** | **Long Positions — 122.5%** |
| **Common Stocks — 122.1%** | **Common Stocks — 122.1%** | **Common Stocks — 122.1%** |
| **Aerospace & Defense — 3.3%** | **Aerospace & Defense — 3.3%** | **Aerospace & Defense — 3.3%** |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 380 | 11960 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. (a) | 33 | 15782 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 272 | 26086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 53828 |
| **Air Freight & Logistics — 0.8%** | **Air Freight & Logistics — 0.8%** | **Air Freight & Logistics — 0.8%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 72 | 13122 |
| **Auto Components — 0.1%** | **Auto Components — 0.1%** | **Auto Components — 0.1%** |
| &nbsp;&nbsp;&nbsp; Aptiv plc \* | 19 | 1721 |
| **Banks — 5.9%** | **Banks — 5.9%** | **Banks — 5.9%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. (a) | 973 | 30299 |
| &nbsp;&nbsp;&nbsp; SVB Financial Group \* | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 12062 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | &nbsp;&nbsp;&nbsp; 372 | &nbsp;&nbsp;&nbsp;&nbsp; 17651 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. (a) | &nbsp;&nbsp;&nbsp; 951 | &nbsp;&nbsp;&nbsp;&nbsp; 37252 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 97264 |
| **Beverages — 3.7%** | **Beverages — 3.7%** | **Beverages — 3.7%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) (a) | &nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp; 23891 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5553 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp. \* | &nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp; 15020 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp; 15493 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 59957 |
| **Biotechnology — 5.8%** | **Biotechnology — 5.8%** | **Biotechnology — 5.8%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. (a) | &nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp;&nbsp; 42017 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5767 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7991 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 21528 |
| &nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1794 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 15197 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 94294 |
| **Building Products — 0.9%** | **Building Products — 0.9%** | **Building Products — 0.9%** |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 14418 |
| **Capital Markets — 1.3%** | **Capital Markets — 1.3%** | **Capital Markets — 1.3%** |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1719 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6899 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley (a) | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4220 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21012 |
| **Chemicals — 2.4%** | **Chemicals — 2.4%** | **Chemicals — 2.4%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7575 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3821 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 57 | 5079 |
| &nbsp;&nbsp;&nbsp; Linde plc (United Kingdom) | 68 | 19655 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 25 | 2820 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 38950 |
| **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | 21 | 2812 |
| &nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 23 | 2832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5644 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 32 | 919 |
| **Construction Materials — 0.6%** | **Construction Materials — 0.6%** | **Construction Materials — 0.6%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8942 |
| **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3233 |
| **Electric Utilities — 2.1%** | **Electric Utilities — 2.1%** | **Electric Utilities — 2.1%** |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | &nbsp;&nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp;&nbsp; 17970 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp; 13023 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 34079 |
| **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | &nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp; 16627 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1668 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8157 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9825 |
| **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. (a) | &nbsp;&nbsp;&nbsp; 364 | &nbsp;&nbsp;&nbsp;&nbsp; 10504 |
| **Entertainment — 0.9%** | **Entertainment — 0.9%** | **Entertainment — 0.9%** |
| &nbsp;&nbsp;&nbsp; Endeavor Group Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp; 624 | &nbsp;&nbsp;&nbsp;&nbsp; 12842 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1695 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14537 |
| **Equity Real Estate Investment Trusts (REITs) — 3.0%** | **Equity Real Estate Investment Trusts (REITs) — 3.0%** | **Equity Real Estate Investment Trusts (REITs) — 3.0%** |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4240 |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5186 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2816 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; 14283 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 10563 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3309 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

80 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | 123 | 6329 |
| &nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 98 | 2852 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 49578 |
| **Food & Staples Retailing — 1.1%** | **Food & Staples Retailing — 1.1%** | **Food & Staples Retailing — 1.1%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 37 | 17834 |
| **Food Products — 1.3%** | **Food Products — 1.3%** | **Food Products — 1.3%** |
| &nbsp;&nbsp;&nbsp; Hershey Co. (The) | 43 | 9256 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A (a) | 199 | 12324 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21580 |
| **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9966 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* (a) | &nbsp;&nbsp;&nbsp; 626 | &nbsp;&nbsp;&nbsp;&nbsp; 23328 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4485 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 43945 |
| **Health Care Providers & Services — 5.7%** | **Health Care Providers & Services — 5.7%** | **Health Care Providers & Services — 5.7%** |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | &nbsp;&nbsp;&nbsp; 271 | &nbsp;&nbsp;&nbsp;&nbsp; 22947 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. (a) | &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9398 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3106 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. (a) | &nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; 57974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 93425 |
| **Hotels, Restaurants & Leisure — 3.8%** | **Hotels, Restaurants & Leisure — 3.8%** | **Hotels, Restaurants & Leisure — 3.8%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 12714 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9527 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4887 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3990 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp; 27611 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 61507 |
| **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| &nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6958 |
| **Household Products — 0.8%** | **Household Products — 0.8%** | **Household Products — 0.8%** |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 13824 |
| **Industrial Conglomerates — 1.1%** | **Industrial Conglomerates — 1.1%** | **Industrial Conglomerates — 1.1%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp; 17585 |
| **Insurance — 2.6%** | **Insurance — 2.6%** | **Insurance — 2.6%** |
| &nbsp;&nbsp;&nbsp; Aon plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3991 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7941 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2933 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 216 | 25143 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 25 | 2427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 42435 |
| **Interactive Media & Services — 6.3%** | **Interactive Media & Services — 6.3%** | **Interactive Media & Services — 6.3%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | 7 | 14627 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* | 28 | 61392 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* (a) | 156 | 25264 |
| &nbsp;&nbsp;&nbsp; Snap, Inc., Class A \* | 132 | 1729 |
|  |  | &nbsp;&nbsp;&nbsp; 103012 |
| **Internet & Direct Marketing Retail — 4.7%** | **Internet & Direct Marketing Retail — 4.7%** | **Internet & Direct Marketing Retail — 4.7%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | &nbsp;&nbsp;&nbsp; 731 | &nbsp;&nbsp;&nbsp;&nbsp; 77657 |
| **IT Services — 5.6%** | **IT Services — 5.6%** | **IT Services — 5.6%** |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8141 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A (a) | &nbsp;&nbsp;&nbsp; 223 | &nbsp;&nbsp;&nbsp;&nbsp; 70483 |
| &nbsp;&nbsp;&nbsp; WEX, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 12858 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 91482 |
| **Life Sciences Tools & Services — 2.6%** | **Life Sciences Tools & Services — 2.6%** | **Life Sciences Tools & Services — 2.6%** |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9486 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 32354 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 41840 |
| **Machinery — 3.2%** | **Machinery — 3.2%** | **Machinery — 3.2%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 28762 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp;&nbsp; 14379 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6349 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2384 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 51874 |
| **Media — 1.6%** | **Media — 1.6%** | **Media — 1.6%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 10563 |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A (a) | &nbsp;&nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp;&nbsp; 14013 |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty SiriusXM, Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26800 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp; 232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6803 |
| **Multi-Utilities — 2.1%** | **Multi-Utilities — 2.1%** | **Multi-Utilities — 2.1%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | &nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp; 20806 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5904 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4252 |
| &nbsp;&nbsp;&nbsp; Sempra Energy | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 34077 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 81

------

JPMorgan U.S. Large Cap Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Oil, Gas & Consumable Fuels — 5.4%** | **Oil, Gas & Consumable Fuels — 5.4%** | **Oil, Gas & Consumable Fuels — 5.4%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 148 | 21405 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips (a) | 338 | 30380 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 84 | 2166 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 147 | 17816 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 35 | 3893 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 17 | 1444 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 40 | 3273 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. (a) | 38 | 8495 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 88872 |
| **Personal Products — 0.5%** | **Personal Products — 0.5%** | **Personal Products — 0.5%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), Class A | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8103 |
| **Pharmaceuticals — 3.6%** | **Pharmaceuticals — 3.6%** | **Pharmaceuticals — 3.6%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. (a) | &nbsp;&nbsp;&nbsp; 366 | &nbsp;&nbsp;&nbsp;&nbsp; 28204 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 24223 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5808 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 58235 |
| **Professional Services — 1.2%** | **Professional Services — 1.2%** | **Professional Services — 1.2%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9138 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 10736 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19874 |
| **Road & Rail — 3.8%** | **Road & Rail — 3.8%** | **Road & Rail — 3.8%** |
| &nbsp;&nbsp;&nbsp; Canadian National Railway Co. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3933 |
| &nbsp;&nbsp;&nbsp; CSX Corp. | &nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4805 |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2380 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. (a) | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp; 25388 |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9263 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. \* | &nbsp;&nbsp;&nbsp; 469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9596 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 62852 |
| **Semiconductors & Semiconductor Equipment — 8.5%** | **Semiconductors & Semiconductor Equipment — 8.5%** | **Semiconductors & Semiconductor Equipment — 8.5%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 19142 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. (a) | &nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp; 21448 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 15163 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1489 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2326 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp; 14103 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | &nbsp;&nbsp;&nbsp; 324 | &nbsp;&nbsp;&nbsp;&nbsp; 47921 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1718 |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1471 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR <br> (Taiwan)<br>| 9 | 748 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | 146 | 13088 |
|  |  | &nbsp;&nbsp;&nbsp; 138617 |
| **Software — 8.7%** | **Software — 8.7%** | **Software — 8.7%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc. \* | 9 | 3351 |
| &nbsp;&nbsp;&nbsp; DocuSign, Inc. \* | 42 | 2389 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 33 | 12512 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. (a) | 435 | 111800 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A \* | 92 | 12876 |
|  |  | &nbsp;&nbsp;&nbsp; 142928 |
| **Specialty Retail — 3.6%** | **Specialty Retail — 3.6%** | **Specialty Retail — 3.6%** |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 24113 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 24656 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp; 10317 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 59086 |
| **Technology Hardware, Storage & Peripherals — 5.9%** | **Technology Hardware, Storage & Peripherals — 5.9%** | **Technology Hardware, Storage & Peripherals — 5.9%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. (a) | &nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp; 73060 |
| &nbsp;&nbsp;&nbsp; Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2647 |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1076 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp;&nbsp; 17573 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1882 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 96238 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7267 |
| **Wireless Telecommunication Services — 0.9%** | **Wireless Telecommunication Services — 0.9%** | **Wireless Telecommunication Services — 0.9%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. \* | &nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 14940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $1,226,944)<br>|  | 1998104 |
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 1.54% (b) (c)(Cost $6,679)<br>| 6678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Long Positions <br>(Cost $1,233,623)<br>|  | 2004783 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

82 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Short Positions — (22.6)%** | **Short Positions — (22.6)%** | **Short Positions — (22.6)%** |
| **Common Stocks — (22.6)%** | **Common Stocks — (22.6)%** | **Common Stocks — (22.6)%** |
| **Aerospace & Defense — (0.5)%** | **Aerospace & Defense — (0.5)%** | **Aerospace & Defense — (0.5)%** |
| &nbsp;&nbsp;&nbsp; Hexcel Corp. | (31) | (1587) |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | (27) | (5924) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7511) |
| **Air Freight & Logistics — (0.4)%** | **Air Freight & Logistics — (0.4)%** | **Air Freight & Logistics — (0.4)%** |
| &nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. | (67) | (6751)  |
| **Auto Components — (0.4)%** | **Auto Components — (0.4)%** | **Auto Components — (0.4)%** |
| &nbsp;&nbsp;&nbsp; Autoliv, Inc. (Sweden) | (39) | (2785) |
| &nbsp;&nbsp;&nbsp; BorgWarner, Inc. | (118) | (3924) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6709) |
| **Banks — (0.4)%** | **Banks — (0.4)%** | **Banks — (0.4)%** |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1188) |
| &nbsp;&nbsp;&nbsp; KeyCorp | &nbsp;&nbsp;&nbsp; (175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3012) |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1559) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5759) |
| **Biotechnology — (0.4)%** | **Biotechnology — (0.4)%** | **Biotechnology — (0.4)%** |
| &nbsp;&nbsp;&nbsp; Moderna, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; (49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7046) |
| **Building Products — (0.3)%** | **Building Products — (0.3)%** | **Building Products — (0.3)%** |
| &nbsp;&nbsp;&nbsp; Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp; (17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1699) |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1630) |
| &nbsp;&nbsp;&nbsp; Johnson Controls International plc | &nbsp;&nbsp;&nbsp;&nbsp; (45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2136) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5465) |
| **Capital Markets — (0.7)%** | **Capital Markets — (0.7)%** | **Capital Markets — (0.7)%** |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; (41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1709) |
| &nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp; (121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2822) |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1615) |
| &nbsp;&nbsp;&nbsp; Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3722) |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1655) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (11523) |
| **Chemicals — (0.1)%** | **Chemicals — (0.1)%** | **Chemicals — (0.1)%** |
| &nbsp;&nbsp;&nbsp; Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1577) |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (808) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2385) |
| **Communications Equipment — (0.3)%** | **Communications Equipment — (0.3)%** | **Communications Equipment — (0.3)%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp; (117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4992) |
| **Consumer Finance — (0.5)%** | **Consumer Finance — (0.5)%** | **Consumer Finance — (0.5)%** |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7548) |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Containers & Packaging — (0.4)%** | **Containers & Packaging — (0.4)%** | **Containers & Packaging — (0.4)%** |
| &nbsp;&nbsp;&nbsp; AptarGroup, Inc. | (22) | (2328) |
| &nbsp;&nbsp;&nbsp; International Paper Co. | (86) | (3581)  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5909) |
| **Diversified Telecommunication Services — (0.5)%** | **Diversified Telecommunication Services — (0.5)%** | **Diversified Telecommunication Services — (0.5)%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | (140) | (2936) |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc. | (410) | (4476)  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7412) |
| **Electric Utilities — (1.0)%** | **Electric Utilities — (1.0)%** | **Electric Utilities — (1.0)%** |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | (43) | (4151) |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | (9) | (971) |
| &nbsp;&nbsp;&nbsp; Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp; (35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2992) |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (822) |
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3250) |
| &nbsp;&nbsp;&nbsp; PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1756) |
| &nbsp;&nbsp;&nbsp; Southern Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; (36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2577) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (16519) |
| **Electrical Equipment — (0.6)%** | **Electrical Equipment — (0.6)%** | **Electrical Equipment — (0.6)%** |
| &nbsp;&nbsp;&nbsp; Acuity Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1505) |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp; (31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2494) |
| &nbsp;&nbsp;&nbsp; Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4810) |
| &nbsp;&nbsp;&nbsp; Sensata Technologies Holding plc | &nbsp;&nbsp;&nbsp;&nbsp; (18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (752) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9561) |
| **Energy Equipment & Services — (0.5)%** | **Energy Equipment & Services — (0.5)%** | **Energy Equipment & Services — (0.5)%** |
| &nbsp;&nbsp;&nbsp; Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp; (68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2134) |
| &nbsp;&nbsp;&nbsp; Schlumberger NV | &nbsp;&nbsp;&nbsp; (165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5883) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8017) |
| **Entertainment — (0.2)%** | **Entertainment — (0.2)%** | **Entertainment — (0.2)%** |
| &nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp; (127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1719) |
| &nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; (56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1833) |
| &nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc. \* | &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; (3552) |
| **Equity Real Estate Investment Trusts (REITs) — (1.2)%** | **Equity Real Estate Investment Trusts (REITs) — (1.2)%** | **Equity Real Estate Investment Trusts (REITs) — (1.2)%** |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3216) |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2138) |
| &nbsp;&nbsp;&nbsp; National Retail Properties, Inc. | &nbsp;&nbsp;&nbsp; (119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5150) |
| &nbsp;&nbsp;&nbsp; Orion Office REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1624) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 83

------

JPMorgan U.S. Large Cap Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** |
| &nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | (48) | (4562) |
| &nbsp;&nbsp;&nbsp; SL Green Realty Corp. | (53) | (2455) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (19145) |
| **Food & Staples Retailing — (1.1)%** | **Food & Staples Retailing — (1.1)%** | **Food & Staples Retailing — (1.1)%** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc., Class A | (218) | (5825) |
| &nbsp;&nbsp;&nbsp; Kroger Co. (The) | (126) | (5977) |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. | (147) | (5564)  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (17366) |
| **Food Products — (0.7)%** | **Food Products — (0.7)%** | **Food Products — (0.7)%** |
| &nbsp;&nbsp;&nbsp; Campbell Soup Co. | (106) | (5094) |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1923) |
| &nbsp;&nbsp;&nbsp; General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1128) |
| &nbsp;&nbsp;&nbsp; Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp; (38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2699) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (10844) |
| **Gas Utilities — (0.1)%** | **Gas Utilities — (0.1)%** | **Gas Utilities — (0.1)%** |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp; (37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2476) |
| **Health Care Equipment & Supplies — (0.3)%** | **Health Care Equipment & Supplies — (0.3)%** | **Health Care Equipment & Supplies — (0.3)%** |
| &nbsp;&nbsp;&nbsp; Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4875) |
| **Health Care Providers & Services — (0.2)%** | **Health Care Providers & Services — (0.2)%** | **Health Care Providers & Services — (0.2)%** |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2389) |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp; (13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1352) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3741) |
| **Household Durables — (0.2)%** | **Household Durables — (0.2)%** | **Household Durables — (0.2)%** |
| &nbsp;&nbsp;&nbsp; KB Home | &nbsp;&nbsp;&nbsp;&nbsp; (30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (842) |
| &nbsp;&nbsp;&nbsp; NVR, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (841) |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (807) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2490) |
| **Household Products — (0.8)%** | **Household Products — (0.8)%** | **Household Products — (0.8)%** |
| &nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1606) |
| &nbsp;&nbsp;&nbsp; Clorox Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; (60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8463) |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2522) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (12591) |
| **Industrial Conglomerates — (1.2)%** | **Industrial Conglomerates — (1.2)%** | **Industrial Conglomerates — (1.2)%** |
| &nbsp;&nbsp;&nbsp; 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp; (92) | &nbsp;&nbsp;&nbsp;&nbsp; (11873) |
| &nbsp;&nbsp;&nbsp; General Electric Co. | &nbsp;&nbsp;&nbsp; (116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7394) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (19267) |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Insurance — (0.5)%** | **Insurance — (0.5)%** | **Insurance — (0.5)%** |
| &nbsp;&nbsp;&nbsp; Allstate Corp. (The) | (27) | (3393) |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | (22) | (4437)  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7830) |
| **Internet & Direct Marketing Retail — (0.2)%** | **Internet & Direct Marketing Retail — (0.2)%** | **Internet & Direct Marketing Retail — (0.2)%** |
| &nbsp;&nbsp;&nbsp; eBay, Inc. | (83) | (3447) |
| **IT Services — (0.9)%** | **IT Services — (0.9)%** | **IT Services — (0.9)%** |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | (29) | (1940) |
| &nbsp;&nbsp;&nbsp; DXC Technology Co. \* | (30) | (898) |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | (13) | (1467) |
| &nbsp;&nbsp;&nbsp; Paychex, Inc. | (35) | (3939) |
| &nbsp;&nbsp;&nbsp; Snowflake, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (484) |
| &nbsp;&nbsp;&nbsp; Western Union Co. (The) | &nbsp;&nbsp;&nbsp; (392) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6457) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (15185) |
| **Life Sciences Tools & Services — (0.3)%** | **Life Sciences Tools & Services — (0.3)%** | **Life Sciences Tools & Services — (0.3)%** |
| &nbsp;&nbsp;&nbsp; Waters Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; (16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5411) |
| **Machinery — (1.1)%** | **Machinery — (1.1)%** | **Machinery — (1.1)%** |
| &nbsp;&nbsp;&nbsp; Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1428) |
| &nbsp;&nbsp;&nbsp; Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3503) |
| &nbsp;&nbsp;&nbsp; IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3240) |
| &nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4066) |
| &nbsp;&nbsp;&nbsp; PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3690) |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2441) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (18368) |
| **Media — (1.4)%** | **Media — (1.4)%** | **Media — (1.4)%** |
| &nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. (The) | &nbsp;&nbsp;&nbsp; (129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3570) |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp; (191) | &nbsp;&nbsp;&nbsp;&nbsp; (12131) |
| &nbsp;&nbsp;&nbsp; Paramount Global, Class B | &nbsp;&nbsp;&nbsp; (325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8020) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (23721) |
| **Multiline Retail — (0.0)% ^** | **Multiline Retail — (0.0)% ^** | **Multiline Retail — (0.0)% ^** |
| &nbsp;&nbsp;&nbsp; Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (779) |
| **Multi-Utilities — (0.3)%** | **Multi-Utilities — (0.3)%** | **Multi-Utilities — (0.3)%** |
| &nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3397) |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1701) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5098) |
| **Oil, Gas & Consumable Fuels — (1.1)%** | **Oil, Gas & Consumable Fuels — (1.1)%** | **Oil, Gas & Consumable Fuels — (1.1)%** |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (671) |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) | &nbsp;&nbsp;&nbsp; (301) | &nbsp;&nbsp;&nbsp;&nbsp; (12739) |
| &nbsp;&nbsp;&nbsp; Marathon Oil Corp. | &nbsp;&nbsp;&nbsp; (134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3006) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

84 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; TC Energy Corp. (Canada) | (31) | (1595) |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | (7) | (689) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (18700) |
| **Pharmaceuticals — (0.1)%** | **Pharmaceuticals — (0.1)%** | **Pharmaceuticals — (0.1)%** |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. | (10) | (1741) |
| **Professional Services — (0.4)%** | **Professional Services — (0.4)%** | **Professional Services — (0.4)%** |
| &nbsp;&nbsp;&nbsp; Equifax, Inc. | (8) | (1421) |
| &nbsp;&nbsp;&nbsp; TransUnion | (36) | (2937) |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | (14) | (2382) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6740) |
| **Road & Rail — (0.4)%** | **Road & Rail — (0.4)%** | **Road & Rail — (0.4)%** |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Ltd. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp; (44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3084) |
| &nbsp;&nbsp;&nbsp; Werner Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3223) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6307) |
| **Semiconductors & Semiconductor Equipment — (1.3)%** | **Semiconductors & Semiconductor Equipment — (1.3)%** | **Semiconductors & Semiconductor Equipment — (1.3)%** |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2298) |
| &nbsp;&nbsp;&nbsp; Intel Corp. | &nbsp;&nbsp;&nbsp; (419) | &nbsp;&nbsp;&nbsp;&nbsp; (15682) |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1616) |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (757) |
| &nbsp;&nbsp;&nbsp; Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1223) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (21576) |
| **Software — (0.4)%** | **Software — (0.4)%** | **Software — (0.4)%** |
| &nbsp;&nbsp;&nbsp; Ceridian HCM Holding, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; (67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3141) |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (839) |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; (46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (415) |
| &nbsp;&nbsp;&nbsp; Paycom Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2621) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7016) |
| **Specialty Retail — (0.1)%** | **Specialty Retail — (0.1)%** | **Specialty Retail — (0.1)%** |
| &nbsp;&nbsp;&nbsp; CarMax, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; (26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2354) |
| **Technology Hardware, Storage & Peripherals — (0.7)%** | **Technology Hardware, Storage & Peripherals — (0.7)%** | **Technology Hardware, Storage & Peripherals — (0.7)%** |
| &nbsp;&nbsp;&nbsp; HP, Inc. | &nbsp;&nbsp;&nbsp; (161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5298) |
| &nbsp;&nbsp;&nbsp; NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4566) |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1007) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (10871) |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Textiles, Apparel & Luxury Goods — (0.1)%** | **Textiles, Apparel & Luxury Goods — (0.1)%** | **Textiles, Apparel & Luxury Goods — (0.1)%** |
| &nbsp;&nbsp;&nbsp; VF Corp. | (24) | (1057)  |
| **Trading Companies & Distributors — (0.3)%** | **Trading Companies & Distributors — (0.3)%** | **Trading Companies & Distributors — (0.3)%** |
| &nbsp;&nbsp;&nbsp; Fastenal Co. | (89) | (4440)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Proceeds $(438133))<br>|  | &nbsp;&nbsp;&nbsp; (370095) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short Positions <br>(Proceeds $(438133))<br>|  | &nbsp;&nbsp;&nbsp; (370095) |
| **Total Investments — 99.9%** <br>**(Cost $795,490)**<br>|  | **1634688** |
| **Other Assets Less Liabilities — 0.1%** |  | **2382** |
| **Net Assets — 100.0%** |  | **1637070** |

---

&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 |

---

&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 $504,771.<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> 2022.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 85

------

JPMorgan U.S. Research Enhanced Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.7%** | **Common Stocks — 97.7%** | **Common Stocks — 97.7%** |
| **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 43 | 20438 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 492 | 47325 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 273 | 16690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 84453 |
| **Air Freight & Logistics — 1.4%** | **Air Freight & Logistics — 1.4%** | **Air Freight & Logistics — 1.4%** |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 100 | 22726 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 376 | 68593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 91319 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. \* | 274 | 9890 |
| **Auto Components — 0.2%** | **Auto Components — 0.2%** | **Auto Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; Aptiv plc \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5028 |
| &nbsp;&nbsp;&nbsp; Magna International, Inc. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp; 10061 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15089 |
| **Automobiles — 1.8%** | **Automobiles — 1.8%** | **Automobiles — 1.8%** |
| &nbsp;&nbsp;&nbsp; General Motors Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp;&nbsp; 10437 |
| &nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1577 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp; 110005 |
|  |  | &nbsp;&nbsp;&nbsp; 122019 |
| **Banks — 3.7%** | **Banks — 3.7%** | **Banks — 3.7%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2373 | &nbsp;&nbsp;&nbsp;&nbsp; 73886 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9112 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp; 17805 |
| &nbsp;&nbsp;&nbsp; SVB Financial Group \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8094 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 486 | &nbsp;&nbsp;&nbsp;&nbsp; 23042 |
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 973 | &nbsp;&nbsp;&nbsp;&nbsp; 44781 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1838 | &nbsp;&nbsp;&nbsp;&nbsp; 72008 |
|  |  | &nbsp;&nbsp;&nbsp; 248728 |
| **Beverages — 2.1%** | **Beverages — 2.1%** | **Beverages — 2.1%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 1373 | &nbsp;&nbsp;&nbsp;&nbsp; 86344 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 26900 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 28299 |
|  |  | &nbsp;&nbsp;&nbsp; 141543 |
| **Biotechnology — 2.9%** | **Biotechnology — 2.9%** | **Biotechnology — 2.9%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 632 | &nbsp;&nbsp;&nbsp;&nbsp; 96800 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 13197 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4011 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4816 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | 62 | 36544 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | 140 | 39413 |
|  |  | &nbsp;&nbsp;&nbsp; 194781 |
| **Building Products — 0.8%** | **Building Products — 0.8%** | **Building Products — 0.8%** |
| &nbsp;&nbsp;&nbsp; Lennox International, Inc. | 7 | 1426 |
| &nbsp;&nbsp;&nbsp; Masco Corp. | 291 | 14757 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | 287 | 37262 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 53445 |
| **Capital Markets — 2.1%** | **Capital Markets — 2.1%** | **Capital Markets — 2.1%** |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 214 | 20119 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 372 | 28283 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp; 45726 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp;&nbsp; 22331 |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp;&nbsp; 24351 |
|  |  | &nbsp;&nbsp;&nbsp; 140810 |
| **Chemicals — 1.8%** | **Chemicals — 1.8%** | **Chemicals — 1.8%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 11280 |
| &nbsp;&nbsp;&nbsp; Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5473 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp; 11023 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp; 20697 |
| &nbsp;&nbsp;&nbsp; Linde plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 50210 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp; 23130 |
|  |  | &nbsp;&nbsp;&nbsp; 121813 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7923 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7531 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; 17176 |
| **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp; 43665 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp; 12288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 55953 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 11088 |
| **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp; 98210 |
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5972 |
|  |  | &nbsp;&nbsp;&nbsp; 104182 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

86 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 289 | 14664 |
| **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 135 | 8796 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 1109  | 50292 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 484 | 18569 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 659 | 51039 |
|  |  | &nbsp;&nbsp;&nbsp; 128696 |
| **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | 324 | 40833 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 239 | 6900 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp; 22133 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; 11436 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33569 |
| **Equity Real Estate Investment Trusts (REITs) — 2.7%** | **Equity Real Estate Investment Trusts (REITs) — 2.7%** | **Equity Real Estate Investment Trusts (REITs) — 2.7%** |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp; 24542 |
| &nbsp;&nbsp;&nbsp; Duke Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4737 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 20567 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp;&nbsp; 13552 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9129 |
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp; 10565 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 44086 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 14818 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp; 17749 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4066 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp;&nbsp; 21203 |
|  |  | &nbsp;&nbsp;&nbsp; 185014 |
| **Food & Staples Retailing — 1.3%** | **Food & Staples Retailing — 1.3%** | **Food & Staples Retailing — 1.3%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp; 56651 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp;&nbsp; 27854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 84505 |
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
| &nbsp;&nbsp;&nbsp; Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 11812 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 631 | &nbsp;&nbsp;&nbsp;&nbsp; 39184 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 50996 |
| **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp;&nbsp; 31893 |
| &nbsp;&nbsp;&nbsp; ABIOMED, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2245 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454 | &nbsp;&nbsp;&nbsp;&nbsp; 29173 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | 713 | 26561 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc. \* | 76 | 5688 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. \* | 149 | 29876 |
| &nbsp;&nbsp;&nbsp; Medtronic plc | 187 | 16806 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 178 | 18652 |
|  |  | &nbsp;&nbsp;&nbsp; 160894 |
| **Health Care Providers & Services — 3.6%** | **Health Care Providers & Services — 3.6%** | **Health Care Providers & Services — 3.6%** |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | 502 | 42439 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 86 | 41646 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 26 | 12123 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 57 | 18692 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp; 124971 |
|  |  | &nbsp;&nbsp;&nbsp; 239871 |
| **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 24426 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 23138 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; 11446 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp; 17157 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 51845 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1555 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7083 |
|  |  | &nbsp;&nbsp;&nbsp; 136650 |
| **Household Durables — 0.5%** | **Household Durables — 0.5%** | **Household Durables — 0.5%** |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1879 |
| &nbsp;&nbsp;&nbsp; Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp;&nbsp; 23558 |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2005 |
| &nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7145 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 34587 |
| **Household Products — 1.4%** | **Household Products — 1.4%** | **Household Products — 1.4%** |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp; 24661 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp;&nbsp; 71703 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 96364 |
| **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; 21228 |
| **Insurance — 2.2%** | **Insurance — 2.2%** | **Insurance — 2.2%** |
| &nbsp;&nbsp;&nbsp; Aon plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 18985 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 10060 |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489 | &nbsp;&nbsp;&nbsp;&nbsp; 32007 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478 | &nbsp;&nbsp;&nbsp;&nbsp; 55596 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 87

------

JPMorgan U.S. Research Enhanced Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 65 | 6189 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 159 | 26798 |
|  |  | &nbsp;&nbsp;&nbsp; 149635 |
| **Interactive Media & Services — 5.8%** | **Interactive Media & Services — 5.8%** | **Interactive Media & Services — 5.8%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* | 80 | 174509 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | 60 | 131853 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | 503 | 81145 |
| &nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc., Class A \* | 199 | 6611 |
|  |  | &nbsp;&nbsp;&nbsp; 394118 |
| **Internet & Direct Marketing Retail — 3.1%** | **Internet & Direct Marketing Retail — 3.1%** | **Internet & Direct Marketing Retail — 3.1%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | 1995  | 211897 |
| **IT Services — 4.4%** | **IT Services — 4.4%** | **IT Services — 4.4%** |
| &nbsp;&nbsp;&nbsp; Accenture plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp; 62061 |
| &nbsp;&nbsp;&nbsp; Affirm Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3047 |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp; 18609 |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp; 19283 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297 | &nbsp;&nbsp;&nbsp;&nbsp; 93823 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp; 100907 |
|  |  | &nbsp;&nbsp;&nbsp; 297730 |
| **Life Sciences Tools & Services — 2.0%** | **Life Sciences Tools & Services — 2.0%** | **Life Sciences Tools & Services — 2.0%** |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp; 52707 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 81265 |
|  |  | &nbsp;&nbsp;&nbsp; 133972 |
| **Machinery — 2.1%** | **Machinery — 2.1%** | **Machinery — 2.1%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp; 54260 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp; 13612 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9605 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459 | &nbsp;&nbsp;&nbsp;&nbsp; 32395 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; 27945 |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3906 |
|  |  | &nbsp;&nbsp;&nbsp; 141723 |
| **Media — 1.4%** | **Media — 1.4%** | **Media — 1.4%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 42353 |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1299 | &nbsp;&nbsp;&nbsp;&nbsp; 50970 |
| &nbsp;&nbsp;&nbsp; Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1533 |
| &nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 97130 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 251 | 7360 |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | 61 | 6327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13687 |
| **Multiline Retail — 0.1%** | **Multiline Retail — 0.1%** | **Multiline Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | 23 | 5576 |
| **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 250 | 22635 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 701 | 20733 |
| &nbsp;&nbsp;&nbsp; Sempra Energy | 212 | 31782 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 75150 |
| **Oil, Gas & Consumable Fuels — 4.1%** | **Oil, Gas & Consumable Fuels — 4.1%** | **Oil, Gas & Consumable Fuels — 4.1%** |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 10217 |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392 | &nbsp;&nbsp;&nbsp;&nbsp; 56708 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 742 | &nbsp;&nbsp;&nbsp;&nbsp; 66654 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316 | &nbsp;&nbsp;&nbsp;&nbsp; 38324 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351 | &nbsp;&nbsp;&nbsp;&nbsp; 38759 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp; 28261 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9748 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; 29297 |
|  |  | &nbsp;&nbsp;&nbsp; 277968 |
| **Pharmaceuticals — 4.2%** | **Pharmaceuticals — 4.2%** | **Pharmaceuticals — 4.2%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp;&nbsp; 73131 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp;&nbsp; 74334 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429 | &nbsp;&nbsp;&nbsp;&nbsp; 76169 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374 | &nbsp;&nbsp;&nbsp;&nbsp; 34105 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438 | &nbsp;&nbsp;&nbsp;&nbsp; 22947 |
|  |  | &nbsp;&nbsp;&nbsp; 280686 |
| **Professional Services — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp; 10153 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223 | &nbsp;&nbsp;&nbsp;&nbsp; 22438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 32591 |
| **Road & Rail — 1.0%** | **Road & Rail — 1.0%** | **Road & Rail — 1.0%** |
| &nbsp;&nbsp;&nbsp; Lyft, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1579 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp;&nbsp; 37649 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2900 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 25639 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 67767 |
| **Semiconductors & Semiconductor Equipment — 5.6%** | **Semiconductors & Semiconductor Equipment — 5.6%** | **Semiconductors & Semiconductor Equipment — 5.6%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576 | &nbsp;&nbsp;&nbsp;&nbsp; 44048 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 54821 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

88 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <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** |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 63 | 5719 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 103 | 43669 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 402 | 23316 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 227 | 12552 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 460 | 69712 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | 267 | 39519 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 144 | 18440 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 448 | 68878 |
|  |  | &nbsp;&nbsp;&nbsp; 380674 |
| **Software — 8.8%** | **Software — 8.8%** | **Software — 8.8%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc. \* | 95 | 34593 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8168 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp; 46003 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1796 | &nbsp;&nbsp;&nbsp; 461141 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp; 14839 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; 18804 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp; 10185 |
|  |  | &nbsp;&nbsp;&nbsp; 593733 |
| **Specialty Retail — 2.8%** | **Specialty Retail — 2.8%** | **Specialty Retail — 2.8%** |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5174 |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 16660 |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp;&nbsp; 19735 |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4891 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 21964 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp;&nbsp; 62344 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; 36314 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379 | &nbsp;&nbsp;&nbsp;&nbsp; 21151 |
|  |  | &nbsp;&nbsp;&nbsp; 188233 |
| **Technology Hardware, Storage & Peripherals — 7.0%** | **Technology Hardware, Storage & Peripherals — 7.0%** | **Technology Hardware, Storage & Peripherals — 7.0%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3220 | &nbsp;&nbsp;&nbsp; 440256 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409 | &nbsp;&nbsp;&nbsp;&nbsp; 29185 |
|  |  | &nbsp;&nbsp;&nbsp; 469441 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 339 | 34600 |
| **Tobacco — 0.8%** | **Tobacco — 0.8%** | **Tobacco — 0.8%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | 570 | 23827 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 320 | 31566 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 55393 |
| **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. \* | 252 | 33898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $5,216,248)<br>|  | 6598116 |
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 1.54% (a) (b) <br>(Cost $117,988)<br>| 117970 | 117994 |
| **Total Investments — 99.5%** <br>**(Cost $5,334,236)**<br>|  | **6716110** |
| **Other Assets Less Liabilities — 0.5%** |  | **34928** |
| **NET ASSETS — 100.0%** |  | **6751038** |

---

&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;

\* 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, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 89

------

JPMorgan U.S. Research Enhanced Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

**Futures contracts outstanding as of June 30, 2022 (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 | 752 | 09/16/2022 | USD | 142730 | (2838) |

---

&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;

90 J.P. Morgan Large Cap Funds June 30, 2022

------

JPMorgan U.S. Sustainable Leaders Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.1%** | **Common Stocks — 97.1%** | **Common Stocks — 97.1%** |
| **Auto Components — 1.1%** | **Auto Components — 1.1%** | **Auto Components — 1.1%** |
| &nbsp;&nbsp;&nbsp; Aptiv plc \* | 22 | 1980 |
| **Automobiles — 0.9%** | **Automobiles — 0.9%** | **Automobiles — 0.9%** |
| &nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A \* | 10 | 250 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* | 2 | 1441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1691 |
| **Banks — 5.0%** | **Banks — 5.0%** | **Banks — 5.0%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 145 | 4524 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 32 | 1474 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 50 | 1688 |
| &nbsp;&nbsp;&nbsp; SVB Financial Group \* | 4 | 1505 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9191 |
| **Biotechnology — 1.3%** | **Biotechnology — 1.3%** | **Biotechnology — 1.3%** |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 2362 |
| **Building Products — 2.6%** | **Building Products — 2.6%** | **Building Products — 2.6%** |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 4236 |
| &nbsp;&nbsp;&nbsp; Trex Co., Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4824 |
| **Capital Markets — 3.4%** | **Capital Markets — 3.4%** | **Capital Markets — 3.4%** |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 1574 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 2093 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1972 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 682 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6321 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| &nbsp;&nbsp;&nbsp; Linde plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 1222 |
| **Containers & Packaging — 1.4%** | **Containers & Packaging — 1.4%** | **Containers & Packaging — 1.4%** |
| &nbsp;&nbsp;&nbsp; Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 2600 |
| **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** |
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 2829 |
| **Diversified Telecommunication Services — 1.9%** | **Diversified Telecommunication Services — 1.9%** | **Diversified Telecommunication Services — 1.9%** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 3497 |
| **Electric Utilities — 2.3%** | **Electric Utilities — 2.3%** | **Electric Utilities — 2.3%** |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 2765 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 1449 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4214 |
| **Electrical Equipment — 2.1%** | **Electrical Equipment — 2.1%** | **Electrical Equipment — 2.1%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 3903 |
| **Entertainment — 1.6%** | **Entertainment — 1.6%** | **Entertainment — 1.6%** |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 3018 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Equity Real Estate Investment Trusts (REITs) — 3.8%** | **Equity Real Estate Investment Trusts (REITs) — 3.8%** | **Equity Real Estate Investment Trusts (REITs) — 3.8%** |
| &nbsp;&nbsp;&nbsp; American Tower Corp. | 6 | 1485 |
| &nbsp;&nbsp;&nbsp; Boston Properties, Inc. | 19 | 1682 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | 2 | 1340 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | 21 | 2537 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7044 |
| **Food & Staples Retailing — 2.5%** | **Food & Staples Retailing — 2.5%** | **Food & Staples Retailing — 2.5%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 10 | 4726 |
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
| &nbsp;&nbsp;&nbsp; General Mills, Inc. | 19 | 1466 |
| **Health Care Equipment & Supplies — 2.9%** | **Health Care Equipment & Supplies — 2.9%** | **Health Care Equipment & Supplies — 2.9%** |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | 95 | 3550 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 1755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5305 |
| **Health Care Providers & Services — 2.9%** | **Health Care Providers & Services — 2.9%** | **Health Care Providers & Services — 2.9%** |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 5398 |
| **Insurance — 3.4%** | **Insurance — 3.4%** | **Insurance — 3.4%** |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 1555 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 1671 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 3087 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6313 |
| **Interactive Media & Services — 3.7%** | **Interactive Media & Services — 3.7%** | **Interactive Media & Services — 3.7%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 6941 |
| **Internet & Direct Marketing Retail — 0.3%** | **Internet & Direct Marketing Retail — 0.3%** | **Internet & Direct Marketing Retail — 0.3%** |
| &nbsp;&nbsp;&nbsp; Etsy, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580 |
| **IT Services — 4.4%** | **IT Services — 4.4%** | **IT Services — 4.4%** |
| &nbsp;&nbsp;&nbsp; Accenture plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 1521 |
| &nbsp;&nbsp;&nbsp; Affirm Holdings, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 6149 |
| &nbsp;&nbsp;&nbsp; Shopify, Inc., Class A (Canada) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8116 |
| **Life Sciences Tools & Services — 5.8%** | **Life Sciences Tools & Services — 5.8%** | **Life Sciences Tools & Services — 5.8%** |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 1694 |
| &nbsp;&nbsp;&nbsp; Illumina, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487 |
| &nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 3992 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 4661 |
|  |  | &nbsp;&nbsp; 10834 |
| **Machinery — 4.0%** | **Machinery — 4.0%** | **Machinery — 4.0%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 3270 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 91

------

JPMorgan U.S. Sustainable Leaders Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 70 | 2939 |
| &nbsp;&nbsp;&nbsp; Xylem, Inc. | 14 | 1133 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7342 |
| **Multiline Retail — 1.0%** | **Multiline Retail — 1.0%** | **Multiline Retail — 1.0%** |
| &nbsp;&nbsp;&nbsp; Target Corp. | 13 | 1906 |
| **Multi-Utilities — 1.3%** | **Multi-Utilities — 1.3%** | **Multi-Utilities — 1.3%** |
| &nbsp;&nbsp;&nbsp; Sempra Energy | 17 | 2491 |
| **Personal Products — 1.2%** | **Personal Products — 1.2%** | **Personal Products — 1.2%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), Class A | 9 | 2221 |
| **Pharmaceuticals — 5.4%** | **Pharmaceuticals — 5.4%** | **Pharmaceuticals — 5.4%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 66 | 5047 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 5041 |
|  |  | &nbsp;&nbsp; 10088 |
| **Road & Rail — 1.2%** | **Road & Rail — 1.2%** | **Road & Rail — 1.2%** |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 2318 |
| **Semiconductors & Semiconductor Equipment — 5.5%** | **Semiconductors & Semiconductor Equipment — 5.5%** | **Semiconductors & Semiconductor Equipment — 5.5%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 1342 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 1638 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 1387 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 2269 |
| &nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 868 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 2660 |
|  |  | &nbsp;&nbsp; 10164 |
| **Software — 10.6%** | **Software — 10.6%** | **Software — 10.6%** |
| &nbsp;&nbsp;&nbsp; Autodesk, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 867 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 1569 |
| &nbsp;&nbsp;&nbsp; Coupa Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 1993 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp; 14723 |
|  |  | &nbsp;&nbsp; 19648 |
| **Specialty Retail — 3.9%** | **Specialty Retail — 3.9%** | **Specialty Retail — 3.9%** |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 1394 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 3442 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 2431 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7267 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Technology Hardware, Storage & Peripherals — 6.2%** | **Technology Hardware, Storage & Peripherals — 6.2%** | **Technology Hardware, Storage & Peripherals — 6.2%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 75 | 10202 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | 17 | 1207 |
|  |  | &nbsp;&nbsp; 11409 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| &nbsp;&nbsp;&nbsp; VF Corp. | 19 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $185,835)<br>|  | 180079 |
| **Short Term Investments — 1.5%** | **Short Term Investments — 1.5%** | **Short Term Investments — 1.5%** |
| **Investment Companies — 1.4%** | **Investment Companies — 1.4%** | **Investment Companies — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 1.54% (b) (c) <br>(Cost $2,533)<br>| 2533 | 2533 |
| **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (b) (c) <br>(Cost $198)<br>| 198 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short Term Investments <br>(Cost $2,731)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 2731 |
| **Total Investments — 98.6%** <br>**(Cost $188,566)**<br>|  | **182810** |
| **Other Assets Less Liabilities — 1.4%** |  | **2596** |
| **NET ASSETS — 100.0%** |  | **185406** |

---

&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;

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at June 30, 2022. The total value of securities on loan at June 30, 2022 is $182. 

(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, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

92 J.P. Morgan Large Cap Funds June 30, 2022

------

**Futures contracts outstanding as of June 30, 2022 (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** |  |  |  |  |  |
| E-Mini S&P 500 ESG Index | 28 | 09/16/2022 | USD | 4647 | (62) |

---

&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, 2022 J.P. Morgan Large Cap Funds 93

------

JPMorgan U.S. Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 96.9%** | **Common Stocks — 96.9%** | **Common Stocks — 96.9%** |
| **Aerospace & Defense — 4.4%** | **Aerospace & Defense — 4.4%** | **Aerospace & Defense — 4.4%** |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 177 | 39244 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 70 | 33414 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 525 | 50411 |
|  |  | &nbsp;&nbsp;&nbsp; 123069 |
| **Air Freight & Logistics — 1.3%** | **Air Freight & Logistics — 1.3%** | **Air Freight & Logistics — 1.3%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 200 | 36526 |
| **Airlines — 0.8%** | **Airlines — 0.8%** | **Airlines — 0.8%** |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. \* | 635 | 22953 |
| **Banks — 9.3%** | **Banks — 9.3%** | **Banks — 9.3%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 1389 | 43255 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 873 | 40145 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 298 | &nbsp;&nbsp;&nbsp;&nbsp; 10638 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp; 18572 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp; 32879 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 783 | &nbsp;&nbsp;&nbsp;&nbsp; 37125 |
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp;&nbsp; 17765 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 1585 | &nbsp;&nbsp;&nbsp;&nbsp; 62093 |
|  |  | &nbsp;&nbsp;&nbsp; 262472 |
| **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 157 | &nbsp;&nbsp;&nbsp;&nbsp; 14535 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp; 22109 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36644 |
| **Biotechnology — 3.4%** | **Biotechnology — 3.4%** | **Biotechnology — 3.4%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp;&nbsp; 43134 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 16621 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4101 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 31251 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 95107 |
| **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9712 |
| **Capital Markets — 6.7%** | **Capital Markets — 6.7%** | **Capital Markets — 6.7%** |
| &nbsp;&nbsp;&nbsp; BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 48281 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 364 | &nbsp;&nbsp;&nbsp;&nbsp; 22962 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; 30380 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 599 | &nbsp;&nbsp;&nbsp;&nbsp; 45564 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 18100 |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 22718 |
|  |  | &nbsp;&nbsp;&nbsp; 188005 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Chemicals — 2.4%** | **Chemicals — 2.4%** | **Chemicals — 2.4%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | 141 | 34016 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd. \* | 1516 | 33514 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 67530 |
| **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | 143 | 18676 |
| **Construction Materials — 0.9%** | **Construction Materials — 0.9%** | **Construction Materials — 0.9%** |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 181 | 25775 |
| **Consumer Finance — 1.8%** | **Consumer Finance — 1.8%** | **Consumer Finance — 1.8%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | 194 | 26821 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 223 | 23280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 50101 |
| **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** |
| &nbsp;&nbsp;&nbsp; Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 10646 |
| **Diversified Financial Services — 1.8%** | **Diversified Financial Services — 1.8%** | **Diversified Financial Services — 1.8%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp; 49689 |
| **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 10065 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp;&nbsp; 24186 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 311 | &nbsp;&nbsp;&nbsp;&nbsp; 22022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 56273 |
| **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp; 27948 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp;&nbsp; 13113 |
| **Equity Real Estate Investment Trusts (REITs) — 1.4%** | **Equity Real Estate Investment Trusts (REITs) — 1.4%** | **Equity Real Estate Investment Trusts (REITs) — 1.4%** |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9626 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | &nbsp;&nbsp; 1018 | &nbsp;&nbsp;&nbsp;&nbsp; 15966 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp;&nbsp; 13274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 38866 |
| **Food & Staples Retailing — 1.0%** | **Food & Staples Retailing — 1.0%** | **Food & Staples Retailing — 1.0%** |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp; 27532 |
| **Food Products — 1.0%** | **Food Products — 1.0%** | **Food Products — 1.0%** |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 456 | &nbsp;&nbsp;&nbsp;&nbsp; 28298 |
| **Health Care Equipment & Supplies — 3.4%** | **Health Care Equipment & Supplies — 3.4%** | **Health Care Equipment & Supplies — 3.4%** |
| &nbsp;&nbsp;&nbsp; Becton Dickinson and Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp; 22850 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 651 | &nbsp;&nbsp;&nbsp;&nbsp; 24263 |
| &nbsp;&nbsp;&nbsp; Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp; 324 | &nbsp;&nbsp;&nbsp;&nbsp; 29047 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp; 18343 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 94503 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

94 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care Providers & Services — 5.9%** | **Health Care Providers & Services — 5.9%** | **Health Care Providers & Services — 5.9%** |
| &nbsp;&nbsp;&nbsp; Cigna Corp. | 158 | 41622 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 50 | 24099 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 60 | 28070 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 143 | 73341 |
|  |  | &nbsp;&nbsp;&nbsp; 167132 |
| **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* | 11 | 18520 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | 121 | 29951 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 48471 |
| **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 535 | 10189 |
| **Household Products — 1.1%** | **Household Products — 1.1%** | **Household Products — 1.1%** |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp;&nbsp; 31405 |
| **Insurance — 4.2%** | **Insurance — 4.2%** | **Insurance — 4.2%** |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; 30700 |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp;&nbsp; 26986 |
| &nbsp;&nbsp;&nbsp; Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp; 13275 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; 13281 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 358 | &nbsp;&nbsp;&nbsp;&nbsp; 22453 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; 12332 |
|  |  | &nbsp;&nbsp;&nbsp; 119027 |
| **Interactive Media & Services — 1.8%** | **Interactive Media & Services — 1.8%** | **Interactive Media & Services — 1.8%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 35255 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 14706 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 49961 |
| **IT Services — 1.0%** | **IT Services — 1.0%** | **IT Services — 1.0%** |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8649 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp; 19332 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27981 |
| **Machinery — 2.5%** | **Machinery — 2.5%** | **Machinery — 2.5%** |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 298 | &nbsp;&nbsp;&nbsp;&nbsp; 36159 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 34960 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 71119 |
| **Media — 1.4%** | **Media — 1.4%** | **Media — 1.4%** |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 987 | &nbsp;&nbsp;&nbsp;&nbsp; 38739 |
| **Multiline Retail — 0.9%** | **Multiline Retail — 0.9%** | **Multiline Retail — 0.9%** |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; 24986 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Multi-Utilities — 1.6%** | **Multi-Utilities — 1.6%** | **Multi-Utilities — 1.6%** |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | 505 | 34068 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 159 | 10079 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 44147 |
| **Oil, Gas & Consumable Fuels — 7.5%** | **Oil, Gas & Consumable Fuels — 7.5%** | **Oil, Gas & Consumable Fuels — 7.5%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 193 | 27988 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 778 | 69851 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 432 | 47701 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 681 | 58295 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | 73 | 7814 |
|  |  | &nbsp;&nbsp;&nbsp; 211649 |
| **Pharmaceuticals — 6.5%** | **Pharmaceuticals — 6.5%** | **Pharmaceuticals — 6.5%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 884 | &nbsp;&nbsp;&nbsp;&nbsp; 68047 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp; 31435 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 306 | &nbsp;&nbsp;&nbsp;&nbsp; 54395 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8680 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp;&nbsp; 21387 |
|  |  | &nbsp;&nbsp;&nbsp; 183944 |
| **Road & Rail — 1.0%** | **Road & Rail — 1.0%** | **Road & Rail — 1.0%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 929 | &nbsp;&nbsp;&nbsp;&nbsp; 26997 |
| **Semiconductors & Semiconductor Equipment — 4.3%** | **Semiconductors & Semiconductor Equipment — 4.3%** | **Semiconductors & Semiconductor Equipment — 4.3%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp;&nbsp; 41459 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 10535 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | &nbsp;&nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp; 26144 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp;&nbsp; 42540 |
|  |  | &nbsp;&nbsp;&nbsp; 120678 |
| **Software — 1.1%** | **Software — 1.1%** | **Software — 1.1%** |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 32110 |
| **Specialty Retail — 4.8%** | **Specialty Retail — 4.8%** | **Specialty Retail — 4.8%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 39325 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; 31010 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 22303 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 14278 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp;&nbsp; 29023 |
|  |  | &nbsp;&nbsp;&nbsp; 135939 |
| **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 11636 |
| **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp; 23765 |
| **Tobacco — 1.4%** | **Tobacco — 1.4%** | **Tobacco — 1.4%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 407 | &nbsp;&nbsp;&nbsp;&nbsp; 40162 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 95

------

JPMorgan U.S. Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. \* | 174 | 23396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $2,415,242)<br>|  | 2726871 |
| **Short Term Investments — 2.7%** | **Short Term Investments — 2.7%** | **Short Term Investments — 2.7%** |
| **Investment Companies — 2.7%** | **Investment Companies — 2.7%** | **Investment Companies — 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 1.54% (a) (b) <br>(Cost $76,404)<br>| 76396 | 76411 |
| **Total Investments — 99.6%** <br>**(Cost $2,491,646)**<br>|  | **2803282** |
| **Other Assets Less Liabilities — 0.4%** |  | **11046** |
| **NET ASSETS — 100.0%** |  | **2814328** |

---

&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;

\* 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 is managed by JP Morgan Chase Bank, N.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the current yield as of June 30, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

96 J.P. Morgan Large Cap Funds June 30, 2022

------

**STATEMENTS OF ASSETS AND LIABILITIES** <br>AS OF June 30, 2022 <br>(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**Equity** <br>**Focus Fund**<br>| **JPMorgan** <br>**Equity Income** <br>**Fund**<br>| **JPMorgan** <br>**Equity Index** <br>**Fund**<br>| **JPMorgan** <br>**Equity Premium** <br>**Income Fund** |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | $173256 | $45254776 | $7127198 | $3506378 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp;&nbsp; 11341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667513 | &nbsp;&nbsp;&nbsp;&nbsp; 120259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80017 |
| &nbsp;&nbsp;&nbsp; Investments of cash collateral received from securities loaned, at value (See Note <br> 2.C)<br>| &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; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &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; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Deposits at broker for futures contracts | &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; 3223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Due from custodian | &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; 3184 |
| &nbsp;&nbsp;&nbsp; Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 134022 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15430 |
| &nbsp;&nbsp;&nbsp; Interest from non-affiliates | &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; 22749 |
| &nbsp;&nbsp;&nbsp; Dividends from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3912 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Securities lending income (See Note 2.C) | &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; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &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; 278 |
| Total Assets | &nbsp;&nbsp; 185631 | &nbsp;&nbsp; 46105008 | &nbsp;&nbsp; 7266939 | &nbsp;&nbsp; 3766383 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions | &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; 1350 |
| &nbsp;&nbsp;&nbsp; Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 132162 |
| &nbsp;&nbsp;&nbsp; Collateral received on securities loaned (See Note 2.C) | &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; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20104 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &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; 362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15353 | &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; 508 |
| &nbsp;&nbsp;&nbsp; Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642 |
| &nbsp;&nbsp;&nbsp; Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695 |
| &nbsp;&nbsp;&nbsp; Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &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; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9155 | &nbsp;&nbsp;&nbsp;&nbsp; 155792 |
| Net Assets | $179923 | $45971414 | $7257784 | $3610591 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 97

------

**STATEMENTS OF ASSETS AND LIABILITIES** <br>AS OF June 30, 2022 (continued) <br>(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **Equity**<br> **Focus Fund**<br>| **JPMorgan**<br> **Equity Income**<br> **Fund**<br>| **JPMorgan**<br> **Equity Index**<br> **Fund**<br>| **JPMorgan**<br> **Equity Premium**<br>**Income Fund** |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | $155785 | $33921627 | $4463432 | $3930177 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 24138 | &nbsp;&nbsp; 12049787 | &nbsp;&nbsp; 2794352 | &nbsp;&nbsp;&nbsp; (319586) |
| Total Net Assets: | $179923 | $45971414 | $7257784 | $3610591 |
| Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | $17340 | $4562270 | $654422 | $905284 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6298 | &nbsp;&nbsp;&nbsp;&nbsp; 1206824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86737 | &nbsp;&nbsp;&nbsp;&nbsp; 756008 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp; 121161 | &nbsp;&nbsp; 17614254 | &nbsp;&nbsp; 1121519 | &nbsp;&nbsp; 1859617 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102353 | &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; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232772 | &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; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211963 | &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; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1300595 | &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; 160 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 35124 | &nbsp;&nbsp; 20740383 | &nbsp;&nbsp; 5395106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89522 |
| Total | $179923 | $45971414 | $7257784 | $3610591 |
| &nbsp;&nbsp;&nbsp; Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65627 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54806 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 816980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19740 | &nbsp;&nbsp;&nbsp;&nbsp; 134776 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4864 | &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; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11016 | &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; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9838 | &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; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60275 | &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; 12 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 962015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6489 |
| Net Asset Value (a): |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A — Redemption price per share | $28.42  | $21.15  | $56.74  | $13.79 |
| &nbsp;&nbsp;&nbsp; Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.79 |
| &nbsp;&nbsp;&nbsp; Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.80 |
| &nbsp;&nbsp;&nbsp; Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.04 | &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; Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.13 | &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; Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.54 | &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; Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.79 |
| &nbsp;&nbsp;&nbsp; Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.80 |
| &nbsp;&nbsp;&nbsp; Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| $29.99 | $22.32 | $59.88 | $14.55 |
| Cost of investments in non-affiliates | $148498 | $33586660 | $4164016 | $3579763 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 11340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80015 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &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; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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; 5442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cost of investment of cash collateral (See Note 2.C) | &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; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;

98 J.P. Morgan Large Cap Funds June 30, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**Hedged** <br>**Equity Fund**<br>| **JP Morgan** <br>**Hedged** <br>**Equity 2 Fund**<br>| **JP Morgan** <br>**Hedged** <br>**Equity 3 Fund**<br>| **JPMorgan** <br>**Large Cap** <br>**Growth Fund** |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | $16095362 | $5286873 | $2629550 | $29453501 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 212012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60717 | &nbsp;&nbsp;&nbsp;&nbsp; 1876889 |
| &nbsp;&nbsp;&nbsp; Investments of cash collateral received from securities loaned, at value (See Note <br> 2.C)<br>| &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; 6439 |
| Options purchased, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503744 | &nbsp;&nbsp;&nbsp;&nbsp; 250491 | &nbsp;&nbsp;&nbsp;&nbsp; 152908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1724 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp; 2458074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43909 |
| &nbsp;&nbsp;&nbsp; Dividends from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17110 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp; Securities lending income (See Note 2.C) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1963 | &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; — |
| Total Assets | &nbsp;&nbsp; 19105933 | &nbsp;&nbsp; 5797357 | &nbsp;&nbsp; 2888588 | &nbsp;&nbsp; 31399652 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp; 1978154 | &nbsp;&nbsp;&nbsp;&nbsp; 146977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Collateral received on securities loaned (See Note 2.C) | &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; 6439 |
| &nbsp;&nbsp;&nbsp; Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2388 | &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; Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30583 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &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; 278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Outstanding options written, at fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10236 |
| &nbsp;&nbsp;&nbsp; Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317 |
| &nbsp;&nbsp;&nbsp; Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1233 |
| &nbsp;&nbsp;&nbsp; Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3015 |
| &nbsp;&nbsp;&nbsp; Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp; Trustees' and Chief Compliance Officer's fees | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 2611599 | &nbsp;&nbsp;&nbsp;&nbsp; 173890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52954 |
| Net Assets | $16494334 | $5623467 | $2851293 | $31346698 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 99

------

**STATEMENTS OF ASSETS AND LIABILITIES** <br>AS OF June 30, 2022 (continued) <br>(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **Hedged**<br> **Equity Fund**<br>| **JP Morgan**<br> **Hedged**<br> **Equity 2 Fund**<br>| **JP Morgan**<br> **Hedged**<br> **Equity 3 Fund**<br>| **JPMorgan**<br> **Large Cap**<br>**Growth Fund** |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | $14562269 | $6096749 | $3159574 | $25253261 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 1932065 | &nbsp;&nbsp;&nbsp; (473282) | &nbsp;&nbsp;&nbsp; (308281) | &nbsp;&nbsp;&nbsp;&nbsp; 6093437 |
| Total Net Assets: | $16494334 | $5623467 | $2851293 | $31346698 |
| Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | $1647387 | $295220 | $110840 | $3734120 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436891 | &nbsp;&nbsp;&nbsp;&nbsp; 241375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556002 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp; 12790417 | &nbsp;&nbsp; 4110283 | &nbsp;&nbsp; 2257577 | &nbsp;&nbsp;&nbsp;&nbsp; 9509669 |
| &nbsp;&nbsp;&nbsp; Class R2 | &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; 90916 |
| &nbsp;&nbsp;&nbsp; Class R3 | &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; 205831 |
| &nbsp;&nbsp;&nbsp; Class R4 | &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; 137633 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629918 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 1614304 | &nbsp;&nbsp;&nbsp;&nbsp; 975953 | &nbsp;&nbsp;&nbsp;&nbsp; 385463 | &nbsp;&nbsp; 16482609 |
| Total | $16494334 | $5623467 | $2851293 | $31346698 |
| &nbsp;&nbsp;&nbsp; Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84639 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18742 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526819 | &nbsp;&nbsp;&nbsp;&nbsp; 276065 | &nbsp;&nbsp;&nbsp;&nbsp; 157220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209833 |
| &nbsp;&nbsp;&nbsp; Class R2 | &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; 2191 |
| &nbsp;&nbsp;&nbsp; Class R3 | &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; 4630 |
| &nbsp;&nbsp;&nbsp; Class R4 | &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; 3044 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13428 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346934 |
| Net Asset Value (a): |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A — Redemption price per share | $24.20  | $14.87  | $14.34  | $44.12 |
| &nbsp;&nbsp;&nbsp; Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.67 |
| &nbsp;&nbsp;&nbsp; Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45.32 |
| &nbsp;&nbsp;&nbsp; Class R2 — Offering and redemption price per share | &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; 41.49 |
| &nbsp;&nbsp;&nbsp; Class R3 — Offering and redemption price per share | &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; 44.45 |
| &nbsp;&nbsp;&nbsp; Class R4 — Offering and redemption price per share | &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; 45.23 |
| &nbsp;&nbsp;&nbsp; Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46.91 |
| &nbsp;&nbsp;&nbsp; Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47.51 |
| &nbsp;&nbsp;&nbsp; Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| $25.54 | $15.69 | $15.13 | $46.56 |
| Cost of investments in non-affiliates | $12971764 | $5921651 | $2946892 | $24304559 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 212012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60717 | &nbsp;&nbsp;&nbsp;&nbsp; 1876903 |
| Cost of options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524372 | &nbsp;&nbsp;&nbsp;&nbsp; 195758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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; 5817 |
| Cost of investment of cash collateral (See Note 2.C) | &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; 6439 |
| Premiums received from options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508009 | &nbsp;&nbsp;&nbsp;&nbsp; 191908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;

100 J.P. Morgan Large Cap Funds June 30, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**Large Cap** <br>**Value Fund**<br>| **JPMorgan** <br>**U.S. Applied** <br>**Data Science** <br>**Value Fund** <br>**(formerly known as** <br>**JPMorgan Intrepid** <br>**Value Fund)**<br>| **JPMorgan U.S.** <br>**Equity Fund**<br>| **JPMorgan** <br>**U.S. GARP** <br>**Equity Fund** |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | $3066049 | $193334 | $17972236 | $935814 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp;&nbsp; 130474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594276 | &nbsp;&nbsp;&nbsp;&nbsp; 38483 |
| &nbsp;&nbsp;&nbsp; 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;&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; 638 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| Foreign currency, at value | &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; 1 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2110 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold | &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; 82926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; Dividends from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Securities lending income (See Note 2.C) | &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; —(a) |
| Total Assets | &nbsp;&nbsp; 3209762 | &nbsp;&nbsp; 196880 | &nbsp;&nbsp; 18689940 | &nbsp;&nbsp; 977649 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Collateral received on securities loaned (See Note 2.C) | &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; 638 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &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; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252 |
| Accrued liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp; Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &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; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500 |
| Net Assets | $3196018 | $196498 | $18606909 | $976149 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 101

------

**STATEMENTS OF ASSETS AND LIABILITIES** <br>AS OF June 30, 2022 (continued) <br>(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **Large Cap**<br> **Value Fund**<br>| **JPMorgan**<br> **U.S. Applied**<br> **Data Science**<br> **Value Fund**<br> **(formerly known as**<br> **JPMorgan Intrepid**<br> **Value Fund)**<br>| **JPMorgan U.S.**<br> **Equity Fund**<br>| **JPMorgan**<br> **U.S. GARP**<br>**Equity Fund** |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | $2946450 | $173530 | $13205671 | $699812 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 249568 | &nbsp;&nbsp;&nbsp;&nbsp; 22968 | &nbsp;&nbsp;&nbsp;&nbsp; 5401238 | &nbsp;&nbsp; 276337 |
| Total Net Assets: | $3196018 | $196498 | $18606909 | $976149 |
| Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | $235054 | $49916 | $1577771 | $92344 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351674 | &nbsp;&nbsp;&nbsp;&nbsp; 19522 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp; 1275387 | &nbsp;&nbsp;&nbsp;&nbsp; 94291 | &nbsp;&nbsp;&nbsp;&nbsp; 1863855 | &nbsp;&nbsp;&nbsp;&nbsp; 86649 |
| &nbsp;&nbsp;&nbsp; Class L | &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; 1578191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219960 | &nbsp;&nbsp;&nbsp;&nbsp; 31751 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 911961 | &nbsp;&nbsp; 103007 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp; 1564013 | &nbsp;&nbsp;&nbsp;&nbsp; 38883 | &nbsp;&nbsp; 11891028 | &nbsp;&nbsp; 642876 |
| Total | $3196018 | $196498 | $18606909 | $976149 |
| &nbsp;&nbsp;&nbsp; Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1861 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1698 |
| &nbsp;&nbsp;&nbsp; Class L | &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; 89689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2059 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 673765 | &nbsp;&nbsp;&nbsp;&nbsp; 12854 |
| Net Asset Value (a): |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A — Redemption price per share | $17.90  | $26.56  | $17.48  | $49.61 |
| &nbsp;&nbsp;&nbsp; Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47.82 |
| &nbsp;&nbsp;&nbsp; Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51.05 |
| &nbsp;&nbsp;&nbsp; Class L — Offering and redemption price per share | &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; 17.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47.65 |
| &nbsp;&nbsp;&nbsp; Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50.02 |
| &nbsp;&nbsp;&nbsp; Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50.02 |
| &nbsp;&nbsp;&nbsp; Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| $18.89 | $28.03 | $18.45 | $52.36  |
| Cost of investments in non-affiliates | $2919172 | $173950 | $12757261 | $687640 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 130466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594247 | &nbsp;&nbsp;&nbsp;&nbsp; 38481 |
| Cost of foreign currency | &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; 1 |
| Investment securities on loan, at value (See Note 2.C) | &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; 587 |
| Cost of investment of cash collateral (See Note 2.C) | &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; 638 |

---

------

(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;

102 J.P. Morgan Large Cap Funds June 30, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**U.S. Large** <br>**Cap Core** <br>**Plus Fund**<br>| **JPMorgan** <br>**U.S. Research** <br>**Enhanced** <br>**Equity Fund**<br>| **JPMorgan** <br>**U.S. Sustainable** <br>**Leaders Fund**<br>| **JPMorgan** <br>**U.S. Value** <br>**Fund** |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | $1998104 | $6598116 | $180079 | $2726871 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6679 | &nbsp;&nbsp;&nbsp;&nbsp; 117994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76411 |
| &nbsp;&nbsp;&nbsp; Investments of cash collateral received from securities loaned, at value (See Note <br> 2.C)<br>| &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; 198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1516 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13000 |
| &nbsp;&nbsp;&nbsp; Dividends from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3735 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Securities lending income (See Note 2.C) | &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; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp; 2015242 | &nbsp;&nbsp; 6755206 | &nbsp;&nbsp; 186975 | &nbsp;&nbsp; 2821615 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities sold short, at value | &nbsp;&nbsp;&nbsp;&nbsp; 370095 | &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; Dividend expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 702 | &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; Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2842 |
| &nbsp;&nbsp;&nbsp; Interest expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 | &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; Collateral received on securities loaned (See Note 2.C) | &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; 198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2799 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &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; 693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Due to broker for securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &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; — |
| Accrued liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765 |
| &nbsp;&nbsp;&nbsp; Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp; Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp; Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461 |
| &nbsp;&nbsp;&nbsp; Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; Trustees' and Chief Compliance Officer's fees | &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; —(a) | &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; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 378172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7287 |
| Net Assets | $1637070 | $6751038 | $185406 | $2814328 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 103

------

**STATEMENTS OF ASSETS AND LIABILITIES** <br>AS OF June 30, 2022 (continued) <br>(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **U.S. Large**<br> **Cap Core**<br> **Plus Fund**<br>| **JPMorgan**<br> **U.S. Research**<br> **Enhanced**<br> **Equity Fund**<br>| **JPMorgan**<br> **U.S. Sustainable**<br> **Leaders Fund**<br>| **JPMorgan**<br> **U.S. Value**<br>**Fund** |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | $614457 | $5332170 | $199275 | $2502965 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 1022613 | &nbsp;&nbsp; 1418868 | &nbsp;&nbsp;&nbsp; (13869) | &nbsp;&nbsp;&nbsp;&nbsp; 311363 |
| Total Net Assets: | $1637070 | $6751038 | $185406 | $2814328 |
| Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | $240209 | $145624 | $37387 | $723238 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71714 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp; 970509 | &nbsp;&nbsp;&nbsp;&nbsp; 611102 | &nbsp;&nbsp;&nbsp;&nbsp; 98142 | &nbsp;&nbsp; 1440632 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4602 | &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; 3563 |
| &nbsp;&nbsp;&nbsp; Class R3 | &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; 8698 |
| &nbsp;&nbsp;&nbsp; Class R4 | &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; 253 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27541 | &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; 4409 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 365912 | &nbsp;&nbsp; 5994312 | &nbsp;&nbsp;&nbsp;&nbsp; 45209 | &nbsp;&nbsp;&nbsp;&nbsp; 561821 |
| Total | $1637070 | $6751038 | $185406 | $2814328 |
| &nbsp;&nbsp;&nbsp; Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12012 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1828 | &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; 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1350 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22502 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277 | &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; 59 |
| &nbsp;&nbsp;&nbsp; Class R3 | &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; 136 |
| &nbsp;&nbsp;&nbsp; Class R4 | &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;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1457 | &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; 68 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19358 | &nbsp;&nbsp;&nbsp;&nbsp; 205217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8704 |
| Net Asset Value (a): |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A — Redemption price per share | $18.03  | $28.88  | $48.80  | $60.21 |
| &nbsp;&nbsp;&nbsp; Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53.16 |
| &nbsp;&nbsp;&nbsp; Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64.02 |
| &nbsp;&nbsp;&nbsp; Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.59 | &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; 60.30 |
| &nbsp;&nbsp;&nbsp; Class R3 — Offering and redemption price per share | &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; 63.83 |
| &nbsp;&nbsp;&nbsp; Class R4 — Offering and redemption price per share | &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; 64.04 |
| &nbsp;&nbsp;&nbsp; Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.91 | &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; 64.52 |
| &nbsp;&nbsp;&nbsp; Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64.55 |
| &nbsp;&nbsp;&nbsp; Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| $19.03 | $30.48 | $51.50 | $63.55 |
| Cost of investments in non-affiliates | $1226944 | $5216248 | $185835 | $2415242 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6679 | &nbsp;&nbsp;&nbsp;&nbsp; 117988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76404 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Investment securities on loan, at value  | &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; 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cost of investment of cash collateral (See Note 2.C) | &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; 198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Proceeds from securities sold short | &nbsp;&nbsp;&nbsp;&nbsp; 438133 | &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; — |

---

------

(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;

104 J.P. Morgan Large Cap Funds June 30, 2022

------

**STATEMENTS OF OPERATIONS** <br>FOR THE YEAR ENDED June 30, 2022 <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**Equity** <br>**Focus Fund** <br>| **JPMorgan** <br>**Equity Income** <br>**Fund** <br>| **JPMorgan** <br>**Equity Index** <br>**Fund** <br>| **JPMorgan** <br>**Equity Premium** <br>**Income Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | $— | $— | $— | $194508 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 1592 | &nbsp;&nbsp;&nbsp; 1193944 | &nbsp;&nbsp;&nbsp; 108426 | &nbsp;&nbsp;&nbsp;&nbsp; 33216 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 |
| Income from securities lending (net) (See Note 2.C) | &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; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1610 | &nbsp;&nbsp;&nbsp; 1196132 | &nbsp;&nbsp;&nbsp; 110880 | &nbsp;&nbsp;&nbsp; 227887 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5431 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1629 |
| Distribution fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1328 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3447 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452 | &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; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1328 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1149 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2783 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 | &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; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 673 | &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; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 579 | &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; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| Interest expense to affiliates | &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; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692 |
| Transfer agency fees (See Note 2.M) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310645 | &nbsp;&nbsp;&nbsp;&nbsp; 18333 | &nbsp;&nbsp;&nbsp;&nbsp; 18202 |
| Less fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (581) |
| Less expense reimbursements | &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; (42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9799 | &nbsp;&nbsp;&nbsp;&nbsp; 17621 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886565 | &nbsp;&nbsp;&nbsp; 101081 | &nbsp;&nbsp;&nbsp; 210266 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 1520 | &nbsp;&nbsp;&nbsp; 1238681 | &nbsp;&nbsp;&nbsp;&nbsp; (53205) | &nbsp;&nbsp; (196716) |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Futures contracts | &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; 1729 | &nbsp;&nbsp;&nbsp;&nbsp; (12847) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 1520 | &nbsp;&nbsp;&nbsp; 1238389 | &nbsp;&nbsp;&nbsp;&nbsp; (52316) | &nbsp;&nbsp; (209562) |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp; (21485) | &nbsp;&nbsp; (2960355) | &nbsp;&nbsp; (898482) | &nbsp;&nbsp; (142900) |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (113) | &nbsp;&nbsp;&nbsp;&nbsp; (25721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Futures contracts | &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; (919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp; (21484) | &nbsp;&nbsp; (2960468) | &nbsp;&nbsp; (925122) | &nbsp;&nbsp; (142757) |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp; (19964) | &nbsp;&nbsp; (1722079) | &nbsp;&nbsp; (977438) | &nbsp;&nbsp; (352319) |
| Change in net assets resulting from operations | $(19602) | $(835514) | $(876357) | $(142053) |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 105

------

**STATEMENTS OF OPERATIONS** <br>FOR THE YEAR ENDED June 30, 2022 (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**Hedged** <br>**Equity Fund** <br>| **JP Morgan** <br>**Hedged** <br>**Equity 2 Fund** <br>| **JP Morgan** <br>**Hedged** <br>**Equity 3 Fund** <br>| **JPMorgan** <br>**Large Cap** <br>**Growth Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | $— | $2 | $— | $8 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252138 | &nbsp;&nbsp;&nbsp;&nbsp; 52290 | &nbsp;&nbsp;&nbsp;&nbsp; 27928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270438 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5759 |
| Income from securities lending (net) (See Note 2.C) | &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; 144 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252351 | &nbsp;&nbsp;&nbsp;&nbsp; 52494 | &nbsp;&nbsp;&nbsp;&nbsp; 28031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276349 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168383 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14872 |
| Distribution fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12017 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5602 |
| &nbsp;&nbsp;&nbsp; Class R2 | &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; 622 |
| &nbsp;&nbsp;&nbsp; Class R3 | &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; 650 |
| Service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12017 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1867 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27144 |
| &nbsp;&nbsp;&nbsp; Class R2 | &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; 311 |
| &nbsp;&nbsp;&nbsp; Class R3 | &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; 650 |
| &nbsp;&nbsp;&nbsp; Class R4 | &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; 503 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 862 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1169 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &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; — |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1068 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1984 |
| Transfer agency fees (See Note 2.M) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 704 |
| Offering costs (See Note 2.K) | &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; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1054 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112227 | &nbsp;&nbsp;&nbsp;&nbsp; 23924 | &nbsp;&nbsp;&nbsp;&nbsp; 12585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251900 |
| Less fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26043) |
| Less expense reimbursements | &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; (74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112024 | &nbsp;&nbsp;&nbsp;&nbsp; 23042 | &nbsp;&nbsp;&nbsp;&nbsp; 11916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225842 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140327 | &nbsp;&nbsp;&nbsp;&nbsp; 29452 | &nbsp;&nbsp;&nbsp;&nbsp; 16115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50507 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 962674 | &nbsp;&nbsp; (129673) | &nbsp;&nbsp;&nbsp;&nbsp; (46588) | &nbsp;&nbsp;&nbsp; 1518098 |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &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; (377) |
| &nbsp;&nbsp;&nbsp; Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399733 | &nbsp;&nbsp;&nbsp;&nbsp; (80522) | &nbsp;&nbsp; (184631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6484) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162347 | &nbsp;&nbsp;&nbsp; 155021 | &nbsp;&nbsp;&nbsp; 140247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 1518270 | &nbsp;&nbsp;&nbsp;&nbsp; (61799) | &nbsp;&nbsp;&nbsp;&nbsp; (93979) | &nbsp;&nbsp;&nbsp; 1517721 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp; (2740155) | &nbsp;&nbsp; (687185) | &nbsp;&nbsp; (342220) | &nbsp;&nbsp; (9342995) |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &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; (196) |
| &nbsp;&nbsp;&nbsp; Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26130) | &nbsp;&nbsp;&nbsp;&nbsp; 73443 | &nbsp;&nbsp;&nbsp;&nbsp; 63887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1797) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1406) | &nbsp;&nbsp;&nbsp; 167188 | &nbsp;&nbsp;&nbsp;&nbsp; 49931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp; (2769488) | &nbsp;&nbsp; (446699) | &nbsp;&nbsp; (228737) | &nbsp;&nbsp; (9343191) |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp; (1251218) | &nbsp;&nbsp; (508498) | &nbsp;&nbsp; (322716) | &nbsp;&nbsp; (7825470) |
| Change in net assets resulting from operations | $(1110891) | $(479046) | $(306601) | $(7774963)  |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

106 J.P. Morgan Large Cap Funds June 30, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**Large Cap** <br>**Value Fund** <br>| **JPMorgan** <br>**U.S. Applied** <br>**Data Science** <br>**Value Fund** <br>**(formerly known as** <br>**JPMorgan Intrepid** <br>**Value Fund)** <br>| **JPMorgan U.S.** <br>**Equity Fund** <br>| **JPMorgan** <br>**U.S. GARP** <br>**Equity Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | $— | $— | $9 | $1 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 63169 | &nbsp;&nbsp;&nbsp;&nbsp; 4973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9841 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| Income from securities lending (net) (See Note 2.C) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp; 63496 | &nbsp;&nbsp;&nbsp;&nbsp; 4982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9953 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp; 13536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3713 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 928 |
| Distribution fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp; Class L | &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; 1899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
| Transfer agency fees (See Note 2.M) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 22410 | &nbsp;&nbsp;&nbsp;&nbsp; 1836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6689 |
| Less fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (798) |
| Less expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 20053 | &nbsp;&nbsp;&nbsp;&nbsp; 1333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5891 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 43443 | &nbsp;&nbsp;&nbsp;&nbsp; 3649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4062 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 163511 | &nbsp;&nbsp;&nbsp; 43569 | &nbsp;&nbsp;&nbsp; 1076124 | &nbsp;&nbsp;&nbsp; 119281 |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (996) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 163503 | &nbsp;&nbsp;&nbsp; 43442 | &nbsp;&nbsp;&nbsp; 1030616 | &nbsp;&nbsp;&nbsp; 118280 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp; (382739) | &nbsp;&nbsp; (53165) | &nbsp;&nbsp; (3200832) | &nbsp;&nbsp; (314612) |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &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; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1571) |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp; (382731) | &nbsp;&nbsp; (53168) | &nbsp;&nbsp; (3197370) | &nbsp;&nbsp; (316184) |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp; (219228) | &nbsp;&nbsp;&nbsp;&nbsp; (9726) | &nbsp;&nbsp; (2166754) | &nbsp;&nbsp; (197904) |
| Change in net assets resulting from operations | $(175785) | $(6077) | $(2008394) | $(193842)  |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 107

------

**STATEMENTS OF OPERATIONS** <br>FOR THE YEAR ENDED June 30, 2022 (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**U.S. Large** <br>**Cap Core** <br>**Plus Fund** <br>| **JPMorgan** <br>**U.S. Research** <br>**Enhanced** <br>**Equity Fund** <br>| **JPMorgan** <br>**U.S. Sustainable** <br>**Leaders Fund** <br>| **JPMorgan** <br>**U.S. Value** <br>**Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | $— | $3 | $— | $— |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 36848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83193 | &nbsp;&nbsp;&nbsp;&nbsp; 2329 | &nbsp;&nbsp;&nbsp;&nbsp; 45713 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 |
| Income from securities lending (net) (See Note 2.C) | &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; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp; 36896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83467 | &nbsp;&nbsp;&nbsp;&nbsp; 2340 | &nbsp;&nbsp;&nbsp;&nbsp; 45906 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp; 15781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8798 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1650 |
| Distribution fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1558 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269 | &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; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &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; 15 |
| &nbsp;&nbsp;&nbsp; Class R3 | &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; 18 |
| Service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1558 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &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; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2778 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &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; 7 |
| &nbsp;&nbsp;&nbsp; Class R3 | &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; 18 |
| &nbsp;&nbsp;&nbsp; Class R4 | &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; 1 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &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; 2 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 |
| Transfer agency fees (See Note 2.M) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 |
| Dividend expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp; 15031 | &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; — |
| Interest expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3215 | &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; — |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 42191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22889 | &nbsp;&nbsp;&nbsp;&nbsp; 1407 | &nbsp;&nbsp;&nbsp;&nbsp; 17847 |
| Less fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1665) |
| Less expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 39268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 801 | &nbsp;&nbsp;&nbsp;&nbsp; 16176 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67233 | &nbsp;&nbsp;&nbsp;&nbsp; 1539 | &nbsp;&nbsp;&nbsp;&nbsp; 29730 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 576813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232668 | &nbsp;&nbsp;&nbsp;&nbsp; (6008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 873 |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21) |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Securities sold short | &nbsp;&nbsp;&nbsp;&nbsp; (47163) | &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; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 528372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220364 | &nbsp;&nbsp;&nbsp;&nbsp; (6428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 852 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp; (856556) | &nbsp;&nbsp; (1098448) | &nbsp;&nbsp; (32652) | &nbsp;&nbsp; (206747) |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3803) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Securities sold short | &nbsp;&nbsp;&nbsp; 109819 | &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; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp; (746737) | &nbsp;&nbsp; (1102251) | &nbsp;&nbsp; (32779) | &nbsp;&nbsp; (206740) |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp; (218365) | &nbsp;&nbsp;&nbsp;&nbsp; (881887) | &nbsp;&nbsp; (39207) | &nbsp;&nbsp; (205888) |
| Change in net assets resulting from operations | $(220737) | $(814654) | $(37668) | $(176158) |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

108 J.P. Morgan Large Cap Funds June 30, 2022

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Focus Fund** | **JPMorgan Equity Focus Fund** | **JPMorgan Equity Income Fund** | **JPMorgan Equity Income Fund** |
|  | **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021** <br>| **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $362 | $348 | $886565 | $665372 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1520 | &nbsp;&nbsp;&nbsp;&nbsp; 17317 | &nbsp;&nbsp;&nbsp;&nbsp; 1238389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 933009 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (21484) | &nbsp;&nbsp;&nbsp;&nbsp; 22946 | &nbsp;&nbsp;&nbsp; (2960468) | &nbsp;&nbsp; 10722892 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; (19602) | &nbsp;&nbsp;&nbsp;&nbsp; 40611 | &nbsp;&nbsp;&nbsp;&nbsp; (835514) | &nbsp;&nbsp; 12321273 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (1192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (862) | &nbsp;&nbsp;&nbsp;&nbsp; (164725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59104) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14553) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (9277) | &nbsp;&nbsp;&nbsp;&nbsp; (7180) | &nbsp;&nbsp;&nbsp;&nbsp; (669432) | &nbsp;&nbsp;&nbsp;&nbsp; (245584) |
| Class R2 | &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; (2569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (921) |
| Class R3 | &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; (8711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3447) |
| Class R4 | &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; (8137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3022) |
| Class R5 | &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; (58431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26918) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; (3810) | &nbsp;&nbsp;&nbsp;&nbsp; (3356) | &nbsp;&nbsp;&nbsp;&nbsp; (826895) | &nbsp;&nbsp;&nbsp;&nbsp; (310281) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (14792) | &nbsp;&nbsp;&nbsp; (11801) | &nbsp;&nbsp;&nbsp; (1781086) | &nbsp;&nbsp;&nbsp;&nbsp; (663830) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 82423 | &nbsp;&nbsp;&nbsp;&nbsp; 18030 | &nbsp;&nbsp;&nbsp;&nbsp; 2182357 | &nbsp;&nbsp;&nbsp;&nbsp; 5193277 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 48029 | &nbsp;&nbsp;&nbsp;&nbsp; 46840 | &nbsp;&nbsp;&nbsp;&nbsp; (434243) | &nbsp;&nbsp; 16850720 |
| Beginning of period | &nbsp;&nbsp; 131894 | &nbsp;&nbsp;&nbsp;&nbsp; 85054 | &nbsp;&nbsp; 46405657 | &nbsp;&nbsp; 29554937 |
| End of period | $179923 | $131894 | $45971414 | $46405657 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 109

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**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Index Fund** | **JPMorgan Equity Index Fund** | **JPMorgan Equity Premium** <br>**Income Fund** | **JPMorgan Equity Premium** <br>**Income Fund** |
|  | **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021** <br>| **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $101081 | $86869 | $210266 | $34890 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (52316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83243 | &nbsp;&nbsp;&nbsp; (209562) | &nbsp;&nbsp;&nbsp;&nbsp; (4048) |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (925122) | &nbsp;&nbsp; 1884412 | &nbsp;&nbsp;&nbsp; (142757) | &nbsp;&nbsp;&nbsp;&nbsp; 61774 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; (876357) | &nbsp;&nbsp; 2054524 | &nbsp;&nbsp;&nbsp; (142053) | &nbsp;&nbsp;&nbsp;&nbsp; 92616 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (17775) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8535) | &nbsp;&nbsp;&nbsp;&nbsp; (51883) | &nbsp;&nbsp;&nbsp;&nbsp; (3484) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (710) | &nbsp;&nbsp;&nbsp;&nbsp; (42257) | &nbsp;&nbsp;&nbsp;&nbsp; (2300) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (36175) | &nbsp;&nbsp;&nbsp;&nbsp; (15010) | &nbsp;&nbsp;&nbsp; (109468) | &nbsp;&nbsp;&nbsp; (25702) |
| Class R5 | &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; (10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) |
| Class R6 | &nbsp;&nbsp;&nbsp; (150588) | &nbsp;&nbsp;&nbsp;&nbsp; (74066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6808) | &nbsp;&nbsp;&nbsp;&nbsp; (3425) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (206402) | &nbsp;&nbsp;&nbsp;&nbsp; (98321) | &nbsp;&nbsp;&nbsp; (210426) | &nbsp;&nbsp;&nbsp; (34916) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp; 1696102 | &nbsp;&nbsp;&nbsp; (315633) | &nbsp;&nbsp; 3062266 | &nbsp;&nbsp; 651374 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 613343 | &nbsp;&nbsp; 1640570 | &nbsp;&nbsp; 2709787 | &nbsp;&nbsp; 709074 |
| Beginning of period | &nbsp;&nbsp; 6644441 | &nbsp;&nbsp; 5003871 | &nbsp;&nbsp;&nbsp;&nbsp; 900804 | &nbsp;&nbsp; 191730 |
| End of period | $7257784 | $6644441 | $3610591 | $900804 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

110 J.P. Morgan Large Cap Funds June 30, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Hedged Equity Fund** | **JPMorgan Hedged Equity Fund** | **JPMorgan Hedged Equity 2 Fund** | **JPMorgan Hedged Equity 2 Fund** |
|  | **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021** <br>| **Year Ended** <br>**June 30, 2022** <br>| **Period Ended** <br>**June 30, 2021 (a)** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $140327 | $124937 | $29452 | $1623 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 1518270 | &nbsp;&nbsp;&nbsp; (1966393) | &nbsp;&nbsp;&nbsp;&nbsp; (61799) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9789) |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (2769488) | &nbsp;&nbsp;&nbsp;&nbsp; 4396300 | &nbsp;&nbsp;&nbsp; (446699) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41762 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; (1110891) | &nbsp;&nbsp;&nbsp;&nbsp; 2554844 | &nbsp;&nbsp;&nbsp; (479046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33596 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9354) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (108876) | &nbsp;&nbsp;&nbsp;&nbsp; (115685) | &nbsp;&nbsp;&nbsp;&nbsp; (21141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (785) |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (305) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (137046) | &nbsp;&nbsp;&nbsp;&nbsp; (139976) | &nbsp;&nbsp;&nbsp;&nbsp; (26753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1117) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (552652) | &nbsp;&nbsp;&nbsp;&nbsp; 7138463 | &nbsp;&nbsp; 4737398 | &nbsp;&nbsp; 1359389 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (1800589) | &nbsp;&nbsp;&nbsp;&nbsp; 9553331 | &nbsp;&nbsp; 4231599 | &nbsp;&nbsp; 1391868 |
| Beginning of period | &nbsp;&nbsp; 18294923 | &nbsp;&nbsp;&nbsp;&nbsp; 8741592 | &nbsp;&nbsp; 1391868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| End of period | $16494334 | $18294923 | $5623467 | $1391868 |

---

------

(a) Commencement of operations was February 26, 2021.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 111

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Hedged Equity 3 Fund** | **JPMorgan Hedged Equity 3 Fund** | **JPMorgan Large Cap Growth Fund** | **JPMorgan Large Cap Growth Fund** |
|  | **Year Ended** <br>**June 30, 2022** <br>| **Period Ended** <br>**June 30, 2021 (a)**<br>| **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $16115 | $641 | $50507 | $(41950) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (93979) | &nbsp;&nbsp;&nbsp;&nbsp; (7884) | &nbsp;&nbsp;&nbsp;&nbsp; 1517721 | &nbsp;&nbsp;&nbsp;&nbsp; 5959007 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (228737) | &nbsp;&nbsp;&nbsp;&nbsp; 20718 | &nbsp;&nbsp;&nbsp; (9343191) | &nbsp;&nbsp;&nbsp;&nbsp; 4245115 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; (306601) | &nbsp;&nbsp;&nbsp;&nbsp; 13475 | &nbsp;&nbsp;&nbsp; (7774963) | &nbsp;&nbsp; 10162172 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (392) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15) | &nbsp;&nbsp;&nbsp;&nbsp; (708158) | &nbsp;&nbsp;&nbsp;&nbsp; (229243) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp;&nbsp; (155323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49805) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (11480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (417) | &nbsp;&nbsp;&nbsp; (1544842) | &nbsp;&nbsp;&nbsp;&nbsp; (484046) |
| Class R2 | &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; (20184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7546) |
| Class R3 | &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; (39213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8542) |
| Class R4 | &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; (31893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6602) |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (117247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48291) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2793) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp; (2685495) | &nbsp;&nbsp;&nbsp;&nbsp; (774029) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (14723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (437) | &nbsp;&nbsp;&nbsp; (5302355) | &nbsp;&nbsp;&nbsp; (1608104) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp; 2606051 | &nbsp;&nbsp; 553528 | &nbsp;&nbsp;&nbsp;&nbsp; 7007636 | &nbsp;&nbsp;&nbsp;&nbsp; 5597146 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp; 2284727 | &nbsp;&nbsp; 566566 | &nbsp;&nbsp;&nbsp; (6069682) | &nbsp;&nbsp; 14151214 |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; 566566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 37416380 | &nbsp;&nbsp; 23265166 |
| End of period | $2851293 | $566566 | $31346698 | $37416380 |

---

------

(a) Commencement of operations was February 26, 2021.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

112 J.P. Morgan Large Cap Funds June 30, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Large Cap Value Fund** | **JPMorgan Large Cap Value Fund** | **JPMorgan U.S. Applied Data Science Value Fund** <br>**(formerly known as JPMorgan Intrepid Value Fund)** | **JPMorgan U.S. Applied Data Science Value Fund** <br>**(formerly known as JPMorgan Intrepid Value Fund)** |
|  | **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021** <br>| **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $43443 | $19708 | $3649 | $4072 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163503 | &nbsp;&nbsp;&nbsp;&nbsp; 227272 | &nbsp;&nbsp;&nbsp;&nbsp; 43442 | &nbsp;&nbsp;&nbsp;&nbsp; 30613 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (382731) | &nbsp;&nbsp;&nbsp;&nbsp; 529855 | &nbsp;&nbsp;&nbsp; (53168) | &nbsp;&nbsp;&nbsp;&nbsp; 61725 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; (175785) | &nbsp;&nbsp;&nbsp;&nbsp; 776835 | &nbsp;&nbsp;&nbsp;&nbsp; (6077) | &nbsp;&nbsp;&nbsp;&nbsp; 96410 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (755) | &nbsp;&nbsp;&nbsp; (14584) | &nbsp;&nbsp;&nbsp;&nbsp; (1695) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69) | &nbsp;&nbsp;&nbsp;&nbsp; (2524) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (287) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (104910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4846) | &nbsp;&nbsp;&nbsp; (30625) | &nbsp;&nbsp;&nbsp;&nbsp; (4082) |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (85) |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34) | &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; — |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16) | &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; — |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (193) | &nbsp;&nbsp;&nbsp;&nbsp; (1033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (141) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; (126428) | &nbsp;&nbsp;&nbsp;&nbsp; (12971) | &nbsp;&nbsp;&nbsp; (10385) | &nbsp;&nbsp;&nbsp;&nbsp; (2355) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (255277) | &nbsp;&nbsp;&nbsp;&nbsp; (18876) | &nbsp;&nbsp;&nbsp; (59840) | &nbsp;&nbsp;&nbsp;&nbsp; (8645) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (714390) | &nbsp;&nbsp; 2323514 | &nbsp;&nbsp;&nbsp; (13864) | &nbsp;&nbsp;&nbsp; (67252) |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp; (1145452) | &nbsp;&nbsp; 3081473 | &nbsp;&nbsp;&nbsp; (79781) | &nbsp;&nbsp;&nbsp;&nbsp; 20513 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 4341470 | &nbsp;&nbsp; 1259997 | &nbsp;&nbsp; 276279 | &nbsp;&nbsp; 255766 |
| End of period | $3196018 | $4341470 | $196498 | $276279 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 113

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. GARP Equity Fund** | **JPMorgan U.S. GARP Equity Fund** |
|  | **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021** <br>| **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $158360 | $151578 | $4062 | $4455 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 1030616 | &nbsp;&nbsp;&nbsp;&nbsp; 2016851 | &nbsp;&nbsp;&nbsp;&nbsp; 118280 | &nbsp;&nbsp;&nbsp;&nbsp; 196953 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (3197370) | &nbsp;&nbsp;&nbsp;&nbsp; 4026205 | &nbsp;&nbsp;&nbsp; (316184) | &nbsp;&nbsp;&nbsp;&nbsp; 220654 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; (2008394) | &nbsp;&nbsp;&nbsp;&nbsp; 6194634 | &nbsp;&nbsp;&nbsp; (193842) | &nbsp;&nbsp;&nbsp;&nbsp; 422062 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (181929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (83977) | &nbsp;&nbsp;&nbsp;&nbsp; (23478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9875) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17652) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5967) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2514) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (202500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87780) | &nbsp;&nbsp;&nbsp;&nbsp; (31685) | &nbsp;&nbsp;&nbsp;&nbsp; (13950) |
| Class L | &nbsp;&nbsp;&nbsp;&nbsp; (202579) | &nbsp;&nbsp;&nbsp;&nbsp; (164969) | &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; — |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4145) |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8862) | &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; — |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1911) | &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; — |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp; (115744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60489) | &nbsp;&nbsp;&nbsp;&nbsp; (26875) | &nbsp;&nbsp;&nbsp;&nbsp; (20231) |
| Class R6 | &nbsp;&nbsp;&nbsp; (1409196) | &nbsp;&nbsp;&nbsp;&nbsp; (727732) | &nbsp;&nbsp;&nbsp; (145336) | &nbsp;&nbsp;&nbsp;&nbsp; (67081) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (2206145) | &nbsp;&nbsp;&nbsp; (1168255) | &nbsp;&nbsp;&nbsp; (242462) | &nbsp;&nbsp;&nbsp; (117796) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 2977797 | &nbsp;&nbsp;&nbsp;&nbsp; (121490) | &nbsp;&nbsp;&nbsp;&nbsp; 104865 | &nbsp;&nbsp;&nbsp; (111060) |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (1236742) | &nbsp;&nbsp;&nbsp;&nbsp; 4904889 | &nbsp;&nbsp;&nbsp; (331439) | &nbsp;&nbsp;&nbsp;&nbsp; 193206 |
| Beginning of period | &nbsp;&nbsp; 19843651 | &nbsp;&nbsp; 14938762 | &nbsp;&nbsp; 1307588 | &nbsp;&nbsp; 1114382 |
| End of period | $18606909 | $19843651 | $976149 | $1307588 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

114 J.P. Morgan Large Cap Funds June 30, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Large Cap Core Plus Fund** | **JPMorgan U.S. Large Cap Core Plus Fund** | **JPMorgan U.S. Research** <br>**Enhanced Equity Fund** | **JPMorgan U.S. Research** <br>**Enhanced Equity Fund** |
|  | **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021** <br>| **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(2372) | $(4044) | $67233 | $58068 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528372 | &nbsp;&nbsp; 1008393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220364 | &nbsp;&nbsp;&nbsp;&nbsp; 562881 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (746737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54134 | &nbsp;&nbsp; (1102251) | &nbsp;&nbsp; 1148187 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; (220737) | &nbsp;&nbsp; 1058483 | &nbsp;&nbsp;&nbsp;&nbsp; (814654) | &nbsp;&nbsp; 1769136 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81344) | &nbsp;&nbsp;&nbsp;&nbsp; (77084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7423) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9299) | &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; — |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (393194) | &nbsp;&nbsp;&nbsp; (515371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89423) | &nbsp;&nbsp;&nbsp;&nbsp; (25017) |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1484) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1244) | &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; — |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9627) | &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; — |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; (131817) | &nbsp;&nbsp;&nbsp; (147178) | &nbsp;&nbsp;&nbsp;&nbsp; (594375) | &nbsp;&nbsp;&nbsp; (159941) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (625865) | &nbsp;&nbsp;&nbsp; (759803) | &nbsp;&nbsp;&nbsp;&nbsp; (704189) | &nbsp;&nbsp;&nbsp; (192381) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (167574) | &nbsp;&nbsp;&nbsp; (697740) | &nbsp;&nbsp;&nbsp; 3217839 | &nbsp;&nbsp;&nbsp; (889477) |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp; (1014176) | &nbsp;&nbsp;&nbsp; (399060) | &nbsp;&nbsp;&nbsp; 1698996 | &nbsp;&nbsp;&nbsp;&nbsp; 687278 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 2651246 | &nbsp;&nbsp; 3050306 | &nbsp;&nbsp;&nbsp; 5052042 | &nbsp;&nbsp; 4364764 |
| End of period | $1637070 | $2651246 | $6751038 | $5052042 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 115

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Sustainable Leaders Fund** | **JPMorgan U.S. Sustainable Leaders Fund** | **JPMorgan U.S. Value Fund** | **JPMorgan U.S. Value Fund** |
|  | **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021** <br>| **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $1539 | $719 | $29730 | $14952 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (6428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44116 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (32779) | &nbsp;&nbsp;&nbsp;&nbsp; 19592 | &nbsp;&nbsp;&nbsp; (206740) | &nbsp;&nbsp;&nbsp;&nbsp; 351990 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; (37668) | &nbsp;&nbsp;&nbsp;&nbsp; 24537 | &nbsp;&nbsp;&nbsp; (176158) | &nbsp;&nbsp;&nbsp;&nbsp; 411058 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (1320) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (235) | &nbsp;&nbsp;&nbsp;&nbsp; (17510) | &nbsp;&nbsp;&nbsp;&nbsp; (10335) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (611) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (4168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (711) | &nbsp;&nbsp;&nbsp;&nbsp; (31283) | &nbsp;&nbsp;&nbsp;&nbsp; (11089) |
| Class R2 | &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; (74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33) |
| Class R3 | &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; (246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16) |
| Class R4 | &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; (8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24) |
| Class R5 | &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; (100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) |
| Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (1394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (247) | &nbsp;&nbsp;&nbsp;&nbsp; (12025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4026) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (7052) | &nbsp;&nbsp;&nbsp;&nbsp; (1223) | &nbsp;&nbsp;&nbsp;&nbsp; (62694) | &nbsp;&nbsp;&nbsp;&nbsp; (26137) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp; 114576 | &nbsp;&nbsp;&nbsp;&nbsp; 51536 | &nbsp;&nbsp; 1346195 | &nbsp;&nbsp;&nbsp;&nbsp; 595210 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 69856 | &nbsp;&nbsp;&nbsp;&nbsp; 74850 | &nbsp;&nbsp; 1107343 | &nbsp;&nbsp;&nbsp;&nbsp; 980131 |
| Beginning of period | &nbsp;&nbsp; 115550 | &nbsp;&nbsp;&nbsp;&nbsp; 40700 | &nbsp;&nbsp; 1706985 | &nbsp;&nbsp;&nbsp;&nbsp; 726854 |
| End of period | $185406 | $115550 | $2814328 | $1706985 |

---

------

(a) Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

116 J.P. Morgan Large Cap Funds June 30, 2022

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Focus Fund** | **JPMorgan Equity Focus Fund** | **JPMorgan Equity Income Fund** | **JPMorgan Equity Income Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $13655 | $3527  | $729686 | $1280565 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 1192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55042 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4319) | &nbsp;&nbsp;&nbsp; (2169) | &nbsp;&nbsp;&nbsp;&nbsp; (776708) | &nbsp;&nbsp; (1092878) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp; 10528 | &nbsp;&nbsp;&nbsp;&nbsp; 2220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242729 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 2980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243967 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13343 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (286) | &nbsp;&nbsp;&nbsp;&nbsp; (612) | &nbsp;&nbsp;&nbsp;&nbsp; (366921) | &nbsp;&nbsp;&nbsp;&nbsp; (552490) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 3207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; (220907) | &nbsp;&nbsp;&nbsp;&nbsp; (295180) |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp; 59967 | &nbsp;&nbsp;&nbsp;&nbsp; 9125 | &nbsp;&nbsp;&nbsp; 4277091 | &nbsp;&nbsp;&nbsp; 5967956 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 9276 | &nbsp;&nbsp;&nbsp;&nbsp; 7180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221627 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (8874) | &nbsp;&nbsp;&nbsp; (3056) | &nbsp;&nbsp; (4266919) | &nbsp;&nbsp; (3358152) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp; 60369 | &nbsp;&nbsp; 13249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 621368 | &nbsp;&nbsp;&nbsp; 2831431 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &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; 55288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18279 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &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; 2523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &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; (25869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37123) |
| Change in net assets resulting from Class R2 capital transactions | &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; 31942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17943) |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &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; 59868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94161 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &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; 6729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2770 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (103259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57502) |
| Change in net assets resulting from Class R3 capital transactions | &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; (36662) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39429 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &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; 72823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153736 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &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; 8137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3022 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (107227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68895) |
| Change in net assets resulting from Class R4 capital transactions | &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; (26267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87863 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &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; 273919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365652 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &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; 56256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25988 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (616133) | &nbsp;&nbsp;&nbsp;&nbsp; (420221) |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (285958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28581) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 117

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Focus Fund** | **JPMorgan Equity Focus Fund** | **JPMorgan Equity Income Fund** | **JPMorgan Equity Income Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $7495 | $2422 | $6295923 | $6385588 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 3808 | &nbsp;&nbsp;&nbsp;&nbsp; 3353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296277 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2984) | &nbsp;&nbsp;&nbsp; (3424) | &nbsp;&nbsp; (5099133) | &nbsp;&nbsp; (4348336) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 8319 | &nbsp;&nbsp;&nbsp;&nbsp; 2351 | &nbsp;&nbsp;&nbsp; 1992753 | &nbsp;&nbsp;&nbsp; 2333529 |
| **Total change in net assets resulting from capital transactions** | $82423 | $18030 | $2182357 | $5193277 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66002 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2827 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57193) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11636 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12513 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 703 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29946) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16730) |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 1823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299334 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11118 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97) | &nbsp;&nbsp;&nbsp;&nbsp; (183505) | &nbsp;&nbsp;&nbsp;&nbsp; (169937) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp; 1820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140515 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &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; 2393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 934 |
| &nbsp;&nbsp;&nbsp; Reinvested | &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; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; Redeemed | &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; (1142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1951) |
| Change in Class R2 Shares | &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; 1362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (970) |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &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; 2633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4910 |
| &nbsp;&nbsp;&nbsp; Reinvested | &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; 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp; Redeemed | &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; (4499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2969) |
| Change in Class R3 Shares | &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; (1571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2083 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &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; 3143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7771 |
| &nbsp;&nbsp;&nbsp; Reinvested | &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; 351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp; Redeemed | &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; (4626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3389) |
| Change in Class R4 Shares | &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; (1132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4532 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

118 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Focus Fund** | **JPMorgan Equity Focus Fund** | **JPMorgan Equity Income Fund** | **JPMorgan Equity Income Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &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; 11784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18235 |
| &nbsp;&nbsp;&nbsp; Reinvested | &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; 2419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1312 |
| &nbsp;&nbsp;&nbsp; Redeemed | &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; (26600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21287) |
| Change in Class R5 Shares | &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; (12397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1740) |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319793 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14863 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87) | &nbsp;&nbsp;&nbsp;&nbsp; (109) | &nbsp;&nbsp;&nbsp;&nbsp; (219071) | &nbsp;&nbsp;&nbsp;&nbsp; (224750) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109906 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 119

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Index Fund** | **JPMorgan Equity Index Fund** | **JPMorgan Equity Premium** <br>**Income Fund** | **JPMorgan Equity Premium** <br>**Income Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $82713  | $74031 | $903577  | $177480 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3413 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (96507) | &nbsp;&nbsp;&nbsp;&nbsp; (119065) | &nbsp;&nbsp;&nbsp; (133894) | &nbsp;&nbsp;&nbsp;&nbsp; (25791) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36751) | &nbsp;&nbsp;&nbsp;&nbsp; 821428 | &nbsp;&nbsp;&nbsp; 155102 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12852 | &nbsp;&nbsp;&nbsp;&nbsp; 736373 | &nbsp;&nbsp;&nbsp; 155434 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2275 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (25208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39283) | &nbsp;&nbsp;&nbsp; (104072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8379) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (10264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25858) | &nbsp;&nbsp;&nbsp;&nbsp; 674476 | &nbsp;&nbsp;&nbsp; 149330 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp; 1002982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246978 | &nbsp;&nbsp; 1939110 | &nbsp;&nbsp;&nbsp; 413338 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14184 | &nbsp;&nbsp;&nbsp;&nbsp; 107196 | &nbsp;&nbsp;&nbsp;&nbsp; 25319 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (713355) | &nbsp;&nbsp;&nbsp;&nbsp; (612226) | &nbsp;&nbsp;&nbsp; (530901) | &nbsp;&nbsp; (135112) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 324282 | &nbsp;&nbsp;&nbsp;&nbsp; (351064) | &nbsp;&nbsp; 1515405 | &nbsp;&nbsp;&nbsp; 303545 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &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; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &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; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &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; (21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| Change in net assets resulting from Class R5 capital transactions | &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; 87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp; 2125519 | &nbsp;&nbsp;&nbsp; 1831702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61071 | &nbsp;&nbsp;&nbsp;&nbsp; 47093 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 147435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (894269) | &nbsp;&nbsp; (1806699) | &nbsp;&nbsp;&nbsp;&nbsp; (11151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3881) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp; 1378685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50870 | &nbsp;&nbsp;&nbsp;&nbsp; 43338 |
| **Total change in net assets resulting from capital transactions** | $1696102 | $(315633) | $3062266 | $651374  |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59643 | &nbsp;&nbsp;&nbsp;&nbsp; 11996 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1795) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (662) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54196 | &nbsp;&nbsp;&nbsp;&nbsp; 10435 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48586 | &nbsp;&nbsp;&nbsp;&nbsp; 10447 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (568) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44410 | &nbsp;&nbsp;&nbsp;&nbsp; 10033 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

120 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Index Fund** | **JPMorgan Equity Index Fund** | **JPMorgan Equity Premium**<br> **Income Fund** | **JPMorgan Equity Premium**<br> **Income Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4416 | &nbsp;&nbsp;&nbsp;&nbsp; 129090 | &nbsp;&nbsp;&nbsp;&nbsp; 28524 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1777 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (11065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11138) | &nbsp;&nbsp;&nbsp;&nbsp; (35676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9545) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6469) | &nbsp;&nbsp;&nbsp;&nbsp; 100642 | &nbsp;&nbsp;&nbsp;&nbsp; 20756 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &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; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Reinvested | &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; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| &nbsp;&nbsp;&nbsp; Redeemed | &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; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| Change in Class R5 Shares | &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; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3379 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (13096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (269) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3119 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 121

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Hedged Equity Fund** | **JPMorgan Hedged Equity Fund** | **JPMorgan Hedged Equity 2 Fund** | **JPMorgan Hedged Equity 2 Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Period Ended**<br> **June 30, 2021(a)** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $574974 | $1460355 | $365352 | $54055 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (592347) | &nbsp;&nbsp;&nbsp;&nbsp; (340811) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (92936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2233) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8067) | &nbsp;&nbsp;&nbsp; 1126924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51847 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57384 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1122) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56263 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 3633533 | &nbsp;&nbsp;&nbsp; 8854409 | &nbsp;&nbsp;&nbsp; 5016234 | &nbsp;&nbsp; 1069346 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 783 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (4412213) | &nbsp;&nbsp; (3681719) | &nbsp;&nbsp; (1543931) | &nbsp;&nbsp;&nbsp;&nbsp; (75413) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (673028) | &nbsp;&nbsp;&nbsp; 5284378 | &nbsp;&nbsp;&nbsp; 3493360 | &nbsp;&nbsp;&nbsp;&nbsp; 994716 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21) |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1118361 | &nbsp;&nbsp;&nbsp; 1000413 | &nbsp;&nbsp;&nbsp; 1278117 | &nbsp;&nbsp;&nbsp;&nbsp; 261104 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (964727) | &nbsp;&nbsp;&nbsp;&nbsp; (474060) | &nbsp;&nbsp;&nbsp;&nbsp; (519193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5366) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763335 | &nbsp;&nbsp;&nbsp;&nbsp; 256038 |
| **Total change in net assets resulting from capital transactions** | $(552652) | $7138463 | $4737398 | $1359389 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3452 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14054) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (142) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3312 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3672 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3600 |

---

------

(a) Commencement of operations was February 26, 2021.

(b) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

122 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Hedged Equity Fund** | **JPMorgan Hedged Equity Fund** | **JPMorgan Hedged Equity 2 Fund** | **JPMorgan Hedged Equity 2 Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Period Ended**<br> **June 30, 2021(a)** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68491 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (172020) | &nbsp;&nbsp;&nbsp;&nbsp; (151283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4782) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63758 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &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; —(b) |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16725 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (340) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16404 |

---

------

(a) Commencement of operations was February 26, 2021.

(b) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 123

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Hedged Equity 3 Fund** | **JPMorgan Hedged Equity 3 Fund** | **JPMorgan Large Cap Growth Fund** | **JPMorgan Large Cap Growth Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Period Ended**<br> **June 30, 2021(a)**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $152621  | $22160  | $884596  | $1542784 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209959 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (48794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (998) | &nbsp;&nbsp; (1080397) | &nbsp;&nbsp; (1237783) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 104217 | &nbsp;&nbsp;&nbsp;&nbsp; 21177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514960 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 100232 | &nbsp;&nbsp;&nbsp;&nbsp; 19425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263027 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45342 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (10009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (464) | &nbsp;&nbsp;&nbsp;&nbsp; (201740) | &nbsp;&nbsp;&nbsp;&nbsp; (425827) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90280 | &nbsp;&nbsp;&nbsp;&nbsp; 18964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85550 | &nbsp;&nbsp;&nbsp;&nbsp; (117458) |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp; 2794989 | &nbsp;&nbsp; 575746 | &nbsp;&nbsp;&nbsp; 4068962 | &nbsp;&nbsp;&nbsp; 3946027 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp; 1417105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446730 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (817648) | &nbsp;&nbsp;&nbsp; (64565) | &nbsp;&nbsp; (3159637) | &nbsp;&nbsp; (3034183) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp; 1988764 | &nbsp;&nbsp; 511596 | &nbsp;&nbsp;&nbsp; 2326430 | &nbsp;&nbsp;&nbsp; 1358574 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &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; 30734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43616 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &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; 19387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7039 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &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; (44228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (76963) |
| Change in net assets resulting from Class R2 capital transactions | &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; 5893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26308) |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &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; 103911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184953 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &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; 25509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5581 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &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; (95868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59342) |
| Change in net assets resulting from Class R3 capital transactions | &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; 33552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131192 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &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; 74719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134173 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &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; 30607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6602 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &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; (103146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35061) |
| Change in net assets resulting from Class R4 capital transactions | &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; 2180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105714 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241401 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46287 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (270483) | &nbsp;&nbsp;&nbsp;&nbsp; (375742) |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88054) |

---

------

(a) Commencement of operations was February 26, 2021.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

124 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Hedged Equity 3 Fund** | **JPMorgan Hedged Equity 3 Fund** | **JPMorgan Large Cap Growth** <br> **Fund** | **JPMorgan Large Cap Growth** <br> **Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Period Ended**<br> **June 30, 2021(a)**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $599903 | $1769 | $5208807 | $6503315 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2586303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 744666 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (180026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3643827) | &nbsp;&nbsp; (3529455) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 422667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1771 | &nbsp;&nbsp;&nbsp; 4151283 | &nbsp;&nbsp;&nbsp; 3718526 |
| **Total change in net assets resulting from capital transactions** | $2606051 | $553528 | $7007636 | $5597146 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26713 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3666 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21267) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9112 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6214 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1097 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10236) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2925) |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 175714 | &nbsp;&nbsp;&nbsp;&nbsp; 36861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66612 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7640 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (52035) | &nbsp;&nbsp;&nbsp;&nbsp; (4085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51094) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp; 124418 | &nbsp;&nbsp;&nbsp;&nbsp; 32802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23158 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &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; 544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 788 |
| &nbsp;&nbsp;&nbsp; Reinvested | &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; 344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp; Redeemed | &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; (819) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1379) |
| Change in Class R2 Shares | &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; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (462) |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &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; 1788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3136 |
| &nbsp;&nbsp;&nbsp; Reinvested | &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; 424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp; Redeemed | &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; (1671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1008) |
| Change in Class R3 Shares | &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; 541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2225 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &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; 1218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2275 |
| &nbsp;&nbsp;&nbsp; Reinvested | &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; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp; Redeemed | &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; (1802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (586) |
| Change in Class R4 Shares | &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; (84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1802 |

---

------

(a) Commencement of operations was February 26, 2021.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 125

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Hedged Equity 3 Fund** | **JPMorgan Hedged Equity 3 Fund** | **JPMorgan Large Cap Growth** <br> **Fund** | **JPMorgan Large Cap Growth** <br> **Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Period Ended**<br> **June 30, 2021(a)**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3948 |
| &nbsp;&nbsp;&nbsp; Reinvested | &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; 1799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 769 |
| &nbsp;&nbsp;&nbsp; Redeemed | &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; (4277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6111) |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (742) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1394) |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104867 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12253 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (11135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57075) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60045 |

---

------

(a) Commencement of operations was February 26, 2021.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

126 J.P. Morgan Large Cap Funds June 30, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Large Cap Value Fund** | **JPMorgan Large Cap Value Fund** | **JPMorgan U.S. Applied Data Science Value Fund** <br>**(formerly known as JPMorgan Intrepid Value Fund)** | **JPMorgan U.S. Applied Data Science Value Fund** <br>**(formerly known as JPMorgan Intrepid Value Fund)** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $95190 | $81668 | $4279  | $7017 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 737 | &nbsp;&nbsp;&nbsp; 14005 | &nbsp;&nbsp;&nbsp;&nbsp; 1624 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63146) | &nbsp;&nbsp;&nbsp;&nbsp; (49625) | &nbsp;&nbsp; (13163) | &nbsp;&nbsp; (15672) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32780 | &nbsp;&nbsp;&nbsp;&nbsp; 5121 | &nbsp;&nbsp;&nbsp;&nbsp; (7031) |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp; 1778 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 2517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16037) | &nbsp;&nbsp;&nbsp;&nbsp; (13265) | &nbsp;&nbsp;&nbsp;&nbsp; (4058) | &nbsp;&nbsp;&nbsp;&nbsp; (5408) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10846 | &nbsp;&nbsp;&nbsp;&nbsp; (1339) | &nbsp;&nbsp;&nbsp;&nbsp; (3347) |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1016347 | &nbsp;&nbsp; 1171550 | &nbsp;&nbsp;&nbsp;&nbsp; 8287 | &nbsp;&nbsp;&nbsp; 12129 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4779 | &nbsp;&nbsp;&nbsp; 30407 | &nbsp;&nbsp;&nbsp;&nbsp; 4054 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (1102687) | &nbsp;&nbsp;&nbsp; (229227) | &nbsp;&nbsp; (38846) | &nbsp;&nbsp; (43512) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16255 | &nbsp;&nbsp;&nbsp;&nbsp; 947102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (152) | &nbsp;&nbsp; (27329) |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 546 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3741) | &nbsp;&nbsp;&nbsp;&nbsp; (18227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (826) | &nbsp;&nbsp;&nbsp;&nbsp; (1206) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from Class R2 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2826 | &nbsp;&nbsp;&nbsp;&nbsp; (14363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (582) |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &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; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &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; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9) | &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; Change in net assets resulting from Class R3 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291 | &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; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &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; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52) | &nbsp;&nbsp;&nbsp;&nbsp; (12452) | &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; Change in net assets resulting from Class R4 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp;&nbsp; (12161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp; 1031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10433) | &nbsp;&nbsp;&nbsp;&nbsp; (13602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (928) | &nbsp;&nbsp;&nbsp;&nbsp; (2434) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from Class R5 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3918) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 732 | &nbsp;&nbsp;&nbsp;&nbsp; (1571) |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 127

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Large Cap Value Fund** | **JPMorgan Large Cap Value Fund** | **JPMorgan U.S. Applied Data Science Value Fund**<br> **(formerly known as JPMorgan Intrepid Value** <br> **Fund)** | **JPMorgan U.S. Applied Data Science Value Fund**<br> **(formerly known as JPMorgan Intrepid Value** <br> **Fund)** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $423123 | $1547366 | $14684 | $14127 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12895 | &nbsp;&nbsp;&nbsp; 10380 | &nbsp;&nbsp;&nbsp;&nbsp; 2353 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (1362272) | &nbsp;&nbsp;&nbsp; (197025) | &nbsp;&nbsp; (43742) | &nbsp;&nbsp; (43872) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (817414) | &nbsp;&nbsp; 1363236 | &nbsp;&nbsp; (18678) | &nbsp;&nbsp; (27392) |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| $(714390) | $2323514 | $(13864) | $(67252) |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (535) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (249) |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (188) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (121) |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp;&nbsp; 1014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56544) | &nbsp;&nbsp;&nbsp;&nbsp; (12774) | &nbsp;&nbsp;&nbsp;&nbsp; (1241) | &nbsp;&nbsp;&nbsp;&nbsp; (1437) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (920) |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41) |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21) |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &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; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &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; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;

128 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Large Cap Value Fund** | **JPMorgan Large Cap Value Fund** | **JPMorgan U.S. Applied Data Science Value Fund**<br> **(formerly known as JPMorgan Intrepid Value** <br> **Fund)** | **JPMorgan U.S. Applied Data Science Value Fund**<br> **(formerly known as JPMorgan Intrepid Value** <br> **Fund)** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &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; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &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; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (784) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (84) |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (255) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57) |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68921) | &nbsp;&nbsp;&nbsp;&nbsp; (11736) | &nbsp;&nbsp;&nbsp;&nbsp; (1239) | &nbsp;&nbsp;&nbsp;&nbsp; (1493) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (979) |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 129

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. GARP Equity Fund** | **JPMorgan U.S. GARP Equity Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $482477 | $448946 | $19969  | $20023 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78212 | &nbsp;&nbsp;&nbsp;&nbsp; 17212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7327 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (353120) | &nbsp;&nbsp; (1212979) | &nbsp;&nbsp;&nbsp; (21806) | &nbsp;&nbsp;&nbsp;&nbsp; (28020) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298949 | &nbsp;&nbsp;&nbsp;&nbsp; (685821) | &nbsp;&nbsp;&nbsp;&nbsp; 15375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (670) |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1789 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2298 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93186) | &nbsp;&nbsp;&nbsp;&nbsp; (111778) | &nbsp;&nbsp;&nbsp;&nbsp; (7337) | &nbsp;&nbsp;&nbsp;&nbsp; (12341) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8254) |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1070339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676639 | &nbsp;&nbsp;&nbsp;&nbsp; 24295 | &nbsp;&nbsp;&nbsp;&nbsp; 13566 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83781 | &nbsp;&nbsp;&nbsp;&nbsp; 29393 | &nbsp;&nbsp;&nbsp;&nbsp; 12855 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (712132) | &nbsp;&nbsp;&nbsp;&nbsp; (445901) | &nbsp;&nbsp;&nbsp; (84539) | &nbsp;&nbsp;&nbsp;&nbsp; (41096) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314519 | &nbsp;&nbsp;&nbsp; (30851) | &nbsp;&nbsp;&nbsp;&nbsp; (14675) |
| **Class L** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395544 | &nbsp;&nbsp;&nbsp; 1503646 | &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; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156873 | &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; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (546594) | &nbsp;&nbsp; (1609341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class L capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8001 | &nbsp;&nbsp;&nbsp;&nbsp; 11220 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4130 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74678) | &nbsp;&nbsp;&nbsp; (14963) | &nbsp;&nbsp;&nbsp;&nbsp; (20777) |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5427) |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40112 | &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; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7878 | &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; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19615 | &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; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1911 | &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; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12601) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6093) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152803 | &nbsp;&nbsp;&nbsp;&nbsp; 11706 | &nbsp;&nbsp;&nbsp;&nbsp; 28851 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56125 | &nbsp;&nbsp;&nbsp;&nbsp; 26832 | &nbsp;&nbsp;&nbsp;&nbsp; 20215 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (227974) | &nbsp;&nbsp;&nbsp;&nbsp; (201053) | &nbsp;&nbsp;&nbsp; (56584) | &nbsp;&nbsp; (119468) |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7875 | &nbsp;&nbsp;&nbsp; (18046) | &nbsp;&nbsp;&nbsp;&nbsp; (70402) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

130 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. GARP Equity** <br> **Fund** | **JPMorgan U.S. GARP Equity** <br> **Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $3344796 | $3065302 | $91331  | $45323 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp; 1391583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720789 | &nbsp;&nbsp; 140885 | &nbsp;&nbsp;&nbsp;&nbsp; 61717 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (2791475) | &nbsp;&nbsp; (3616496) | &nbsp;&nbsp;&nbsp; (95507) | &nbsp;&nbsp; (118672) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 1944904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169595 | &nbsp;&nbsp; 136709 | &nbsp;&nbsp;&nbsp;&nbsp; (11632) |
| **Total change in net assets resulting from capital transactions** | $2977797 | $(121490) | $104865 | $(111060)  |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (431) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (200) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (134) |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22963) | &nbsp;&nbsp;&nbsp;&nbsp; (1296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (615) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (209) |
| **Class L** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82220 | &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; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8466 | &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; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in Class L Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (324) |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (78) |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2150 | &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; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430 | &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; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1947) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856 | &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, 2022 J.P. Morgan Large Cap Funds 131

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. GARP Equity** <br> **Fund** | **JPMorgan U.S. GARP Equity** <br> **Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 984 | &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; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 | &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; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1790) |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1022) |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 993 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (130138) | &nbsp;&nbsp;&nbsp;&nbsp; (183543) | &nbsp;&nbsp;&nbsp;&nbsp; (1286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1768) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (85) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

132 J.P. Morgan Large Cap Funds June 30, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Large Cap Core Plus Fund** | **JPMorgan U.S. Large Cap Core Plus Fund** | **JPMorgan U.S. Research** <br>**Enhanced Equity Fund** | **JPMorgan U.S. Research** <br>**Enhanced Equity Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $32817  | $67074  | $43303  | $52721 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 75295 | &nbsp;&nbsp;&nbsp;&nbsp; 71308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7384 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (87007) | &nbsp;&nbsp; (103562) | &nbsp;&nbsp;&nbsp;&nbsp; (62282) | &nbsp;&nbsp;&nbsp;&nbsp; (123854) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 21105 | &nbsp;&nbsp;&nbsp;&nbsp; 34820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63749) |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5606 | &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; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9039 | &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; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (12318) | &nbsp;&nbsp;&nbsp;&nbsp; (43234) | &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; — |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5909 | &nbsp;&nbsp;&nbsp;&nbsp; (28589) | &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; — |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 207573 | &nbsp;&nbsp;&nbsp; 241025 | &nbsp;&nbsp;&nbsp;&nbsp; 217181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127129 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp; 379324 | &nbsp;&nbsp;&nbsp; 497011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17371 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (792690) | &nbsp;&nbsp; (946028) | &nbsp;&nbsp;&nbsp; (196491) | &nbsp;&nbsp;&nbsp;&nbsp; (230638) |
| &nbsp;&nbsp;&nbsp; Redemptions in-kind | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (487288) | &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; Conversion from Class L Shares | &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; 368073 |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp; (205793) | &nbsp;&nbsp; (695280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281935 |
| **Class L** (a) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &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; 534 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &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; (28170) |
| &nbsp;&nbsp;&nbsp; Conversion to Class I Shares | &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; (368073) |
| Change in net assets resulting from Class L capital transactions | &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; (395709) |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 614 | &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; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1205 | &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; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1100) | &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; — |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 719 | &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; — |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5546 | &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; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9489 | &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; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (10062) | &nbsp;&nbsp;&nbsp;&nbsp; (23795) | &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; — |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8760) | &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; — |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 85411 | &nbsp;&nbsp;&nbsp; 127531 | &nbsp;&nbsp; 3036307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 738779 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 95950 | &nbsp;&nbsp;&nbsp; 112990 | &nbsp;&nbsp;&nbsp;&nbsp; 592731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159481 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (176391) | &nbsp;&nbsp; (241171) | &nbsp;&nbsp;&nbsp; (494692) | &nbsp;&nbsp; (1610214) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (650) | &nbsp;&nbsp; 3134346 | &nbsp;&nbsp;&nbsp;&nbsp; (711954) |
| **Total change in net assets resulting from capital transactions** | $(167574) | $(697740) | $3217839 | $(889477) |

---

------

(a) On July 2, 2020, Class L Shares for JPMorgan U.S. Research Enhanced Equity Fund were converted into Class I Shares. Additionally, as of July 2, 2020, the Class L Shares are no longer offered.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 133

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Large Cap Core Plus** <br> **Fund** | **JPMorgan U.S. Large Cap Core Plus** <br> **Fund** | **JPMorgan U.S. Research**<br> **Enhanced Equity Fund** | **JPMorgan U.S. Research**<br> **Enhanced Equity Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1755 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4090) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3944) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1949) |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242 | &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; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446 | &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; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1763) | &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; — |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1075) | &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; — |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4149 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 16025 | &nbsp;&nbsp;&nbsp;&nbsp; 21400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (34415) | &nbsp;&nbsp;&nbsp;&nbsp; (36191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7272) |
| &nbsp;&nbsp;&nbsp; Redemptions in-kind | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19946) | &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; Conversion from Class L Shares | &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; 13572 |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9886) | &nbsp;&nbsp;&nbsp;&nbsp; (25568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11005 |
| **Class L** (a) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &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; 20 |
| &nbsp;&nbsp;&nbsp; Redeemed | &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; (1046) |
| &nbsp;&nbsp;&nbsp; Conversion to Class I Shares | &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; (13599) |
| Change in Class L Shares | &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; (14625) |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &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; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &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; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45) | &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; — |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &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; — |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211 | &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; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405 | &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; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (911) | &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; — |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (295) | &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; — |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22714 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5100 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9673) | &nbsp;&nbsp;&nbsp;&nbsp; (13867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47943) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20129) |

---

------

(a) On July 2, 2020, Class L Shares for JPMorgan U.S. Research Enhanced Equity Fund were converted into Class I Shares. Additionally, as of July 2, 2020, the Class L Shares are no longer offered.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

134 J.P. Morgan Large Cap Funds June 30, 2022

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Sustainable Leaders Fund** | **JPMorgan U.S. Sustainable Leaders Fund** | **JPMorgan U.S. Value Fund** | **JPMorgan U.S. Value Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $27657  | $9507  | $314010  | $43922 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9932 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (7152) | &nbsp;&nbsp;&nbsp;&nbsp; (1965) | &nbsp;&nbsp;&nbsp;&nbsp; (71928) | &nbsp;&nbsp; (188211) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 21799 | &nbsp;&nbsp;&nbsp;&nbsp; 7768 | &nbsp;&nbsp;&nbsp;&nbsp; 258719 | &nbsp;&nbsp; (134357) |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3680 | &nbsp;&nbsp;&nbsp;&nbsp; 1229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50471 | &nbsp;&nbsp;&nbsp;&nbsp; 11138 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1826) | &nbsp;&nbsp;&nbsp;&nbsp; (1166) | &nbsp;&nbsp;&nbsp;&nbsp; (11285) | &nbsp;&nbsp;&nbsp;&nbsp; (10570) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1093 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp; 115790 | &nbsp;&nbsp;&nbsp; 51880 | &nbsp;&nbsp; 1347016 | &nbsp;&nbsp;&nbsp; 663191 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28112 | &nbsp;&nbsp;&nbsp;&nbsp; 10612 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (58741) | &nbsp;&nbsp; (30906) | &nbsp;&nbsp;&nbsp; (675873) | &nbsp;&nbsp;&nbsp;&nbsp; (99019) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 61059 | &nbsp;&nbsp;&nbsp; 21662 | &nbsp;&nbsp;&nbsp;&nbsp; 699255 | &nbsp;&nbsp;&nbsp; 574784 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &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; 2732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1007 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &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; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &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; (945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (694) |
| Change in net assets resulting from Class R2 capital transactions | &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; 1861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &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; 10796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &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; 216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &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; (2711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (166) |
| Change in net assets resulting from Class R3 capital transactions | &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; 8301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 787 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &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; 292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &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; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &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; (137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1482) |
| Change in net assets resulting from Class R4 capital transactions | &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; 163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1325) |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &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; 5175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &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; 99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &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; (584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23) |
| Change in net assets resulting from Class R5 capital transactions | &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; 4690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 135

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Sustainable Leaders Fund** | **JPMorgan U.S. Sustainable Leaders Fund** | **JPMorgan U.S. Value Fund** | **JPMorgan U.S. Value Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** (a) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $34299 | $23682 | $391201 | $310989 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3841 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (5998) | &nbsp;&nbsp;&nbsp;&nbsp; (1916) | &nbsp;&nbsp;&nbsp;&nbsp; (70130) | &nbsp;&nbsp;&nbsp;&nbsp; (34999) |
| &nbsp;&nbsp;&nbsp; Redemptions in-kind | &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; (126007) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 29694 | &nbsp;&nbsp;&nbsp; 22013 | &nbsp;&nbsp;&nbsp;&nbsp; 332723 | &nbsp;&nbsp;&nbsp; 153824 |
| **Total change in net assets resulting from capital transactions** | $114576 | $51536 | $1346195 | $595210  |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 799 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3804) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2821) |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (224) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1929 | &nbsp;&nbsp;&nbsp;&nbsp; 1006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19213 | &nbsp;&nbsp;&nbsp;&nbsp; 11291 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (595) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1602) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9868 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &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; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; Reinvested | &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; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Redeemed | &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; (14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) |
| Change in Class R2 Shares | &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; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &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; 152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; Reinvested | &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; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| &nbsp;&nbsp;&nbsp; Redeemed | &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; (40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) |
| Change in Class R3 Shares | &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; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &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; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Redeemed | &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; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25) |
| Change in Class R4 Shares | &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; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22) |

---

------

(a) Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund.

(b) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

136 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Sustainable Leaders Fund** | **JPMorgan U.S. Sustainable Leaders Fund** | **JPMorgan U.S. Value Fund** | **JPMorgan U.S. Value Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &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; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Reinvested | &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; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| &nbsp;&nbsp;&nbsp; Redeemed | &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; (8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| Change in Class R5 Shares | &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; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| **Class R6** (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5348 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (596) |
| &nbsp;&nbsp;&nbsp; Redemptions in-kind | &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; (2169) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2648 |

---

------

(a) Amount rounds to less than one thousand.

(b) Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 137

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**STATEMENT OF CASH FLOWS** <br>FOR THE YEAR ENDED June 30, 2022 <br>(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:** |  |
| &nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from operations | $(220737) |
| **Adjustments to reconcile net increase/decrease in net assets resulting** <br>**from operations to net cash provided (used) by operating activities:**<br>|  |
| &nbsp;&nbsp;&nbsp; Purchases of investment securities | &nbsp;&nbsp; (1727608) |
| &nbsp;&nbsp;&nbsp; Proceeds from disposition of investment securities | &nbsp;&nbsp;&nbsp; 2744412 |
| &nbsp;&nbsp;&nbsp; Covers of investment securities sold short | &nbsp;&nbsp;&nbsp;&nbsp; (938816) |
| &nbsp;&nbsp;&nbsp; Proceeds from investment securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717154 |
| &nbsp;&nbsp;&nbsp; Purchases of short-term investments — affiliates, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4899 |
| &nbsp;&nbsp;&nbsp; Change in unrealized (appreciation)/depreciation on investments in non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856556 |
| &nbsp;&nbsp;&nbsp; Change in unrealized (appreciation)/depreciation on investment securities sold short | &nbsp;&nbsp;&nbsp;&nbsp; (109819) |
| &nbsp;&nbsp;&nbsp; Net realized (gain)/loss on investments in non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp; (576813) |
| &nbsp;&nbsp;&nbsp; Net realized (gain)/loss on investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Net realized (gain)/loss on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47163 |
| &nbsp;&nbsp;&nbsp; Decrease in dividends receivable from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234 |
| &nbsp;&nbsp;&nbsp; Decrease in dividend expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72) |
| &nbsp;&nbsp;&nbsp; Decrease in Interest expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (171) |
| &nbsp;&nbsp;&nbsp; Decrease in due to broker for securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) |
| &nbsp;&nbsp;&nbsp; Decrease in investment advisory fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (482) |
| &nbsp;&nbsp;&nbsp; Decrease in administration fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54) |
| &nbsp;&nbsp;&nbsp; Decrease in distribution fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21) |
| &nbsp;&nbsp;&nbsp; Decrease in service fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (85) |
| &nbsp;&nbsp;&nbsp; Decrease in custodian and accounting fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20) |
| &nbsp;&nbsp;&nbsp; Decrease in other accrued expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127) |
| Net cash provided (used) by operating activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795582 |
| **Cash flows provided (used) by financing activities:** |  |
| &nbsp;&nbsp;&nbsp; Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21) |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343266 |
| &nbsp;&nbsp;&nbsp; Payment for shares redeemed | &nbsp;&nbsp; (1082379) |
| &nbsp;&nbsp;&nbsp; Cash distributions paid to shareholders (net of reinvestments of $569,440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56425) |
| Net cash provided (used) by financing activities | &nbsp;&nbsp;&nbsp;&nbsp; (795559) |
| **Cash** |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in unrestricted and restricted cash, foreign currency and deposits at broker | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; Restricted and unrestricted cash and foreign currency at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Restricted and unrestricted cash and foreign currency at end of year | $43  |

---

------

Supplemental disclosure of cash flow information:

For the year ended June 30, 2022 the Fund paid approximately $3,386 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 foreign currency at the end of period to the Statement of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2021** | **June 30, 2022** |
| Cash | $—  | $37 |
| Foreign currency, at value | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
|  | $20 | $43 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

138 J.P. Morgan Large Cap Funds June 30, 2022

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THIS PAGE IS INTENTIONALLY LEFT BLANK

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

139 <br>

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**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Equity Focus Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $35.03 | $—  | $(2.70) | $(2.70) | $—  | $(3.91)  | $(3.91) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 26.88 | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp; 11.90 | &nbsp;&nbsp; 11.91 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (3.65) | &nbsp;&nbsp; (3.76) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 30.15 | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp;&nbsp; 1.68 | &nbsp;&nbsp;&nbsp;&nbsp; 1.83 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (4.98) | &nbsp;&nbsp; (5.10) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 31.83 | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp; 2.32 | &nbsp;&nbsp;&nbsp;&nbsp; 2.45 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (3.72) | &nbsp;&nbsp; (4.13) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 29.09 | &nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp; 4.23 | &nbsp;&nbsp;&nbsp;&nbsp; 4.31 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (1.56) | &nbsp;&nbsp; (1.57) |
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 33.15 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp; (2.51) | &nbsp;&nbsp;&nbsp; (2.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.91) | &nbsp;&nbsp; (3.91) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 25.63 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; 11.30 | &nbsp;&nbsp; 11.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.65) | &nbsp;&nbsp; (3.65) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 29.01 | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 1.60 | &nbsp;&nbsp;&nbsp;&nbsp; 1.61 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (4.98) | &nbsp;&nbsp; (4.99) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 30.75 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp; 2.25 | &nbsp;&nbsp;&nbsp;&nbsp; 2.22 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (3.72) | &nbsp;&nbsp; (3.96) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 28.28 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; 4.11 | &nbsp;&nbsp;&nbsp;&nbsp; 4.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.56) | &nbsp;&nbsp; (1.56) |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 35.80 | &nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp; (2.78) | &nbsp;&nbsp;&nbsp; (2.70) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (3.91) | &nbsp;&nbsp; (3.94) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 27.38 | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp; 12.13 | &nbsp;&nbsp; 12.23 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (3.65) | &nbsp;&nbsp; (3.81) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 30.60 | &nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp;&nbsp; 1.70 | &nbsp;&nbsp;&nbsp;&nbsp; 1.93 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (4.98) | &nbsp;&nbsp; (5.15) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 32.13 | &nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp; 2.38 | &nbsp;&nbsp;&nbsp;&nbsp; 2.56 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (3.72) | &nbsp;&nbsp; (4.09) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 29.34 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp;&nbsp; 4.27 | &nbsp;&nbsp;&nbsp;&nbsp; 4.43 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (1.56) | &nbsp;&nbsp; (1.64) |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 35.62 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp; (2.75) | &nbsp;&nbsp;&nbsp; (2.59) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (3.91) | &nbsp;&nbsp; (4.02) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 27.25 | &nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp; 12.07 | &nbsp;&nbsp; 12.25 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (3.65) | &nbsp;&nbsp; (3.88) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 30.48 | &nbsp;&nbsp;&nbsp; 0.30 | &nbsp;&nbsp;&nbsp;&nbsp; 1.69 | &nbsp;&nbsp;&nbsp;&nbsp; 1.99 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (4.98) | &nbsp;&nbsp; (5.22) |
| October 1, 2018 (f) through June 30, 2019 | &nbsp;&nbsp; 34.55 | &nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (3.72) | &nbsp;&nbsp; (4.25) |

---

&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 earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Commencement of offering of class of shares.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

140 J.P. Morgan Large Cap Funds June 30, 2022

------

&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;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<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(e)<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<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $28.42 | (9.32)% | $17340  | 1.10% | (0.01)% | 1.19% | 29% |
| &nbsp;&nbsp; 35.03 | 47.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9949 | 1.09 | 0.05 | 1.24 | 58 |
| &nbsp;&nbsp; 26.88 | &nbsp;&nbsp; 5.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5723 | 1.10 | 0.55 | 1.34 | 44 |
| &nbsp;&nbsp; 30.15 | &nbsp;&nbsp; 9.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5511 | 1.09 | 0.42 | 1.41 | 45 |
| &nbsp;&nbsp; 31.83 | 15.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4077 | 1.11 | 0.26 | 1.31 | 34 |
| &nbsp;&nbsp; 26.57 | (9.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6298 | 1.60 | (0.52) | 1.69 | 29 |
| &nbsp;&nbsp; 33.15 | 46.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4293 | 1.59 | (0.45) | 1.74 | 58 |
| &nbsp;&nbsp; 25.63 | &nbsp;&nbsp; 5.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3147 | 1.60 | 0.05 | 1.84 | 44 |
| &nbsp;&nbsp; 29.01 | &nbsp;&nbsp; 8.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3084 | 1.59 | (0.09) | 1.89 | 45 |
| &nbsp;&nbsp; 30.75 | 14.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3017 | 1.61 | (0.26) | 1.80 | 34 |
| &nbsp;&nbsp; 29.16 | (9.12) | &nbsp;&nbsp; 121161 | 0.85 | 0.23 | 0.94 | 29 |
| &nbsp;&nbsp; 35.80 | 47.46 | &nbsp;&nbsp;&nbsp;&nbsp; 83598 | 0.85 | 0.30 | 0.98 | 58 |
| &nbsp;&nbsp; 27.38 | &nbsp;&nbsp; 6.12 | &nbsp;&nbsp;&nbsp;&nbsp; 52303 | 0.85 | 0.79 | 1.08 | 44 |
| &nbsp;&nbsp; 30.60 | &nbsp;&nbsp; 9.50 | &nbsp;&nbsp;&nbsp;&nbsp; 75887 | 0.84 | 0.57 | 1.08 | 45 |
| &nbsp;&nbsp; 32.13 | 15.31 | &nbsp;&nbsp; 246276 | 0.86 | 0.52 | 1.03 | 34 |
| &nbsp;&nbsp; 29.01 | (8.87) | &nbsp;&nbsp;&nbsp;&nbsp; 35124 | 0.60 | 0.47 | 0.69 | 29 |
| &nbsp;&nbsp; 35.62 | 47.82 | &nbsp;&nbsp;&nbsp;&nbsp; 34054 | 0.60 | 0.55 | 0.73 | 58 |
| &nbsp;&nbsp; 27.25 | &nbsp;&nbsp; 6.39 | &nbsp;&nbsp;&nbsp;&nbsp; 23881 | 0.60 | 1.06 | 0.83 | 44 |
| &nbsp;&nbsp; 30.48 | &nbsp;&nbsp; 2.03 | &nbsp;&nbsp;&nbsp;&nbsp; 22346 | 0.59 | 1.08 | 0.95 | 45 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 141

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Equity Income Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $22.34 | $0.34 | $(0.76)  | $(0.42)  | $(0.33)  | $(0.44)  | $(0.77) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.22 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp; 6.12 | &nbsp;&nbsp;&nbsp; 6.41 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.29) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.83 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp; (1.42) | &nbsp;&nbsp; (1.10) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.51) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.82 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp; 1.48 | &nbsp;&nbsp;&nbsp; 1.80 | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.79) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.67 | &nbsp;&nbsp; 0.26 | &nbsp;&nbsp;&nbsp; 1.29 | &nbsp;&nbsp;&nbsp; 1.55 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.40) |
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.87 | &nbsp;&nbsp; 0.22 | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.66) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 15.88 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp; 6.00 | &nbsp;&nbsp;&nbsp; 6.19 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.20) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.47 | &nbsp;&nbsp; 0.23 | &nbsp;&nbsp; (1.39) | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.43) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.50 | &nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp; 1.46 | &nbsp;&nbsp;&nbsp; 1.69 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.72) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.41 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp; 1.26 | &nbsp;&nbsp;&nbsp; 1.43 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.34) |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 22.76 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.83) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.52 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp; 6.23 | &nbsp;&nbsp;&nbsp; 6.58 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.34) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 18.14 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp; (1.43) | &nbsp;&nbsp; (1.06) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.56) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.10 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp; 1.51 | &nbsp;&nbsp;&nbsp; 1.88 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.84) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.92 | &nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp; 1.31 | &nbsp;&nbsp;&nbsp; 1.62 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.44) |
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 22.23 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.71) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.14 | &nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp; 6.10 | &nbsp;&nbsp;&nbsp; 6.33 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.24) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.74 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp; (1.13) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.47) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.74 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp; 1.47 | &nbsp;&nbsp;&nbsp; 1.75 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.75) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.62 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp; 1.28 | &nbsp;&nbsp;&nbsp; 1.49 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.37) |
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 22.32 | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.77) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.21 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp; 6.11 | &nbsp;&nbsp;&nbsp; 6.40 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.29) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.81 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp; (1.41) | &nbsp;&nbsp; (1.09) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.51) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.80 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp; 1.49 | &nbsp;&nbsp;&nbsp; 1.81 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.80) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.66 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp; 1.27 | &nbsp;&nbsp;&nbsp; 1.54 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.40) |
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 22.75 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.83) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.51 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp; 6.23 | &nbsp;&nbsp;&nbsp; 6.58 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.34) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 18.13 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp; (1.43) | &nbsp;&nbsp; (1.06) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.56) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.09 | &nbsp;&nbsp; 0.36 | &nbsp;&nbsp;&nbsp; 1.52 | &nbsp;&nbsp;&nbsp; 1.88 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.84) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.92 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp; 1.29 | &nbsp;&nbsp;&nbsp; 1.61 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.44) |
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 22.78 | &nbsp;&nbsp; 0.43 | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.86) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.53 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp; 6.25 | &nbsp;&nbsp;&nbsp; 6.62 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.37) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 18.16 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.58) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.11 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp; 1.51 | &nbsp;&nbsp;&nbsp; 1.91 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.86) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.93 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp; 1.30 | &nbsp;&nbsp;&nbsp; 1.64 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.46) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

142 J.P. Morgan Large Cap Funds June 30, 2022

------

&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;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &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<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $21.15 | (2.10)% | $4562270  | 0.95% | 1.49% | 0.95% | 15% |
| &nbsp;&nbsp; 22.34 | 39.81 | &nbsp;&nbsp;&nbsp;&nbsp; 4715916 | 0.96 | 1.48 | 0.96 | 16 |
| &nbsp;&nbsp; 16.22 | (6.36) | &nbsp;&nbsp;&nbsp;&nbsp; 3234850 | 0.98 | 1.83 | 0.98 | 22 |
| &nbsp;&nbsp; 17.83 | 11.17 | &nbsp;&nbsp;&nbsp;&nbsp; 3277249 | 0.99 | 1.90 | 1.00 | 23 |
| &nbsp;&nbsp; 16.82 | &nbsp;&nbsp; 9.94 | &nbsp;&nbsp;&nbsp;&nbsp; 3022879 | 1.00 | 1.55 | 1.01 | 20 |
| &nbsp;&nbsp; 20.68 | (2.63) | &nbsp;&nbsp;&nbsp;&nbsp; 1206824 | 1.45 | 0.97 | 1.45 | 15 |
| &nbsp;&nbsp; 21.87 | 39.19 | &nbsp;&nbsp;&nbsp;&nbsp; 1493408 | 1.45 | 0.99 | 1.46 | 16 |
| &nbsp;&nbsp; 15.88 | (6.83) | &nbsp;&nbsp;&nbsp;&nbsp; 1350402 | 1.47 | 1.34 | 1.47 | 22 |
| &nbsp;&nbsp; 17.47 | 10.66 | &nbsp;&nbsp;&nbsp;&nbsp; 1434793 | 1.48 | 1.39 | 1.49 | 23 |
| &nbsp;&nbsp; 16.50 | &nbsp;&nbsp; 9.35 | &nbsp;&nbsp;&nbsp;&nbsp; 1303731 | 1.50 | 1.05 | 1.50 | 20 |
| &nbsp;&nbsp; 21.56 | (1.87) | &nbsp;&nbsp; 17614254 | 0.70 | 1.74 | 0.70 | 15 |
| &nbsp;&nbsp; 22.76 | 40.16 | &nbsp;&nbsp; 17980353 | 0.70 | 1.73 | 0.71 | 16 |
| &nbsp;&nbsp; 16.52 | (6.06) | &nbsp;&nbsp; 10727252 | 0.71 | 2.11 | 0.72 | 22 |
| &nbsp;&nbsp; 18.14 | 11.45 | &nbsp;&nbsp;&nbsp;&nbsp; 9013293 | 0.73 | 2.12 | 0.74 | 23 |
| &nbsp;&nbsp; 17.10 | 10.22 | &nbsp;&nbsp;&nbsp;&nbsp; 6320979 | 0.74 | 1.81 | 0.75 | 20 |
| &nbsp;&nbsp; 21.04 | (2.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102353 | 1.21 | 1.28 | 1.21 | 15 |
| &nbsp;&nbsp; 22.23 | 39.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77859 | 1.22 | 1.22 | 1.22 | 16 |
| &nbsp;&nbsp; 16.14 | (6.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72182 | 1.23 | 1.56 | 1.23 | 22 |
| &nbsp;&nbsp; 17.74 | 10.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93453 | 1.24 | 1.64 | 1.25 | 23 |
| &nbsp;&nbsp; 16.74 | &nbsp;&nbsp; 9.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80330 | 1.26 | 1.29 | 1.26 | 20 |
| &nbsp;&nbsp; 21.13 | (2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232772 | 0.95 | 1.47 | 0.95 | 15 |
| &nbsp;&nbsp; 22.32 | 39.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280991 | 0.95 | 1.49 | 0.96 | 16 |
| &nbsp;&nbsp; 16.21 | (6.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170246 | 0.97 | 1.86 | 0.97 | 22 |
| &nbsp;&nbsp; 17.81 | 11.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137142 | 0.98 | 1.87 | 0.99 | 23 |
| &nbsp;&nbsp; 16.80 | &nbsp;&nbsp; 9.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91267 | 0.99 | 1.61 | 0.99 | 20 |
| &nbsp;&nbsp; 21.54 | (1.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211963 | 0.70 | 1.73 | 0.70 | 15 |
| &nbsp;&nbsp; 22.75 | 40.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249525 | 0.70 | 1.73 | 0.70 | 16 |
| &nbsp;&nbsp; 16.51 | (6.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106277 | 0.72 | 2.12 | 0.72 | 22 |
| &nbsp;&nbsp; 18.13 | 11.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66602 | 0.73 | 2.08 | 0.74 | 23 |
| &nbsp;&nbsp; 17.09 | 10.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23451 | 0.74 | 1.90 | 0.75 | 20 |
| &nbsp;&nbsp; 21.58 | (1.72) | &nbsp;&nbsp;&nbsp;&nbsp; 1300595 | 0.55 | 1.87 | 0.55 | 15 |
| &nbsp;&nbsp; 22.78 | 40.41 | &nbsp;&nbsp;&nbsp;&nbsp; 1655531 | 0.55 | 1.88 | 0.56 | 16 |
| &nbsp;&nbsp; 16.53 | (5.98) | &nbsp;&nbsp;&nbsp;&nbsp; 1230147 | 0.56 | 2.24 | 0.57 | 22 |
| &nbsp;&nbsp; 18.16 | 11.67 | &nbsp;&nbsp;&nbsp;&nbsp; 1422483 | 0.58 | 2.29 | 0.59 | 23 |
| &nbsp;&nbsp; 17.11 | 10.38 | &nbsp;&nbsp;&nbsp;&nbsp; 1097476 | 0.59 | 1.98 | 0.60 | 20 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 143

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Equity Income Fund** (continued) |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $22.76 | $0.46 | $(0.77)  | $(0.31)  | $(0.45)  | $(0.44)  | $(0.89) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.52 | &nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp; 6.24 | &nbsp;&nbsp;&nbsp; 6.63 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.39) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 18.14 | &nbsp;&nbsp; 0.42 | &nbsp;&nbsp; (1.44) | &nbsp;&nbsp; (1.02) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.60) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.10 | &nbsp;&nbsp; 0.42 | &nbsp;&nbsp;&nbsp; 1.50 | &nbsp;&nbsp;&nbsp; 1.92 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.88) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.92 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp; 1.31 | &nbsp;&nbsp;&nbsp; 1.66 | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.48) |

---

&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 earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

144 J.P. Morgan Large Cap Funds June 30, 2022

------

&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;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &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<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $21.56 | (1.62)% | $20740383 | 0.45% | 1.99% | 0.45% | 15% |
| &nbsp;&nbsp; 22.76 | 40.51 | &nbsp;&nbsp; 19952074 | 0.45 | 1.98 | 0.46 | 16 |
| &nbsp;&nbsp; 16.52 | (5.83) | &nbsp;&nbsp; 12663581 | 0.46 | 2.38 | 0.47 | 22 |
| &nbsp;&nbsp; 18.14 | 11.72 | &nbsp;&nbsp;&nbsp;&nbsp; 8217432 | 0.48 | 2.38 | 0.49 | 23 |
| &nbsp;&nbsp; 17.10 | 10.49 | &nbsp;&nbsp;&nbsp;&nbsp; 5314382 | 0.49 | 2.08 | 0.50 | 20 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 145

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Equity Index Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $65.24 | $0.65 | $(7.60) | $(6.95) | $(0.62)  | $(0.93)  | $(1.55) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 47.11 | &nbsp;&nbsp; 0.62 | &nbsp;&nbsp; 18.24 | &nbsp;&nbsp; 18.86 | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.73) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 44.90 | &nbsp;&nbsp; 0.91 | &nbsp;&nbsp;&nbsp;&nbsp; 2.20 | &nbsp;&nbsp;&nbsp;&nbsp; 3.11 | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.90) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 41.64 | &nbsp;&nbsp; 0.72 | &nbsp;&nbsp;&nbsp;&nbsp; 3.33 | &nbsp;&nbsp;&nbsp;&nbsp; 4.05 | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.79) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 37.41 | &nbsp;&nbsp; 0.61 | &nbsp;&nbsp;&nbsp;&nbsp; 4.54 | &nbsp;&nbsp;&nbsp;&nbsp; 5.15 | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.92) |
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 64.55 | &nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp; (7.51) | &nbsp;&nbsp;&nbsp; (7.26) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.15) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 46.65 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp; 18.00 | &nbsp;&nbsp; 18.28 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.38) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 44.45 | &nbsp;&nbsp; 0.62 | &nbsp;&nbsp;&nbsp;&nbsp; 2.21 | &nbsp;&nbsp;&nbsp;&nbsp; 2.83 | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.63) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 41.27 | &nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp;&nbsp; 3.30 | &nbsp;&nbsp;&nbsp;&nbsp; 3.76 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.58) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 37.08 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp;&nbsp; 4.50 | &nbsp;&nbsp;&nbsp;&nbsp; 4.87 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.68) |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 65.33 | &nbsp;&nbsp; 0.81 | &nbsp;&nbsp;&nbsp; (7.62) | &nbsp;&nbsp;&nbsp; (6.81) | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.71) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 47.22 | &nbsp;&nbsp; 0.77 | &nbsp;&nbsp; 18.21 | &nbsp;&nbsp; 18.98 | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.87) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 44.97 | &nbsp;&nbsp; 1.02 | &nbsp;&nbsp;&nbsp;&nbsp; 2.25 | &nbsp;&nbsp;&nbsp;&nbsp; 3.27 | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (1.02) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 41.68 | &nbsp;&nbsp; 0.83 | &nbsp;&nbsp;&nbsp;&nbsp; 3.34 | &nbsp;&nbsp;&nbsp;&nbsp; 4.17 | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.88) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 37.44 | &nbsp;&nbsp; 0.72 | &nbsp;&nbsp;&nbsp;&nbsp; 4.54 | &nbsp;&nbsp;&nbsp;&nbsp; 5.26 | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (1.02) |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 65.35 | &nbsp;&nbsp; 0.92 | &nbsp;&nbsp;&nbsp; (7.62) | &nbsp;&nbsp;&nbsp; (6.70) | &nbsp;&nbsp; (0.89) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.82) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 47.21 | &nbsp;&nbsp; 0.85 | &nbsp;&nbsp; 18.25 | &nbsp;&nbsp; 19.10 | &nbsp;&nbsp; (0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.96) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 44.98 | &nbsp;&nbsp; 1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 2.22 | &nbsp;&nbsp;&nbsp;&nbsp; 3.32 | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (1.09) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 41.68 | &nbsp;&nbsp; 0.90 | &nbsp;&nbsp;&nbsp;&nbsp; 3.33 | &nbsp;&nbsp;&nbsp;&nbsp; 4.23 | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.93) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 37.44 | &nbsp;&nbsp; 0.76 | &nbsp;&nbsp;&nbsp;&nbsp; 4.57 | &nbsp;&nbsp;&nbsp;&nbsp; 5.33 | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (1.09) |

---

&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 earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(d) Net expenses for Class R6 Shares are 0.045% for the year ended June 30, 2022, 0.044% for the year ended June 30, 2021, 0.044% for the year ended June 30, 2020, 0.043% for the year ended June 30, 2019 and 0.042% for the year ended June 30, 2018. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

146 J.P. Morgan Large Cap Funds June 30, 2022

------

&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;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &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; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $56.74 | (11.02)% | $654422  | 0.45% | 0.98% | 0.65% | 11% |
| &nbsp;&nbsp; 65.24 | 40.28 | &nbsp;&nbsp;&nbsp;&nbsp; 749440 | 0.45 | 1.10 | 0.66 | 26 |
| &nbsp;&nbsp; 47.11 | &nbsp;&nbsp;&nbsp; 7.02 | &nbsp;&nbsp;&nbsp;&nbsp; 572292 | 0.45 | 1.97 | 0.66 | 15 |
| &nbsp;&nbsp; 44.90 | &nbsp;&nbsp;&nbsp; 9.87 | &nbsp;&nbsp;&nbsp;&nbsp; 602186 | 0.45 | 1.68 | 0.66 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 41.64 | 13.88 | &nbsp;&nbsp;&nbsp;&nbsp; 590286 | 0.45 | 1.52 | 0.69 | 14 |
| &nbsp;&nbsp; 56.14 | (11.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86737 | 1.05 | 0.37 | 1.13 | 11 |
| &nbsp;&nbsp; 64.55 | 39.35 | &nbsp;&nbsp;&nbsp;&nbsp; 110184 | 1.05 | 0.50 | 1.13 | 26 |
| &nbsp;&nbsp; 46.65 | &nbsp;&nbsp;&nbsp; 6.42 | &nbsp;&nbsp;&nbsp;&nbsp; 102864 | 1.05 | 1.37 | 1.14 | 15 |
| &nbsp;&nbsp; 44.45 | &nbsp;&nbsp;&nbsp; 9.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96605 | 1.05 | 1.10 | 1.13 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 41.27 | 13.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78613 | 1.05 | 0.92 | 1.15 | 14 |
| &nbsp;&nbsp; 56.81 | (10.81) | &nbsp;&nbsp; 1121519 | 0.20 | 1.22 | 0.38 | 11 |
| &nbsp;&nbsp; 65.33 | 40.48 | &nbsp;&nbsp;&nbsp;&nbsp; 991703 | 0.20 | 1.37 | 0.38 | 26 |
| &nbsp;&nbsp; 47.22 | &nbsp;&nbsp;&nbsp; 7.40 | &nbsp;&nbsp; 1022318 | 0.20 | 2.21 | 0.38 | 15 |
| &nbsp;&nbsp; 44.97 | 10.16 | &nbsp;&nbsp;&nbsp;&nbsp; 791881 | 0.20 | 1.94 | 0.38 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 41.68 | 14.18 | &nbsp;&nbsp;&nbsp;&nbsp; 687941 | 0.20 | 1.78 | 0.40 | 14 |
| &nbsp;&nbsp; 56.83 | (10.67) | &nbsp;&nbsp; 5395106 | 0.05(d) | 1.39 | 0.13 | 11 |
| &nbsp;&nbsp; 65.35 | 40.77 | &nbsp;&nbsp; 4793114 | 0.04(d) | 1.49 | 0.13 | 26 |
| &nbsp;&nbsp; 47.21 | &nbsp;&nbsp;&nbsp; 7.52 | &nbsp;&nbsp; 3306397 | 0.04(d) | 2.38 | 0.13 | 15 |
| &nbsp;&nbsp; 44.98 | 10.33 | &nbsp;&nbsp; 3019734 | 0.04(d) | 2.11 | 0.13 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 41.68 | 14.36 | &nbsp;&nbsp; 2008916 | 0.04(d) | 1.85 | 0.14 | 14 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 147

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>|
| **JPMorgan Equity Premium Income Fund** |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $15.23 | $1.46 | $(1.56)  | $(0.10)  | $(1.34)  | $13.79 |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.96 | &nbsp;&nbsp; 1.26 | &nbsp;&nbsp;&nbsp; 2.40 | &nbsp;&nbsp;&nbsp; 3.66 | &nbsp;&nbsp; (1.39) | &nbsp;&nbsp; 15.23 |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 14.92 | &nbsp;&nbsp; 1.88 | &nbsp;&nbsp; (2.42) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (1.42) | &nbsp;&nbsp; 12.96 |
| August 31, 2018 (f) through June 30, 2019 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.95 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; 0.84 | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; 14.92 |
| **Class C** |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.23 | &nbsp;&nbsp; 1.38 | &nbsp;&nbsp; (1.56) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; 13.79 |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.96 | &nbsp;&nbsp; 1.15 | &nbsp;&nbsp;&nbsp; 2.44 | &nbsp;&nbsp;&nbsp; 3.59 | &nbsp;&nbsp; (1.32) | &nbsp;&nbsp; 15.23 |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 14.92 | &nbsp;&nbsp; 1.61 | &nbsp;&nbsp; (2.22) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (1.35) | &nbsp;&nbsp; 12.96 |
| August 31, 2018 (f) through June 30, 2019 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.85 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; 0.78 | &nbsp;&nbsp; (0.86) | &nbsp;&nbsp; 14.92 |
| **Class I** |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.23 | &nbsp;&nbsp; 1.48 | &nbsp;&nbsp; (1.54) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (1.37) | &nbsp;&nbsp; 13.80 |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.96 | &nbsp;&nbsp; 1.38 | &nbsp;&nbsp;&nbsp; 2.32 | &nbsp;&nbsp;&nbsp; 3.70 | &nbsp;&nbsp; (1.43) | &nbsp;&nbsp; 15.23 |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 14.92 | &nbsp;&nbsp; 1.59 | &nbsp;&nbsp; (2.10) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; 12.96 |
| August 31, 2018 (f) through June 30, 2019 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.94 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; 0.87 | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; 14.92 |
| **Class R5** |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.23 | &nbsp;&nbsp; 1.48 | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp; 13.79 |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.96 | &nbsp;&nbsp; 1.37 | &nbsp;&nbsp;&nbsp; 2.35 | &nbsp;&nbsp;&nbsp; 3.72 | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; 15.23 |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 14.92 | &nbsp;&nbsp; 1.48 | &nbsp;&nbsp; (1.96) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (1.48) | &nbsp;&nbsp; 12.96 |
| August 31, 2018 (f) through June 30, 2019 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.96 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; 0.88 | &nbsp;&nbsp; (0.96) | &nbsp;&nbsp; 14.92 |
| **Class R6** |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.23 | &nbsp;&nbsp; 1.50 | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (1.41) | &nbsp;&nbsp; 13.80 |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.96 | &nbsp;&nbsp; 1.43 | &nbsp;&nbsp;&nbsp; 2.30 | &nbsp;&nbsp;&nbsp; 3.73 | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; 15.23 |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 14.92 | &nbsp;&nbsp; 1.83 | &nbsp;&nbsp; (2.30) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (1.49) | &nbsp;&nbsp; 12.96 |
| August 31, 2018 (f) through June 30, 2019 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.97 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; 0.90 | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp; 14.92 |

---

&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 earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Commencement of operations.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

148 J.P. Morgan Large Cap Funds June 30, 2022

------

&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;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge) (c)(d)<br>| &nbsp;&nbsp;&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;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&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;&nbsp;&nbsp; Expenses without <br>waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| (1.05)% | $905284  | 0.85% | &nbsp;&nbsp; 9.76% | 0.88% | 188% |
| 29.67 | &nbsp;&nbsp;&nbsp;&nbsp; 174085 | 0.85 | &nbsp;&nbsp; 8.61 | 0.91 | 217 |
| (3.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12904 | 0.85 | 14.21 | 1.11 | 236 |
| &nbsp;&nbsp; 5.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | 0.85(g) | &nbsp;&nbsp; 7.90(g) | 1.80(g) | &nbsp;&nbsp; 43 |
| (1.54) | &nbsp;&nbsp;&nbsp;&nbsp; 756008 | 1.35 | &nbsp;&nbsp; 9.19 | 1.38 | 188 |
| 29.03 | &nbsp;&nbsp;&nbsp;&nbsp; 158340 | 1.34 | &nbsp;&nbsp; 7.76 | 1.40 | 217 |
| (4.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4710 | 1.35 | 11.77 | 1.61 | 236 |
| &nbsp;&nbsp; 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | 1.35(g) | &nbsp;&nbsp; 7.14(g) | 2.26(g) | &nbsp;&nbsp; 43 |
| (0.73) | &nbsp;&nbsp; 1859617 | 0.60 | &nbsp;&nbsp; 9.83 | 0.63 | 188 |
| 29.97 | &nbsp;&nbsp;&nbsp;&nbsp; 519976 | 0.60 | &nbsp;&nbsp; 9.62 | 0.69 | 217 |
| (3.57) | &nbsp;&nbsp;&nbsp;&nbsp; 173409 | 0.60 | 11.40 | 0.91 | 236 |
| &nbsp;&nbsp; 6.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54045 | 0.60(g) | &nbsp;&nbsp; 7.89(g) | 1.13(g) | &nbsp;&nbsp; 43 |
| (0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 | 0.45 | &nbsp;&nbsp; 9.82 | 0.50 | 188 |
| 30.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | 0.45 | &nbsp;&nbsp; 9.54 | 0.56 | 217 |
| (3.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | 0.45 | 10.37 | 0.83 | 236 |
| &nbsp;&nbsp; 6.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | 0.45(g) | &nbsp;&nbsp; 8.04(g) | 1.36(g) | &nbsp;&nbsp; 43 |
| (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89522 | 0.35 | &nbsp;&nbsp; 9.93 | 0.37 | 188 |
| 30.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48315 | 0.35 | &nbsp;&nbsp; 9.99 | 0.44 | 217 |
| (3.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 686 | 0.35 | 13.60 | 0.59 | 236 |
| &nbsp;&nbsp; 6.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | 0.35(g) | &nbsp;&nbsp; 8.14(g) | 1.26(g) | &nbsp;&nbsp; 43 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 149

------

**FINANCIAL HIGHLIGHTS** <br>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** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>|
| **JPMorgan Hedged Equity Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Year Ended June 30, 2022 | $25.90 | $0.13 | $(1.70)  | $(1.57)  | $(0.13) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 21.83 | &nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; 4.11 | &nbsp;&nbsp;&nbsp; 4.26 | &nbsp;&nbsp; (0.19) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 20.23 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp; 1.51 | &nbsp;&nbsp;&nbsp; 1.79 | &nbsp;&nbsp; (0.19) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.43 | &nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp; 0.79 | &nbsp;&nbsp;&nbsp; 0.99 | &nbsp;&nbsp; (0.19) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 18.24 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp; 1.15 | &nbsp;&nbsp;&nbsp; 1.33 | &nbsp;&nbsp; (0.14) |
| **Class C** |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 25.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (0.02) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 21.70 | &nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp; 4.07 | &nbsp;&nbsp;&nbsp; 4.10 | &nbsp;&nbsp; (0.08) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 20.10 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp; 1.52 | &nbsp;&nbsp;&nbsp; 1.69 | &nbsp;&nbsp; (0.09) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.33 | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 0.77 | &nbsp;&nbsp;&nbsp; 0.88 | &nbsp;&nbsp; (0.11) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 18.16 | &nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp; 1.15 | &nbsp;&nbsp;&nbsp; 1.23 | &nbsp;&nbsp; (0.06) |
| **Class I** |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 25.98 | &nbsp;&nbsp; 0.20 | &nbsp;&nbsp; (1.70) | &nbsp;&nbsp; (1.50) | &nbsp;&nbsp; (0.20) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 21.90 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp; 4.11 | &nbsp;&nbsp;&nbsp; 4.32 | &nbsp;&nbsp; (0.24) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 20.28 | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp; 1.53 | &nbsp;&nbsp;&nbsp; 1.86 | &nbsp;&nbsp; (0.24) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.47 | &nbsp;&nbsp; 0.26 | &nbsp;&nbsp;&nbsp; 0.78 | &nbsp;&nbsp;&nbsp; 1.04 | &nbsp;&nbsp; (0.23) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 18.27 | &nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp; 1.39 | &nbsp;&nbsp; (0.19) |
| **Class R5** |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 26.02 | &nbsp;&nbsp; 0.24 | &nbsp;&nbsp; (1.70) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (0.24) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 21.93 | &nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp; 4.11 | &nbsp;&nbsp;&nbsp; 4.36 | &nbsp;&nbsp; (0.27) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 20.32 | &nbsp;&nbsp; 0.36 | &nbsp;&nbsp;&nbsp; 1.52 | &nbsp;&nbsp;&nbsp; 1.88 | &nbsp;&nbsp; (0.27) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.50 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp; 0.79 | &nbsp;&nbsp;&nbsp; 1.08 | &nbsp;&nbsp; (0.26) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 18.30 | &nbsp;&nbsp; 0.26 | &nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp; 1.42 | &nbsp;&nbsp; (0.22) |
| **Class R6** |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 26.04 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp; (1.72) | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; (0.26) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 21.95 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp; 4.11 | &nbsp;&nbsp;&nbsp; 4.39 | &nbsp;&nbsp; (0.30) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 20.32 | &nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp; 1.53 | &nbsp;&nbsp;&nbsp; 1.92 | &nbsp;&nbsp; (0.29) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.49 | &nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp; 0.79 | &nbsp;&nbsp;&nbsp; 1.10 | &nbsp;&nbsp; (0.27) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 18.29 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp; 1.43 | &nbsp;&nbsp; (0.23) |

---

&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 earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

150 J.P. Morgan Large Cap Funds June 30, 2022

------

&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;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &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<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $24.20 | (6.08)% | $1647387  | 0.83% | 0.52% | 0.83% | 44% |
| &nbsp;&nbsp; 25.90 | 19.58 | &nbsp;&nbsp;&nbsp;&nbsp; 1778457 | 0.83 | 0.61 | 0.84 | 39 |
| &nbsp;&nbsp; 21.83 | &nbsp;&nbsp; 8.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473314 | 0.85 | 1.35 | 0.86 | 68 |
| &nbsp;&nbsp; 20.23 | &nbsp;&nbsp; 5.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296242 | 0.85 | 1.02 | 0.87 | 48 |
| &nbsp;&nbsp; 19.43 | &nbsp;&nbsp; 7.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277898 | 0.84 | 0.92 | 0.87 | 44 |
| &nbsp;&nbsp; 24.02 | (6.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436891 | 1.33 | 0.02 | 1.33 | 44 |
| &nbsp;&nbsp; 25.72 | 18.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502120 | 1.33 | 0.14 | 1.33 | 39 |
| &nbsp;&nbsp; 21.70 | &nbsp;&nbsp; 8.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246741 | 1.35 | 0.84 | 1.36 | 68 |
| &nbsp;&nbsp; 20.10 | &nbsp;&nbsp; 4.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158602 | 1.35 | 0.55 | 1.37 | 48 |
| &nbsp;&nbsp; 19.33 | &nbsp;&nbsp; 6.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81030 | 1.34 | 0.42 | 1.38 | 44 |
| &nbsp;&nbsp; 24.28 | (5.83) | &nbsp;&nbsp; 12790417 | 0.58 | 0.77 | 0.58 | 44 |
| &nbsp;&nbsp; 25.98 | 19.83 | &nbsp;&nbsp; 14416679 | 0.58 | 0.89 | 0.58 | 39 |
| &nbsp;&nbsp; 21.90 | &nbsp;&nbsp; 9.21 | &nbsp;&nbsp;&nbsp;&nbsp; 7167488 | 0.59 | 1.59 | 0.60 | 68 |
| &nbsp;&nbsp; 20.28 | &nbsp;&nbsp; 5.39 | &nbsp;&nbsp;&nbsp;&nbsp; 4214453 | 0.60 | 1.30 | 0.61 | 48 |
| &nbsp;&nbsp; 19.47 | &nbsp;&nbsp; 7.63 | &nbsp;&nbsp;&nbsp;&nbsp; 1947444 | 0.59 | 1.17 | 0.62 | 44 |
| &nbsp;&nbsp; 24.32 | (5.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5335 | 0.43 | 0.92 | 0.43 | 44 |
| &nbsp;&nbsp; 26.02 | 20.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6024 | 0.44 | 1.03 | 0.45 | 39 |
| &nbsp;&nbsp; 21.93 | &nbsp;&nbsp; 9.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2964 | 0.45 | 1.74 | 0.59 | 68 |
| &nbsp;&nbsp; 20.32 | &nbsp;&nbsp; 5.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1893 | 0.45 | 1.46 | 0.95 | 48 |
| &nbsp;&nbsp; 19.50 | &nbsp;&nbsp; 7.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 | 0.39 | 1.37 | 0.67 | 44 |
| &nbsp;&nbsp; 24.33 | (5.61) | &nbsp;&nbsp;&nbsp;&nbsp; 1614304 | 0.33 | 1.02 | 0.33 | 44 |
| &nbsp;&nbsp; 26.04 | 20.11 | &nbsp;&nbsp;&nbsp;&nbsp; 1591643 | 0.33 | 1.14 | 0.34 | 39 |
| &nbsp;&nbsp; 21.95 | &nbsp;&nbsp; 9.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 851085 | 0.35 | 1.87 | 0.35 | 68 |
| &nbsp;&nbsp; 20.32 | &nbsp;&nbsp; 5.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384616 | 0.35 | 1.56 | 0.37 | 48 |
| &nbsp;&nbsp; 19.49 | &nbsp;&nbsp; 7.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121897 | 0.34 | 1.42 | 0.42 | 44 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 151

------

**FINANCIAL HIGHLIGHTS** <br>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** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>|
| **JPMorgan Hedged Equity 2 Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Year Ended June 30, 2022 | $15.97 | $0.09 | $(1.12)  | $(1.03)  | $(0.07) |
| February 26, 2021 (f) through June 30, 2021 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp; 0.95 | &nbsp;&nbsp;&nbsp; 0.98 | &nbsp;&nbsp; (0.01) |
| **Class C** |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.95 | &nbsp;&nbsp; 0.01 | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.10) | &nbsp;&nbsp; (0.01) |
| February 26, 2021 (f) through June 30, 2021 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(h) | &nbsp;&nbsp;&nbsp; 0.95 | &nbsp;&nbsp;&nbsp; 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(h) |
| **Class I** |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.98 | &nbsp;&nbsp; 0.13 | &nbsp;&nbsp; (1.12) | &nbsp;&nbsp; (0.99) | &nbsp;&nbsp; (0.10) |
| February 26, 2021 (f) through June 30, 2021 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; 0.96 | &nbsp;&nbsp;&nbsp; 1.00 | &nbsp;&nbsp; (0.02) |
| **Class R5** |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.98 | &nbsp;&nbsp; 0.15 | &nbsp;&nbsp; (1.12) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; (0.12) |
| February 26, 2021 (f) through June 30, 2021 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp; 0.95 | &nbsp;&nbsp;&nbsp; 1.00 | &nbsp;&nbsp; (0.02) |
| **Class R6** |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.99 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp; (1.13) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.14) |
| February 26, 2021 (f) through June 30, 2021 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp; 0.96 | &nbsp;&nbsp;&nbsp; 1.01 | &nbsp;&nbsp; (0.02) |

---

&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;

152 J.P. Morgan Large Cap Funds June 30, 2022

------

&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;&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;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $14.87 | (6.49)% | $295220  | 0.85% | 0.57% | 0.88% | 39% |
| &nbsp;&nbsp; 15.97 | 6.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52880 | 0.85(g) | 0.57(g) | 0.92(g) | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 14.84 | (6.90) | &nbsp;&nbsp;&nbsp;&nbsp; 241375 | 1.35 | 0.07 | 1.38 | 39 |
| &nbsp;&nbsp; 15.95 | 6.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57423 | 1.35(g) | 0.05(g) | 1.43(g) | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 14.89 | (6.22) | &nbsp;&nbsp; 4110283 | 0.60 | 0.81 | 0.62 | 39 |
| &nbsp;&nbsp; 15.98 | 6.63 | &nbsp;&nbsp; 1018781 | 0.60(g) | 0.80(g) | 0.70(g) | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 14.89 | (6.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636 | 0.45 | 0.92 | 0.47 | 39 |
| &nbsp;&nbsp; 15.98 | 6.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536 | 0.45(g) | 0.99(g) | 0.88(g) | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 14.90 | (6.01) | &nbsp;&nbsp;&nbsp;&nbsp; 975953 | 0.35 | 1.12 | 0.38 | 39 |
| &nbsp;&nbsp; 15.99 | 6.75 | &nbsp;&nbsp;&nbsp;&nbsp; 262248 | 0.35(g) | 1.04(g) | 0.43(g) | &nbsp;&nbsp; 6 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 153

------

**FINANCIAL HIGHLIGHTS** <br>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** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>|
| **JPMorgan Hedged Equity 3 Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Year Ended June 30, 2022 | $15.96 | $0.09 | $(1.65)  | $(1.56)  | $(0.06) |
| February 26, 2021 (f) through June 30, 2021 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp; 0.95 | &nbsp;&nbsp;&nbsp; 0.98 | &nbsp;&nbsp; (0.02) |
| **Class C** |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.95 | &nbsp;&nbsp; 0.01 | &nbsp;&nbsp; (1.65) | &nbsp;&nbsp; (1.64) | &nbsp;&nbsp; (0.01) |
| February 26, 2021 (f) through June 30, 2021 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(h) | &nbsp;&nbsp;&nbsp; 0.96 | &nbsp;&nbsp;&nbsp; 0.96 | &nbsp;&nbsp; (0.01) |
| **Class I** |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.98 | &nbsp;&nbsp; 0.13 | &nbsp;&nbsp; (1.65) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (0.10) |
| February 26, 2021 (f) through June 30, 2021 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; 0.96 | &nbsp;&nbsp;&nbsp; 1.00 | &nbsp;&nbsp; (0.02) |
| **Class R5** |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.98 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (1.49) | &nbsp;&nbsp; (0.12) |
| February 26, 2021 (f) through June 30, 2021 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp; 0.95 | &nbsp;&nbsp;&nbsp; 1.00 | &nbsp;&nbsp; (0.02) |
| **Class R6** |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.98 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp; (1.65) | &nbsp;&nbsp; (1.48) | &nbsp;&nbsp; (0.13) |
| February 26, 2021 (f) through June 30, 2021 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp; 0.94 | &nbsp;&nbsp;&nbsp; 1.00 | &nbsp;&nbsp; (0.02) |

---

&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;

154 J.P. Morgan Large Cap Funds June 30, 2022

------

&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;&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;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $14.34 | &nbsp;&nbsp; (9.78)% | $110840  | 0.85% | 0.57% | 0.89% | 29% |
| &nbsp;&nbsp; 15.96 | &nbsp;&nbsp;&nbsp; 6.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21446 | 0.85(g) | 0.60(g) | 1.00 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; 14.30 | (10.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97285 | 1.35 | 0.07 | 1.39 | 29 |
| &nbsp;&nbsp; 15.95 | &nbsp;&nbsp;&nbsp; 6.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19229 | 1.35(g) | 0.09(g) | 1.51 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; 14.36 | &nbsp;&nbsp; (9.58) | &nbsp;&nbsp; 2257577 | 0.60 | 0.82 | 0.63 | 29 |
| &nbsp;&nbsp; 15.98 | &nbsp;&nbsp;&nbsp; 6.64 | &nbsp;&nbsp;&nbsp;&nbsp; 524074 | 0.60(g) | 0.81(g) | 0.80 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; 14.37 | &nbsp;&nbsp; (9.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 | 0.45 | 1.09 | 0.50 | 29 |
| &nbsp;&nbsp; 15.98 | &nbsp;&nbsp;&nbsp; 6.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | 0.45(g) | 0.96(g) | 3.22 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; 14.37 | &nbsp;&nbsp; (9.33) | &nbsp;&nbsp;&nbsp;&nbsp; 385463 | 0.35 | 1.03 | 0.38 | 29 |
| &nbsp;&nbsp; 15.98 | &nbsp;&nbsp;&nbsp; 6.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1796 | 0.35(g) | 1.10(g) | 0.64 | &nbsp;&nbsp; 7 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 155

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Large Cap Growth Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $64.22 | $(0.12)  | $(10.74)  | $(10.86)  | $—  | $(9.24)  | $(9.24) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 48.04 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; 19.59 | &nbsp;&nbsp;&nbsp; 19.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (3.14) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 41.87 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; 11.39 | &nbsp;&nbsp;&nbsp; 11.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (5.21) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 42.44 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; 4.80 | &nbsp;&nbsp;&nbsp;&nbsp; 4.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.28) | &nbsp;&nbsp; (5.28) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 38.23 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; 9.92 | &nbsp;&nbsp;&nbsp;&nbsp; 9.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.61) | &nbsp;&nbsp; (5.61) |
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 46.21 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp; (7.01) | &nbsp;&nbsp;&nbsp;&nbsp; (7.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (9.24) | &nbsp;&nbsp; (9.24) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 35.43 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp; 14.33 | &nbsp;&nbsp;&nbsp; 13.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (3.14) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 32.33 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; 8.48 | &nbsp;&nbsp;&nbsp;&nbsp; 8.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (5.21) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 34.20 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; 3.64 | &nbsp;&nbsp;&nbsp;&nbsp; 3.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.28) | &nbsp;&nbsp; (5.28) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 31.95 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; 8.11 | &nbsp;&nbsp;&nbsp;&nbsp; 7.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.61) | &nbsp;&nbsp; (5.61) |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 65.59 | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp; (11.06) | &nbsp;&nbsp; (11.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (9.24) | &nbsp;&nbsp; (9.24) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 48.91 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; 19.97 | &nbsp;&nbsp;&nbsp; 19.85 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (3.17) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 42.46 | &nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp; 11.59 | &nbsp;&nbsp;&nbsp; 11.68 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (5.23) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 42.86 | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 4.87 | &nbsp;&nbsp;&nbsp;&nbsp; 4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.28) | &nbsp;&nbsp; (5.28) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 38.47 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; 10.01 | &nbsp;&nbsp;&nbsp; 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.61) | &nbsp;&nbsp; (5.61) |
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 61.05 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (10.06) | &nbsp;&nbsp; (10.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (9.24) | &nbsp;&nbsp; (9.24) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 45.90 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; 18.68 | &nbsp;&nbsp;&nbsp; 18.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (3.14) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 40.32 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; 10.90 | &nbsp;&nbsp;&nbsp; 10.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (5.21) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 41.17 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; 4.61 | &nbsp;&nbsp;&nbsp;&nbsp; 4.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.28) | &nbsp;&nbsp; (5.28) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 37.33 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; 9.65 | &nbsp;&nbsp;&nbsp;&nbsp; 9.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.61) | &nbsp;&nbsp; (5.61) |
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 64.64 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (10.83) | &nbsp;&nbsp; (10.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (9.24) | &nbsp;&nbsp; (9.24) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 48.34 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; 19.72 | &nbsp;&nbsp;&nbsp; 19.45 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (3.15) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 42.10 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; 11.46 | &nbsp;&nbsp;&nbsp; 11.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (5.21) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 42.64 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; 4.82 | &nbsp;&nbsp;&nbsp;&nbsp; 4.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.28) | &nbsp;&nbsp; (5.28) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 38.39 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; 9.94 | &nbsp;&nbsp;&nbsp;&nbsp; 9.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.61) | &nbsp;&nbsp; (5.61) |
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 65.47 | &nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp; (11.02) | &nbsp;&nbsp; (11.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (9.24) | &nbsp;&nbsp; (9.24) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 48.84 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; 19.94 | &nbsp;&nbsp;&nbsp; 19.82 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (3.19) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 42.45 | &nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp; 11.58 | &nbsp;&nbsp;&nbsp; 11.66 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (5.27) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 42.85 | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 4.87 | &nbsp;&nbsp;&nbsp;&nbsp; 4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.28) | &nbsp;&nbsp; (5.28) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 38.47 | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 9.98 | &nbsp;&nbsp;&nbsp;&nbsp; 9.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.61) | &nbsp;&nbsp; (5.61) |
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 67.49 | &nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp; (11.46) | &nbsp;&nbsp; (11.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (9.24) | &nbsp;&nbsp; (9.24) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 50.20 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; 20.52 | &nbsp;&nbsp;&nbsp; 20.48 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (3.19) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 43.44 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp; 11.88 | &nbsp;&nbsp;&nbsp; 12.04 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (5.28) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 43.65 | &nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp;&nbsp;&nbsp; 5.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.28) | &nbsp;&nbsp; (5.28) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 39.04 | &nbsp;&nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp; 10.16 | &nbsp;&nbsp;&nbsp; 10.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.61) | &nbsp;&nbsp; (5.61) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

156 J.P. Morgan Large Cap Funds June 30, 2022

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&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;&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;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $44.12 | (20.68)% | $3734120  | 0.94% | (0.20)% | 1.01% | 50% |
| &nbsp;&nbsp; 64.22 | 41.00 | &nbsp;&nbsp;&nbsp;&nbsp; 4970767 | 0.93 | (0.46) | 1.02 | 58 |
| &nbsp;&nbsp; 48.04 | 30.09 | &nbsp;&nbsp;&nbsp;&nbsp; 3280463 | 0.94 | (0.03) | 1.04 | 47 |
| &nbsp;&nbsp; 41.87 | 13.67 | &nbsp;&nbsp;&nbsp;&nbsp; 2466910 | 0.93 | (0.23) | 1.10 | 50 |
| &nbsp;&nbsp; 42.44 | 28.45 | &nbsp;&nbsp;&nbsp;&nbsp; 2481816 | 0.97 | (0.25) | 1.11 | 24 |
| &nbsp;&nbsp; 29.67 | (21.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556002 | 1.44 | (0.71) | 1.51 | 50 |
| &nbsp;&nbsp; 46.21 | 40.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780132 | 1.43 | (0.96) | 1.51 | 58 |
| &nbsp;&nbsp; 35.43 | 29.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701820 | 1.44 | (0.53) | 1.54 | 47 |
| &nbsp;&nbsp; 32.33 | 13.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518116 | 1.43 | (0.73) | 1.59 | 50 |
| &nbsp;&nbsp; 34.20 | 27.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534199 | 1.47 | (0.75) | 1.60 | 24 |
| &nbsp;&nbsp; 45.32 | (20.49) | &nbsp;&nbsp;&nbsp;&nbsp; 9509669 | 0.69 | 0.05 | 0.76 | 50 |
| &nbsp;&nbsp; 65.59 | 41.37 | &nbsp;&nbsp; 10983173 | 0.68 | (0.21) | 0.76 | 58 |
| &nbsp;&nbsp; 48.91 | 30.40 | &nbsp;&nbsp;&nbsp;&nbsp; 7058308 | 0.69 | 0.22 | 0.78 | 47 |
| &nbsp;&nbsp; 42.46 | 13.95 | &nbsp;&nbsp;&nbsp;&nbsp; 4691515 | 0.68 | 0.02 | 0.84 | 50 |
| &nbsp;&nbsp; 42.86 | 28.77 | &nbsp;&nbsp;&nbsp;&nbsp; 4413908 | 0.74 | (0.03) | 0.85 | 24 |
| &nbsp;&nbsp; 41.49 | (20.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90916 | 1.19 | (0.46) | 1.26 | 50 |
| &nbsp;&nbsp; 61.05 | 40.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129541 | 1.18 | (0.71) | 1.26 | 58 |
| &nbsp;&nbsp; 45.90 | 29.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118628 | 1.19 | (0.27) | 1.29 | 47 |
| &nbsp;&nbsp; 40.32 | 13.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138030 | 1.18 | (0.47) | 1.34 | 50 |
| &nbsp;&nbsp; 41.17 | 28.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156775 | 1.24 | (0.52) | 1.35 | 24 |
| &nbsp;&nbsp; 44.45 | (20.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205831 | 0.94 | (0.21) | 1.01 | 50 |
| &nbsp;&nbsp; 64.64 | 41.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264318 | 0.93 | (0.45) | 1.01 | 58 |
| &nbsp;&nbsp; 48.34 | 30.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90107 | 0.94 | (0.02) | 1.03 | 47 |
| &nbsp;&nbsp; 42.10 | 13.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45376 | 0.93 | (0.21) | 1.08 | 50 |
| &nbsp;&nbsp; 42.64 | 28.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6865 | 0.96 | (0.21) | 1.10 | 24 |
| &nbsp;&nbsp; 45.23 | (20.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137633 | 0.69 | 0.03 | 0.76 | 50 |
| &nbsp;&nbsp; 65.47 | 41.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204814 | 0.68 | (0.20) | 0.76 | 58 |
| &nbsp;&nbsp; 48.84 | 30.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64792 | 0.69 | 0.19 | 0.78 | 47 |
| &nbsp;&nbsp; 42.45 | 13.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10740 | 0.68 | 0.02 | 0.83 | 50 |
| &nbsp;&nbsp; 42.85 | 28.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5930 | 0.73 | 0.02 | 0.85 | 24 |
| &nbsp;&nbsp; 46.91 | (20.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629918 | 0.54 | 0.19 | 0.61 | 50 |
| &nbsp;&nbsp; 67.49 | 41.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956386 | 0.53 | (0.06) | 0.61 | 58 |
| &nbsp;&nbsp; 50.20 | 30.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 781380 | 0.54 | 0.38 | 0.63 | 47 |
| &nbsp;&nbsp; 43.44 | 14.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 702536 | 0.53 | 0.17 | 0.69 | 50 |
| &nbsp;&nbsp; 43.65 | 28.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 788766 | 0.59 | 0.14 | 0.70 | 24 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 157

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**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Large Cap Growth Fund** (continued) |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $68.18 | $0.19 | $(11.62)  | $(11.43)  | $—  | $(9.24)  | $(9.24) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 50.66 | &nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp; 20.71 | &nbsp;&nbsp;&nbsp; 20.74 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (3.22) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 43.78 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp; 11.99 | &nbsp;&nbsp;&nbsp; 12.20 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (5.32) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 43.95 | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp;&nbsp; 5.03 | &nbsp;&nbsp;&nbsp;&nbsp; 5.14 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (5.28) | &nbsp;&nbsp; (5.31) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 39.23 | &nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp; 10.23 | &nbsp;&nbsp;&nbsp; 10.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.61) | &nbsp;&nbsp; (5.61) |

---

&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;

158 J.P. Morgan Large Cap Funds June 30, 2022

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&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;&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;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $47.51 | (20.29)% | $16482609 | 0.44% | 0.30% | 0.51% | 50% |
| &nbsp;&nbsp; 68.18 | 41.70 | &nbsp;&nbsp; 19127249 | 0.43 | 0.04 | 0.51 | 58 |
| &nbsp;&nbsp; 50.66 | 30.75 | &nbsp;&nbsp; 11169668 | 0.44 | 0.47 | 0.53 | 47 |
| &nbsp;&nbsp; 43.78 | 14.23 | &nbsp;&nbsp;&nbsp;&nbsp; 7339387 | 0.43 | 0.27 | 0.58 | 50 |
| &nbsp;&nbsp; 43.95 | 29.08 | &nbsp;&nbsp;&nbsp;&nbsp; 5962328 | 0.48 | 0.24 | 0.60 | 24 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 159

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Large Cap Value Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $20.48 | $0.19 | $(1.21)  | $(1.02)  | $(0.18)  | $(1.38)  | $(1.56) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.72 | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 7.73 | &nbsp;&nbsp;&nbsp; 7.84 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.08) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 14.11 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp; (1.22) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.17) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 15.11 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (1.08) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.48 | &nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; 0.89 | &nbsp;&nbsp;&nbsp; 1.04 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (1.28) | &nbsp;&nbsp; (1.41) |
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 19.55 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp; (1.47) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.17 | &nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp; 7.39 | &nbsp;&nbsp;&nbsp; 7.41 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 13.49 | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp; (1.32) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.11) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 14.51 | &nbsp;&nbsp; 0.10 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(f) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (1.02) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 14.93 | &nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp; 0.86 | &nbsp;&nbsp;&nbsp; 0.92 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (1.28) | &nbsp;&nbsp; (1.34) |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 20.10 | &nbsp;&nbsp; 0.23 | &nbsp;&nbsp; (1.19) | &nbsp;&nbsp; (0.96) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp; (1.61) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.49 | &nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; 7.59 | &nbsp;&nbsp;&nbsp; 7.74 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 13.85 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (1.15) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.21) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 14.85 | &nbsp;&nbsp; 0.20 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (1.11) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.24 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp; 0.87 | &nbsp;&nbsp;&nbsp; 1.05 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (1.28) | &nbsp;&nbsp; (1.44) |
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 20.30 | &nbsp;&nbsp; 0.14 | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp; (1.51) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.61 | &nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp; 7.67 | &nbsp;&nbsp;&nbsp; 7.73 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.04) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 13.98 | &nbsp;&nbsp; 0.15 | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp; (1.23) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.14) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 14.99 | &nbsp;&nbsp; 0.14 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (1.05) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.39 | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 0.86 | &nbsp;&nbsp;&nbsp; 0.97 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (1.28) | &nbsp;&nbsp; (1.37) |
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 20.09 | &nbsp;&nbsp; 0.20 | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp; (1.59) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.48 | &nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp; 7.59 | &nbsp;&nbsp;&nbsp; 7.69 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.08) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 13.84 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (1.18) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.18) |
| October 1, 2018 (g) through June 30, 2019 | &nbsp;&nbsp; 15.63 | &nbsp;&nbsp; 0.13 | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (1.04) |
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 20.50 | &nbsp;&nbsp; 0.26 | &nbsp;&nbsp; (1.23) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp; (1.61) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.73 | &nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp; 7.77 | &nbsp;&nbsp;&nbsp; 7.89 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.12) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 14.11 | &nbsp;&nbsp; 0.22 | &nbsp;&nbsp; (1.39) | &nbsp;&nbsp; (1.17) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.21) |
| October 1, 2018 (g) through June 30, 2019 | &nbsp;&nbsp; 15.90 | &nbsp;&nbsp; 0.16 | &nbsp;&nbsp; (0.89) | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (1.06) |
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 20.32 | &nbsp;&nbsp; 0.26 | &nbsp;&nbsp; (1.20) | &nbsp;&nbsp; (0.94) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp; (1.63) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.62 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp; 7.68 | &nbsp;&nbsp;&nbsp; 7.85 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.15) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 14.00 | &nbsp;&nbsp; 0.24 | &nbsp;&nbsp; (1.39) | &nbsp;&nbsp; (1.15) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.23) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 14.99 | &nbsp;&nbsp; 0.23 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (1.13) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.37 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp; 0.88 | &nbsp;&nbsp;&nbsp; 1.09 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (1.28) | &nbsp;&nbsp; (1.47) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

160 J.P. Morgan Large Cap Funds June 30, 2022

------

&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**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&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;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $17.90 | (5.22)% | $235054  | 0.93% | 0.97% | 1.01% | 121% |
| &nbsp;&nbsp; 20.48 | 61.86 | &nbsp;&nbsp;&nbsp;&nbsp; 218302 | 0.93 | 0.62 | 1.04 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp; 12.72 | (8.66) | &nbsp;&nbsp;&nbsp;&nbsp; 119402 | 0.93 | 1.33 | 1.04 | 177 |
| &nbsp;&nbsp; 14.11 | &nbsp;&nbsp; 1.07 | &nbsp;&nbsp;&nbsp;&nbsp; 153809 | 0.93 | 1.19 | 1.04 | 162 |
| &nbsp;&nbsp; 15.11 | &nbsp;&nbsp; 6.52 | &nbsp;&nbsp;&nbsp;&nbsp; 236470 | 0.93 | 0.92 | 1.04 | 130 |
| &nbsp;&nbsp; 17.01 | (5.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79663 | 1.44 | 0.48 | 1.51 | 121 |
| &nbsp;&nbsp; 19.55 | 60.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62488 | 1.43 | 0.11 | 1.50 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp; 12.17 | (9.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33769 | 1.44 | 0.81 | 1.52 | 177 |
| &nbsp;&nbsp; 13.49 | &nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55009 | 1.44 | 0.70 | 1.52 | 162 |
| &nbsp;&nbsp; 14.51 | &nbsp;&nbsp; 5.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69445 | 1.44 | 0.42 | 1.52 | 130 |
| &nbsp;&nbsp; 17.53 | (5.04) | &nbsp;&nbsp; 1275387 | 0.69 | 1.20 | 0.77 | 121 |
| &nbsp;&nbsp; 20.10 | 62.22 | &nbsp;&nbsp; 1418653 | 0.69 | 0.84 | 0.76 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp; 12.49 | (8.35) | &nbsp;&nbsp;&nbsp;&nbsp; 262414 | 0.69 | 1.57 | 0.76 | 177 |
| &nbsp;&nbsp; 13.85 | &nbsp;&nbsp; 1.31 | &nbsp;&nbsp;&nbsp;&nbsp; 301663 | 0.69 | 1.44 | 0.77 | 162 |
| &nbsp;&nbsp; 14.85 | &nbsp;&nbsp; 6.74 | &nbsp;&nbsp;&nbsp;&nbsp; 378058 | 0.70 | 1.19 | 0.77 | 130 |
| &nbsp;&nbsp; 17.72 | (5.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12323 | 1.19 | 0.71 | 1.27 | 121 |
| &nbsp;&nbsp; 20.30 | 61.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11175 | 1.18 | 0.38 | 1.27 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp; 12.61 | (8.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17777 | 1.19 | 1.09 | 1.28 | 177 |
| &nbsp;&nbsp; 13.98 | &nbsp;&nbsp; 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21489 | 1.19 | 0.97 | 1.29 | 162 |
| &nbsp;&nbsp; 14.99 | &nbsp;&nbsp; 6.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17046 | 1.21 | 0.68 | 1.30 | 130 |
| &nbsp;&nbsp; 17.49 | (5.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6010 | 0.94 | 1.06 | 1.01 | 121 |
| &nbsp;&nbsp; 20.09 | 61.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | 0.94 | 0.63 | 1.04 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp; 12.48 | (8.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | 0.94 | 1.36 | 2.24 | 177 |
| &nbsp;&nbsp; 13.84 | (4.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | 0.94 | 1.28 | 1.17 | 162 |
| &nbsp;&nbsp; 17.92 | (4.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495 | 0.69 | 1.32 | 0.77 | 121 |
| &nbsp;&nbsp; 20.50 | 62.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 | 0.69 | 0.87 | 0.76 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp; 12.73 | (8.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11823 | 0.69 | 1.60 | 0.76 | 177 |
| &nbsp;&nbsp; 14.11 | (4.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14545 | 0.68 | 1.51 | 0.77 | 162 |
| &nbsp;&nbsp; 17.75 | (4.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23073 | 0.54 | 1.34 | 0.61 | 121 |
| &nbsp;&nbsp; 20.32 | 62.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24668 | 0.54 | 1.02 | 0.61 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp; 12.62 | (8.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18535 | 0.54 | 1.72 | 0.62 | 177 |
| &nbsp;&nbsp; 14.00 | &nbsp;&nbsp; 1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30522 | 0.54 | 1.61 | 0.63 | 162 |
| &nbsp;&nbsp; 14.99 | &nbsp;&nbsp; 6.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23166 | 0.55 | 1.33 | 0.63 | 130 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 161

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Large Cap Value Fund** (continued) |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $20.18 | $0.28 | $(1.20)  | $(0.92)  | $(0.27)  | $(1.38)  | $(1.65) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.53 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp; 7.63 | &nbsp;&nbsp;&nbsp; 7.82 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.17) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 13.90 | &nbsp;&nbsp; 0.25 | &nbsp;&nbsp; (1.37) | &nbsp;&nbsp; (1.12) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.25) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 14.90 | &nbsp;&nbsp; 0.24 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (1.14) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.28 | &nbsp;&nbsp; 0.22 | &nbsp;&nbsp;&nbsp; 0.88 | &nbsp;&nbsp;&nbsp; 1.10 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (1.28) | &nbsp;&nbsp; (1.48) |

---

&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 earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

162 J.P. Morgan Large Cap Funds June 30, 2022

------

&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;&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;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $17.61 | (4.78)% | $1564013 | 0.44% | 1.42% | 0.50% | 121% |
| &nbsp;&nbsp; 20.18 | 62.68 | &nbsp;&nbsp; 2606033 | 0.44 | 1.10 | 0.50 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp; 12.53 | (8.14) | &nbsp;&nbsp;&nbsp;&nbsp; 796259 | 0.44 | 1.86 | 0.51 | 177 |
| &nbsp;&nbsp; 13.90 | &nbsp;&nbsp; 1.52 | &nbsp;&nbsp;&nbsp;&nbsp; 834072 | 0.44 | 1.70 | 0.52 | 162 |
| &nbsp;&nbsp; 14.90 | &nbsp;&nbsp; 7.04 | &nbsp;&nbsp;&nbsp;&nbsp; 928167 | 0.46 | 1.41 | 0.52 | 130 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 163

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan U.S. Applied Data Science Value Fund (formerly** <br> **known as JPMorgan Intrepid Value Fund)**<br>|  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $36.38 | $0.45 | $(1.10) | $(0.65) | $(0.42)  | $(8.75)  | $(9.17) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 25.83 | &nbsp;&nbsp; 0.42 | &nbsp;&nbsp; 11.10 | &nbsp;&nbsp; 11.52 | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.97) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 31.42 | &nbsp;&nbsp; 0.55(d) | &nbsp;&nbsp;&nbsp; (3.38) | &nbsp;&nbsp;&nbsp; (2.83) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (2.13) | &nbsp;&nbsp; (2.76) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 34.53 | &nbsp;&nbsp; 0.49 | &nbsp;&nbsp;&nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp;&nbsp; 1.04 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (3.64) | &nbsp;&nbsp; (4.15) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 35.54 | &nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp;&nbsp; 4.10 | &nbsp;&nbsp;&nbsp;&nbsp; 4.63 | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (5.09) | &nbsp;&nbsp; (5.64) |
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 35.72 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp; (1.04) | &nbsp;&nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (8.75) | &nbsp;&nbsp; (9.02) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 25.36 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp; 10.90 | &nbsp;&nbsp; 11.18 | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.82) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 30.90 | &nbsp;&nbsp; 0.40(d) | &nbsp;&nbsp;&nbsp; (3.33) | &nbsp;&nbsp;&nbsp; (2.93) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (2.13) | &nbsp;&nbsp; (2.61) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 34.06 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp;&nbsp; 0.86 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (3.64) | &nbsp;&nbsp; (4.02) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 35.14 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp;&nbsp; 4.05 | &nbsp;&nbsp;&nbsp;&nbsp; 4.40 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (5.09) | &nbsp;&nbsp; (5.48) |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 36.72 | &nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp; (1.11) | &nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (8.75) | &nbsp;&nbsp; (9.25) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 25.79 | &nbsp;&nbsp; 0.50 | &nbsp;&nbsp; 11.48 | &nbsp;&nbsp; 11.98 | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (1.05) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 31.62 | &nbsp;&nbsp; 0.62(d) | &nbsp;&nbsp;&nbsp; (3.66) | &nbsp;&nbsp;&nbsp; (3.04) | &nbsp;&nbsp; (0.66) | &nbsp;&nbsp; (2.13) | &nbsp;&nbsp; (2.79) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 34.71 | &nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12 | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; (3.64) | &nbsp;&nbsp; (4.21) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 35.69 | &nbsp;&nbsp; 0.62 | &nbsp;&nbsp;&nbsp;&nbsp; 4.11 | &nbsp;&nbsp;&nbsp;&nbsp; 4.73 | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (5.09) | &nbsp;&nbsp; (5.71) |
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 35.99 | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp; (1.07) | &nbsp;&nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (8.75) | &nbsp;&nbsp; (9.07) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 25.55 | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp; 11.01 | &nbsp;&nbsp; 11.34 | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.90) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 31.12 | &nbsp;&nbsp; 0.47(d) | &nbsp;&nbsp;&nbsp; (3.35) | &nbsp;&nbsp;&nbsp; (2.88) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (2.13) | &nbsp;&nbsp; (2.69) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 34.26 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp;&nbsp; 0.94 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (3.64) | &nbsp;&nbsp; (4.08) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 35.33 | &nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp;&nbsp; 4.03 | &nbsp;&nbsp;&nbsp;&nbsp; 4.49 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (5.09) | &nbsp;&nbsp; (5.56) |
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 36.78 | &nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp; (1.11) | &nbsp;&nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (8.75) | &nbsp;&nbsp; (9.27) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 25.66 | &nbsp;&nbsp; 0.59 | &nbsp;&nbsp; 11.63 | &nbsp;&nbsp; 12.22 | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (1.10) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 31.73 | &nbsp;&nbsp; 0.67(d) | &nbsp;&nbsp;&nbsp; (3.87) | &nbsp;&nbsp;&nbsp; (3.20) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (2.13) | &nbsp;&nbsp; (2.87) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 34.80 | &nbsp;&nbsp; 0.62 | &nbsp;&nbsp;&nbsp;&nbsp; 0.56 | &nbsp;&nbsp;&nbsp;&nbsp; 1.18 | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (3.64) | &nbsp;&nbsp; (4.25) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 35.78 | &nbsp;&nbsp; 0.66 | &nbsp;&nbsp;&nbsp;&nbsp; 4.13 | &nbsp;&nbsp;&nbsp;&nbsp; 4.79 | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (5.09) | &nbsp;&nbsp; (5.77) |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 36.78 | &nbsp;&nbsp; 0.58 | &nbsp;&nbsp;&nbsp; (1.11) | &nbsp;&nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (8.75) | &nbsp;&nbsp; (9.30) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 26.06 | &nbsp;&nbsp; 0.57 | &nbsp;&nbsp; 11.28 | &nbsp;&nbsp; 11.85 | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (1.13) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 31.74 | &nbsp;&nbsp; 0.70(d) | &nbsp;&nbsp;&nbsp; (3.47) | &nbsp;&nbsp;&nbsp; (2.77) | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (2.13) | &nbsp;&nbsp; (2.91) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 34.80 | &nbsp;&nbsp; 0.65 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp;&nbsp; 1.22 | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (3.64) | &nbsp;&nbsp; (4.28) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 35.78 | &nbsp;&nbsp; 0.69 | &nbsp;&nbsp;&nbsp;&nbsp; 4.13 | &nbsp;&nbsp;&nbsp;&nbsp; 4.82 | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (5.09) | &nbsp;&nbsp; (5.80) |

---

&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 earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(d) Reflects special dividends paid out during the year by several of the Fund's holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.46, $0.30, $0.53, $0.38, $0.57 and $0.60 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been 1.56%, 1.05%, 1.70%, 1.30%, 1.85% and 2.04% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

164 J.P. Morgan Large Cap Funds June 30, 2022

------

&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;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &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; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $26.56 | &nbsp;&nbsp; (4.07)% | $49916  | 0.73% | 1.37% | 0.97% | 55% |
| &nbsp;&nbsp; 36.38 | 45.65 | &nbsp;&nbsp;&nbsp;&nbsp; 61187 | 0.83 | 1.37 | 0.99 | 72 |
| &nbsp;&nbsp; 25.83 | &nbsp;&nbsp; (9.96) | &nbsp;&nbsp;&nbsp;&nbsp; 49876 | 0.83 | 1.88(d) | 0.95 | 79 |
| &nbsp;&nbsp; 31.42 | &nbsp;&nbsp;&nbsp; 4.08 | &nbsp;&nbsp;&nbsp;&nbsp; 72888 | 0.82 | 1.49 | 1.01 | 88 |
| &nbsp;&nbsp; 34.53 | 13.39 | &nbsp;&nbsp;&nbsp;&nbsp; 86400 | 0.83 | 1.48 | 1.02 | 68 |
| &nbsp;&nbsp; 25.93 | &nbsp;&nbsp; (4.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7147 | 1.23 | 0.85 | 1.48 | 55 |
| &nbsp;&nbsp; 35.72 | 45.02 | &nbsp;&nbsp;&nbsp;&nbsp; 11211 | 1.33 | 0.91 | 1.50 | 72 |
| &nbsp;&nbsp; 25.36 | (10.46) | &nbsp;&nbsp;&nbsp;&nbsp; 11038 | 1.33 | 1.37(d) | 1.46 | 79 |
| &nbsp;&nbsp; 30.90 | &nbsp;&nbsp;&nbsp; 3.57 | &nbsp;&nbsp;&nbsp;&nbsp; 19139 | 1.32 | 0.99 | 1.52 | 88 |
| &nbsp;&nbsp; 34.06 | 12.84 | &nbsp;&nbsp;&nbsp;&nbsp; 23686 | 1.33 | 1.00 | 1.53 | 68 |
| &nbsp;&nbsp; 26.89 | &nbsp;&nbsp; (3.84) | &nbsp;&nbsp;&nbsp;&nbsp; 94291 | 0.49 | 1.60 | 0.72 | 55 |
| &nbsp;&nbsp; 36.72 | 47.54 | &nbsp;&nbsp; 127530 | 0.59 | 1.62 | 0.74 | 72 |
| &nbsp;&nbsp; 25.79 | (10.69) | &nbsp;&nbsp; 113316 | 0.59 | 2.01(d) | 0.68 | 79 |
| &nbsp;&nbsp; 31.62 | &nbsp;&nbsp;&nbsp; 4.33 | &nbsp;&nbsp; 698989 | 0.58 | 1.74 | 0.76 | 88 |
| &nbsp;&nbsp; 34.71 | 13.65 | &nbsp;&nbsp; 772556 | 0.62 | 1.71 | 0.76 | 68 |
| &nbsp;&nbsp; 26.18 | &nbsp;&nbsp; (4.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2651 | 1.09 | 1.02 | 1.36 | 55 |
| &nbsp;&nbsp; 35.99 | 45.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | 1.09 | 1.08 | 1.34 | 72 |
| &nbsp;&nbsp; 25.55 | (10.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2664 | 1.09 | 1.62(d) | 1.30 | 79 |
| &nbsp;&nbsp; 31.12 | &nbsp;&nbsp;&nbsp; 3.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4438 | 1.08 | 1.22 | 1.62 | 88 |
| &nbsp;&nbsp; 34.26 | 13.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5781 | 1.12 | 1.28 | 1.52 | 68 |
| &nbsp;&nbsp; 26.95 | &nbsp;&nbsp; (3.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3610 | 0.44 | 1.66 | 0.57 | 55 |
| &nbsp;&nbsp; 36.78 | 48.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4053 | 0.44 | 1.91 | 0.59 | 72 |
| &nbsp;&nbsp; 25.66 | (11.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4269 | 0.44 | 2.16(d) | 0.55 | 79 |
| &nbsp;&nbsp; 31.73 | &nbsp;&nbsp;&nbsp; 4.50 | &nbsp;&nbsp;&nbsp;&nbsp; 48910 | 0.43 | 1.89 | 0.61 | 88 |
| &nbsp;&nbsp; 34.80 | 13.80 | &nbsp;&nbsp;&nbsp;&nbsp; 90714 | 0.45 | 1.82 | 0.62 | 68 |
| &nbsp;&nbsp; 26.95 | &nbsp;&nbsp; (3.70) | &nbsp;&nbsp;&nbsp;&nbsp; 38883 | 0.34 | 1.78 | 0.47 | 55 |
| &nbsp;&nbsp; 36.78 | 46.60 | &nbsp;&nbsp;&nbsp;&nbsp; 69298 | 0.34 | 1.82 | 0.49 | 72 |
| &nbsp;&nbsp; 26.06 | &nbsp;&nbsp; (9.68) | &nbsp;&nbsp;&nbsp;&nbsp; 74603 | 0.34 | 2.37(d) | 0.44 | 79 |
| &nbsp;&nbsp; 31.74 | &nbsp;&nbsp;&nbsp; 4.63 | &nbsp;&nbsp; 133014 | 0.33 | 1.99 | 0.51 | 88 |
| &nbsp;&nbsp; 34.80 | 13.90 | &nbsp;&nbsp; 118726 | 0.37 | 1.90 | 0.52 | 68 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 165

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan U.S. Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $21.51 | $0.08  | $(1.81)  | $(1.73)  | $(0.07)  | $(2.23)  | $(2.30) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.22 | &nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp; 6.39 | &nbsp;&nbsp;&nbsp; 6.48 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.19) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.86 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 1.82 | &nbsp;&nbsp;&nbsp; 1.93 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.57) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.48 | &nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp; 1.17 | &nbsp;&nbsp;&nbsp; 1.29 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (1.91) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.80 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 1.94 | &nbsp;&nbsp;&nbsp; 2.05 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.37) |
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 20.61 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp; (1.72) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; (2.24) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 15.60 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; 6.14 | &nbsp;&nbsp;&nbsp; 6.13 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.12) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.31 | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp; 1.75 | &nbsp;&nbsp;&nbsp; 1.78 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.49) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 15.99 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; 1.13 | &nbsp;&nbsp;&nbsp; 1.17 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (1.85) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.37 | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp; 1.89 | &nbsp;&nbsp;&nbsp; 1.92 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.30) |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.59 | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp; (1.81) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; (2.35) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.27 | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp; 6.43 | &nbsp;&nbsp;&nbsp; 6.56 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.24) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.91 | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; 1.82 | &nbsp;&nbsp;&nbsp; 1.97 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.61) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.51 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp; 1.18 | &nbsp;&nbsp;&nbsp; 1.34 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (1.94) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.83 | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; 1.94 | &nbsp;&nbsp;&nbsp; 2.09 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.41) |
| **Class L** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.63 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp; (1.81) | &nbsp;&nbsp; (1.65) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; (2.38) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.30 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp; 6.44 | &nbsp;&nbsp;&nbsp; 6.60 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.27) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.93 | &nbsp;&nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp; 1.83 | &nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.63) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.53 | &nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp; 1.18 | &nbsp;&nbsp;&nbsp; 1.36 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (1.96) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.85 | &nbsp;&nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp; 1.94 | &nbsp;&nbsp;&nbsp; 2.11 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.43) |
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.26 | &nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp; (1.78) | &nbsp;&nbsp; (1.76) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; (2.25) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.04 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; 6.33 | &nbsp;&nbsp;&nbsp; 6.37 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.15) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.70 | &nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp; 1.80 | &nbsp;&nbsp;&nbsp; 1.87 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.53) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.34 | &nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp; 1.24 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (1.88) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.68 | &nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp; 1.92 | &nbsp;&nbsp;&nbsp; 1.99 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.33) |
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.42 | &nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp; (1.80) | &nbsp;&nbsp; (1.72) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; (2.30) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.15 | &nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp; 6.38 | &nbsp;&nbsp;&nbsp; 6.47 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.20) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.80 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 1.81 | &nbsp;&nbsp;&nbsp; 1.92 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.57) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.43 | &nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp; 1.28 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (1.91) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.76 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 1.93 | &nbsp;&nbsp;&nbsp; 2.04 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.37) |
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.55 | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp; (1.81) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; (2.35) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.25 | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp; 6.41 | &nbsp;&nbsp;&nbsp; 6.54 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.24) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.89 | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; 1.82 | &nbsp;&nbsp;&nbsp; 1.97 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.61) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.50 | &nbsp;&nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp; 1.33 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (1.94) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.82 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp; 1.93 | &nbsp;&nbsp;&nbsp; 2.09 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.41) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

166 J.P. Morgan Large Cap Funds June 30, 2022

------

&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;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &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; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $17.48 | (10.04)% | $1577771 | 0.94% | 0.37% | 0.98% | 53% |
| &nbsp;&nbsp; 21.51 | 41.18 | &nbsp;&nbsp; 1642046 | 0.94 | 0.46 | 0.98 | 60 |
| &nbsp;&nbsp; 16.22 | 12.59 | &nbsp;&nbsp; 1869111 | 0.94 | 0.70 | 0.99 | 84 |
| &nbsp;&nbsp; 15.86 | &nbsp;&nbsp;&nbsp; 9.18 | &nbsp;&nbsp; 1556392 | 0.94 | 0.76 | 0.99 | 91 |
| &nbsp;&nbsp; 16.48 | 13.20 | &nbsp;&nbsp; 1340858 | 0.94 | 0.69 | 1.01 | 97 |
| &nbsp;&nbsp; 16.65 | (10.44) | &nbsp;&nbsp;&nbsp;&nbsp; 351674 | 1.44 | (0.13) | 1.48 | 53 |
| &nbsp;&nbsp; 20.61 | 40.52 | &nbsp;&nbsp;&nbsp;&nbsp; 367940 | 1.44 | (0.05) | 1.47 | 60 |
| &nbsp;&nbsp; 15.60 | 12.01 | &nbsp;&nbsp;&nbsp;&nbsp; 274741 | 1.44 | 0.19 | 1.49 | 84 |
| &nbsp;&nbsp; 15.31 | &nbsp;&nbsp;&nbsp; 8.63 | &nbsp;&nbsp;&nbsp;&nbsp; 289675 | 1.44 | 0.27 | 1.49 | 91 |
| &nbsp;&nbsp; 15.99 | 12.66 | &nbsp;&nbsp;&nbsp;&nbsp; 302297 | 1.44 | 0.19 | 1.50 | 97 |
| &nbsp;&nbsp; 17.56 | &nbsp;&nbsp; (9.78) | &nbsp;&nbsp; 1863855 | 0.69 | 0.63 | 0.73 | 53 |
| &nbsp;&nbsp; 21.59 | 41.64 | &nbsp;&nbsp; 1731572 | 0.69 | 0.69 | 0.72 | 60 |
| &nbsp;&nbsp; 16.27 | 12.82 | &nbsp;&nbsp; 1038998 | 0.69 | 0.94 | 0.73 | 84 |
| &nbsp;&nbsp; 15.91 | &nbsp;&nbsp;&nbsp; 9.47 | &nbsp;&nbsp; 1121609 | 0.69 | 1.03 | 0.74 | 91 |
| &nbsp;&nbsp; 16.51 | 13.44 | &nbsp;&nbsp; 1521535 | 0.71 | 0.92 | 0.75 | 97 |
| &nbsp;&nbsp; 17.60 | &nbsp;&nbsp; (9.63) | &nbsp;&nbsp; 1578191 | 0.54 | 0.76 | 0.57 | 53 |
| &nbsp;&nbsp; 21.63 | 41.81 | &nbsp;&nbsp; 1907620 | 0.54 | 0.83 | 0.58 | 60 |
| &nbsp;&nbsp; 16.30 | 13.03 | &nbsp;&nbsp; 1309531 | 0.55 | 1.08 | 0.59 | 84 |
| &nbsp;&nbsp; 15.93 | &nbsp;&nbsp;&nbsp; 9.60 | &nbsp;&nbsp; 1552520 | 0.55 | 1.16 | 0.60 | 91 |
| &nbsp;&nbsp; 16.53 | 13.56 | &nbsp;&nbsp; 1679995 | 0.57 | 1.05 | 0.60 | 97 |
| &nbsp;&nbsp; 17.25 | (10.28) | &nbsp;&nbsp;&nbsp;&nbsp; 219960 | 1.19 | 0.11 | 1.23 | 53 |
| &nbsp;&nbsp; 21.26 | 40.92 | &nbsp;&nbsp;&nbsp;&nbsp; 269266 | 1.19 | 0.20 | 1.22 | 60 |
| &nbsp;&nbsp; 16.04 | 12.29 | &nbsp;&nbsp;&nbsp;&nbsp; 216689 | 1.19 | 0.44 | 1.23 | 84 |
| &nbsp;&nbsp; 15.70 | &nbsp;&nbsp;&nbsp; 8.89 | &nbsp;&nbsp;&nbsp;&nbsp; 244356 | 1.19 | 0.52 | 1.24 | 91 |
| &nbsp;&nbsp; 16.34 | 12.88 | &nbsp;&nbsp;&nbsp;&nbsp; 265675 | 1.21 | 0.42 | 1.25 | 97 |
| &nbsp;&nbsp; 17.40 | (10.04) | &nbsp;&nbsp;&nbsp;&nbsp; 157177 | 0.94 | 0.37 | 0.97 | 53 |
| &nbsp;&nbsp; 21.42 | 41.30 | &nbsp;&nbsp;&nbsp;&nbsp; 174770 | 0.94 | 0.44 | 0.97 | 60 |
| &nbsp;&nbsp; 16.15 | 12.57 | &nbsp;&nbsp;&nbsp;&nbsp; 117991 | 0.94 | 0.70 | 0.98 | 84 |
| &nbsp;&nbsp; 15.80 | &nbsp;&nbsp;&nbsp; 9.14 | &nbsp;&nbsp;&nbsp;&nbsp; 111902 | 0.94 | 0.79 | 0.99 | 91 |
| &nbsp;&nbsp; 16.43 | 13.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61413 | 0.95 | 0.69 | 1.00 | 97 |
| &nbsp;&nbsp; 17.52 | &nbsp;&nbsp; (9.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55292 | 0.69 | 0.63 | 0.72 | 53 |
| &nbsp;&nbsp; 21.55 | 41.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45443 | 0.69 | 0.69 | 0.72 | 60 |
| &nbsp;&nbsp; 16.25 | 12.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21651 | 0.69 | 0.95 | 0.73 | 84 |
| &nbsp;&nbsp; 15.89 | &nbsp;&nbsp;&nbsp; 9.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22870 | 0.69 | 1.08 | 0.75 | 91 |
| &nbsp;&nbsp; 16.50 | 13.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10531 | 0.70 | 0.94 | 0.75 | 97 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 167

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan U.S. Equity Fund** (continued) |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $21.64 | $0.16 | $(1.82)  | $(1.66)  | $(0.15)  | $(2.23)  | $(2.38) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.31 | &nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp; 6.44 | &nbsp;&nbsp;&nbsp; 6.60 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.27) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.94 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp; 1.83 | &nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.63) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.54 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp; 1.17 | &nbsp;&nbsp;&nbsp; 1.36 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (1.96) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.85 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp; 1.95 | &nbsp;&nbsp;&nbsp; 2.13 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.44) |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.69 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp; (1.82) | &nbsp;&nbsp; (1.63) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; (2.41) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.34 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp; 6.46 | &nbsp;&nbsp;&nbsp; 6.64 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.29) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.97 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp; 1.83 | &nbsp;&nbsp;&nbsp; 2.02 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.65) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.56 | &nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp; 1.19 | &nbsp;&nbsp;&nbsp; 1.39 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (1.98) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.87 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp; 1.95 | &nbsp;&nbsp;&nbsp; 2.14 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.45) |

---

&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 earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

168 J.P. Morgan Large Cap Funds June 30, 2022

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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;&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;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $17.60 | (9.68)% | $911961  | 0.54% | 0.76% | 0.57% | 53% |
| &nbsp;&nbsp; 21.64 | 41.79 | &nbsp;&nbsp;&nbsp;&nbsp; 1089931 | 0.54 | 0.84 | 0.57 | 60 |
| &nbsp;&nbsp; 16.31 | 13.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 817671 | 0.54 | 1.09 | 0.58 | 84 |
| &nbsp;&nbsp; 15.94 | &nbsp;&nbsp; 9.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 842888 | 0.54 | 1.17 | 0.59 | 91 |
| &nbsp;&nbsp; 16.54 | 13.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 938744 | 0.54 | 1.08 | 0.60 | 97 |
| &nbsp;&nbsp; 17.65 | (9.56) | &nbsp;&nbsp; 11891028 | 0.44 | 0.87 | 0.47 | 53 |
| &nbsp;&nbsp; 21.69 | 41.98 | &nbsp;&nbsp; 12615063 | 0.44 | 0.95 | 0.47 | 60 |
| &nbsp;&nbsp; 16.34 | 13.13 | &nbsp;&nbsp;&nbsp;&nbsp; 9272379 | 0.44 | 1.20 | 0.48 | 84 |
| &nbsp;&nbsp; 15.97 | &nbsp;&nbsp; 9.74 | &nbsp;&nbsp;&nbsp;&nbsp; 8559285 | 0.44 | 1.27 | 0.49 | 91 |
| &nbsp;&nbsp; 16.56 | 13.75 | &nbsp;&nbsp;&nbsp;&nbsp; 8937049 | 0.46 | 1.17 | 0.50 | 97 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 169

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan U.S. GARP Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $73.40 | $(0.02)  | $(8.99) | $(9.01) | $—  | $(14.78)  | $(14.78) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 57.64 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; 21.89 | &nbsp;&nbsp; 21.88 | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp;&nbsp; (5.60) | &nbsp;&nbsp;&nbsp;&nbsp; (6.12) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 56.61 | &nbsp;&nbsp;&nbsp; 0.63(d) | &nbsp;&nbsp;&nbsp;&nbsp; 7.41 | &nbsp;&nbsp;&nbsp;&nbsp; 8.04 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp; (6.67) | &nbsp;&nbsp;&nbsp;&nbsp; (7.01) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 59.09 | &nbsp;&nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp;&nbsp; 3.01 | &nbsp;&nbsp;&nbsp;&nbsp; 3.46 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp; (5.64) | &nbsp;&nbsp;&nbsp;&nbsp; (5.94) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 48.60 | &nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp; 10.51 | &nbsp;&nbsp; 10.74 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) |
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 71.55 | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp; (8.60) | &nbsp;&nbsp;&nbsp; (8.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (14.78) | &nbsp;&nbsp; (14.78) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 56.26 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; 21.36 | &nbsp;&nbsp; 21.04 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp; (5.60) | &nbsp;&nbsp;&nbsp;&nbsp; (5.75) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 55.45 | &nbsp;&nbsp;&nbsp; 0.35(d) | &nbsp;&nbsp;&nbsp;&nbsp; 7.22 | &nbsp;&nbsp;&nbsp;&nbsp; 7.57 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; (6.67) | &nbsp;&nbsp;&nbsp;&nbsp; (6.76) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 58.00 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp;&nbsp; 2.97 | &nbsp;&nbsp;&nbsp;&nbsp; 3.13 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (5.64) | &nbsp;&nbsp;&nbsp;&nbsp; (5.68) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 47.72 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; 10.32 | &nbsp;&nbsp; 10.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 75.08 | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; (9.28) | &nbsp;&nbsp;&nbsp; (9.13) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (14.78) | &nbsp;&nbsp; (14.90) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 58.80 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp; 22.37 | &nbsp;&nbsp; 22.53 | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp;&nbsp;&nbsp; (5.60) | &nbsp;&nbsp;&nbsp;&nbsp; (6.25) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 57.60 | &nbsp;&nbsp;&nbsp; 0.79(d) | &nbsp;&nbsp;&nbsp;&nbsp; 7.54 | &nbsp;&nbsp;&nbsp;&nbsp; 8.33 | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp; (6.67) | &nbsp;&nbsp;&nbsp;&nbsp; (7.13) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 60.04 | &nbsp;&nbsp;&nbsp; 0.60 | &nbsp;&nbsp;&nbsp;&nbsp; 3.05 | &nbsp;&nbsp;&nbsp;&nbsp; 3.65 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp;&nbsp; (5.64) | &nbsp;&nbsp;&nbsp;&nbsp; (6.09) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 49.34 | &nbsp;&nbsp;&nbsp; 0.38 | &nbsp;&nbsp; 10.68 | &nbsp;&nbsp; 11.06 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.36) |
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 71.18 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (8.57) | &nbsp;&nbsp;&nbsp; (8.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (14.78) | &nbsp;&nbsp; (14.78) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 56.08 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; 21.26 | &nbsp;&nbsp; 21.09 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp; (5.60) | &nbsp;&nbsp;&nbsp;&nbsp; (5.99) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 55.27 | &nbsp;&nbsp;&nbsp; 0.48(d) | &nbsp;&nbsp;&nbsp;&nbsp; 7.22 | &nbsp;&nbsp;&nbsp;&nbsp; 7.70 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (6.67) | &nbsp;&nbsp;&nbsp;&nbsp; (6.89) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 57.95 | &nbsp;&nbsp;&nbsp; 0.30 | &nbsp;&nbsp;&nbsp;&nbsp; 2.93 | &nbsp;&nbsp;&nbsp;&nbsp; 3.23 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp; (5.64) | &nbsp;&nbsp;&nbsp;&nbsp; (5.91) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 47.66 | &nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp; 10.31 | &nbsp;&nbsp; 10.40 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.11) |
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 73.80 | &nbsp;&nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp; (9.05) | &nbsp;&nbsp;&nbsp; (8.81) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (14.78) | &nbsp;&nbsp; (14.97) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 57.93 | &nbsp;&nbsp;&nbsp; 0.26 | &nbsp;&nbsp; 21.96 | &nbsp;&nbsp; 22.22 | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp;&nbsp;&nbsp; (5.60) | &nbsp;&nbsp;&nbsp;&nbsp; (6.35) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 56.82 | &nbsp;&nbsp;&nbsp; 0.86(d) | &nbsp;&nbsp;&nbsp;&nbsp; 7.47 | &nbsp;&nbsp;&nbsp;&nbsp; 8.33 | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp;&nbsp; (6.67) | &nbsp;&nbsp;&nbsp;&nbsp; (7.22) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 59.32 | &nbsp;&nbsp;&nbsp; 0.68 | &nbsp;&nbsp;&nbsp;&nbsp; 2.99 | &nbsp;&nbsp;&nbsp;&nbsp; 3.67 | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp;&nbsp;&nbsp; (5.64) | &nbsp;&nbsp;&nbsp;&nbsp; (6.17) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 48.76 | &nbsp;&nbsp;&nbsp; 0.46 | &nbsp;&nbsp; 10.56 | &nbsp;&nbsp; 11.02 | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.46) |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 73.81 | &nbsp;&nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp; (9.04) | &nbsp;&nbsp;&nbsp; (8.73) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (14.78) | &nbsp;&nbsp; (15.06) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 57.93 | &nbsp;&nbsp;&nbsp; 0.33 | &nbsp;&nbsp; 21.96 | &nbsp;&nbsp; 22.29 | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp;&nbsp;&nbsp; (5.60) | &nbsp;&nbsp;&nbsp;&nbsp; (6.41) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 56.81 | &nbsp;&nbsp;&nbsp; 0.91(d) | &nbsp;&nbsp;&nbsp;&nbsp; 7.49 | &nbsp;&nbsp;&nbsp;&nbsp; 8.40 | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp;&nbsp;&nbsp; (6.67) | &nbsp;&nbsp;&nbsp;&nbsp; (7.28) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 59.32 | &nbsp;&nbsp;&nbsp; 0.74 | &nbsp;&nbsp;&nbsp;&nbsp; 2.98 | &nbsp;&nbsp;&nbsp;&nbsp; 3.72 | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp;&nbsp; (5.64) | &nbsp;&nbsp;&nbsp;&nbsp; (6.23) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 48.74 | &nbsp;&nbsp;&nbsp; 0.51 | &nbsp;&nbsp; 10.56 | &nbsp;&nbsp; 11.07 | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.49) |

---

&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 earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(d) Reflects special dividends paid out during the year by several of the Fund's holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.27, $(0.01), $0.41, $0.13, $0.49 and $0.55 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been 0.48%, (0.02)%, 0.73%, 0.23%, 0.88% and 0.99% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

170 J.P. Morgan Large Cap Funds June 30, 2022

------

&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;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &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<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $49.61 | (17.46)% | $92344  | 0.84% | (0.03)% | 0.91% | 44% |
| &nbsp;&nbsp; 73.40 | 40.08 | &nbsp;&nbsp; 119893 | 0.84 | (0.01) | 0.90 | 64 |
| &nbsp;&nbsp; 57.64 | 15.11 | &nbsp;&nbsp;&nbsp;&nbsp; 94017 | 0.84 | 1.15(d) | 0.94 | 96 |
| &nbsp;&nbsp; 56.61 | &nbsp;&nbsp;&nbsp; 7.06 | &nbsp;&nbsp; 106993 | 0.84 | 0.79 | 1.12 | 95 |
| &nbsp;&nbsp; 59.09 | 22.13 | &nbsp;&nbsp; 104167 | 0.86 | 0.42 | 1.11 | 69 |
| &nbsp;&nbsp; 47.82 | (17.87) | &nbsp;&nbsp;&nbsp;&nbsp; 19522 | 1.34 | (0.54) | 1.41 | 44 |
| &nbsp;&nbsp; 71.55 | 39.44 | &nbsp;&nbsp;&nbsp;&nbsp; 30159 | 1.34 | (0.50) | 1.40 | 64 |
| &nbsp;&nbsp; 56.26 | 14.50 | &nbsp;&nbsp;&nbsp;&nbsp; 31216 | 1.34 | 0.65(d) | 1.42 | 96 |
| &nbsp;&nbsp; 55.45 | &nbsp;&nbsp;&nbsp; 6.51 | &nbsp;&nbsp;&nbsp;&nbsp; 35931 | 1.34 | 0.29 | 1.61 | 95 |
| &nbsp;&nbsp; 58.00 | 21.54 | &nbsp;&nbsp;&nbsp;&nbsp; 37416 | 1.36 | (0.08) | 1.61 | 69 |
| &nbsp;&nbsp; 51.05 | (17.25) | &nbsp;&nbsp;&nbsp;&nbsp; 86649 | 0.59 | 0.21 | 0.65 | 44 |
| &nbsp;&nbsp; 75.08 | 40.46 | &nbsp;&nbsp; 164959 | 0.59 | 0.25 | 0.65 | 64 |
| &nbsp;&nbsp; 58.80 | 15.38 | &nbsp;&nbsp; 141497 | 0.59 | 1.40(d) | 0.67 | 96 |
| &nbsp;&nbsp; 57.60 | &nbsp;&nbsp;&nbsp; 7.33 | &nbsp;&nbsp; 163324 | 0.59 | 1.04 | 0.86 | 95 |
| &nbsp;&nbsp; 60.04 | 22.45 | &nbsp;&nbsp; 196798 | 0.61 | 0.67 | 0.86 | 69 |
| &nbsp;&nbsp; 47.65 | (17.66) | &nbsp;&nbsp;&nbsp;&nbsp; 31751 | 1.09 | (0.29) | 1.20 | 44 |
| &nbsp;&nbsp; 71.18 | 39.73 | &nbsp;&nbsp;&nbsp;&nbsp; 45629 | 1.09 | (0.26) | 1.21 | 64 |
| &nbsp;&nbsp; 56.08 | 14.84 | &nbsp;&nbsp;&nbsp;&nbsp; 40305 | 1.09 | 0.90(d) | 1.25 | 96 |
| &nbsp;&nbsp; 55.27 | &nbsp;&nbsp;&nbsp; 6.78 | &nbsp;&nbsp;&nbsp;&nbsp; 45086 | 1.09 | 0.54 | 1.49 | 95 |
| &nbsp;&nbsp; 57.95 | 21.84 | &nbsp;&nbsp;&nbsp;&nbsp; 40763 | 1.10 | 0.16 | 1.37 | 69 |
| &nbsp;&nbsp; 50.02 | (17.12) | &nbsp;&nbsp; 103007 | 0.44 | 0.36 | 0.50 | 44 |
| &nbsp;&nbsp; 73.80 | 40.57 | &nbsp;&nbsp; 166478 | 0.44 | 0.39 | 0.50 | 64 |
| &nbsp;&nbsp; 57.93 | 15.63 | &nbsp;&nbsp; 189889 | 0.44 | 1.55(d) | 0.52 | 96 |
| &nbsp;&nbsp; 56.82 | &nbsp;&nbsp;&nbsp; 7.48 | &nbsp;&nbsp; 194550 | 0.44 | 1.19 | 0.71 | 95 |
| &nbsp;&nbsp; 59.32 | 22.66 | &nbsp;&nbsp; 201539 | 0.45 | 0.83 | 0.71 | 69 |
| &nbsp;&nbsp; 50.02 | (17.03) | &nbsp;&nbsp; 642876 | 0.34 | 0.47 | 0.40 | 44 |
| &nbsp;&nbsp; 73.81 | 40.70 | &nbsp;&nbsp; 780470 | 0.34 | 0.50 | 0.40 | 64 |
| &nbsp;&nbsp; 57.93 | 15.76 | &nbsp;&nbsp; 617458 | 0.34 | 1.65(d) | 0.42 | 96 |
| &nbsp;&nbsp; 56.81 | &nbsp;&nbsp;&nbsp; 7.59 | &nbsp;&nbsp; 602454 | 0.34 | 1.29 | 0.61 | 95 |
| &nbsp;&nbsp; 59.32 | 22.78 | &nbsp;&nbsp; 588911 | 0.36 | 0.92 | 0.61 | 69 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 171

------

**FINANCIAL HIGHLIGHTS** <br>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** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>| &nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>|
| **JPMorgan U.S. Large Cap Core Plus Fund** |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $26.84 | $(0.08)  | $(1.95)  | $(2.03)  | $—  | $(6.78)  | $(6.78)  | $18.03 |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 24.58 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; 9.21 | &nbsp;&nbsp;&nbsp; 9.11 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (6.82) | &nbsp;&nbsp; (6.85) | &nbsp;&nbsp; 26.84 |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 27.51 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; 2.65 | &nbsp;&nbsp;&nbsp; 2.69 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (5.59) | &nbsp;&nbsp; (5.62) | &nbsp;&nbsp; 24.58 |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 30.10 | &nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp; 1.53 | &nbsp;&nbsp;&nbsp; 1.58 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.17) | &nbsp;&nbsp; 27.51 |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 30.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(i) | &nbsp;&nbsp;&nbsp; 3.87 | &nbsp;&nbsp;&nbsp; 3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; 30.10 |
| **Class C** |  |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 24.01 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.58) | &nbsp;&nbsp; (1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (6.78) | &nbsp;&nbsp; (6.78) | &nbsp;&nbsp; 15.48 |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.67 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; 8.37 | &nbsp;&nbsp;&nbsp; 8.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (6.82) | &nbsp;&nbsp; (6.82) | &nbsp;&nbsp; 24.01 |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 25.88 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; 2.46 | &nbsp;&nbsp;&nbsp; 2.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.59) | &nbsp;&nbsp; (5.59) | &nbsp;&nbsp; 22.67 |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 28.65 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; 1.43 | &nbsp;&nbsp;&nbsp; 1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; 25.88 |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 29.21 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp; 3.71 | &nbsp;&nbsp;&nbsp; 3.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; 28.65 |
| **Class I** |  |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 27.53 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (2.05) | &nbsp;&nbsp; (2.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (6.78) | &nbsp;&nbsp; (6.78) | &nbsp;&nbsp; 18.68 |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 25.04 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; 9.41 | &nbsp;&nbsp;&nbsp; 9.38 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (6.82) | &nbsp;&nbsp; (6.89) | &nbsp;&nbsp; 27.53 |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 27.94 | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp; 2.69 | &nbsp;&nbsp;&nbsp; 2.79 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (5.59) | &nbsp;&nbsp; (5.69) | &nbsp;&nbsp; 25.04 |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 30.51 | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp; 1.54 | &nbsp;&nbsp;&nbsp; 1.67 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.24) | &nbsp;&nbsp; 27.94 |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 30.66 | &nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp; 3.92 | &nbsp;&nbsp;&nbsp; 4.00 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.15) | &nbsp;&nbsp; 30.51 |
| **Class R2** |  |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 25.27 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (1.75) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (6.78) | &nbsp;&nbsp; (6.78) | &nbsp;&nbsp; 16.59 |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 23.54 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; 8.74 | &nbsp;&nbsp;&nbsp; 8.56 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (6.82) | &nbsp;&nbsp; (6.83) | &nbsp;&nbsp; 25.27 |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 26.62 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; 2.55 | &nbsp;&nbsp;&nbsp; 2.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.59) | &nbsp;&nbsp; (5.59) | &nbsp;&nbsp; 23.54 |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 29.31 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; 1.47 | &nbsp;&nbsp;&nbsp; 1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; 26.62 |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 29.74 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; 3.78 | &nbsp;&nbsp;&nbsp; 3.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; 29.31 |
| **Class R5** |  |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 27.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.09) | &nbsp;&nbsp; (2.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (6.78) | &nbsp;&nbsp; (6.78) | &nbsp;&nbsp; 18.91 |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 25.20 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; 9.49 | &nbsp;&nbsp;&nbsp; 9.47 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (6.82) | &nbsp;&nbsp; (6.89) | &nbsp;&nbsp; 27.78 |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 28.08 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 2.71 | &nbsp;&nbsp;&nbsp; 2.82 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (5.59) | &nbsp;&nbsp; (5.70) | &nbsp;&nbsp; 25.20 |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 30.65 | &nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp; 1.55 | &nbsp;&nbsp;&nbsp; 1.69 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.26) | &nbsp;&nbsp; 28.08 |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 30.81 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 3.93 | &nbsp;&nbsp;&nbsp; 4.04 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.20) | &nbsp;&nbsp; 30.65 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

172 J.P. Morgan Large Cap Funds June 30, 2022

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&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**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge) (c)(d)<br>| &nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp; Net <br>expenses <br>(including dividend <br>and interest expense <br>for securities sold <br>short)(e)(f)<br>| &nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements <br>(including dividend <br>and interest expense <br>for securities sold <br>short)(f)<br>| &nbsp;&nbsp;&nbsp; Portfolio <br>turnover rate <br>(excluding securities <br>sold short)(c)<br>| &nbsp;&nbsp;&nbsp; Portfolio <br>turnover rate <br>(including securities <br>sold short)(c)<br>|
| (12.89)% | $240209  | 1.85(g) % | (0.33)% | 2.00% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 91% |
| 42.30 | &nbsp;&nbsp;&nbsp;&nbsp; 335206 | 1.94(h) | (0.39) | 2.09 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 96 |
| 11.66 | &nbsp;&nbsp;&nbsp;&nbsp; 267701 | 1.92 | 0.19 | 2.08 | &nbsp;&nbsp; 85 | 134 |
| &nbsp;&nbsp;&nbsp; 6.84 | &nbsp;&nbsp;&nbsp;&nbsp; 678071 | 1.91 | 0.22 | 2.16 | &nbsp;&nbsp; 98 | 148 |
| 13.16 | &nbsp;&nbsp;&nbsp;&nbsp; 772656 | 2.01 | 0.01 | 2.26 | 110 | 161 |
| (13.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28297 | 2.35(g) | (0.82) | 2.51 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 91 |
| 41.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36784 | 2.43(h) | (0.88) | 2.58 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 96 |
| 11.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59105 | 2.42 | (0.32) | 2.58 | &nbsp;&nbsp; 85 | 134 |
| &nbsp;&nbsp;&nbsp; 6.31 | &nbsp;&nbsp;&nbsp;&nbsp; 108332 | 2.42 | (0.29) | 2.67 | &nbsp;&nbsp; 98 | 148 |
| 12.58 | &nbsp;&nbsp;&nbsp;&nbsp; 158677 | 2.50 | (0.50) | 2.75 | 110 | 161 |
| (12.70) | &nbsp;&nbsp;&nbsp;&nbsp; 970509 | 1.60(g) | (0.09) | 1.75 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 91 |
| 42.65 | &nbsp;&nbsp; 1702566 | 1.69(h) | (0.12) | 1.83 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 96 |
| 11.93 | &nbsp;&nbsp; 2189079 | 1.67 | 0.40 | 1.83 | &nbsp;&nbsp; 85 | 134 |
| &nbsp;&nbsp;&nbsp; 7.11 | &nbsp;&nbsp; 4740691 | 1.67 | 0.46 | 1.91 | &nbsp;&nbsp; 98 | 148 |
| 13.46 | &nbsp;&nbsp; 6169553 | 1.75 | 0.27 | 2.00 | 110 | 161 |
| (13.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4602 | 2.20(g) | (0.67) | 2.26 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 91 |
| 41.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5838 | 2.29(h) | (0.74) | 2.34 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 96 |
| 11.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4560 | 2.27 | (0.13) | 2.34 | &nbsp;&nbsp; 85 | 134 |
| &nbsp;&nbsp;&nbsp; 6.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5304 | 2.27 | (0.14) | 2.45 | &nbsp;&nbsp; 98 | 148 |
| 12.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6528 | 2.31 | (0.30) | 2.52 | 110 | 161 |
| (12.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27541 | 1.55(g) | (0.02) | 1.60 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 91 |
| 42.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34191 | 1.64(h) | (0.08) | 1.68 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 96 |
| 11.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38447 | 1.62 | 0.46 | 1.67 | &nbsp;&nbsp; 85 | 134 |
| &nbsp;&nbsp;&nbsp; 7.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99113 | 1.62 | 0.51 | 1.76 | &nbsp;&nbsp; 98 | 148 |
| 13.57 | &nbsp;&nbsp;&nbsp;&nbsp; 126084 | 1.65 | 0.37 | 1.85 | 110 | 161 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 173

------

**FINANCIAL HIGHLIGHTS** <br>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** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>| &nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>|
| **JPMorgan U.S. Large Cap Core Plus Fund** <br> (continued)<br>|  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $27.75 | $0.02 | $(2.09)  | $(2.07)  | $—  | $(6.78)  | $(6.78)  | $18.90 |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 25.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(i) | &nbsp;&nbsp;&nbsp; 9.47 | &nbsp;&nbsp;&nbsp; 9.47 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (6.82) | &nbsp;&nbsp; (6.90) | &nbsp;&nbsp; 27.75 |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 28.07 | &nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp; 2.70 | &nbsp;&nbsp;&nbsp; 2.84 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (5.59) | &nbsp;&nbsp; (5.73) | &nbsp;&nbsp; 25.18 |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 30.63 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp; 1.56 | &nbsp;&nbsp;&nbsp; 1.73 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.29) | &nbsp;&nbsp; 28.07 |
| November 1, 2017 (j) through June 30, 2018 | &nbsp;&nbsp; 32.99 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp; 1.79 | &nbsp;&nbsp;&nbsp; 1.88 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.24) | &nbsp;&nbsp; 30.63 |

---

&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 earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) nan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2022** | **June 30, 2021** | **June 30, 2020** | **June 30, 2019** | **June 30, 2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses (excluding dividend and interest expense for <br> securities sold short)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 1.10% | 1.10% | 1.10% | 1.09% | 1.15% |
| &nbsp;&nbsp;&nbsp; Class C | 1.60% | 1.59% | 1.60% | 1.60% | 1.65% |
| &nbsp;&nbsp;&nbsp; Class I | 0.85% | 0.85% | 0.85% | 0.85% | 0.90% |
| &nbsp;&nbsp;&nbsp; Class R2 | 1.45% | 1.45% | 1.45% | 1.45% | 1.47% |
| &nbsp;&nbsp;&nbsp; Class R5 | 0.80% | 0.80% | 0.80% | 0.80% | 0.79% |
| &nbsp;&nbsp;&nbsp; Class R6 | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without waivers and reimbursements (excluding <br> dividend and interest expense for securities sold short)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 1.25% | 1.25% | 1.26% | 1.34% | 1.40% |
| &nbsp;&nbsp;&nbsp; Class C | 1.76% | 1.74% | 1.76% | 1.85% | 1.90% |
| &nbsp;&nbsp;&nbsp; Class I | 1.00% | 0.99% | 1.01% | 1.09% | 1.15% |
| &nbsp;&nbsp;&nbsp; Class R2 | 1.51% | 1.50% | 1.52% | 1.63% | 1.67% |
| &nbsp;&nbsp;&nbsp; Class R5 | 0.85% | 0.84% | 0.85% | 0.94% | 1.00% |
| &nbsp;&nbsp;&nbsp; Class R6 | 0.75% | 0.74% | 0.75% | 0.85% | 0.90% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(g) Interest expense on securities sold short is 0.62%.

(h) Interest expense on securities sold short is 0.16%.

(i) Amount rounds to less than $0.005.

(j) Commencement of offering of class of shares.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

174 J.P. Morgan Large Cap Funds June 30, 2022

------

&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**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge) (c)(d)<br>| &nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp; Net <br>expenses <br>(including dividend <br>and interest expense <br>for securities sold <br>short)(e)(f)<br>| &nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements <br>(including dividend <br>and interest expense <br>for securities sold <br>short)(f)<br>| &nbsp;&nbsp;&nbsp; Portfolio <br>turnover rate <br>(excluding securities <br>sold short)(c)<br>| &nbsp;&nbsp;&nbsp; Portfolio <br>turnover rate <br>(including securities <br>sold short)(c)<br>|
| (12.58)% | $365912  | 1.45(g) % | 0.07% | 1.50% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 91% |
| 42.86 | &nbsp;&nbsp;&nbsp;&nbsp; 536661 | 1.54(h) | 0.01 | 1.58 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 96 |
| 12.10 | &nbsp;&nbsp;&nbsp;&nbsp; 491414 | 1.52 | 0.58 | 1.57 | &nbsp;&nbsp; 85 | 134 |
| &nbsp;&nbsp;&nbsp; 7.30 | &nbsp;&nbsp;&nbsp;&nbsp; 787497 | 1.52 | 0.59 | 1.67 | &nbsp;&nbsp; 98 | 148 |
| &nbsp;&nbsp;&nbsp; 6.10 | &nbsp;&nbsp; 1795125 | 1.54 | 0.44 | 1.74 | 110 | 161 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 175

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan U.S. Research Enhanced Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $36.46 | $0.27 | $(3.20) | $(2.93) | $(0.25)  | $(4.40)  | $(4.65) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 26.55 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp; 10.81 | &nbsp;&nbsp; 11.08 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (1.17) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 27.38 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp;&nbsp; 1.80 | &nbsp;&nbsp;&nbsp;&nbsp; 2.18 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (2.70) | &nbsp;&nbsp; (3.01) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 28.37 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp;&nbsp; 1.96 | &nbsp;&nbsp;&nbsp;&nbsp; 2.30 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (2.93) | &nbsp;&nbsp; (3.29) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 25.40 | &nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp;&nbsp; 2.96 | &nbsp;&nbsp;&nbsp;&nbsp; 3.27 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.30) |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 36.89 | &nbsp;&nbsp; 0.36 | &nbsp;&nbsp;&nbsp; (3.26) | &nbsp;&nbsp;&nbsp; (2.90) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (4.40) | &nbsp;&nbsp; (4.73) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 26.85 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp; 10.94 | &nbsp;&nbsp; 11.29 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (1.25) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 27.65 | &nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp;&nbsp; 1.83 | &nbsp;&nbsp;&nbsp;&nbsp; 2.28 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (2.70) | &nbsp;&nbsp; (3.08) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 28.61 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp;&nbsp; 1.98 | &nbsp;&nbsp;&nbsp;&nbsp; 2.39 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (2.93) | &nbsp;&nbsp; (3.35) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 25.62 | &nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp;&nbsp; 2.98 | &nbsp;&nbsp;&nbsp;&nbsp; 3.37 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.38) |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 36.84 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp; (3.26) | &nbsp;&nbsp;&nbsp; (2.86) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (4.40) | &nbsp;&nbsp; (4.77) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 26.81 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp; 10.93 | &nbsp;&nbsp; 11.31 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (1.28) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 27.62 | &nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp;&nbsp; 1.81 | &nbsp;&nbsp;&nbsp;&nbsp; 2.29 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (2.70) | &nbsp;&nbsp; (3.10) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 28.57 | &nbsp;&nbsp; 0.44 | &nbsp;&nbsp;&nbsp;&nbsp; 1.98 | &nbsp;&nbsp;&nbsp;&nbsp; 2.42 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (2.93) | &nbsp;&nbsp; (3.37) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 25.59 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp;&nbsp; 2.97 | &nbsp;&nbsp;&nbsp;&nbsp; 3.38 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.40) |

---

&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 earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

176 J.P. Morgan Large Cap Funds June 30, 2022

------

&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;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &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<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $28.88 | (10.33)% | $145624  | 0.60% | 0.77% | 0.84% | 30% |
| &nbsp;&nbsp; 36.46 | 42.55 | &nbsp;&nbsp;&nbsp;&nbsp; 180296 | 0.60 | 0.85 | 0.84 | 35 |
| &nbsp;&nbsp; 26.55 | &nbsp;&nbsp;&nbsp; 9.08 | &nbsp;&nbsp;&nbsp;&nbsp; 183005 | 0.60 | 1.45 | 0.85 | 59 |
| &nbsp;&nbsp; 27.38 | &nbsp;&nbsp;&nbsp; 9.39 | &nbsp;&nbsp;&nbsp;&nbsp; 207809 | 0.60 | 1.24 | 0.85 | 42 |
| &nbsp;&nbsp; 28.37 | 12.92 | &nbsp;&nbsp;&nbsp;&nbsp; 278766 | 0.60 | 1.13 | 0.85 | 45 |
| &nbsp;&nbsp; 29.26 | (10.13) | &nbsp;&nbsp;&nbsp;&nbsp; 611102 | 0.35 | 1.02 | 0.59 | 30 |
| &nbsp;&nbsp; 36.89 | 42.92 | &nbsp;&nbsp;&nbsp;&nbsp; 686545 | 0.35 | 1.09 | 0.58 | 35 |
| &nbsp;&nbsp; 26.85 | &nbsp;&nbsp;&nbsp; 9.38 | &nbsp;&nbsp;&nbsp;&nbsp; 204193 | 0.35 | 1.70 | 0.59 | 59 |
| &nbsp;&nbsp; 27.65 | &nbsp;&nbsp;&nbsp; 9.65 | &nbsp;&nbsp;&nbsp;&nbsp; 232077 | 0.35 | 1.50 | 0.59 | 42 |
| &nbsp;&nbsp; 28.61 | 13.19 | &nbsp;&nbsp;&nbsp;&nbsp; 268898 | 0.35 | 1.39 | 0.60 | 45 |
| &nbsp;&nbsp; 29.21 | (10.05) | &nbsp;&nbsp; 5994312 | 0.25 | 1.15 | 0.34 | 30 |
| &nbsp;&nbsp; 36.84 | 43.09 | &nbsp;&nbsp; 4185201 | 0.25 | 1.19 | 0.33 | 35 |
| &nbsp;&nbsp; 26.81 | &nbsp;&nbsp;&nbsp; 9.47 | &nbsp;&nbsp; 3585672 | 0.25 | 1.79 | 0.34 | 59 |
| &nbsp;&nbsp; 27.62 | &nbsp;&nbsp;&nbsp; 9.78 | &nbsp;&nbsp; 4953109 | 0.25 | 1.60 | 0.34 | 42 |
| &nbsp;&nbsp; 28.57 | 13.28 | &nbsp;&nbsp; 5712617 | 0.25 | 1.50 | 0.34 | 45 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 177

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan U.S. Sustainable Leaders Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $59.20 | $0.39 | $(8.35) | $(7.96) | $(0.23)  | $(2.21)  | $(2.44) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 42.76 | &nbsp;&nbsp; 0.42 | &nbsp;&nbsp; 16.81 | &nbsp;&nbsp; 17.23 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.79) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 41.85 | &nbsp;&nbsp; 0.47 | &nbsp;&nbsp;&nbsp;&nbsp; 3.52 | &nbsp;&nbsp;&nbsp;&nbsp; 3.99 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (2.65) | &nbsp;&nbsp; (3.08) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 41.28 | &nbsp;&nbsp; 0.50 | &nbsp;&nbsp;&nbsp;&nbsp; 3.21 | &nbsp;&nbsp;&nbsp;&nbsp; 3.71 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (2.73) | &nbsp;&nbsp; (3.14) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 39.35 | &nbsp;&nbsp; 0.58 | &nbsp;&nbsp;&nbsp;&nbsp; 4.05 | &nbsp;&nbsp;&nbsp;&nbsp; 4.63 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (2.22) | &nbsp;&nbsp; (2.70) |
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 57.87 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp; (8.14) | &nbsp;&nbsp;&nbsp; (8.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.21) | &nbsp;&nbsp; (2.21) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 41.80 | &nbsp;&nbsp; 0.16 | &nbsp;&nbsp; 16.43 | &nbsp;&nbsp; 16.59 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.52) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 40.98 | &nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp;&nbsp; 3.44 | &nbsp;&nbsp;&nbsp;&nbsp; 3.69 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (2.65) | &nbsp;&nbsp; (2.87) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 40.44 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp;&nbsp; 3.16 | &nbsp;&nbsp;&nbsp;&nbsp; 3.45 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (2.73) | &nbsp;&nbsp; (2.91) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 38.51 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp;&nbsp; 3.92 | &nbsp;&nbsp;&nbsp;&nbsp; 4.33 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (2.22) | &nbsp;&nbsp; (2.40) |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 59.71 | &nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp; (8.43) | &nbsp;&nbsp;&nbsp; (7.89) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (2.21) | &nbsp;&nbsp; (2.55) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 43.11 | &nbsp;&nbsp; 0.55 | &nbsp;&nbsp; 16.95 | &nbsp;&nbsp; 17.50 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.90) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 42.15 | &nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp;&nbsp; 3.56 | &nbsp;&nbsp;&nbsp;&nbsp; 4.13 | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (2.65) | &nbsp;&nbsp; (3.17) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 41.56 | &nbsp;&nbsp; 0.60 | &nbsp;&nbsp;&nbsp;&nbsp; 3.23 | &nbsp;&nbsp;&nbsp;&nbsp; 3.83 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (2.73) | &nbsp;&nbsp; (3.24) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 39.59 | &nbsp;&nbsp; 0.66 | &nbsp;&nbsp;&nbsp;&nbsp; 4.10 | &nbsp;&nbsp;&nbsp;&nbsp; 4.76 | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; (2.22) | &nbsp;&nbsp; (2.79) |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 59.69 | &nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp; (8.42) | &nbsp;&nbsp;&nbsp; (7.85) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (2.21) | &nbsp;&nbsp; (2.57) |
| September 30, 2020 (f) through June 30, 2021 | &nbsp;&nbsp; 46.79 | &nbsp;&nbsp; 0.43 | &nbsp;&nbsp; 13.40 | &nbsp;&nbsp; 13.83 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.93) |

---

&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 earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Commencement of offering of class of shares.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

178 J.P. Morgan Large Cap Funds June 30, 2022

------

&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;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &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; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $48.80 | (14.36)% | $37387 | 0.64% | 0.67% | 1.03% | 39% |
| &nbsp;&nbsp; 59.20 | 40.64 | &nbsp;&nbsp; 24169 | 0.64 | 0.80 | 1.23 | 44 |
| &nbsp;&nbsp; 42.76 | &nbsp;&nbsp;&nbsp; 9.57 | &nbsp;&nbsp; 11178 | 0.82 | 1.12 | 1.53 | 99 |
| &nbsp;&nbsp; 41.85 | &nbsp;&nbsp;&nbsp; 9.90 | &nbsp;&nbsp; 10828 | 0.83 | 1.22 | 1.73 | 97 |
| &nbsp;&nbsp; 41.28 | 11.88 | &nbsp;&nbsp;&nbsp;&nbsp; 9497 | 0.90 | 1.41 | 1.92 | 38 |
| &nbsp;&nbsp; 47.61 | (14.77) | &nbsp;&nbsp;&nbsp;&nbsp; 4668 | 1.14 | 0.16 | 1.55 | 39 |
| &nbsp;&nbsp; 57.87 | 39.94 | &nbsp;&nbsp;&nbsp;&nbsp; 3794 | 1.13 | 0.32 | 1.72 | 44 |
| &nbsp;&nbsp; 41.80 | &nbsp;&nbsp;&nbsp; 9.03 | &nbsp;&nbsp;&nbsp;&nbsp; 2735 | 1.32 | 0.62 | 2.07 | 99 |
| &nbsp;&nbsp; 40.98 | &nbsp;&nbsp;&nbsp; 9.34 | &nbsp;&nbsp;&nbsp;&nbsp; 2949 | 1.33 | 0.73 | 2.22 | 97 |
| &nbsp;&nbsp; 40.44 | 11.35 | &nbsp;&nbsp;&nbsp;&nbsp; 3277 | 1.42 | 1.01 | 2.45 | 38 |
| &nbsp;&nbsp; 49.27 | (14.15) | &nbsp;&nbsp; 98142 | 0.39 | 0.92 | 0.77 | 39 |
| &nbsp;&nbsp; 59.71 | 40.99 | &nbsp;&nbsp; 62431 | 0.39 | 1.06 | 0.96 | 44 |
| &nbsp;&nbsp; 43.11 | &nbsp;&nbsp;&nbsp; 9.86 | &nbsp;&nbsp; 26787 | 0.57 | 1.37 | 1.25 | 99 |
| &nbsp;&nbsp; 42.15 | 10.18 | &nbsp;&nbsp; 16908 | 0.58 | 1.46 | 1.45 | 97 |
| &nbsp;&nbsp; 41.56 | 12.16 | &nbsp;&nbsp;&nbsp;&nbsp; 9172 | 0.64 | 1.59 | 1.63 | 38 |
| &nbsp;&nbsp; 49.27 | (14.09) | &nbsp;&nbsp; 45209 | 0.34 | 0.97 | 0.52 | 39 |
| &nbsp;&nbsp; 59.69 | 29.93 | &nbsp;&nbsp; 25156 | 0.34 | 1.05 | 0.70 | 44 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 179

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan U.S. Value Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $64.61 | $0.74 | $(3.22) | $(2.48) | $(0.71)  | $(1.21)  | $(1.92) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 45.62 | &nbsp;&nbsp; 0.64 | &nbsp;&nbsp; 19.59 | &nbsp;&nbsp; 20.23 | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (1.24) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 49.84 | &nbsp;&nbsp; 0.79 | &nbsp;&nbsp;&nbsp; (3.18) | &nbsp;&nbsp;&nbsp; (2.39) | &nbsp;&nbsp; (0.76) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.83) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 49.77 | &nbsp;&nbsp; 0.85 | &nbsp;&nbsp;&nbsp;&nbsp; 2.21 | &nbsp;&nbsp;&nbsp;&nbsp; 3.06 | &nbsp;&nbsp; (0.85) | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (2.99) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 46.85 | &nbsp;&nbsp; 0.64 | &nbsp;&nbsp;&nbsp;&nbsp; 4.98 | &nbsp;&nbsp;&nbsp;&nbsp; 5.62 | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (2.08) | &nbsp;&nbsp; (2.70) |
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 57.32 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp; (2.84) | &nbsp;&nbsp;&nbsp; (2.46) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (1.70) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 40.63 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp; 17.40 | &nbsp;&nbsp; 17.72 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (1.03) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 44.59 | &nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp; (2.81) | &nbsp;&nbsp;&nbsp; (2.33) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.63) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 44.91 | &nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp;&nbsp; 1.98 | &nbsp;&nbsp;&nbsp;&nbsp; 2.51 | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (2.83) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 42.54 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp;&nbsp; 4.51 | &nbsp;&nbsp;&nbsp;&nbsp; 4.86 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (2.08) | &nbsp;&nbsp; (2.49) |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 68.55 | &nbsp;&nbsp; 0.97 | &nbsp;&nbsp;&nbsp; (3.43) | &nbsp;&nbsp;&nbsp; (2.46) | &nbsp;&nbsp; (0.86) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (2.07) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 48.34 | &nbsp;&nbsp; 0.83 | &nbsp;&nbsp; 20.76 | &nbsp;&nbsp; 21.59 | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (1.38) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 52.69 | &nbsp;&nbsp; 0.96 | &nbsp;&nbsp;&nbsp; (3.36) | &nbsp;&nbsp;&nbsp; (2.40) | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.95) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 52.41 | &nbsp;&nbsp; 1.00 | &nbsp;&nbsp;&nbsp;&nbsp; 2.36 | &nbsp;&nbsp;&nbsp;&nbsp; 3.36 | &nbsp;&nbsp; (0.94) | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (3.08) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 49.21 | &nbsp;&nbsp; 0.81 | &nbsp;&nbsp;&nbsp;&nbsp; 5.21 | &nbsp;&nbsp;&nbsp;&nbsp; 6.02 | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (2.08) | &nbsp;&nbsp; (2.82) |
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 64.73 | &nbsp;&nbsp; 0.59 | &nbsp;&nbsp;&nbsp; (3.24) | &nbsp;&nbsp;&nbsp; (2.65) | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (1.78) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 45.72 | &nbsp;&nbsp; 0.50 | &nbsp;&nbsp; 19.63 | &nbsp;&nbsp; 20.13 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (1.12) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 50.01 | &nbsp;&nbsp; 0.69 | &nbsp;&nbsp;&nbsp; (3.19) | &nbsp;&nbsp;&nbsp; (2.50) | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.79) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 49.98 | &nbsp;&nbsp; 0.63 | &nbsp;&nbsp;&nbsp;&nbsp; 2.31 | &nbsp;&nbsp;&nbsp;&nbsp; 2.94 | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (2.91) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 47.06 | &nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp;&nbsp; 4.99 | &nbsp;&nbsp;&nbsp;&nbsp; 5.52 | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (2.08) | &nbsp;&nbsp; (2.60) |
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 68.41 | &nbsp;&nbsp; 0.80 | &nbsp;&nbsp;&nbsp; (3.44) | &nbsp;&nbsp;&nbsp; (2.64) | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (1.94) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 48.25 | &nbsp;&nbsp; 0.68 | &nbsp;&nbsp; 20.73 | &nbsp;&nbsp; 21.41 | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (1.25) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 52.66 | &nbsp;&nbsp; 0.75 | &nbsp;&nbsp;&nbsp; (3.29) | &nbsp;&nbsp;&nbsp; (2.54) | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.87) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 52.41 | &nbsp;&nbsp; 0.89 | &nbsp;&nbsp;&nbsp;&nbsp; 2.33 | &nbsp;&nbsp;&nbsp;&nbsp; 3.22 | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (2.97) |
| July 31, 2017 (f) through June 30, 2018 | &nbsp;&nbsp; 49.99 | &nbsp;&nbsp; 0.68 | &nbsp;&nbsp;&nbsp;&nbsp; 4.46 | &nbsp;&nbsp;&nbsp;&nbsp; 5.14 | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (2.08) | &nbsp;&nbsp; (2.72) |
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 68.60 | &nbsp;&nbsp; 0.94 | &nbsp;&nbsp;&nbsp; (3.41) | &nbsp;&nbsp;&nbsp; (2.47) | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (2.09) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 48.31 | &nbsp;&nbsp; 0.79 | &nbsp;&nbsp; 20.81 | &nbsp;&nbsp; 21.60 | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (1.31) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 52.69 | &nbsp;&nbsp; 1.04 | &nbsp;&nbsp;&nbsp; (3.46) | &nbsp;&nbsp;&nbsp; (2.42) | &nbsp;&nbsp; (0.89) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.96) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 52.41 | &nbsp;&nbsp; 1.02 | &nbsp;&nbsp;&nbsp;&nbsp; 2.34 | &nbsp;&nbsp;&nbsp;&nbsp; 3.36 | &nbsp;&nbsp; (0.94) | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (3.08) |
| July 31, 2017 (f) through June 30, 2018 | &nbsp;&nbsp; 49.99 | &nbsp;&nbsp; 0.79 | &nbsp;&nbsp;&nbsp;&nbsp; 4.46 | &nbsp;&nbsp;&nbsp;&nbsp; 5.25 | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (2.08) | &nbsp;&nbsp; (2.83) |
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 69.09 | &nbsp;&nbsp; 1.12 | &nbsp;&nbsp;&nbsp; (3.51) | &nbsp;&nbsp;&nbsp; (2.39) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (2.18) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 48.69 | &nbsp;&nbsp; 0.93 | &nbsp;&nbsp; 20.93 | &nbsp;&nbsp; 21.86 | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (1.46) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 53.06 | &nbsp;&nbsp; 1.04 | &nbsp;&nbsp;&nbsp; (3.39) | &nbsp;&nbsp;&nbsp; (2.35) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (2.02) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 52.74 | &nbsp;&nbsp; 1.09 | &nbsp;&nbsp;&nbsp;&nbsp; 2.38 | &nbsp;&nbsp;&nbsp;&nbsp; 3.47 | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (3.15) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 49.50 | &nbsp;&nbsp; 0.91 | &nbsp;&nbsp;&nbsp;&nbsp; 5.23 | &nbsp;&nbsp;&nbsp;&nbsp; 6.14 | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; (2.08) | &nbsp;&nbsp; (2.90) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

180 J.P. Morgan Large Cap Funds June 30, 2022

------

&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;&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;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $60.21 | (4.04)% | $723238  | 0.94% | 1.13% | 1.03% | 22% |
| &nbsp;&nbsp; 64.61 | 44.88 | &nbsp;&nbsp;&nbsp;&nbsp; 522230 | 0.93 | 1.17 | 1.03 | 14 |
| &nbsp;&nbsp; 45.62 | (5.11) | &nbsp;&nbsp;&nbsp;&nbsp; 497399 | 0.94 | 1.61 | 1.06 | 22 |
| &nbsp;&nbsp; 49.84 | &nbsp;&nbsp; 6.68 | &nbsp;&nbsp;&nbsp;&nbsp; 490597 | 0.93 | 1.73 | 1.06 | 26 |
| &nbsp;&nbsp; 49.77 | 12.04 | &nbsp;&nbsp;&nbsp;&nbsp; 476090 | 0.97 | 1.29 | 1.08 | 32 |
| &nbsp;&nbsp; 53.16 | (4.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71714 | 1.44 | 0.66 | 1.52 | 22 |
| &nbsp;&nbsp; 57.32 | 44.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37539 | 1.43 | 0.66 | 1.51 | 14 |
| &nbsp;&nbsp; 40.63 | (5.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26487 | 1.44 | 1.11 | 1.53 | 22 |
| &nbsp;&nbsp; 44.59 | &nbsp;&nbsp; 6.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26032 | 1.43 | 1.21 | 1.54 | 26 |
| &nbsp;&nbsp; 44.91 | 11.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23034 | 1.47 | 0.77 | 1.55 | 32 |
| &nbsp;&nbsp; 64.02 | (3.80) | &nbsp;&nbsp; 1440632 | 0.69 | 1.40 | 0.76 | 22 |
| &nbsp;&nbsp; 68.55 | 45.22 | &nbsp;&nbsp;&nbsp;&nbsp; 868339 | 0.69 | 1.35 | 0.75 | 14 |
| &nbsp;&nbsp; 48.34 | (4.85) | &nbsp;&nbsp;&nbsp;&nbsp; 135234 | 0.69 | 1.88 | 0.78 | 22 |
| &nbsp;&nbsp; 52.69 | &nbsp;&nbsp; 6.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94500 | 0.68 | 1.93 | 0.79 | 26 |
| &nbsp;&nbsp; 52.41 | 12.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77737 | 0.72 | 1.55 | 0.79 | 32 |
| &nbsp;&nbsp; 60.30 | (4.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3563 | 1.19 | 0.89 | 1.26 | 22 |
| &nbsp;&nbsp; 64.73 | 44.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2005 | 1.18 | 0.90 | 1.25 | 14 |
| &nbsp;&nbsp; 45.72 | (5.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1126 | 1.19 | 1.46 | 1.98 | 22 |
| &nbsp;&nbsp; 50.01 | &nbsp;&nbsp; 6.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 | 1.18 | 1.30 | 2.77 | 26 |
| &nbsp;&nbsp; 49.98 | 11.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | 1.21 | 1.06 | 1.49 | 32 |
| &nbsp;&nbsp; 63.83 | (4.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8698 | 0.94 | 1.14 | 1.01 | 22 |
| &nbsp;&nbsp; 68.41 | 44.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1402 | 0.94 | 1.15 | 1.01 | 14 |
| &nbsp;&nbsp; 48.25 | (5.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398 | 0.94 | 1.50 | 1.03 | 22 |
| &nbsp;&nbsp; 52.66 | &nbsp;&nbsp; 6.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | 0.93 | 1.73 | 1.84 | 26 |
| &nbsp;&nbsp; 52.41 | 10.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | 0.94 | 1.42 | 1.12 | 32 |
| &nbsp;&nbsp; 64.04 | (3.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253 | 0.69 | 1.34 | 0.78 | 22 |
| &nbsp;&nbsp; 68.60 | 45.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | 0.68 | 1.46 | 0.76 | 14 |
| &nbsp;&nbsp; 48.31 | (4.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1159 | 0.69 | 2.15 | 0.77 | 22 |
| &nbsp;&nbsp; 52.69 | &nbsp;&nbsp; 6.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | 0.68 | 1.98 | 1.60 | 26 |
| &nbsp;&nbsp; 52.41 | 10.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | 0.71 | 1.64 | 0.87 | 32 |
| &nbsp;&nbsp; 64.52 | (3.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4409 | 0.54 | 1.60 | 0.61 | 22 |
| &nbsp;&nbsp; 69.09 | 45.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 | 0.54 | 1.56 | 0.61 | 14 |
| &nbsp;&nbsp; 48.69 | (4.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | 0.54 | 2.02 | 5.20 | 22 |
| &nbsp;&nbsp; 53.06 | &nbsp;&nbsp; 7.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | 0.53 | 2.10 | 1.01 | 26 |
| &nbsp;&nbsp; 52.74 | 12.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | 0.55 | 1.72 | 0.80 | 32 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 181

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**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan U.S. Value Fund** (continued) |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $69.10 | $1.16 | $(3.47) | $(2.31) | $(1.03)  | $(1.21)  | $(2.24) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 48.70 | &nbsp;&nbsp; 1.02 | &nbsp;&nbsp; 20.89 | &nbsp;&nbsp; 21.91 | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (1.51) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 53.08 | &nbsp;&nbsp; 1.11 | &nbsp;&nbsp;&nbsp; (3.42) | &nbsp;&nbsp;&nbsp; (2.31) | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (2.07) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 52.75 | &nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp;&nbsp; 2.36 | &nbsp;&nbsp;&nbsp;&nbsp; 3.52 | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (3.19) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 49.50 | &nbsp;&nbsp; 1.04 | &nbsp;&nbsp;&nbsp;&nbsp; 5.16 | &nbsp;&nbsp;&nbsp;&nbsp; 6.20 | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp; (2.08) | &nbsp;&nbsp; (2.95) |

---

&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 earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Commencement of offering of class of shares.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

182 J.P. Morgan Large Cap Funds June 30, 2022

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&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;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &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; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $64.55 | (3.56)% | $561821 | 0.44% | 1.66% | 0.51% | 22% |
| &nbsp;&nbsp; 69.10 | 45.60 | &nbsp;&nbsp; 275186 | 0.44 | 1.74 | 0.50 | 14 |
| &nbsp;&nbsp; 48.70 | (4.64) | &nbsp;&nbsp;&nbsp;&nbsp; 64968 | 0.44 | 2.14 | 0.53 | 22 |
| &nbsp;&nbsp; 53.08 | &nbsp;&nbsp; 7.21 | &nbsp;&nbsp;&nbsp;&nbsp; 41144 | 0.43 | 2.22 | 0.53 | 26 |
| &nbsp;&nbsp; 52.75 | 12.59 | &nbsp;&nbsp;&nbsp;&nbsp; 33774 | 0.44 | 1.95 | 0.52 | 32 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 183

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**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 <br>(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 16 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | | | |
|:---|:---|:---|:---|
|  | **Classes Offered** | **Trust** | **Diversification Classification** |
| JPMorgan Equity Focus Fund | Class A, Class C, Class I and Class R6 | JPM I | Diversified |
| JPMorgan Equity Income Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, <br> Class R4, 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, <br> Class R4, Class R5 and Class R6<br>| JPM II | Diversified |
| JPMorgan Large Cap Value Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, <br> Class R4, Class R5 and Class R6<br>| JPM II | Diversified |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Applied Data Science Value Fund <br>(formerly known as JPMorgan Intrepid Value Fund)<sup>(1)</sup> <br>| &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan U.S. Equity Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class L, Class R2, <br> Class R3, Class R4, Class R5 and Class R6<br>| JPM I | Diversified |
| JPMorgan U.S. GARP Equity Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan U.S. Large Cap Core Plus Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan U.S. Research Enhanced Equity Fund | Class A, Class I, Class L 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, <br> Class R4, Class R5 and Class R6<br>| JPM I | Diversified |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (1) Effective July 1, 2021, JPMorgan Intrepid Value Fund changed its name to JPMorgan U.S. Applied Data Science Value Fund.

The investment objective of JPMorgan Equity Focus Fund ("Equity Focus Fund") and JPMorgan Large Cap Growth Fund ("Large Cap Growth Fund") is to seek long-term capital appreciation.

The investment objective of JPMorgan Equity Income Fund ("Equity Income Fund") is to seek capital appreciation and current income.

The investment objective of JPMorgan Equity 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 Value Fund ("Large Cap Value Fund") is to seek capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.

The investment objective of JPMorgan U.S. Applied Data Science Value Fund ("U.S. Applied Data Science Value Fund") and JPMorgan U.S. Sustainable Leaders Fund ("U.S. Sustainable Leaders Fund") is to seek to provide long-term capital appreciation.

The investment objective of JPMorgan U.S. Equity Fund ("U.S. Equity Fund") is to seek to provide high total return from a portfolio of selected equity securities.

The investment objective of JPMorgan U.S. GARP Equity Fund ("U.S. GARP Equity Fund") is to seek to provide long-term capital growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

184 J.P. Morgan Large Cap Funds June 30, 2022

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The investment objective of JPMorgan U.S. Large Cap Core Plus Fund ("U.S. Large Cap Core Plus Fund") is to seek to provide a high total return from a portfolio of selected equity securities.

The investment objective of JPMorgan U.S. Research Enhanced Equity Fund ("U.S. Research Enhanced Equity Fund") is to seek to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and Poor's 500 Composite Stock Price Index.

The investment objective of JPMorgan U.S. Value Fund ("U.S. Value Fund") is to seek to provide capital growth over the long-term and to earn income from dividends.

Class L Shares of U.S. Equity Fund and Class A Shares of U.S. Research Enhanced Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of the Funds unless they meet certain requirements as described in the Funds' prospectus.

All share classes of Hedged Equity Fund are publicly offered on a limited basis. JPMorgan Equity Income Fund is offered on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund's prospectuses.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds' prospectus. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as Adviser (the "Adviser") and Administrator (the "Administrator") to the Funds.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**A. Valuation of Investments** — Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the "Boards"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to assist the Boards with the oversight and monitoring of the valuation of the Funds' investments. The Administrator implements the valuation policies of the Funds' investments, as directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Boards.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services"). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Funds are calculated on a valuation date.

Investments in open-end investment companies ("Underlying Funds") are valued at each Underlying Fund's NAV per share as of the report date.

Futures contracts and options are generally valued on the basis of available market quotations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 185

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

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"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Focus Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $184597 | $— | $— | $184597 |

---

&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 Income Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $45922289 | $— | $— | $45922289 |

---

&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;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $7253457 | $— | $— | $7253457 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | $(461) | $— | $— | $(461) |

---

&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 Premium Income Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks | $2978011 | $— | $— | $2978011 |
| Equity-Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 528367 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 528367 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80017 |
| **Total Investments in Securities** | $3058028 | $528367 | $— | $3586395 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $144 | $— | $— | $144 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

186 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hedged Equity Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $16599106 | $— | $— | $16599106 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $3514  | $— | $— | $3514 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (382976) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (382976) |
| &nbsp;&nbsp;&nbsp; Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (118592) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (118592) |
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| $(498054) | $— | $— | $(498054) |

---

&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;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $5749376 | $— | $— | $5749376 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | $(100) | $— | $— | $(100) |
| Options Written (a) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1557) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1557) |
| &nbsp;&nbsp;&nbsp; Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (15142) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15142) |
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| $(16799) | $— | $— | $(16799) |

---

&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;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $2843175 | $— | $— | $2843175 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | $(303) | $— | $— | $(303) |
| Options Written (a) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5192) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5192) |
| &nbsp;&nbsp;&nbsp; Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (26172) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26172) |
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| $(31667) | $— | $— | $(31667) |

---

&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, 2022 J.P. Morgan Large Cap Funds 187

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Cap Growth Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $31336829 | $— | $— | $31336829 |

---

&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;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $3196523 | $— | $— | $3196523 |

---

&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;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $196301 | $— | $— | $196301 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | $104 | $— | $— | $104  |

---

&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;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $18566512 | $— | $— | $18566512 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | $5370 | $— | $— | $5370  |

---

&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;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $974935 | $— | $— | $974935 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | $(1059) | $— | $— | $(1059) |

---

&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;

188 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Large Cap Core Plus Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $2004783 | $— | $— | $2004783 |
| **Total Liabilities in Securities Sold Short** (a) | $(370095) | $— | $— | $(370095) |

---

&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;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $6716110 | $— | $— | $6716110 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | $(2838) | $— | $— | $(2838) |

---

&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;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $182810 | $— | $— | $182810 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $(62) | $— | $— | $(62) |

---

&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;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $2803282 | $— | $— | $2803282 |

---

&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, 2022, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 189

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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, 2022.

---

| | | | |
|:---|:---|:---|:---|
|  | **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>|
| Equity Index Fund | $5442 | $(5442)  | $— |
| Large Cap Growth Fund | &nbsp;&nbsp; 5817 | &nbsp;&nbsp; (5817) | &nbsp;&nbsp; — |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 587 | &nbsp;&nbsp;&nbsp;&nbsp; (587) | &nbsp;&nbsp; — |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp; (182) | &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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

190 J.P. Morgan Large Cap Funds June 30, 2022

------

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, 2022, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:

---

| | |
|:---|:---|
| Equity Income Fund | $—(a) |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Large Cap Growth Fund | &nbsp;&nbsp; 15 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; —(a) |

---

&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).

Equity Focus Fund, Equity Income Fund, Equity Premium Income Fund, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, Large Cap Value Fund, U.S. Applied Data Science Value Fund, U.S. Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Value Fund did not have any securities out on loan at June 30, 2022. Equity Focus Fund, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, U.S. Large Cap Core Plus Fund and U.S. Research Enhanced Equity Fund did not lend out any securities during the year ended June 30, 2022.

**D. Investment Transactions with Affiliates** — The Funds invested in Underlying Funds and ETFs, which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. 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.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equity Focus Fund**  | **Equity Focus Fund**  | **Equity Focus Fund**  | **Equity Focus Fund**  | **Equity Focus Fund**  | **Equity Focus Fund**  | **Equity Focus Fund**  | **Equity Focus Fund**  | **Equity Focus Fund**  | **Equity Focus Fund**  |
| **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 1.54% (a) (b)<br>| $3582  | $70550 | $62792 | $— | $1 | $11341 | 11339 | $18 | $— |

---

&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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 191

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 1.54% (a) (b)<br>| $1108433 | $6320812 | $6761327 | $(292)  | $(113)  | $667513 | 667379 | $2188 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 1.38% <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48517 | &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; —(c) \* | &nbsp;&nbsp; — |
| **Total** | $1108433 | $6369329 | $6809844 | $(292) | $(113) | $667513 |  | $2188 | $— |

---

&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, 2022.

(c) Amount rounds to less than one thousand.

\* Amount is included on the Statement 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, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Chase & Co. (a) | $85747  | $25635  | $10157  | $(840)  | $(25723)  | $74662  | &nbsp;&nbsp;&nbsp;&nbsp; 663 | $2345 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 1.50% (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25407 | &nbsp;&nbsp;&nbsp;&nbsp; 536000 | &nbsp;&nbsp;&nbsp;&nbsp; 557000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4403 | &nbsp;&nbsp; 4405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66\* | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4179 | &nbsp;&nbsp;&nbsp;&nbsp; 556543 | &nbsp;&nbsp;&nbsp;&nbsp; 559125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1597 | &nbsp;&nbsp; 1597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33\* | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class Institutional Shares, 1.31% (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26043 | &nbsp;&nbsp; 2668846 | &nbsp;&nbsp; 2649292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45597 | 45597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; — |
| **Total** | $141376 | $3787024 | $3775574 | $(846) | $(25721) | $126259 |  | $2504 | $— |

---

&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, 2022.

\* Amount is included on the Statement 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 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, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 1.54% (a) (b)<br>| $43928 | $3889048 | $3852962 | $1 | $2  | $80017 | 80001 | $160 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12195 | &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; —(c) | &nbsp;&nbsp; — |
| **Total** | $43928 | $3901243 | $3865157 | $1 | $2 | $80017 |  | $160 | $— |

---

&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;

192 J.P. Morgan Large Cap Funds June 30, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the current yield as of June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount rounds to less than one thousand.

&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, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class Institutional Shares, 1.31% (a) (b)<br>| $312969 | $3762695 | $4075664 | $— | $— | $— |  | $213 | $— |

---

&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, 2022.

&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, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (a) (b)<br>| $82933 | $4627971 | $4498892 | $— | $— | $212012 | 212012 | $202 | $— |

---

&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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (a) (b)<br>| $17690 | $2181103 | $2138076 | $— | $— | $60717 | 60717 | $103 | $— |

---

&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, 2022.

&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, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund <br> Class IM Shares, 1.54% (a) (b)<br>| $1501233 | $14831932 | $14455686 | $(377)  | $(213)  | $1876889 | 1876514 | $5759 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 193

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Large Cap Growth Fund** (continued) | **Large Cap Growth Fund** (continued) | **Large Cap Growth Fund** (continued) | **Large Cap Growth Fund** (continued) | **Large Cap Growth Fund** (continued) | **Large Cap Growth Fund** (continued) | **Large Cap Growth Fund** (continued) | **Large Cap Growth Fund** (continued) | **Large Cap Growth Fund** (continued) | **Large Cap Growth Fund** (continued) |
| **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2021**<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> **2022**<br>| **Shares at**<br> **June 30,**<br> **2022**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money <br> Market Fund Agency SL Class Shares, <br> 1.50% (a) (b)<br>| $314119 | $1128800 | $1439000 | $(48)\* | $17 | $3888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3890 | $104\* | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money <br> Market Fund Class IM Shares, 1.38% <br> (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 113675 | &nbsp;&nbsp;&nbsp;&nbsp; 1072987 | &nbsp;&nbsp;&nbsp;&nbsp; 1184111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20\* | &nbsp;&nbsp; — |
| **Total** | $1929027 | $17033719 | $17078797 | $(425) | $(196) | $1883328 |  | $5883 | $— |

---

&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, 2022.

\* Amount is included on the Statement 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, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 1.54% (a) (b)<br>| $57325 | $2812765 | $2739615 | $(8) | $7  | $130474 | 130449 | $302 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 1.50% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7897 | &nbsp;&nbsp;&nbsp;&nbsp; 283000 | &nbsp;&nbsp;&nbsp;&nbsp; 290893 | &nbsp;&nbsp;&nbsp;&nbsp; (5)\* | &nbsp;&nbsp; 1 | &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; 15\* | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (a) (b)<br>| &nbsp;&nbsp; 23462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96315 | &nbsp;&nbsp;&nbsp;&nbsp; 119777 | &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; 2\* | &nbsp;&nbsp; — |
| **Total** | $88684 | $3192080 | $3150285 | $(13) | $8 | $130474 |  | $319 | $— |

---

&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, 2022.

\* Amount is included on the Statement 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. 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, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 1.54% (a) (b)<br>| $9182  | $37176 | $43391 | $— | $—(c) | $2967  | 2966 | $9 | $— |

---

&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, 2022.

(c) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

194 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 1.54% (a) (b)<br>| $228846 | $5788266 | $5422728 | $(137)  | $29 | $594276 | 594157 | $1142 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 1.50% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26995 | &nbsp;&nbsp;&nbsp;&nbsp; 617999 | &nbsp;&nbsp;&nbsp;&nbsp; 644947 | &nbsp;&nbsp;&nbsp;&nbsp; (50)\* | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &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; 18\* | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3506 | &nbsp;&nbsp;&nbsp;&nbsp; 642759 | &nbsp;&nbsp;&nbsp;&nbsp; 646256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2\* | &nbsp;&nbsp; — |
| **Total** | $259347 | $7049024 | $6713931 | $(187) | $32 | $594285 |  | $1162 | $— |

---

&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, 2022.

\* Amount is included on the Statement 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, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 1.54% (a) (b)<br>| $31110 | $218618 | $211239 | $(5)  | $(1)  | $38483 | 38475 | $71 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 1.50% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1994 | &nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 24994 | &nbsp;&nbsp;&nbsp; —\*(c) | &nbsp;&nbsp;&nbsp; —(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —\*(c) | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915 | &nbsp;&nbsp;&nbsp;&nbsp; 40155 | &nbsp;&nbsp;&nbsp;&nbsp; 40432 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638 | &nbsp;&nbsp;&nbsp;&nbsp; 638 | &nbsp;&nbsp;&nbsp;&nbsp; 6\* | &nbsp;&nbsp; — |
| **Total** | $34019 | $281773 | $276665 | $(5) | $(1) | $39121 |  | $77 | $— |

---

&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, 2022.

(c) Amount rounds to less than one thousand.

\* Amount is included on the Statement 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. 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, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 1.54% (a) (b)<br>| $11580 | $573393 | $578292 | $(2) | $—(c) | $6679  | 6678 | $48 | $— |

---

&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, 2022.

(c) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 195

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 1.54% (a) (b)<br>| $66914 | $5058203 | $5007077 | $(46) | $—(c) | $117994 | 117970 | $271 | $— |

---

&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, 2022.

(c) Amount rounds to less than one thousand.

&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, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 1.54% (a) (b)<br>| $4580 | $115984 | $118029 | $(1)  | $(1)  | $2533 | 2533 | $8 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7303 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp; 1\* | &nbsp;&nbsp; — |
| **Total** | $4580  | $123485 | $125332 | $(1) | $(1) | $2731  |  | $9 | $— |

---

&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, 2022.

\* Amount is included on the Statement 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. 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, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 1.54% (a) (b)<br>| $38028 | $1577329 | $1538932 | $(21) | $7 | $76411 | 76396 | $193 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Investment in an affiliated fund, which is is managed by JP Morgan Chase Bank, N.A. <br> (b) The rate shown is the current yield as of June 30, 2022.

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

196 J.P. Morgan Large Cap Funds June 30, 2022

------

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 securities for options written. Securities designated as collateral are denoted on the SOIs.

Written uncovered call options subject the Funds to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Funds are not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Funds' exchange-traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**G. Futures Contracts** — Equity Index Fund, Equity Premium Income Fund, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, U.S. Applied Data Science Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Sustainable Leaders Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 197

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**H. Summary of Derivatives Information** 

**Derivatives Volume**

The table below discloses the volume of the Funds' options and futures contracts activity during the year ended June 30, 2022. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity:

---

| | | |
|:---|:---|:---|
|  | **Equity Index** <br>**Fund**<br>| **Equity Premium** <br>**Income Fund**<br>|
| **Futures Contracts:** |  |  |
| Average Notional Balance Long | $44441 | $22304 |
| Average Notional Balance Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (10778) |
| Ending Notional Balance Long | &nbsp;&nbsp; 54473 | &nbsp;&nbsp;&nbsp; 25813 |

---

&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 | $288718 | $58373 | $29016 |
| Ending Notional Balance Long | &nbsp;&nbsp; 478296 | &nbsp;&nbsp;&nbsp; 71365 | &nbsp;&nbsp;&nbsp; 63203 |
| **Exchange-Traded Options:** |  |  |  |
| Average Number of Contracts Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 42291 | &nbsp;&nbsp;&nbsp;&nbsp; 8447 | &nbsp;&nbsp;&nbsp;&nbsp; 4480 |
| Average Number of Contracts Written | &nbsp;&nbsp;&nbsp; (84582) | &nbsp;&nbsp; (16893) | &nbsp;&nbsp;&nbsp;&nbsp; (8959) |
| Ending Number of Contracts Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 43520 | &nbsp;&nbsp;&nbsp; 14152 | &nbsp;&nbsp;&nbsp;&nbsp; 7112 |
| Ending Number of Contracts Written | &nbsp;&nbsp;&nbsp; (87040) | &nbsp;&nbsp; (28304) | &nbsp;&nbsp; (14224) |

---

&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 | $4570 | $234937 | $25261 |
| Ending Notional Balance Long | &nbsp;&nbsp; 3227 | &nbsp;&nbsp; 251485 | &nbsp;&nbsp; 37960 |

---

&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 | $1459 | $72874 | $2642 |
| Ending Notional Balance Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 142730 | &nbsp;&nbsp; 4647 |

---

The Funds' derivatives contracts held at June 30, 2022 are not accounted for as hedging instruments under GAAP.

**I. Equity-Linked Notes** — Equity Premium Income Fund invested in Equity-Linked Notes ("ELNs"). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs' values are linked to the performance of an underlying index. ELNs are unsecured debt 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 IV, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as interest income on the Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. The Fund realizes a gain or loss when an ELN is sold or matures, which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statements of Operations.

As of June 30, 2022, Equity Premium Income Fund had outstanding ELNs as listed on the SOIs.

**J. Short Sales** — U.S. Large Cap Core Plus Fund engaged in short sales as part of their 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

198 J.P. Morgan Large Cap Funds June 30, 2022

------

sold short, while cash collateral deposited at the Fund's custodian for the benefit of the broker is recorded as Restricted cash for securities sold short on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the SOIs. The Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker's fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net amounts of income or fees are included as interest income or interest expense on securities sold short on the Statements of Operations.

The Fund is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as Dividend expense on securities sold short. The Fund is obligated to pay the broker interest accrued on short positions while the position is outstanding. Interest expense on short positions is reported as Interest expense to non-affiliates on securities sold short on the Statements of Operations. Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Short sale transactions may result in unlimited losses as the security's price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

The Fund will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will record a realized gain if the price of the borrowed security declines between those dates.

As of June 30, 2022, U.S. Large Cap Core Plus Fund had outstanding short sales as listed on their SOIs.

**K. Offering and Organization Costs** — Total offering costs of $104 and $104 incurred/paid in connection with the offering of shares of Hedged Equity 2 Fund and Hedged Equity 3 Fund, respectively, are amortized on a straight line basis over 12 months from the date the Funds commenced operations. Costs paid in connection with the organization of the Funds, if any, are/were recorded as an expense at the time the Funds commenced operations. For the year ended ended June 30, 2022, total offering costs amortized were $104 and $104 for the Funds, respectively.

**L. Security Transactions and Investment Income** — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.

Interest income and interest expense on securities sold short, if any, is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.

Dividend income and dividend expense on securities sold short, if any, 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.

**M. Allocation of Income and Expenses**— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

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, 2022 are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class L** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** | **Total** |
| **Equity Focus Fund** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | $1 | $—(a) | $2 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | $1 | $4 |
| **Equity Income Fund** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 349 | &nbsp;&nbsp; n/a | $12 | $7 | $5 | $29 | &nbsp;&nbsp; 327 | &nbsp;&nbsp; 809 |
| **Equity Index Fund** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp; 231 |
| **Equity Premium Income Fund** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
| **Hedged Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 174 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp; 245 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 199

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class L** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** | **Total** |
| **Hedged Equity 2 Fund** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | $4 | $4 | $26 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | $—(a) | $4 | $38 |
| **Hedged Equity 3 Fund** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 19 |
| **Large Cap Growth Fund** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; n/a | $10 | $5 | $3 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 704 |
| **Large Cap Value Fund** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 260 | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp; 321 |
| **U.S. Applied Data Science Value Fund** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 11 |
| **U.S. Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 72 | $39 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 359 |
| **U.S. GARP Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; 23 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| **U.S. Large Cap Core Plus Fund** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 58 |
| **U.S. Research Enhanced Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 62 |
| **U.S. Sustainable Leaders Fund** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| **U.S. Value Fund** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 141 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

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, 2022, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

200 J.P. Morgan Large Cap Funds June 30, 2022

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**N. Distributions to Shareholders** — Distributions from net investment income, if any, are generally declared and paid at least quarterly, except for Equity Focus Fund, Large Cap Growth Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund and U.S. Sustainable Leaders Fund, for which distributions are generally declared and paid at least annually, Equity Income Fund, for which distributions are generally declared and paid at least monthly, and Equity Premium Income Fund, for which distributions are generally declared daily and paid at least monthly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition — "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

The following amounts were reclassified within the capital accounts:

---

| | | | |
|:---|:---|:---|:---|
|  | **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 Focus Fund | $—  | $(1) | $1 |
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (152) |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1777) | &nbsp;&nbsp;&nbsp;&nbsp; 1777 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1745) | &nbsp;&nbsp;&nbsp;&nbsp; 1745 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21) |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47) | &nbsp;&nbsp;&nbsp;&nbsp; (4998) |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72) | &nbsp;&nbsp;&nbsp;&nbsp; (387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp; 78182 | &nbsp;&nbsp;&nbsp; 4775 | &nbsp;&nbsp; (82957) |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 |

---

The reclassifications for the Funds relate primarily to tax reclassifications on certain investments, tax equalization, redesignation of dividends and net operating losses.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee —** Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows:

---

| | |
|:---|:---|
| Equity Focus Fund | 0.50% |
| Equity Income Fund | 0.40 |
| Equity Index Fund | 0.04 |
| Equity Premium Income Fund | 0.25 |
| Hedged Equity Fund | 0.25 |
| Hedged Equity 2 Fund | 0.25 |
| Hedged Equity 3 Fund | 0.25 |
| Large Cap Growth Fund | 0.45 |
| Large Cap Value Fund | 0.40 |
| U.S. Applied Data Science Value Fund | 0.30 |
| U.S. Equity Fund | 0.40 |
| U.S. GARP Equity Fund | 0.30 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 201

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

---

| | |
|:---|:---|
| U.S. Large Cap Core Plus Fund | 0.65% |
| U.S. Research Enhanced Equity Fund | 0.25 |
| U.S. Sustainable Leaders Fund | 0.30 |
| U.S. Value Fund | 0.40 |

---

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

**B. Administration Fee** — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund's respective average daily net assets in excess of $25 billion. For the year ended June 30, 2022, the effective rate for Equity Focus Fund, 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 0.075%, 0.03%, 0.075%, 0.075%, 0.06%, 0.075%, 0.075%, 0.04%, 0.075%, 0.075%, 0.06%, 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, Fund pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R2** | **Class R3** |
| Equity Focus Fund | 0.25% | 0.75% | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| Equity Income Fund | 0.25 | 0.75 | 0.50% | 0.25% |
| Equity Index Fund | 0.25 | 0.75 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| Equity Premium Income Fund | 0.25 | 0.75 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| Hedged Equity Fund | 0.25 | 0.75 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| Hedged Equity 2 Fund | 0.25 | 0.75 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| Hedged Equity 3 Fund | 0.25 | 0.75 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| Large Cap Growth Fund | 0.25 | 0.75 | 0.50 | 0.25 |
| Large Cap Value Fund | 0.25 | 0.75 | 0.50 | 0.25 |
| U.S. Applied Data Science Value Fund | 0.25 | 0.75 | 0.50 | &nbsp;&nbsp; n/a |
| U.S. Equity Fund | 0.25 | 0.75 | 0.50 | 0.25 |
| U.S. GARP Equity Fund | 0.25 | 0.75 | 0.50 | &nbsp;&nbsp; n/a |
| U.S. Large Cap Core Plus Fund | 0.25 | 0.75 | 0.50 | &nbsp;&nbsp; n/a |
| U.S. Research Enhanced Equity Fund | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| U.S. Sustainable Leaders Fund | 0.25 | 0.75 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| U.S. Value Fund | 0.25 | 0.75 | 0.50 | 0.25 |

---

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2022, JPMDS retained the following:

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| Equity Focus Fund | $8  | $— |
| Equity Income Fund | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 2 |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; — |
| Equity Premium Income Fund | &nbsp;&nbsp; 676 | &nbsp;&nbsp; —(a) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

202 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| Hedged Equity Fund | $38  | $—(a) |
| Hedged Equity 2 Fund | &nbsp;&nbsp; 192 | &nbsp;&nbsp; —(a) |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp; — |
| Large Cap Growth Fund | &nbsp;&nbsp; 527 | &nbsp;&nbsp; 2 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp; —(a) |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| U.S. Equity Fund | &nbsp;&nbsp; 248 | &nbsp;&nbsp; 1 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; — |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp; —(a) |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp; — |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; — |
| U.S. Value Fund | &nbsp;&nbsp; 178 | &nbsp;&nbsp; — |

---

&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 Focus Fund | 0.25% | 0.25% | 0.25% | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| Equity Income Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | 0.25% | 0.25% | 0.25% | 0.10% |
| Equity Index Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| Equity Premium Income Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.10 |
| Hedged Equity Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.10 |
| Hedged Equity 2 Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.10 |
| Hedged Equity 3 Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.10 |
| Large Cap Growth Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | 0.25 | 0.25 | 0.25 | 0.10 |
| Large Cap Value Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | 0.25 | 0.25 | 0.25 | 0.10 |
| &nbsp;&nbsp;&nbsp; U.S. Applied Data Science <br> Value Fund<br>| 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.10 |
| U.S. Equity Fund | 0.25 | 0.25 | 0.25 | 0.10% | 0.25 | 0.25 | 0.25 | 0.10 |
| U.S. GARP Equity Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.10 |
| U.S. Large Cap Core Plus Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.10 |
| &nbsp;&nbsp;&nbsp; U.S. Research Enhanced Equity <br> Fund<br>| 0.25 | &nbsp;&nbsp; n/a | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| U.S. Sustainable Leaders Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| U.S. Value Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | 0.25 | 0.25 | 0.25 | 0.10 |

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**E. Custodian and Accounting Fees** — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 203

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

&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 L** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| Equity Focus Fund | 1.10% | 1.60% | 0.85% | n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.60% |
| Equity Index Fund | 0.45 | &nbsp;&nbsp; n/a | 0.20 | n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.05 |
| Equity Premium Income Fund | 0.85 | 1.35 | 0.60 | n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.45% | 0.35 |
| Hedged Equity Fund | 0.85 | 1.35 | 0.60 | n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.45 | 0.35 |
| Hedged Equity 2 Fund | 0.85 | 1.35 | 0.60 | n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.45 | 0.35 |
| Hedged Equity 3 Fund | 0.85 | 1.35 | 0.60 | n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.45 | 0.35 |
| Large Cap Growth Fund | 0.94 | 1.44 | 0.69 | n/a | 1.19% | 0.94% | 0.69% | 0.54 | 0.44 |
| Large Cap Value Fund | 0.93 | 1.44 | 0.69 | n/a | 1.19 | 0.94 | 0.69 | 0.54 | 0.44 |
| U.S. Applied Data Science Value Fund | 0.73 | 1.23 | 0.49 | n/a | 1.09 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.44 | 0.34 |
| U.S. Equity Fund | 0.94 | 1.44 | 0.69 | n/a | 1.19 | 0.94 | 0.69 | 0.54 | 0.44 |
| U.S. GARP Equity Fund | 0.84 | 1.34 | 0.59 | n/a | 1.09 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.44 | 0.34 |
| U.S. Large Cap Core Plus Fund | 1.10 | 1.60 | 0.85 | n/a | 1.45 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.80 | 0.70 |
| U.S. Research Enhanced Equity Fund | 0.60 | &nbsp;&nbsp; n/a | 0.35 | n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.25 |
| U.S. Sustainable Leaders Fund | 0.64 | 1.14 | 0.39 | n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.34 |
| U.S. Value Fund | 0.94 | 1.44 | 0.69 | n/a | 1.19 | 0.94 | 0.69 | 0.54 | 0.44 |

---

The expense limitation agreements were in effect for the year ended June 30, 2022 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2022.

For the year ended June 30, 2022, 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>|
| Equity Focus Fund | $78  | $52  | $3 | $133  | $— |
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2883 | &nbsp;&nbsp; 3367 | &nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 8450 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294 | &nbsp;&nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433 | &nbsp;&nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755 | &nbsp;&nbsp;&nbsp;&nbsp; 74 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| Large Cap Growth Fund | &nbsp;&nbsp; 14417 | &nbsp;&nbsp; 9579 | &nbsp;&nbsp;&nbsp;&nbsp; 307 | &nbsp;&nbsp; 24303 | &nbsp;&nbsp;&nbsp;&nbsp; 15 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1169 | &nbsp;&nbsp;&nbsp;&nbsp; 777 | &nbsp;&nbsp;&nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp;&nbsp; 2264 | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3863 | &nbsp;&nbsp; 2562 | &nbsp;&nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp;&nbsp; 6618 | &nbsp;&nbsp; 126 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442 | &nbsp;&nbsp;&nbsp;&nbsp; 294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 572 | &nbsp;&nbsp;&nbsp;&nbsp; 382 | &nbsp;&nbsp; 1941 | &nbsp;&nbsp;&nbsp;&nbsp; 2895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3141 | &nbsp;&nbsp; 2092 | &nbsp;&nbsp; 1344 | &nbsp;&nbsp;&nbsp;&nbsp; 6577 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp; 289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885 | &nbsp;&nbsp;&nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; 1606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |

---

For the year ended June 30, 2022, the Hedged Equity Fund's service providers did not have any waived fees or reimbursed expenses.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

204 J.P. Morgan Large Cap Funds June 30, 2022

------

The amounts of these waivers resulting from investments in these money market funds for the year ended June 30, 2022 were as follows:

---

| | |
|:---|:---|
| Equity Focus Fund | $5 |
| Equity Income Fund | &nbsp;&nbsp; 1025 |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 201 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| Large Cap Growth Fund | &nbsp;&nbsp; 1737 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 290 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |

---

Effective January 1, 2022, JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the period January 1, 2022 through June 30, 2022 the amount of these waivers were as follows:

---

| | |
|:---|:---|
| Equity Focus Fund | $1 |
| Equity Income Fund | &nbsp;&nbsp; 4 |
| Equity Index Fund | &nbsp;&nbsp; 1 |
| Equity Premium Income Fund | &nbsp;&nbsp; 1 |
| Hedged Equity Fund | &nbsp;&nbsp; 2 |
| Hedged Equity 2 Fund | &nbsp;&nbsp; 1 |
| Hedged Equity 3 Fund | &nbsp;&nbsp; 1 |
| Large Cap Growth Fund | &nbsp;&nbsp; 3 |
| Large Cap Value Fund | &nbsp;&nbsp; 1 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp; 1 |
| U.S. Equity Fund | &nbsp;&nbsp; 2 |
| U.S. GARP Equity Fund | &nbsp;&nbsp; 1 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp; 1 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp; 1 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp; 1 |
| U.S. Value Fund | &nbsp;&nbsp; 1 |

---

**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 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 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, 2022, Hedged Equity Fund, Hedged Equity 2 Fund, Large Cap Growth Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Sustainable Leaders Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 205

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(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, 2022, 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 Focus Fund | $107772  | $42643  | $—  | $— |
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 9055249 | &nbsp;&nbsp;&nbsp;&nbsp; 7311657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2376625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 6979682 | &nbsp;&nbsp;&nbsp;&nbsp; 4017061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7957430 | &nbsp;&nbsp;&nbsp;&nbsp; 7992029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 6157432 | &nbsp;&nbsp;&nbsp;&nbsp; 1415379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3019470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Large Cap Growth Fund | &nbsp;&nbsp; 19176683 | &nbsp;&nbsp; 17791454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4055201 | &nbsp;&nbsp;&nbsp;&nbsp; 5043730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Equity Fund | &nbsp;&nbsp; 11233140 | &nbsp;&nbsp; 10782010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 674999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1722557 | &nbsp;&nbsp;&nbsp;&nbsp; 2747770 | &nbsp;&nbsp; 707758 | &nbsp;&nbsp; 939639 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4252502 | &nbsp;&nbsp;&nbsp;&nbsp; 1787642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1747057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 481592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

**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, 2022 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 Focus Fund | $161067  | $31095  | $7565  | $23530 |
| Equity Income Fund | &nbsp;&nbsp; 34315987 | &nbsp;&nbsp; 12234840 | &nbsp;&nbsp;&nbsp;&nbsp; 628538 | &nbsp;&nbsp; 11606302 |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4462824 | &nbsp;&nbsp;&nbsp;&nbsp; 2885890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95718 | &nbsp;&nbsp;&nbsp;&nbsp; 2790172 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3680731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107987 | &nbsp;&nbsp;&nbsp;&nbsp; 202179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (94192) |
| Hedged Equity Fund | &nbsp;&nbsp; 13316813 | &nbsp;&nbsp;&nbsp;&nbsp; 3291011 | &nbsp;&nbsp;&nbsp;&nbsp; 506772 | &nbsp;&nbsp;&nbsp;&nbsp; 2784239 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 6448621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268797 | &nbsp;&nbsp;&nbsp;&nbsp; 984841 | &nbsp;&nbsp;&nbsp;&nbsp; (716044) |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3149311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153596 | &nbsp;&nbsp;&nbsp;&nbsp; 491399 | &nbsp;&nbsp;&nbsp;&nbsp; (337803) |
| Large Cap Growth Fund | &nbsp;&nbsp; 26317283 | &nbsp;&nbsp;&nbsp;&nbsp; 6768410 | &nbsp;&nbsp; 1748864 | &nbsp;&nbsp;&nbsp;&nbsp; 5019546 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3087853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260492 | &nbsp;&nbsp;&nbsp;&nbsp; 151822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108670 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16793 |
| U.S. Equity Fund | &nbsp;&nbsp; 13579635 | &nbsp;&nbsp;&nbsp;&nbsp; 5741579 | &nbsp;&nbsp;&nbsp;&nbsp; 749323 | &nbsp;&nbsp;&nbsp;&nbsp; 4992256 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 727827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246049 |
| U.S. Large Cap Core Plus Fund \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 860205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774483 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5374043 | &nbsp;&nbsp;&nbsp;&nbsp; 1550141 | &nbsp;&nbsp;&nbsp;&nbsp; 210912 | &nbsp;&nbsp;&nbsp;&nbsp; 1339229 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7745) |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2503732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299550 |

---

&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 tax adjustments on certain investments, certain derivatives and wash sale loss deferrals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

206 J.P. Morgan Large Cap Funds June 30, 2022

------

The tax character of distributions paid during the year ended June 30, 2022 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 Focus Fund | $3204  | $11588  | $14792 |
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 952443 | &nbsp;&nbsp;&nbsp;&nbsp; 828643 | &nbsp;&nbsp; 1781086 |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 174683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31719 | &nbsp;&nbsp;&nbsp;&nbsp; 206402 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 210426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 210426 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 137046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 137046 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26753 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14723 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 170779 | &nbsp;&nbsp; 5131576 | &nbsp;&nbsp; 5302355 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 119241 | &nbsp;&nbsp;&nbsp;&nbsp; 136036 | &nbsp;&nbsp;&nbsp;&nbsp; 255277 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59840 |
| U.S. Equity Fund | &nbsp;&nbsp; 1033960 | &nbsp;&nbsp; 1172185 | &nbsp;&nbsp; 2206145 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79836 | &nbsp;&nbsp;&nbsp;&nbsp; 162626 | &nbsp;&nbsp;&nbsp;&nbsp; 242462 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35850 | &nbsp;&nbsp;&nbsp;&nbsp; 590015 | &nbsp;&nbsp;&nbsp;&nbsp; 625865 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 200946 | &nbsp;&nbsp;&nbsp;&nbsp; 503243 | &nbsp;&nbsp;&nbsp;&nbsp; 704189 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7052 |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62694 |

---

&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, 2021 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 Focus Fund | $3392  | $8409  | $11801 |
| Equity Income Fund | &nbsp;&nbsp; 662251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1579 | &nbsp;&nbsp;&nbsp;&nbsp; 663830 |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 98321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98321 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 34916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34916 |
| Hedged Equity Fund | &nbsp;&nbsp; 139976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 139976 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1117 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437 | &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; 437 |
| Large Cap Growth Fund | &nbsp;&nbsp; 178186 | &nbsp;&nbsp; 1429918 | &nbsp;&nbsp; 1608104 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 18876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18876 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8645 |
| U.S. Equity Fund | &nbsp;&nbsp; 297885 | &nbsp;&nbsp;&nbsp;&nbsp; 870370 | &nbsp;&nbsp; 1168255 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 27898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89898 | &nbsp;&nbsp;&nbsp;&nbsp; 117796 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 96118 | &nbsp;&nbsp;&nbsp;&nbsp; 663685 | &nbsp;&nbsp;&nbsp;&nbsp; 759803 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 67147 | &nbsp;&nbsp;&nbsp;&nbsp; 125234 | &nbsp;&nbsp;&nbsp;&nbsp; 192381 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1223 |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 14336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26137 |

---

&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, 2022 J.P. Morgan Large Cap Funds 207

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

As of June 30, 2022, 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 Focus Fund | $206  | $2417  | $23530 |
| Equity Income Fund | &nbsp;&nbsp; 27042 | &nbsp;&nbsp;&nbsp;&nbsp; 505149 | &nbsp;&nbsp; 11606302 |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 2790119 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1062 | &nbsp;&nbsp;&nbsp;&nbsp; (47771) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95005) |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 8950 | &nbsp;&nbsp;&nbsp; (861071) | &nbsp;&nbsp;&nbsp;&nbsp; 2784239 |
| Hedged Equity 2 Fund | &nbsp;&nbsp; 77470 | &nbsp;&nbsp;&nbsp;&nbsp; 165303 | &nbsp;&nbsp;&nbsp;&nbsp; (716044) |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27966 | &nbsp;&nbsp;&nbsp;&nbsp; (337803) |
| Large Cap Growth Fund | &nbsp;&nbsp; 26416 | &nbsp;&nbsp; 1931740 | &nbsp;&nbsp;&nbsp;&nbsp; 5019546 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3768 | &nbsp;&nbsp;&nbsp;&nbsp; 142798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108670 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16793 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 6324 | &nbsp;&nbsp;&nbsp;&nbsp; 729341 | &nbsp;&nbsp;&nbsp;&nbsp; 4992256 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246049 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 349184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774483 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4028 | &nbsp;&nbsp;&nbsp;&nbsp; 100494 | &nbsp;&nbsp;&nbsp;&nbsp; 1339229 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7745) |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299550 |

---

The cumulative timing differences primarily consist of tax adjustments on certain investments, certain derivatives, post-October capital loss deferrals and wash sale loss deferrals.

At June 30, 2022, 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 Premium Income Fund | $47,771 \* | $— |
| Hedged Equity Fund | &nbsp;&nbsp; 380233 | &nbsp;&nbsp; 480838 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 822\* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount includes capital loss carryforwards which are limited in future years under Internal Revenue Code sections 381-384.

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, 2022, the following Funds deferred to July 1, 2022 the following net capital losses (gains), specified ordinary losses and late year ordinary losses of:

---

| | | |
|:---|:---|:---|
|  | **Net Capital Losses (Gains)**  | **Net Capital Losses (Gains)**  |
|  | **Short-Term** | **Long-Term** |
| Equity Focus Fund | $1979  | $— |
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 88541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Equity Premium Income Fund | &nbsp;&nbsp; 150622 | &nbsp;&nbsp; 25875 |
| Large Cap Growth Fund | &nbsp;&nbsp; 884057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Equity Fund | &nbsp;&nbsp; 326507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp; 100964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 24796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6076 | &nbsp;&nbsp;&nbsp;&nbsp; 1003 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

208 J.P. Morgan Large Cap Funds June 30, 2022

------

During the year ended June 30, 2022, the following Funds utilized capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized**  | **Capital Loss Utilized**  |
|  | **Short-Term** | **Long-Term** |
| Hedged Equity 2 Fund | $7323 | $11216 |
| Hedged Equity 3 Fund | &nbsp;&nbsp; 4543 | &nbsp;&nbsp;&nbsp;&nbsp; 7246 |

---

**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, except for Hedged Equity Fund, had no borrowings outstanding from another fund, or loans outstanding to another fund, at June 30, 2022. Average borrowings from the Facility during the year ended June 30, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Average** <br>**Borrowings**<br>| &nbsp;&nbsp; **Average** <br>**Interest** <br>**Rate paid**<br>| &nbsp;&nbsp; **Number of** <br>**Days** <br>**Outstanding**<br>| &nbsp;&nbsp; **Interest** <br>**Paid**<br>|
| Equity Index Fund | $33491 | 1.56% | 3 | $4 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2388 | 2.29 | 1 | &nbsp;&nbsp; —(a) |
| Large Cap Value Fund | &nbsp;&nbsp; 47781 | 0.81 | 1 | &nbsp;&nbsp; 1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 31, 2022.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2022.

The Trusts, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion ("Credit Facility") with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% (the "Applicable Margin"), plus the greater of the federal funds effective rate or one month London Interbank Offered Rate ("LIBOR"). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 9, 2022, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a change in the interest associated with any borrowing to the higher, on the day of the borrowing, of (a) the federal funds effective rate, or (b) the one-month Adjusted SOFR Rate plus Applicable Margin.

The Funds did not utilize the Credit Facility during the year ended June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 209

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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, 2022, the following 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 Focus Fund | 1 | 44.6% | 2 | 26.6% |
| Equity Income Fund | 1 | 10.9 | 2 | 30.3 |
| Equity Premium Income Fund | 1 | 47.7 | 1 | 12.4 |
| Hedged Equity Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 2 | 38.9 |
| Hedged Equity 2 Fund | 1 | 21.6 | 3 | 35.1 |
| Hedged Equity 3 Fund | 1 | 17.3 | 4 | 44.9 |
| Large Cap Growth Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 2 | 28.4 |
| Large Cap Value Fund | 1 | 12.8 | 1 | 13.7 |
| U.S. Applied Data Science Value Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 3 | 34.4 |
| U.S. Equity Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 1 | 12.8 |
| U.S. GARP Equity Fund | 3 | 46.9 |  | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Large Cap Core Plus Fund | 1 | 29.8 |  | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Research Enhanced Equity Fund | 1 | 11.2 | 1 | 11.5 |
| U.S. Sustainable Leaders Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 4 | 55.8 |
| U.S. Value Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 1 | 23.2 |

---

As of June 30, 2022, J.P. Morgan Investor Funds, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated funds of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &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; —% | &nbsp;&nbsp;&nbsp;&nbsp; —% | 58.6% |
| Large Cap Value Fund | 27.5 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | 18.4 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. GARP Equity Fund | 56.8 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Research Enhanced Equity Fund | 12.3 | 51.5 | &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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority ("FCA") publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA's consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. In addition, certain regulated entities ceased entering into most new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

210 J.P. Morgan Large Cap Funds June 30, 2022

------

sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance, unavailability or replacement, all of which may affect the value, volatility, liquidity or return on certain of a Fund's loans, notes, derivatives and other instruments or investments comprising some or all of a Fund's investments and result in costs incurred in connection with changing reference rates used for positions closing out positions and entering into new trades. Certain of a Fund's investments may transition from LIBOR prior to the dates announced by the FCA. The transition from LIBOR to alternative reference rates may result in operational issues for a Fund or its investments. No assurances can be given as to the impact of the LIBOR transition (and the timing of any such impact) on a Fund and its investments.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19 has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including among other things, reduced consumer demand and economic output, supply chain disruptions and increased government spending may continue to have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund's investment performance. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long-term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 211

------

**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 Focus Fund, 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 Equity Focus Fund, JPMorgan Hedged Equity Fund, JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund), JPMorgan U.S. Equity Fund, JPMorgan U.S. GARP Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund, JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Sustainable Leaders Fund and JPMorgan U.S. Value Fund (nine of the funds constituting JPMorgan Trust I), JPMorgan Equity Income Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value Fund and JPMorgan Equity Index 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, 2022, the related statements of operations, the statement of cash flows for JPMorgan U.S. Large Cap Core Plus Fund and statements of changes in net assets for each of the periods indicated in the table below, 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, 2022, the results of each of their operations, its cash flows for JPMorgan U.S. Large Cap Core Plus Fund and the changes in each of their net assets for each of the periods indicated in the table below, 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.

**Fund** 

---

| |
|:---|
| JPMorgan Equity Focus Fund\* |
| 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\* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Statement of operations for the year ended June 30, 2022 and statement of changes in net assets for the years ended June 30, 2022 and 2021

\*\* Statement of operations for the year ended June 30, 2022 and statement of changes in net assets for the year ended June 30, 2022 and for the period February 26, 2021 (commencement of operations) through June 30, 2021 

\*\*\* Statement of operations and statement of cash flows for the year ended June 30, 2022 and statement of changes in net assets for the years ended June 30, 2022 and 2021 

***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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

212 J.P. Morgan Large Cap Funds June 30, 2022

------

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, 2022 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 29, 2022

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, 2022 J.P. Morgan Large Cap Funds 213

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**TRUSTEES** <br>(Unaudited)

The Funds' Statement of Additional Information includes additional information about the Funds' Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds' website at www.jpmorganfunds.com.

---

| | | | |
|:---|:---|:---|:---|
| **Name (Year of Birth);** <br>**Positions With** <br>**the Funds (1)**<br>| &nbsp;&nbsp;&nbsp; **Principal Occupation** <br>**During Past 5 Years**<br>| &nbsp;&nbsp;&nbsp; **Number of** <br>**Funds in Fund** <br>**Complex Overseen** <br>**by Trustee (2)**<br>| &nbsp;&nbsp;&nbsp; **Other Directorships Held** <br>**During the Past 5 Years**<br>|
| **Independent Trustees** |  |  |  |
| John F. Finn (1947); Chair <br>since 2020; Trustee since <br> 1998.<br>| &nbsp;&nbsp;&nbsp; Chairman, Gardner, Inc. (supply chain <br> management company serving industrial and <br> consumer markets) (serving in various roles <br> 1974-present).<br>| 167 | &nbsp;&nbsp;&nbsp; Director, Greif, Inc. (GEF) (industrial <br> package products and services) <br> (2007-present); Trustee, Columbus <br> Association for the Performing Arts <br> (1988-present)<br>|
| Stephen P. Fisher (1959); <br>Trustee since 2018.<br>| &nbsp;&nbsp;&nbsp; Retired; Chairman and Chief Executive Officer, <br> NYLIFE Distributors LLC (registered <br> brokerdealer) (serving in various roles <br> 2008-2013); Chairman, NYLIM Service <br> Company LLC (transfer agent) (2008-2017); <br> New York Life Investment Management LLC <br> (registered investment adviser) (serving in <br> various roles 2005-2017); Chairman, IndexIQ <br> Advisors LLC (registered investment adviser <br> for ETFs) (2014-2017); President, MainStay VP <br> Funds Trust (2007-2017), MainStay <br> DefinedTerm Municipal Opportunities Fund <br> (2011-2017) and MainStay Funds Trust <br> (2007-2017) (registered investment <br> companies).<br>| 167 | &nbsp;&nbsp;&nbsp; Honors Program Advisory Board <br> Member, The Zicklin School of Business, <br> Baruch College, The City University of <br> New York (2017-present).<br>|
| Gary L. French (1951); <br>Trustee since 2014.<br>| &nbsp;&nbsp;&nbsp; Real Estate Investor (2011-2020); Investment <br> management industry Consultant and Expert <br> Witness (2011-present); Senior Consultant for <br> The Regulatory Fundamentals Group LLC <br> (2011-2017).<br>| 167 | &nbsp;&nbsp;&nbsp; Independent Trustee, The China Fund, <br> Inc. (2013-2019); Exchange Traded <br> Concepts Trust II (2012-2014); Exchange <br> Traded Concepts Trust I (2011-2014).<br>|
| Kathleen M. Gallagher (1958); <br>Trustee since 2018.<br>| &nbsp;&nbsp;&nbsp; Retired; Chief Investment Officer — Benefit <br> Plans, Ford Motor Company (serving in various <br> roles 1985-2016).<br>| 167 | &nbsp;&nbsp;&nbsp; Non- Executive Director, Legal & <br> General Investment Management <br> &nbsp;&nbsp;&nbsp;&nbsp;(Holdings) (2018-present); <br> Non-Executive Director, Legal & <br> General Investment Management <br> America U.S. Holdings (financial <br> services and insurance) (2017-present); <br> Advisory Board Member, State Street <br> Global Advisors Total Portfolio <br> Solutions (2017-present); Member, <br> Client Advisory Council, Financial <br> Engines, LLC (registered investment <br> adviser) (2011-2016); Director, Ford <br> Pension Funds Investment <br> Management Ltd. (2007-2016).<br>|
| Robert J. Grassi (1957); <br>Trustee since 2014.<br>| &nbsp;&nbsp;&nbsp; Sole Proprietor, Academy Hills Advisors LLC <br> (2012-present); Pension Director, Corning <br> Incorporated (2002-2012).<br>| 167 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

214 J.P. Morgan Large Cap Funds June 30, 2022

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---

| | | | |
|:---|:---|:---|:---|
| **Name (Year of Birth);**<br> **Positions With**<br> **the Funds (1)**<br>| &nbsp;&nbsp;&nbsp; **Principal Occupation**<br> **During Past 5 Years**<br>| &nbsp;&nbsp;&nbsp; **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee (2)**<br>| &nbsp;&nbsp;&nbsp; **Other Directorships Held**<br> **During the Past 5 Years**<br>|
| Frankie D. Hughes (1952); <br>Trustee since 2008.<br>| &nbsp;&nbsp;&nbsp; President, Ashland Hughes Properties <br> (property management) (2014-present); <br> President and Chief Investment Officer, <br> Hughes Capital Management, Inc. (fixed <br> income asset management) (1993-2014).<br>| 167 |  |
| Raymond Kanner (1953); <br>Trustee since 2017.<br>| &nbsp;&nbsp;&nbsp; Retired; Managing Director & Chief Investment <br> Officer, IBM Retirement Funds (2007-2016).<br>| 167 | &nbsp;&nbsp;&nbsp; Advisory Board Member, Penso <br> Advisors LLC (2020-present); Advisory <br> Board Member, Los Angeles Capital <br> (2018-present); Advisory Board <br> Member, State Street Global Advisors <br> Total Portfolio Solutions (2017- <br> present); Acting Executive Director, <br> Committee on Investment of Employee <br> Benefit Assets (CIEBA) (2016-2017); <br> Advisory Board Member, Betterment <br> for Business (robo advisor) (2016- <br> 2017); Advisory Board Member, <br> BlueStar Indexes (index creator) <br> (2013-2017); Director, Emerging <br> Markets Growth Fund (registered <br> investment company) (1997-2016); <br> Member, Russell Index Client Advisory <br> Board (2001-2015).<br>|
| Thomas P. Lemke (1954); <br>Trustee since 2014.<br>| Retired since 2013. | 167 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(1) Independent Trustee of Advisors' <br> Inner Circle III fund platform, consisting <br> of the following: (i) the Advisors' Inner <br> Circle Fund III, (ii) the Gallery Trust, (iii) <br> the Schroder Series Trust, (iv) the <br> Delaware Wilshire Private Markets Fund <br> (since 2020), (v) Chiron Capital <br> Allocation Fund Ltd., and (vi) formerly <br> the Winton Diversified Opportunities <br> Fund (2014-2018); and (2) Independent <br> Trustee of the Symmetry Panoramic <br> Trust (since 2018).<br>|
| Lawrence R. Maffia (1950); <br>Trustee since 2014.<br>| &nbsp;&nbsp;&nbsp; Retired; Director and President, ICI Mutual <br> Insurance Company (2006-2013).<br>| 167 | &nbsp;&nbsp;&nbsp; Director, ICI Mutual Insurance Company <br> (1999-2013).<br>|
| Mary E. Martinez (1960); Vice <br>Chair since 2021; Trustee <br> since 2013.<br>| &nbsp;&nbsp;&nbsp; Associate, Special Properties, a Christie's <br> International Real Estate Affiliate <br> (2010-present); Managing Director, Bank of <br> America (asset management) (2007-2008); <br> Chief Operating Officer, U.S. Trust Asset <br> Management, U.S. Trust Company (asset <br> management) (2003-2007); President, <br> Excelsior Funds (registered investment <br> companies) (2004-2005).<br>| 167 |  |
| Marilyn McCoy (1948); <br> Trustee since 2005.<br>| &nbsp;&nbsp;&nbsp; Vice President of Administration and Planning, <br> Northwestern University (1985-present).<br>| 167 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 215

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**TRUSTEES** <br>(Unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| **Name (Year of Birth);**<br> **Positions With**<br> **the Funds (1)**<br>| &nbsp;&nbsp;&nbsp; **Principal Occupation**<br> **During Past 5 Years**<br>| &nbsp;&nbsp;&nbsp; **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee (2)**<br>| &nbsp;&nbsp;&nbsp; **Other Directorships Held**<br> **During the Past 5 Years**<br>|
| Dr. Robert A. Oden, Jr. <br> (1946); Trustee since 2005.<br>| &nbsp;&nbsp;&nbsp; Retired; President, Carleton College <br> (2002-2010); President, Kenyon College <br> (1995-2002).<br>| 167 | &nbsp;&nbsp;&nbsp; Trustee, The Coldwater Conservation <br> Fund (2017-present); Trustee, American <br> Museum of Fly Fishing (2013-present); <br> Trustee and Vice Chair, Trout Unlimited <br> (2017-2021); Trustee, Dartmouth-<br> Hitchcock Medical Center (2011-2020).<br>|
| Marian U. Pardo\* (1946); <br>Trustee since 2013.<br>| &nbsp;&nbsp;&nbsp; Managing Director and Founder, Virtual <br> Capital Management LLC (investment <br> consulting) (2007-present); Managing Director, <br> Credit Suisse Asset Management (portfolio <br> manager) (2003-2006).<br>| 167 | &nbsp;&nbsp;&nbsp; Board Chair and Member, Board of <br> Governors, Columbus Citizens <br> Foundation (not-for-profit supporting <br> philanthropic and cultural programs) <br> (2006-present).<br>|
| Emily A. Youssouf (1951); <br>Trustee since 2022.<br>| &nbsp;&nbsp;&nbsp; Adjunct Professor (2011-present) and Clinical <br> Professor (2009-2011), NYU Schack Institute of <br> Real Estate; Board Member and Member of the <br> Audit Committee (2013–present), Chair of <br> Finance Committee (2019-present), Member of <br> Related Parties Committee (2013-2018) and <br> Member of the Enterprise Risk Committee <br> (2015-2018), PennyMac Financial Services, Inc.; <br> Board Member (2005-2018), Chair of Capital <br> Committee (2006-2016), Chair of Audit <br> Committee (2005-2018), Member of Finance <br> Committee (2005-2018) and Chair of IT <br> Committee (2016-2018), NYC Health and <br> Hospitals Corporation.<br>| 167 | &nbsp;&nbsp;&nbsp; Trustee, NYC School Construction <br> Authority (2009-present); Board <br> Member, NYS Job Development <br> Authority (2008-present); Trustee and <br> Chair of the Audit Committee of the <br> Transit Center Foundation (2015-2019).<br>|
| **Interested Trustees** |  |  |  |
| Robert F. Deutsch\*\* (1957); <br>Trustee since 2014.<br>| &nbsp;&nbsp;&nbsp; Retired; Head of the Global ETF Business for <br> JPMorgan Asset Management (2013-2017); <br> Head of the Global Liquidity Business for <br> JPMorgan Asset Management (2003-2013).<br>| 167 | &nbsp;&nbsp;&nbsp; Treasurer and Director of the JUST <br> Capital Foundation (2017-present).<br>|
| Nina O. Shenker\*\* (1957); <br>Trustee since 2022.<br>| &nbsp;&nbsp;&nbsp; Vice Chair (2017-2021), General Counsel and <br> Managing Director (2008-2016), Associate <br> General Counsel and Managing Director <br> (2004-2008), J.P. Morgan Asset & Wealth <br> Management.<br>| 167 | &nbsp;&nbsp;&nbsp; Director and Member of Legal and <br> Human Resources Subcommittees, <br> American Jewish Joint Distribution <br> Committee (2018-present).<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(1) The year shown is the first year in which a Trustee became a member of any of the following: the Mutual Fund Board, the ETF Board, the heritage J.P. Morgan Funds or the heritage One Group Mutual Funds. Trustees serve an indefinite term, until resignation, retirement, removal or death. The Board's current retirement policy sets retirement at the end of the calendar year in which the Trustee attains the age of 75, provided that any Board member who was a member of the Mutual Fund Board prior to January 1, 2022 and was born prior to January 1, 1950 shall retire from the Board at the end of the calendar year in which the Trustee attains the age of 78. 

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes nine registered investment companies (167 J.P. Morgan Funds). 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

216 J.P. Morgan Large Cap Funds June 30, 2022

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---

| | |
|:---|:---|
| \* | In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from <br> JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and <br> deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January <br> 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.<br>|
| \*\* | Designation as an "Interested Trustee" is based on prior employment by the Adviser or an affiliate of the Adviser or interests in a <br> control person of the Adviser.<br>|
|  | The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 217

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**OFFICERS** <br>(Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Name (Year of Birth),** <br>**Positions Held with** <br>**the Trust (Since)**<br>| **Principal Occupations During Past 5 Years** |
| Brian S. Shlissel (1964), <br>President and Principal Executive <br>Officer (2016)\*<br>| &nbsp;&nbsp;&nbsp; Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment <br> Management Inc. since 2014.<br>|
| Timothy J. Clemens (1975), <br>Treasurer and Principal Financial <br>Officer (2018)<br>| &nbsp;&nbsp;&nbsp; Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with <br> J.P. Morgan Investment Management Inc. since 2013.<br>|
| Gregory S. Samuels (1980), <br>Secretary (2019) (formerly <br> Assistant <br>Secretary 2010-2019)\*\*<br>| &nbsp;&nbsp;&nbsp; Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan <br> Chase since 2010.<br>|
| Stephen M. Ungerman (1953), <br>Chief Compliance Officer (2005)<br>| Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. |
| Kiesha Astwood-Smith (1973), <br>Assistant Secretary (2021)\*\*<br>| &nbsp;&nbsp;&nbsp; Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Senior Director and Counsel, <br> Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from <br> September 2015 to June 2021.<br>|
| Matthew Beck (1988), <br>Assistant Secretary (2021)\*\*\*<br>| &nbsp;&nbsp;&nbsp; Vice President and Assistant General Counsel, JPMorgan Chase since May 2021; Senior Legal Counsel, Ultimus <br> Fund Solutions from May 2018 through May 2021; General Counsel, The Nottingham Company from April 2014 <br> through May 2018.<br>|
| Elizabeth A. Davin (1964), <br>Assistant Secretary (2005)\*\*\*<br>| &nbsp;&nbsp;&nbsp; Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase <br> (formerly Bank One Corporation) since 2004.<br>|
| Jessica K. Ditullio (1962), <br>Assistant Secretary (2005)\*\*\*<br>| &nbsp;&nbsp;&nbsp; Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan <br> Chase (formerly Bank One Corporation) since 1990.<br>|
| Anthony Geron (1971), <br>Assistant Secretary (2018)\*\*<br>| &nbsp;&nbsp;&nbsp; Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and <br> Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA <br> Equitable Life Insurance Company from 2014 to 2015.<br>|
| Carmine Lekstutis (1980), <br>Assistant Secretary (2011)\*\*<br>| &nbsp;&nbsp;&nbsp; Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan <br> Chase since 2011.<br>|
| Max Vogel (1990), <br>Assistant Secretary (2021)\*\*<br>| &nbsp;&nbsp;&nbsp; Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Associate, Proskauer Rose <br> LLP (law firm) from March 2017 to June 2021; Associate, Stroock & Stroock & Lavan LLP (law firm) from <br> October 2015 to March 2017.<br>|
| Zachary E. Vonnegut-Gabovitch <br>(1986), <br>Assistant Secretary (2017)\*\*<br>| Vice President and Assistant General Counsel, JPMorgan Chase since September 2016. |
| Michael M. D'Ambrosio (1969), <br>Assistant Treasurer (2012)<br>| &nbsp;&nbsp;&nbsp; Managing Director, J.P. Morgan Investment Management Inc. Mr. D'Ambrosio has been with J.P. Morgan <br> Investment Management Inc. since 2012.<br>|
| Aleksandr Fleytekh (1972), <br>Assistant Treasurer (2019)<br>| Vice President, J.P. Morgan Investment Management Inc. since February 2012. |
| Shannon Gaines (1977), <br>Assistant Treasurer (2018)\*\*\*<br>| Vice President, J.P. Morgan Investment Management Inc. since January 2014. |
| Jeffrey D. House (1972), <br>Assistant Treasurer (2017)\*\*\*<br>| Vice President, J.P. Morgan Investment Management Inc. since July 2006. |
| Michael Mannarino (1985), <br>Assistant Treasurer (2020)<br>| Vice President, J.P. Morgan Investment Management Inc. since 2014. |
| Joseph Parascondola (1963), <br>Assistant Treasurer (2011)\*<br>| &nbsp;&nbsp;&nbsp; Executive Director, J.P. Morgan Investment Management, Inc. Mr. Parascondola has been with J.P. Morgan <br> Investment Management Inc. since 2006.<br>|
| Gillian I. Sands (1969), <br>Assistant Treasurer (2012)<br>| &nbsp;&nbsp;&nbsp; Executive Director, J.P. Morgan Investment Management Inc. Ms. Sands has been with J.P. Morgan Investment <br> Management Inc. since 2012.<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

218 J.P. Morgan Large Cap Funds June 30, 2022

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---

| | |
|:---|:---|
| The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172. | The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172. |
| \* | The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310. |
| \*\* | The contact address for the officer is 4 New York Plaza, New York, NY 10004. |
| \*\*\* | The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 219

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**SCHEDULE OF SHAREHOLDER EXPENSES** <br>(Unaudited) <br>Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying Funds and ETFs) and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2022, and continued to hold your shares at the end of the reporting period, June 30, 2022.

**Actual Expenses**

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), or redemption fees, and expenses of the Underlying Funds and ETFs. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning** <br>**Account Value** <br>**January 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending** <br>**Account Value** <br>**June 30, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses** <br>**Paid During** <br>**the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized** <br>**Expense** <br>**Ratio**<br>|
| **JPMorgan Equity Focus Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $834.70  | $5.00  | 1.10% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.34 | &nbsp;&nbsp;&nbsp;&nbsp; 5.51 | 1.10 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 832.70 | &nbsp;&nbsp;&nbsp;&nbsp; 7.27 | 1.60 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1016.86 | &nbsp;&nbsp;&nbsp;&nbsp; 8.00 | 1.60 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 835.80 | &nbsp;&nbsp;&nbsp;&nbsp; 3.87 | 0.85 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.58 | &nbsp;&nbsp;&nbsp;&nbsp; 4.26 | 0.85 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 836.70 | &nbsp;&nbsp;&nbsp;&nbsp; 2.73 | 0.60 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.82 | &nbsp;&nbsp;&nbsp;&nbsp; 3.01 | 0.60 |
| **JPMorgan Equity Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 910.70 | &nbsp;&nbsp;&nbsp;&nbsp; 4.50 | 0.95 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.08 | &nbsp;&nbsp;&nbsp;&nbsp; 4.76 | 0.95 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 908.20 | &nbsp;&nbsp;&nbsp;&nbsp; 6.86 | 1.45 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1017.60 | &nbsp;&nbsp;&nbsp;&nbsp; 7.25 | 1.45 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 911.40 | &nbsp;&nbsp;&nbsp;&nbsp; 3.32 | 0.70 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.32 | &nbsp;&nbsp;&nbsp;&nbsp; 3.51 | 0.70 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 909.50 | &nbsp;&nbsp;&nbsp;&nbsp; 5.73 | 1.21 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.79 | &nbsp;&nbsp;&nbsp;&nbsp; 6.06 | 1.21 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

220 J.P. Morgan Large Cap Funds June 30, 2022

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **January 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **June 30, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan Equity Income Fund (continued)**  |  |  |  |  |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $910.30 | $4.50 | 0.95% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.08 | &nbsp;&nbsp;&nbsp;&nbsp; 4.76 | 0.95 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 911.40 | &nbsp;&nbsp;&nbsp;&nbsp; 3.32 | 0.70 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.32 | &nbsp;&nbsp;&nbsp;&nbsp; 3.51 | 0.70 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 912.20 | &nbsp;&nbsp;&nbsp;&nbsp; 2.61 | 0.55 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.07 | &nbsp;&nbsp;&nbsp;&nbsp; 2.76 | 0.55 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 912.60 | &nbsp;&nbsp;&nbsp;&nbsp; 2.13 | 0.45 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.56 | &nbsp;&nbsp;&nbsp;&nbsp; 2.26 | 0.45 |
| **JPMorgan Equity Index Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 798.70 | &nbsp;&nbsp;&nbsp;&nbsp; 2.01 | 0.45 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.56 | &nbsp;&nbsp;&nbsp;&nbsp; 2.26 | 0.45 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 796.30 | &nbsp;&nbsp;&nbsp;&nbsp; 4.68 | 1.05 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.59 | &nbsp;&nbsp;&nbsp;&nbsp; 5.26 | 1.05 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 799.50 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89 | 0.20 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.80 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00 | 0.20 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 800.20 | &nbsp;&nbsp;&nbsp;&nbsp; 0.22 | 0.05 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.55 | &nbsp;&nbsp;&nbsp;&nbsp; 0.25 | 0.05 |
| **JPMorgan Equity Premium Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 911.10 | &nbsp;&nbsp;&nbsp;&nbsp; 4.03 | 0.85 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.58 | &nbsp;&nbsp;&nbsp;&nbsp; 4.26 | 0.85 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 908.90 | &nbsp;&nbsp;&nbsp;&nbsp; 6.39 | 1.35 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.10 | &nbsp;&nbsp;&nbsp;&nbsp; 6.76 | 1.35 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 912.90 | &nbsp;&nbsp;&nbsp;&nbsp; 2.85 | 0.60 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.82 | &nbsp;&nbsp;&nbsp;&nbsp; 3.01 | 0.60 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 912.90 | &nbsp;&nbsp;&nbsp;&nbsp; 2.13 | 0.45 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.56 | &nbsp;&nbsp;&nbsp;&nbsp; 2.26 | 0.45 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 914.00 | &nbsp;&nbsp;&nbsp;&nbsp; 1.66 | 0.35 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.06 | &nbsp;&nbsp;&nbsp;&nbsp; 1.76 | 0.35 |
| **JPMorgan Hedged Equity Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 902.40 | &nbsp;&nbsp;&nbsp;&nbsp; 3.92 | 0.83 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.68 | &nbsp;&nbsp;&nbsp;&nbsp; 4.16 | 0.83 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 900.40 | &nbsp;&nbsp;&nbsp;&nbsp; 6.27 | 1.33 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.20 | &nbsp;&nbsp;&nbsp;&nbsp; 6.66 | 1.33 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 903.80 | &nbsp;&nbsp;&nbsp;&nbsp; 2.74 | 0.58 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.92 | &nbsp;&nbsp;&nbsp;&nbsp; 2.91 | 0.58 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 221

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**SCHEDULE OF SHAREHOLDER EXPENSES** <br>(Unaudited) (continued) <br>Hypothetical $1,000 Investment

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **January 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **June 30, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan Hedged Equity Fund (continued)**  |  |  |  |  |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $904.30  | $2.03  | 0.43% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.66 | &nbsp;&nbsp;&nbsp;&nbsp; 2.16 | 0.43 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 904.80 | &nbsp;&nbsp;&nbsp;&nbsp; 1.56 | 0.33 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.16 | &nbsp;&nbsp;&nbsp;&nbsp; 1.66 | 0.33 |
| **JPMorgan Hedged Equity 2 Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 872.90 | &nbsp;&nbsp;&nbsp;&nbsp; 3.95 | 0.85 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.58 | &nbsp;&nbsp;&nbsp;&nbsp; 4.26 | 0.85 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 870.70 | &nbsp;&nbsp;&nbsp;&nbsp; 6.26 | 1.35 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.10 | &nbsp;&nbsp;&nbsp;&nbsp; 6.76 | 1.35 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 874.10 | &nbsp;&nbsp;&nbsp;&nbsp; 2.79 | 0.60 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.82 | &nbsp;&nbsp;&nbsp;&nbsp; 3.01 | 0.60 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 874.20 | &nbsp;&nbsp;&nbsp;&nbsp; 2.09 | 0.45 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.56 | &nbsp;&nbsp;&nbsp;&nbsp; 2.26 | 0.45 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 874.70 | &nbsp;&nbsp;&nbsp;&nbsp; 1.63 | 0.35 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.06 | &nbsp;&nbsp;&nbsp;&nbsp; 1.76 | 0.35 |
| **JPMorgan Hedged Equity 3 Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 851.30 | &nbsp;&nbsp;&nbsp;&nbsp; 3.90 | 0.85 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.58 | &nbsp;&nbsp;&nbsp;&nbsp; 4.26 | 0.85 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 849.00 | &nbsp;&nbsp;&nbsp;&nbsp; 6.19 | 1.35 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.10 | &nbsp;&nbsp;&nbsp;&nbsp; 6.76 | 1.35 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 852.00 | &nbsp;&nbsp;&nbsp;&nbsp; 2.76 | 0.60 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.82 | &nbsp;&nbsp;&nbsp;&nbsp; 3.01 | 0.60 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 852.80 | &nbsp;&nbsp;&nbsp;&nbsp; 2.07 | 0.45 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.56 | &nbsp;&nbsp;&nbsp;&nbsp; 2.26 | 0.45 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 853.10 | &nbsp;&nbsp;&nbsp;&nbsp; 1.61 | 0.35 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.06 | &nbsp;&nbsp;&nbsp;&nbsp; 1.76 | 0.35 |
| **JPMorgan Large Cap Growth Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 730.90 | &nbsp;&nbsp;&nbsp;&nbsp; 4.03 | 0.94 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.13 | &nbsp;&nbsp;&nbsp;&nbsp; 4.71 | 0.94 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 729.20 | &nbsp;&nbsp;&nbsp;&nbsp; 6.17 | 1.44 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1017.65 | &nbsp;&nbsp;&nbsp;&nbsp; 7.20 | 1.44 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 731.80 | &nbsp;&nbsp;&nbsp;&nbsp; 2.96 | 0.69 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.37 | &nbsp;&nbsp;&nbsp;&nbsp; 3.46 | 0.69 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 729.90 | &nbsp;&nbsp;&nbsp;&nbsp; 5.10 | 1.19 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.89 | &nbsp;&nbsp;&nbsp;&nbsp; 5.96 | 1.19 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

222 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **January 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **June 30, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan Large Cap Growth Fund (continued)**  |  |  |  |  |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $731.00 | $4.03 | 0.94% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.13 | &nbsp;&nbsp;&nbsp;&nbsp; 4.71 | 0.94 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 731.90 | &nbsp;&nbsp;&nbsp;&nbsp; 2.96 | 0.69 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.37 | &nbsp;&nbsp;&nbsp;&nbsp; 3.46 | 0.69 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 732.30 | &nbsp;&nbsp;&nbsp;&nbsp; 2.32 | 0.54 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.12 | &nbsp;&nbsp;&nbsp;&nbsp; 2.71 | 0.54 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 732.70 | &nbsp;&nbsp;&nbsp;&nbsp; 1.89 | 0.44 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.61 | &nbsp;&nbsp;&nbsp;&nbsp; 2.21 | 0.44 |
| **JPMorgan Large Cap Value Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 930.30 | &nbsp;&nbsp;&nbsp;&nbsp; 4.45 | 0.93 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.18 | &nbsp;&nbsp;&nbsp;&nbsp; 4.66 | 0.93 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 928.00 | &nbsp;&nbsp;&nbsp;&nbsp; 6.88 | 1.44 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1017.65 | &nbsp;&nbsp;&nbsp;&nbsp; 7.20 | 1.44 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 931.50 | &nbsp;&nbsp;&nbsp;&nbsp; 3.30 | 0.69 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.37 | &nbsp;&nbsp;&nbsp;&nbsp; 3.46 | 0.69 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 929.40 | &nbsp;&nbsp;&nbsp;&nbsp; 5.69 | 1.19 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.89 | &nbsp;&nbsp;&nbsp;&nbsp; 5.96 | 1.19 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 930.10 | &nbsp;&nbsp;&nbsp;&nbsp; 4.50 | 0.94 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.13 | &nbsp;&nbsp;&nbsp;&nbsp; 4.71 | 0.94 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 931.70 | &nbsp;&nbsp;&nbsp;&nbsp; 3.30 | 0.69 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.37 | &nbsp;&nbsp;&nbsp;&nbsp; 3.46 | 0.69 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 932.50 | &nbsp;&nbsp;&nbsp;&nbsp; 2.59 | 0.54 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.12 | &nbsp;&nbsp;&nbsp;&nbsp; 2.71 | 0.54 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 933.00 | &nbsp;&nbsp;&nbsp;&nbsp; 2.11 | 0.44 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.61 | &nbsp;&nbsp;&nbsp;&nbsp; 2.21 | 0.44 |
| **JPMorgan U.S. Applied Data Science Value Fund (formerly known as** <br> **JPMorgan Intrepid Value Fund)**<br>|  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 884.70 | &nbsp;&nbsp;&nbsp;&nbsp; 3.41 | 0.73 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.18 | &nbsp;&nbsp;&nbsp;&nbsp; 3.66 | 0.73 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 882.90 | &nbsp;&nbsp;&nbsp;&nbsp; 5.74 | 1.23 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.70 | &nbsp;&nbsp;&nbsp;&nbsp; 6.16 | 1.23 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 885.90 | &nbsp;&nbsp;&nbsp;&nbsp; 2.29 | 0.49 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.37 | &nbsp;&nbsp;&nbsp;&nbsp; 2.46 | 0.49 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 883.20 | &nbsp;&nbsp;&nbsp;&nbsp; 5.09 | 1.09 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.39 | &nbsp;&nbsp;&nbsp;&nbsp; 5.46 | 1.09 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 223

------

**SCHEDULE OF SHAREHOLDER EXPENSES** <br>(Unaudited) (continued) <br>Hypothetical $1,000 Investment

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **January 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **June 30, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan U.S. Applied Data Science Value Fund (formerly known as** <br> **JPMorgan Intrepid Value Fund) (continued)** <br>|  |  |  |  |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $886.00 | $2.06 | 0.44% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.61 | &nbsp;&nbsp;&nbsp;&nbsp; 2.21 | 0.44 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 886.50 | &nbsp;&nbsp;&nbsp;&nbsp; 1.59 | 0.34 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.11 | &nbsp;&nbsp;&nbsp;&nbsp; 1.71 | 0.34 |
| **JPMorgan U.S. Equity Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 797.20 | &nbsp;&nbsp;&nbsp;&nbsp; 4.19 | 0.94 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.13 | &nbsp;&nbsp;&nbsp;&nbsp; 4.71 | 0.94 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 795.50 | &nbsp;&nbsp;&nbsp;&nbsp; 6.41 | 1.44 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1017.65 | &nbsp;&nbsp;&nbsp;&nbsp; 7.20 | 1.44 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 798.10 | &nbsp;&nbsp;&nbsp;&nbsp; 3.08 | 0.69 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.37 | &nbsp;&nbsp;&nbsp;&nbsp; 3.46 | 0.69 |
| **Class L** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 799.20 | &nbsp;&nbsp;&nbsp;&nbsp; 2.41 | 0.54 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.12 | &nbsp;&nbsp;&nbsp;&nbsp; 2.71 | 0.54 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 796.20 | &nbsp;&nbsp;&nbsp;&nbsp; 5.30 | 1.19 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.89 | &nbsp;&nbsp;&nbsp;&nbsp; 5.96 | 1.19 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 797.60 | &nbsp;&nbsp;&nbsp;&nbsp; 4.19 | 0.94 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.13 | &nbsp;&nbsp;&nbsp;&nbsp; 4.71 | 0.94 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 798.20 | &nbsp;&nbsp;&nbsp;&nbsp; 3.08 | 0.69 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.37 | &nbsp;&nbsp;&nbsp;&nbsp; 3.46 | 0.69 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 798.80 | &nbsp;&nbsp;&nbsp;&nbsp; 2.41 | 0.54 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.12 | &nbsp;&nbsp;&nbsp;&nbsp; 2.71 | 0.54 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 799.30 | &nbsp;&nbsp;&nbsp;&nbsp; 1.96 | 0.44 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.61 | &nbsp;&nbsp;&nbsp;&nbsp; 2.21 | 0.44 |
| **JPMorgan U.S. GARP Equity Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 730.40 | &nbsp;&nbsp;&nbsp;&nbsp; 3.60 | 0.84 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.63 | &nbsp;&nbsp;&nbsp;&nbsp; 4.21 | 0.84 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 728.70 | &nbsp;&nbsp;&nbsp;&nbsp; 5.74 | 1.34 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.15 | &nbsp;&nbsp;&nbsp;&nbsp; 6.71 | 1.34 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 731.40 | &nbsp;&nbsp;&nbsp;&nbsp; 2.53 | 0.59 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.87 | &nbsp;&nbsp;&nbsp;&nbsp; 2.96 | 0.59 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 729.60 | &nbsp;&nbsp;&nbsp;&nbsp; 4.67 | 1.09 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.39 | &nbsp;&nbsp;&nbsp;&nbsp; 5.46 | 1.09 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 731.90 | &nbsp;&nbsp;&nbsp;&nbsp; 1.89 | 0.44 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.61 | &nbsp;&nbsp;&nbsp;&nbsp; 2.21 | 0.44 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

224 J.P. Morgan Large Cap Funds June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **January 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **June 30, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan U.S. GARP Equity Fund (continued)**  |  |  |  |  |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $732.40 | $1.46 | 0.34% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.11 | &nbsp;&nbsp;&nbsp;&nbsp; 1.71 | 0.34 |
| **JPMorgan U.S. Large Cap Core Plus Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 774.20 | &nbsp;&nbsp;&nbsp;&nbsp; 8.14 | 1.85 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1015.62 | &nbsp;&nbsp;&nbsp;&nbsp; 9.25 | 1.85 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 772.10 | &nbsp;&nbsp; 10.33 | 2.35 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1013.14 | &nbsp;&nbsp; 11.73 | 2.35 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 774.80 | &nbsp;&nbsp;&nbsp;&nbsp; 7.00 | 1.59 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1016.91 | &nbsp;&nbsp;&nbsp;&nbsp; 7.95 | 1.59 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 772.30 | &nbsp;&nbsp;&nbsp;&nbsp; 9.67 | 2.20 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1013.89 | &nbsp;&nbsp; 10.99 | 2.20 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 775.00 | &nbsp;&nbsp;&nbsp;&nbsp; 6.82 | 1.55 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1017.11 | &nbsp;&nbsp;&nbsp;&nbsp; 7.75 | 1.55 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 775.20 | &nbsp;&nbsp;&nbsp;&nbsp; 6.38 | 1.45 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1017.60 | &nbsp;&nbsp;&nbsp;&nbsp; 7.25 | 1.45 |
| **JPMorgan U.S. Research Enhanced Equity Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 800.60 | &nbsp;&nbsp;&nbsp;&nbsp; 2.68 | 0.60 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.82 | &nbsp;&nbsp;&nbsp;&nbsp; 3.01 | 0.60 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 801.70 | &nbsp;&nbsp;&nbsp;&nbsp; 1.56 | 0.35 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.06 | &nbsp;&nbsp;&nbsp;&nbsp; 1.76 | 0.35 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 802.00 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12 | 0.25 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.56 | &nbsp;&nbsp;&nbsp;&nbsp; 1.25 | 0.25 |
| **JPMorgan U.S. Sustainable Leaders Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 764.70 | &nbsp;&nbsp;&nbsp;&nbsp; 2.80 | 0.64 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.62 | &nbsp;&nbsp;&nbsp;&nbsp; 3.21 | 0.64 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 763.00 | &nbsp;&nbsp;&nbsp;&nbsp; 4.98 | 1.14 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.14 | &nbsp;&nbsp;&nbsp;&nbsp; 5.71 | 1.14 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 765.70 | &nbsp;&nbsp;&nbsp;&nbsp; 1.71 | 0.39 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.86 | &nbsp;&nbsp;&nbsp;&nbsp; 1.96 | 0.39 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 765.90 | &nbsp;&nbsp;&nbsp;&nbsp; 1.49 | 0.34 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.11 | &nbsp;&nbsp;&nbsp;&nbsp; 1.71 | 0.34 |
| **JPMorgan U.S. Value Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 898.10 | &nbsp;&nbsp;&nbsp;&nbsp; 4.42 | 0.94 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.13 | &nbsp;&nbsp;&nbsp;&nbsp; 4.71 | 0.94 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 225

------

**SCHEDULE OF SHAREHOLDER EXPENSES** <br>(Unaudited) (continued) <br>Hypothetical $1,000 Investment

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **January 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **June 30, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan U.S. Value Fund (continued)**  |  |  |  |  |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $895.90  | $6.77  | 1.44% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1017.65 | &nbsp;&nbsp;&nbsp;&nbsp; 7.20 | 1.44 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 899.20 | &nbsp;&nbsp;&nbsp;&nbsp; 3.25 | 0.69 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.37 | &nbsp;&nbsp;&nbsp;&nbsp; 3.46 | 0.69 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 897.10 | &nbsp;&nbsp;&nbsp;&nbsp; 5.60 | 1.19 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.89 | &nbsp;&nbsp;&nbsp;&nbsp; 5.96 | 1.19 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 898.10 | &nbsp;&nbsp;&nbsp;&nbsp; 4.42 | 0.94 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.13 | &nbsp;&nbsp;&nbsp;&nbsp; 4.71 | 0.94 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 899.20 | &nbsp;&nbsp;&nbsp;&nbsp; 3.25 | 0.69 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.37 | &nbsp;&nbsp;&nbsp;&nbsp; 3.46 | 0.69 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 899.90 | &nbsp;&nbsp;&nbsp;&nbsp; 2.54 | 0.54 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.12 | &nbsp;&nbsp;&nbsp;&nbsp; 2.71 | 0.54 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 900.40 | &nbsp;&nbsp;&nbsp;&nbsp; 2.07 | 0.44 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.61 | &nbsp;&nbsp;&nbsp;&nbsp; 2.21 | 0.44 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Expenses are equal to each Class' respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

226 J.P. Morgan Large Cap Funds June 30, 2022

------

**LIQUIDITY RISK MANAGEMENT PROGRAM** <br>(Unaudited)

Each of the Funds covered in this report have adopted the J.P. Morgan Funds and J.P. Morgan Exchange-Traded Funds Amended and Restated Liquidity Risk Management Program (the "Program") under Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"). The Program seeks to assess, manage and review each Fund's Liquidity Risk. "Liquidity Risk" is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors' interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the "Board") on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum ("HLIM"), where applicable, and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management's Liquidity Risk Forum to be the program administrator for the Program (the "Program Administrator"). In addition to regular reporting at each of its quarterly meetings, on February 8, 2022, the Board reviewed the Program Administrator's annual written report (the "Report") concerning the operation of the Program for the period from January 1, 2021 through December 31, 2021 (the "Program Reporting Period"). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund's HLIM. During the Program Reporting Period, the Program was amended, pursuant to an exemptive order from the Securities and Exchange Commission, to permit the Funds to use liquidity definitions and classification methodologies that differ from the requirements under the Liquidity Rule in some respects. The

Report discussed the implementation of these changes. No other material changes were made to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund's Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying the investments of a Fund into one of the required liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions; (3) whether a Fund invested primarily in "Highly Liquid Investments" (as defined or modified under the Program), as well as whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (4) whether a Fund invested more than 15% of its assets in "Illiquid Investments" (as defined or modified under the Program) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period. The Report further summarized the conditions of the exemptive order.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund's Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 227

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

228 <br>

------

**TAX LETTER** <br>(Unaudited) <br>(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, 2022. 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, 2022. The information necessary to complete your income tax returns for the calendar year ending December 31, 2022 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, 2022:

---

| | |
|:---|:---|
|  | **Dividends** <br>**Received** <br>**Deduction**<br>|
| JPMorgan Equity Focus Fund | &nbsp;&nbsp; 47.52% |
| JPMorgan Equity Income Fund | 100.00 |
| JPMorgan Equity Index Fund | &nbsp;&nbsp; 58.49 |
| JPMorgan Equity Premium Income Fund | &nbsp;&nbsp; 13.79 |
| 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 | &nbsp;&nbsp; 47.88 |
| JPMorgan U.S. Applied Data Science Value Fund | &nbsp;&nbsp; 15.54 |
| JPMorgan U.S. Equity Fund | &nbsp;&nbsp; 23.94 |
| JPMorgan U.S. GARP Equity Fund | &nbsp;&nbsp; 10.35 |
| JPMorgan U.S. Large Cap Core Plus Fund | &nbsp;&nbsp; 90.67 |
| JPMorgan U.S. Research Enhanced Equity Fund | &nbsp;&nbsp; 37.50 |
| JPMorgan U.S. Sustainable Leaders Fund | &nbsp;&nbsp; 55.02 |
| 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, 2022:

---

| | |
|:---|:---|
|  | **Long-Term** <br>**Capital Gain** <br>**Distribution**<br>|
| JPMorgan Equity Focus Fund | $11588 |
| JPMorgan Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 828643 |
| JPMorgan Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31719 |
| JPMorgan Large Cap Growth Fund | &nbsp;&nbsp; 5131576 |
| JPMorgan Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 136036 |
| JPMorgan U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33907 |
| JPMorgan U.S. Equity Fund | &nbsp;&nbsp; 1172185 |
| JPMorgan U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 162626 |
| JPMorgan U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 668216 |

---

---

| | |
|:---|:---|
|  | **Long-Term**<br> **Capital Gain**<br> **Distribution**<br>|
| JPMorgan U.S. Research Enhanced Equity Fund | $503243 |
| JPMorgan U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3400 |
| JPMorgan U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23104 |

---

**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, 2022:

---

| | |
|:---|:---|
|  | **Qualified** <br>**Dividend** <br>**Income**<br>|
| JPMorgan Equity Focus Fund | $1527 |
| JPMorgan Equity Income Fund | &nbsp;&nbsp; 952442 |
| JPMorgan Equity Index Fund | &nbsp;&nbsp; 105414 |
| JPMorgan Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 30670 |
| JPMorgan Hedged Equity Fund | &nbsp;&nbsp; 137046 |
| JPMorgan Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 26754 |
| JPMorgan Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 14723 |
| JPMorgan Large Cap Growth Fund | &nbsp;&nbsp; 170779 |
| JPMorgan Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 59004 |
| JPMorgan U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4800 |
| JPMorgan U.S. Equity Fund | &nbsp;&nbsp; 256865 |
| JPMorgan U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9055 |
| JPMorgan U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 34979 |
| JPMorgan U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 79149 |
| JPMorgan U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2149 |
| JPMorgan U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 39590 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Large Cap Funds 229

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![](g456930img32507f5b20.gif)

Rev. January 2011

---

| | |
|:---|:---|
| **FACTS** | **WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Why?** | &nbsp;&nbsp; Financial companies choose how they share your personal information. Federal law gives <br> consumers the right to limit some but not all sharing. Federal law also requires us to tell you how <br> we collect, share, and protect your personal information. Please read this notice carefully to <br> understand what we do.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **What?** | &nbsp;&nbsp; The types of personal information we collect and share depend on the product or service you <br> have with us. This information can include:<br>|
|  | <sup>◾</sup>Social Security number and account balances |
|  | <sup>◾</sup>transaction history and account transactions |
|  | <sup>◾</sup>checking account information and wire transfer instructions |
|  | &nbsp;&nbsp; When you are no longer our customer, we continue to share your information as described in this <br> notice.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **How?** | &nbsp;&nbsp; All financial companies need to share customers' personal information to run their everyday <br> business. In the section below, we list the reasons financial companies can share their customers' <br> personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit <br> this sharing.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Reasons we can share your personal information** | **Does J.P. Morgan** <br>**Funds share?**<br>| **Can you limit this** <br>**sharing?**<br>|
| **For our everyday business purposes** — <br>such as to process your transactions, maintain your <br> account(s),respond to court orders and legal investigations, or <br> report to credit bureaus<br>| Yes | No |
| **For marketing purposes** — <br>to offer our products and services to you<br>| Yes | No |
| **For joint marketing with other financial companies** | No | We don't share |
| **For our affiliates' everyday business purposes** — <br>information about your transactions and experiences<br>| No | We don't share |
| **For our affiliates' everyday business purposes** — <br>information about your creditworthiness<br>| No | We don't share |
| **For nonaffiliates to market to you** | No | We don't share |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Questions?** | Call 1-800-480-4111 or go to www.jpmorganfunds.com |

---

------

![](g456930img32507f5b20.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Page 2**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Who we are** | **Who we are** |
| **Who is providing this notice?** | J.P. Morgan Funds |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **What we do** | **What we do** |
| **How does J.P. Morgan Funds** <br> **protect my personal** <br> **information?**<br>| &nbsp;&nbsp; To protect your personal information from unauthorized access and use, we use <br> security measures that comply with federal law. These measures include <br> computer safeguards and secured files and buildings. We authorize our <br> employees to access your information only when they need it to do their work <br> and we require companies that work for us to protect your information.<br>|
| **How does J.P. Morgan Funds** <br> **protect my personal** <br> **information?** | We collect your personal information, for example, when you: |
| **How does J.P. Morgan Funds** <br> **protect my personal** <br> **information?** | <sup>◾</sup>open an account or provide contact information |
| **How does J.P. Morgan Funds** <br> **protect my personal** <br> **information?** | <sup>◾</sup>give us your account information or pay us by check |
| **How does J.P. Morgan Funds** <br> **protect my personal** <br> **information?** | <sup>◾</sup>make a wire transfer |
| **How does J.P. Morgan Funds** <br> **protect my personal** <br> **information?** | &nbsp;&nbsp; We also collect your personal information from others, such as credit bureaus, <br> affiliates and other companies.<br>|
| **Why can't I limit all sharing?** | Federal law gives you the right to limit only |
| **Why can't I limit all sharing?** | &nbsp;&nbsp;&nbsp; <sup>◾</sup>sharing for affiliates' everyday business purposes – information about your <br> creditworthiness<br>|
| **Why can't I limit all sharing?** | <sup>◾</sup>affiliates from using your information to market to you |
| **Why can't I limit all sharing?** | <sup>◾</sup>sharing for nonaffiliates to market to you |
| **Why can't I limit all sharing?** | &nbsp;&nbsp; State laws and individual companies may give you additional rights to limit <br> sharing.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Definitions** | **Definitions** |
| **Affiliates** | &nbsp;&nbsp; Companies related by common ownership or control. They can be financial and <br> nonfinancial companies.<br>|
|  | <sup>◾</sup>J.P. Morgan Funds does not share with our affiliates. |
| **Nonaffiliates** | &nbsp;&nbsp; Companies not related by common ownership or control. They can be financial <br> and nonfinancial companies.<br>|
|  | <sup>◾</sup>J.P. Morgan Funds does not share with nonaffiliates so they can market to you. |
| **Joint Marketing** | &nbsp;&nbsp; A formal agreement between nonaffiliated financial companies that together <br> market financial products or services to you.<br>|
|  | <sup>◾</sup>J.P. Morgan Funds doesn't jointly market. |

---

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THIS PAGE IS INTENTIONALLY LEFT BLANK

------

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

***Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a portfolio prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.***

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC's website at http://www.sec.gov. The Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds' website at www.jpmorganfunds.com.

A description of the Portfolio's policies and procedures with respect to the disclosure of each Funds' holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC's website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC's website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

![](g456930img32507f5b20.gif)

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![](g456930imga8f8f67921.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., 2022. All rights reserved. June 2022.

AN-LCE-622

------

Annual Report

JPMorgan SmartRetirement® Blend Funds

June 30, 2022

---

| |
|:---|
| JPMorgan SmartRetirement® Blend Income Fund |
| JPMorgan SmartRetirement® Blend 2015 Fund (formerly known as JPMorgan SmartSpending<sup>SM</sup> 2015 Fund) |
| JPMorgan SmartRetirement® Blend 2020 Fund |
| JPMorgan SmartRetirement® Blend 2025 Fund |
| JPMorgan SmartRetirement® Blend 2030 Fund |
| JPMorgan SmartRetirement® Blend 2035 Fund |
| JPMorgan SmartRetirement® Blend 2040 Fund |
| JPMorgan SmartRetirement® Blend 2045 Fund |
| JPMorgan SmartRetirement® Blend 2050 Fund |
| JPMorgan SmartRetirement® Blend 2055 Fund |
| JPMorgan SmartRetirement® Blend 2060 Fund |

---

![](g456119img5d7ed73e1.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Letter to Shareholders](#xx_560df6c0-c4e1-4177-b212-54dc8ff81d3b_lts-ltscc-855_1) | **1** |
| [Fund Facts](#xx_560df6c0-c4e1-4177-b212-54dc8ff81d3b_ff-fundfactscc-855_1) | **2** |
| [Funds Commentary](#xx_560df6c0-c4e1-4177-b212-54dc8ff81d3b_fc-1-fundcommentarycc-855_1) | **5** |
| [Schedules of Portfolio Investments](#xx_560df6c0-c4e1-4177-b212-54dc8ff81d3b_soi-toc-scheduleofinvestments-855_1) | **18** |
| [Financial Statements](#xx_560df6c0-c4e1-4177-b212-54dc8ff81d3b_fs-toc-financialstatement-855_1) | **102** |
| [Financial Highlights](#xx_560df6c0-c4e1-4177-b212-54dc8ff81d3b_fihi-toc-financialhighlights-855_1) | **132** |
| [Notes to Financial Statements](#xx_560df6c0-c4e1-4177-b212-54dc8ff81d3b_ntf-ntfrunningfooter-855_1) | **154** |
| [Report of Independent Registered Public Accounting Firm](#xx_560df6c0-c4e1-4177-b212-54dc8ff81d3b_aud-toc-auditorsreport-855_1) | **190** |
| [Trustees](#xx_560df6c0-c4e1-4177-b212-54dc8ff81d3b_trust-trusteescc-855_1) | **191** |
| [Officers](#xx_560df6c0-c4e1-4177-b212-54dc8ff81d3b_officers-officerscc-855_1) | **195** |
| [Schedule of Shareholder Expenses](#xx_560df6c0-c4e1-4177-b212-54dc8ff81d3b_sse-shareholderexpensescc-855_1) | **197** |
| [Liquidity Risk Management Program](#xx_560df6c0-c4e1-4177-b212-54dc8ff81d3b_liquidity-lrmcc-855_1) | **202** |
| [Tax Letter](#xx_560df6c0-c4e1-4177-b212-54dc8ff81d3b_tl-taxlettercc-855_1) | **203** |
| [Privacy Policy — Located at the back of this Annual Report](#xx_560df6c0-c4e1-4177-b212-54dc8ff81d3b_privacypolicy-toc-privacypolicyannualreport-855_1) |  |

---

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

------

**Letter to Shareholders** <br>August 8, 2022 (Unaudited)

**Dear Shareholder,** 

---

| | |
|:---|:---|
| ![](g456119imgba4388032.jpg)<br>| &nbsp;&nbsp; <br>*"It remains essential, in our view, that* <br> *investors consider the potential* <br> *benefits of portfolio diversification* <br> *that adapts to near-term market* <br> *conditions while cultivating long-term* <br> *opportunities."*<br> *— Andrea L. Lisher*<br>|

---

The global economic rebound that marked 2021 has been sapped of much of its strength in 2022 by accelerating inflation and rising interest rates, the conflict in Ukraine and the ongoing global impacts of the pandemic. The uncertain economic picture has proven to be particularly challenging for investors.

U.S. equity prices, which had largely led a decade-long rally in global equity, fell sharply in 2022 and turned in their worst first-half performance since 1970. In general, only select U.S. Treasury bonds and U.S. core fixed income saw increased investor demand amid the sell-off in equities.

In response to rising consumer and producer prices and tight labor markets, the U.S. Federal Reserve (the "Fed") adopted an increasingly aggressive policy stance in 2022, raising its benchmark interest rate by 25 basis points in March, then by 50 basis points in May and by 75 basis points each in June and July. Meanwhile, U.S. gross domestic product fell by 1.6% in the first quarter of 2022 and by an estimated 0.9% in the second quarter.

However, corporate earnings and revenues have largely outpaced certain investor expectations in 2022 amid sustained strength in consumer demand and management efforts to hold down expenses and pass along higher input costs. Further economic resilience was seen in labor markets, where the jobless rate remained at 3.6% from February through June.

In 2022, investors are now facing economic and market circumstances unseen in decades. In the U.S., the highest inflation rate in 40 years and the Fed's policy response have rattled both equity and fixed income markets. Concurrently, the conflict in Ukraine has constrained both energy supplies to Europe and grain shipments to a range of nations already under economic strain. The Fed and other leading central banks have acknowledged the risks of runaway inflation and have generally pledged to employ a flexible approach to counter those risks without squelching economic growth.

It remains essential, in our view, that investors consider the potential benefits of portfolio diversification that adapts to near-term market conditions, while cultivating long-term opportunities. J.P. Morgan Asset Management will seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.

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

Sincerely yours, <br> ![](g456119imgef3914bd3.jpg)

Andrea L. Lisher <br>Head of Americas, Client <br>J.P. Morgan Asset Management

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June 30, 2022 JPMorgan SmartRetirement® Blend Funds 1

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JPMorgan SmartRetirement<sup>®</sup> Blend Funds

**FUND FACTS** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Fund** <br>**Return\***<br>| **Broad Based** <br>**Securities** <br>**Market Index** <br>**Return**<br>| **Broad Based Securities Market Index Name** | **Fund Net** <br>**Assets as of** <br>**June 30, 2022**<br> **($000)** <br>|
| &nbsp;&nbsp;&nbsp; JPMorgan SmartRetirement® Blend Income <br> Fund<br>| (12.07)% | &nbsp;&nbsp; (9.75)% | S&P Target Date Retirement Income Index | &nbsp;&nbsp; 575499 |
| &nbsp;&nbsp;&nbsp; JPMorgan SmartRetirement® Blend 2015 Fund <br> (formerly known as JPMorgan <br> SmartSpending<sup>SM</sup> 2015 Fund)<br>| (11.99)% | (10.27)% | S&P Target Date 2015 Index | &nbsp;&nbsp;&nbsp;&nbsp; 26604 |
| JPMorgan SmartRetirement® Blend 2020 Fund | (12.10)% | (10.86)% | S&P Target Date 2020 Index | 1038902 |
| JPMorgan SmartRetirement® Blend 2025 Fund | (13.28)% | (11.40)% | S&P Target Date 2025 Index | 1835987 |
| JPMorgan SmartRetirement® Blend 2030 Fund | (14.12)% | (12.24)% | S&P Target Date 2030 Index | 2193231 |
| JPMorgan SmartRetirement® Blend 2035 Fund | (14.58)% | (13.15)% | S&P Target Date 2035 Index | 2062189 |
| JPMorgan SmartRetirement® Blend 2040 Fund | (15.01)% | (13.76)% | S&P Target Date 2040 Index | 1820490 |
| JPMorgan SmartRetirement® Blend 2045 Fund | (15.32)% | (14.15)% | S&P Target Date 2045 Index | 1469479 |
| JPMorgan SmartRetirement® Blend 2050 Fund | (15.38)% | (14.33)% | S&P Target Date 2050 Index | 1114330 |
| JPMorgan SmartRetirement® Blend 2055 Fund | (15.31)% | (14.39)% | S&P Target Date 2055 Index | &nbsp;&nbsp; 620642 |
| JPMorgan SmartRetirement® Blend 2060 Fund | (15.24)% | (14.45)% | S&P Target Date 2060+ Index | &nbsp;&nbsp; 238870 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Returns for all Funds are based on Class R6 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. 

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2 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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**JPMorgan SmartRetirement® Blend Income Fund** 

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| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY ASSET CLASS** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Investment Companies | 40.6% |
| Exchange-Traded Funds | 30.4 |
| Corporate Bonds | &nbsp;&nbsp; 6.1 |
| Asset-Backed Securities | &nbsp;&nbsp; 4.7 |
| Mortgage-Backed Securities | &nbsp;&nbsp; 4.3 |
| U.S. Treasury Obligations | &nbsp;&nbsp; 4.0 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; 1.1 |
| Others (each less than 1.0%) | &nbsp;&nbsp; 0.8 |
| Short-Term Investments | &nbsp;&nbsp; 8.0 |

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**JPMorgan SmartRetirement® Blend 2015 Fund (formerly known as JPMorgan SmartSpending**<sup>SM</sup> **2015 Fund)** 

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| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY ASSET CLASS** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Investment Companies | 39.2% |
| Exchange-Traded Funds | 29.9 |
| U.S. Treasury Obligations | 6.8 |
| Corporate Bonds | 6.0 |
| Mortgage-Backed Securities | &nbsp;&nbsp; 5.1 |
| Asset-Backed Securities | &nbsp;&nbsp; 3.1 |
| Others (each less than 1.0%) | &nbsp;&nbsp; 1.4 |
| Short-Term Investments | 8.5 |

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**JPMorgan SmartRetirement® Blend 2020 Fund** 

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| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY ASSET CLASS** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Investment Companies | 40.8% |
| Exchange-Traded Funds | 30.1 |
| Corporate Bonds | &nbsp;&nbsp; 6.0 |
| Asset-Backed Securities | &nbsp;&nbsp; 5.0 |
| Mortgage-Backed Securities | &nbsp;&nbsp; 4.6 |
| U.S. Treasury Obligations | &nbsp;&nbsp; 3.2 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; 1.4 |
| Others (each less than 1.0%) | &nbsp;&nbsp; 0.8 |
| Short-Term Investments | &nbsp;&nbsp; 8.1 |

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**JPMorgan SmartRetirement® Blend 2025 Fund** 

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| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY ASSET CLASS** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Investment Companies | 44.8% |
| Exchange-Traded Funds | 30.3 |
| Corporate Bonds | &nbsp;&nbsp; 5.9 |
| Mortgage-Backed Securities | &nbsp;&nbsp; 4.3 |
| Asset-Backed Securities | &nbsp;&nbsp; 4.2 |
| U.S. Treasury Obligations | &nbsp;&nbsp; 4.0 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; 1.1 |
| Others (each less than 1.0%) | &nbsp;&nbsp; 0.6 |
| Short-Term Investments | &nbsp;&nbsp; 4.8 |

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**JPMorgan SmartRetirement® Blend 2030 Fund** 

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| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY ASSET CLASS** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Investment Companies | 49.3% |
| Exchange-Traded Funds | 30.5 |
| Corporate Bonds | &nbsp;&nbsp; 4.7 |
| U.S. Treasury Obligations | &nbsp;&nbsp; 3.8 |
| Asset-Backed Securities | &nbsp;&nbsp; 3.4 |
| Mortgage-Backed Securities | &nbsp;&nbsp; 3.3 |
| Others (each less than 1.0%) | &nbsp;&nbsp; 1.4 |
| Short-Term Investments | &nbsp;&nbsp; 3.6 |

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**JPMorgan SmartRetirement® Blend 2035 Fund** 

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| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY ASSET CLASS** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Investment Companies | 58.1% |
| Exchange-Traded Funds | 33.5 |
| U.S. Treasury Obligations | &nbsp;&nbsp; 1.2 |
| Corporate Bonds | &nbsp;&nbsp; 1.1 |
| Others (each less than 1.0%) | &nbsp;&nbsp; 1.9 |
| Short-Term Investments | 4.2 |

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June 30, 2022 JPMorgan SmartRetirement® Blend Funds 3

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JPMorgan SmartRetirement<sup>®</sup> Blend Funds

**FUND FACTS** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited) (continued)

**JPMorgan SmartRetirement® Blend 2040 Fund** 

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| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY ASSET CLASS** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| U.S. Equity | 48.8% |
| International Equity | 30.3 |
| Fixed Income | 15.1 |
| Alternative Assets | &nbsp;&nbsp; 3.4 |
| U.S. Treasury Obligations | &nbsp;&nbsp; 0.3 |
| Short-Term Investments | &nbsp;&nbsp; 2.1 |

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**JPMorgan SmartRetirement® Blend 2045 Fund** 

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| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY ASSET CLASS** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| U.S. Equity | 53.1% |
| International Equity | 32.9 |
| Fixed Income | &nbsp;&nbsp; 7.5 |
| Alternative Assets | &nbsp;&nbsp; 3.7 |
| U.S. Treasury Obligations | 0.3 |
| Short-Term Investments | &nbsp;&nbsp; 2.5 |

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**JPMorgan SmartRetirement® Blend 2050 Fund** 

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| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY ASSET CLASS** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| U.S. Equity | 54.1% |
| International Equity | 33.4 |
| Fixed Income | &nbsp;&nbsp; 6.1 |
| Alternative Assets | &nbsp;&nbsp; 3.7 |
| U.S. Treasury Obligations | &nbsp;&nbsp; 0.3 |
| Short-Term Investments | &nbsp;&nbsp; 2.4 |

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**JPMorgan SmartRetirement® Blend 2055 Fund** 

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| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY ASSET CLASS** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| U.S. Equity | 53.7% |
| International Equity | 33.8 |
| Fixed Income | 6.1 |
| Alternative Assets | &nbsp;&nbsp; 3.7 |
| U.S. Treasury Obligations | 0.3 |
| Short-Term Investments | &nbsp;&nbsp; 2.4 |

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**JPMorgan SmartRetirement® Blend 2060 Fund** 

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| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY ASSET CLASS** <br>**AS OF June 30, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| U.S. Equity | 51.8% |
| International Equity | 33.4 |
| Fixed Income | &nbsp;&nbsp; 5.9 |
| Alternative Assets | &nbsp;&nbsp; 3.6 |
| U.S. Treasury Obligations | 0.3 |
| Short-Term Investments | &nbsp;&nbsp; 5.0 |

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4 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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JPMorgan SmartRetirement® Blend Funds

**FUNDS COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

**INVESTMENT OBJECTIVES\***

The JPMorgan SmartRetirement® Blend Income Fund seeks current income and some capital appreciation. The JPMorgan SmartRetirement® Blend 2015 Fund seeks to provide total return consisting of current income and some capital appreciation. The remaining JPMorgan SmartRetirement® Blend Funds each seek high total return with a shift to current income and some capital appreciation over time as each Fund approaches and passes its respective target retirement date.

**HOW DID THE MARKET PERFORM?**

Equity markets rallied in the second half of 2021 on the back of low interest rates, record corporate earnings and a global economic rebound. However, equity markets in 2022 rendered their worst first-half performance since 1970, amid slowing growth, rapidly rising inflation and the outbreak of military conflict in Ukraine.

By the end of June 2022, the S&P 500 had slumped into bear market territory – generally defined as a 20% or more decline since the last closing high. While bond markets largely underperformed equity markets throughout most of the twelve month period, investor demand for U.S. Treasury bonds bolstered the Bloomberg U.S. Aggregate Index in the second half of the period.

U.S. equity generated positive returns and led developed markets equity to outperform both emerging markets equity and fixed income markets during the second half of 2021. U.S. equity prices were bolstered by continued monetary and fiscal support as well as strong consumer spending and record corporate profits.

International developed markets equity also provided positive returns though the strength of the economic rebound from 2020 was tempered in some regions by the inflationary pressures, supply chain bottlenecks and mixed success in battling the pandemic. Emerging markets equity prices fell during the period, partly driven by investor concerns about the outlook for inflation and interest rates, as well increased scrutiny of large technology companies by regulators in China.

A resurgence in the pandemic, particularly the emergence of the Omicron variant of Covid-19, in late 2021 and early 2022 failed to dent the U.S. economy. However, a number of nations reinstated social restrictions and China enacted a "Zero Covid" policy that led to severe lockdowns in several large cities, including Shanghai. The result was a sharp drop in manufacturing and other economic activity across China, which further strained on global supply chains and became a drag on the economies of other emerging market nations..

The S&P 500 reached a new closing high on January 3, 2022, bolstered by record high corporate earnings, sales, cash flows,

share repurchases and dividends. However, investor sentiment began to sour as accelerating inflation started to erode consumer confidence and raise expectations for an increase in benchmark interest rates by the U.S. Federal Reserve.

Russia's invasion of Ukraine at the end of February 2022 initiated a sell-off in global financial markets that was further fueled by the highest U.S. inflation rate in more than 40 years. Equity prices recovered somewhat in March 2022 amid better-than-expected corporate earnings. However, the general trend in global financial markets was downward.

While the S&P 500 had a positive total return of 11.67% in the second half of 2021, the index plummeted in the first half of 2022 and its total return for the twelve-month period was -10.62%. Within U.S. equity markets, prices for small cap stocks declined the most, followed by large cap and mid cap stocks, and growth stocks largely underperformed value stocks.

**WHAT WERE THE MAIN DRIVERS OF THE PORTFOLIO'S PERFORMANCE?**

The Class R6 Shares of the SmartRetirement Blend Income Fund and all ten SmartRetirement Blend Funds underperformed their respective S&P Target Date Indexes (the "Benchmarks") for the twelve months ended June 30, 2022.

In terms of manager selection, the Fund's investments in the JPMorgan Emerging Markets Research Enhanced Equity Fund and JPMorgan Emerging Markets Debt Fund, and in the JPMorgan Inflation Managed Bond ETF were leading detractors from performance. The Fund's investments in JPMorgan Core Bond Fund, JPMorgan High Yield Bond Fund and JPMorgan Income Fund were leading contributors to relative performance.

From a strategic perspective, the Funds' larger allocations to equities over fixed income, particularly in the longer-dated Funds, detracted from relative performance. The Funds' diversification within fixed income, particularly their overweight allocations to emerging markets debt and U.S. high yield bonds, detracted from relative performance. Within equities, the Funds' overweight allocations to real estate investment trusts contributed to relative performance.

From an active asset allocation perspective, the Funds' larger allocations to U.S. large cap equity over bonds was a leading detractor from relative performance amid rising geopolitical uncertainty, inflationary pressure and risks to economic growth. The portfolio managers responded to the above factors via a diversified underweight position across equities and credit, which helped relative performance.

Strategic asset allocation involves setting long-term target allocations to various asset classes and periodically rebalancing

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June 30, 2022 JPMorgan SmartRetirement® Blend Funds 5

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JPMorgan SmartRetirement® Blend Funds

**FUNDS COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited) (continued)

the portfolio in accordance with those targets. Active asset allocation generally involves a more active trading approach and seeks to take advantage of short-to-intermediate term investment opportunities.

**HOW WAS THE PORTFOLIO POSITIONED?**

The Funds invested in underlying J.P. Morgan Funds (the "underlying funds") to implement the Funds' portfolio managers' asset allocation decisions. The Funds' portfolio managers used a systematic screening and selection process to choose the underlying funds in their construction of the portfolios. Relative to their respective Benchmarks, the Funds invested across a broader range of asset classes.

The Funds' portfolio managers believed that this diversification would help manage market volatility and contribute to the Funds' long-term risk-adjusted returns. In addition, the portfolio managers sought to invest in asset classes that they believed have had historically lower correlations to the broader fixed income and equity markets. The Funds' portfolio managers also used futures contracts to help manage cash flows and implement active asset allocations.

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\*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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JPMorgan SmartRetirement® Blend Income Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **SINCE**<br> **INCEPTION**<br>|
| **Class I SHARES** | July 2, 2012 | (12.25)% | 2.75% | 3.90% |
| **Class R2 SHARES** | July 2, 2012 | (12.71) | 2.23 | 3.42 |
| **Class R3 SHARES** | May 31, 2017 | (12.48) | 2.48 | 3.70 |
| **Class R4 SHARES** | May 31, 2017 | (12.30) | 2.74 | 3.96 |
| **Class R5 SHARES** | July 2, 2012 | (12.18) | 2.89 | 4.07 |
| **Class R6 SHARES** | July 2, 2012 | (12.07) | 3.00 | 4.16 |

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**LIFE OF FUND PERFORMANCE** (7/2/12 TO 6/30/22)

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![](g456119imgf70eadf24.jpg)

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

The Fund commenced operations on July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement® Blend Income Fund and the S&P Target Date Retirement Income Index from July 2, 2012 to June 30, 2022. 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 Target Date Retirement Income 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 broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the

broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date Retirement Income Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date Retirement Income Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date Retirement Income Index was discontinued. As a result, performance for the S&P Target Date Retirement Income Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund's S&P Target Date Retirement Index did not change and there is no change in the Fund's investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

7 <br>

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JPMorgan SmartRetirement® Blend 2015 Fund <br>(formerly known as JPMorgan SmartSpending<sup>SM</sup> 2015 Fund)

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **SINCE**<br> **INCEPTION**<br>|
| **Class I SHARES** | December 30, 2016 | (12.22)% | 1.76% | 2.57% |
| **Class R2 SHARES** | December 30, 2016 | (12.62) | 1.17 | 1.96 |
| **Class R3 SHARES** | December 30, 2016 | (12.45) | 1.41 | 2.21 |
| **Class R4 SHARES** | December 30, 2016 | (12.21) | 1.68 | 2.48 |
| **Class R5 SHARES** | December 30, 2016 | (12.08) | 1.82 | 2.62 |
| **Class R6 SHARES** | December 30, 2016 | (11.99) | 1.92 | 2.72 |

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**LIFE OF FUND PERFORMANCE** (12/30/16 TO 6/30/22)

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![](g456119imge56b38315.jpg)

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

The Fund commenced operations on December 30, 2016.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement® Blend 2015 Fund and the S&P Target Date 2015 Index from December 30, 2016 to June 30, 2022. 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 Target Date 2015 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 broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2015 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the

impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2015 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2015 Index was discontinued. As a result, performance for the S&P Target Date 2015 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund's S&P Target Date Retirement Index did not change and there is no change in the Fund's investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 <br>

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JPMorgan SmartRetirement® Blend 2020 Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **SINCE**<br> **INCEPTION**<br>|
| **Class I SHARES** | July 2, 2012 | (12.31)% | 3.18% | 5.21% |
| **Class R2 SHARES** | July 2, 2012 | (12.71) | 2.66 | 4.73 |
| **Class R3 SHARES** | May 31, 2017 | (12.53) | 2.92 | 5.01 |
| **Class R4 SHARES** | May 31, 2017 | (12.25) | 3.18 | 5.28 |
| **Class R5 SHARES** | July 2, 2012 | (12.19) | 3.33 | 5.39 |
| **Class R6 SHARES** | July 2, 2012 | (12.10) | 3.43 | 5.47 |

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**LIFE OF FUND PERFORMANCE** (7/2/12 TO 6/30/22)

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![](g456119img1dd9b1f06.jpg)

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

The Fund commenced operations on July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement® Blend 2020 Fund and the S&P Target Date 2020 Index from July 2, 2012 to June 30, 2022. 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 Target Date 2020 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 broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the

broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2020 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2020 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2020 Index was discontinued. As a result, performance for the S&P Target Date 2020 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund's S&P Target Date Retirement Index did not change and there is no change in the Fund's investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

9 <br>

------

JPMorgan SmartRetirement® Blend 2025 Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **SINCE**<br> **INCEPTION**<br>|
| **Class I SHARES** | July 2, 2012 | (13.48)% | 3.91% | 6.06% |
| **Class R2 SHARES** | July 2, 2012 | (13.95) | 3.38 | 5.56 |
| **Class R3 SHARES** | May 31, 2017 | (13.70) | 3.64 | 5.85 |
| **Class R4 SHARES** | May 31, 2017 | (13.47) | 3.91 | 6.12 |
| **Class R5 SHARES** | July 2, 2012 | (13.37) | 4.06 | 6.24 |
| **Class R6 SHARES** | July 2, 2012 | (13.28) | 4.17 | 6.32 |

---

**LIFE OF FUND PERFORMANCE** (7/2/12 TO 6/30/22)

------

![](g456119img7e41ec0a7.jpg)

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

The Fund commenced operations on July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement® Blend 2025 Fund and the S&P Target Date 2025 Index from July 2, 2012 to June 30, 2022. 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 Target Date 2025 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 broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the

broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2025 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2025 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2025 Index was discontinued. As a result, performance for the S&P Target Date 2025 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund's S&P Target Date Retirement Index did not change and there is no change in the Fund's investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 <br>

------

JPMorgan SmartRetirement® Blend 2030 Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **SINCE**<br> **INCEPTION**<br>|
| **Class I SHARES** | July 2, 2012 | (14.35)% | 4.52% | 6.78% |
| **Class R2 SHARES** | July 2, 2012 | (14.78) | 3.99 | 6.29 |
| **Class R3 SHARES** | May 31, 2017 | (14.58) | 4.25 | 6.57 |
| **Class R4 SHARES** | May 31, 2017 | (14.35) | 4.51 | 6.83 |
| **Class R5 SHARES** | July 2, 2012 | (14.25) | 4.67 | 6.96 |
| **Class R6 SHARES** | July 2, 2012 | (14.12) | 4.78 | 7.04 |

---

**LIFE OF FUND PERFORMANCE** (7/2/12 TO 6/30/22)

------

![](g456119img110d75a78.jpg)

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

The Fund commenced operations on July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement® Blend 2030 Fund and the S&P Target Date 2030 Index from July 2, 2012 to June 30, 2022. 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 Target Date 2030 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 broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the

broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2030 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2030 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2030 Index was discontinued. As a result, performance for the S&P Target Date 2030 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund's S&P Target Date Retirement Index did not change and there is no change in the Fund's investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

11 <br>

------

JPMorgan SmartRetirement® Blend 2035 Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **SINCE**<br> **INCEPTION**<br>|
| **Class I SHARES** | July 2, 2012 | (14.78)% | 5.14% | 7.41% |
| **Class R2 SHARES** | July 2, 2012 | (15.18) | 4.62 | 6.92 |
| **Class R3 SHARES** | May 31, 2017 | (14.98) | 4.87 | 7.20 |
| **Class R4 SHARES** | May 31, 2017 | (14.77) | 5.14 | 7.47 |
| **Class R5 SHARES** | July 2, 2012 | (14.64) | 5.30 | 7.60 |
| **Class R6 SHARES** | July 2, 2012 | (14.58) | 5.40 | 7.68 |

---

**LIFE OF FUND PERFORMANCE** (7/2/12 TO 6/30/22)

------

![](g456119imgb911bbb19.jpg)

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

The Fund commenced operations on July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement® Blend 2035 Fund and the S&P Target Date 2035 Index from July 2, 2012 to June 30, 2022. 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 Target Date 2035 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 broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the

broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2035 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2035 Index is comprised of underlying indices of securities. Effective May 31, 2017, prior version of the S&P Target Date 2035 Index was discontinued. As a result, performance for the S&P Target Date 2035 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund's S&P Target Date Retirement Index did not change and there is no change in the Fund's investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 <br>

------

JPMorgan SmartRetirement® Blend 2040 Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **SINCE**<br> **INCEPTION**<br>|
| **Class I SHARES** | July 2, 2012 | (15.25)% | 5.59% | 7.84% |
| **Class R2 SHARES** | July 2, 2012 | (15.68) | 5.06 | 7.35 |
| **Class R3 SHARES** | May 31, 2017 | (15.44) | 5.32 | 7.64 |
| **Class R4 SHARES** | May 31, 2017 | (15.26) | 5.59 | 7.91 |
| **Class R5 SHARES** | July 2, 2012 | (15.10) | 5.75 | 8.03 |
| **Class R6 SHARES** | July 2, 2012 | (15.01) | 5.86 | 8.11 |

---

**LIFE OF FUND PERFORMANCE** (7/2/12 TO 6/30/22)

------

![](g456119img9d0f69dc10.jpg)

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

The Fund commenced operations on July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement® Blend 2040 Fund and the S&P Target Date 2040 Index from July 2, 2012 to June 30, 2022. 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 Target Date 2040 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 broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the

broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2040 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2040 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2040 Index was discontinued. As a result, performance for the S&P Target Date 2040 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund's S&P Target Date Retirement Index did not change and there is no change in the Fund's investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

13 <br>

------

JPMorgan SmartRetirement® Blend 2045 Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **SINCE**<br> **INCEPTION**<br>|
| **Class I SHARES** | July 2, 2012 | (15.55)% | 5.85% | 7.97% |
| **Class R2 SHARES** | July 2, 2012 | (15.96) | 5.33 | 7.48 |
| **Class R3 SHARES** | May 31, 2017 | (15.76) | 5.60 | 7.77 |
| **Class R4 SHARES** | May 31, 2017 | (15.55) | 5.86 | 8.03 |
| **Class R5 SHARES** | July 2, 2012 | (15.45) | 6.02 | 8.16 |
| **Class R6 SHARES** | July 2, 2012 | (15.32) | 6.12 | 8.25 |

---

**LIFE OF FUND PERFORMANCE** (7/2/12 TO 6/30/22)

------

![](g456119img6fa1b52b11.jpg)

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

The Fund commenced operations on July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement® Blend 2045 Fund and the S&P Target Date 2045 Index from July 2, 2012 to June 30, 2022. 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 Target Date 2045 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 broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the

broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2045 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2045 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2045 Index was discontinued. As a result, performance for the S&P Target Date 2045 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund's S&P Target Date Retirement Index did not change and there is no change in the Fund's investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 <br>

------

JPMorgan SmartRetirement® Blend 2050 Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **SINCE**<br> **INCEPTION**<br>|
| **Class I SHARES** | July 2, 2012 | (15.62)% | 5.90% | 8.00% |
| **Class R2 SHARES** | July 2, 2012 | (16.03) | 5.37 | 7.51 |
| **Class R3 SHARES** | May 31, 2017 | (15.83) | 5.64 | 7.80 |
| **Class R4 SHARES** | May 31, 2017 | (15.60) | 5.90 | 8.07 |
| **Class R5 SHARES** | July 2, 2012 | (15.47) | 6.06 | 8.19 |
| **Class R6 SHARES** | July 2, 2012 | (15.38) | 6.16 | 8.27 |

---

**LIFE OF FUND PERFORMANCE** (7/2/12 TO 6/30/22)

------

![](g456119img80bebbb412.jpg)

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

The Fund commenced operations on July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement® Blend 2050 Fund and the S&P Target Date 2050 Index from July 2, 2012 to June 30, 2022. 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 Target Date 2050 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 broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the

broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. Effective June 1, 2017, the S&P Target Date 2050 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date 2050 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2050 Index was discontinued. As a result, performance for the S&P Target Date 2050 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund's S&P Target Date Retirement Index did not change and there is no change in the Fund's investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

15 <br>

------

JPMorgan SmartRetirement® Blend 2055 Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **SINCE**<br> **INCEPTION**<br>|
| **Class I SHARES** | July 2, 2012 | (15.52)% | 5.87% | 7.95% |
| **Class R2 SHARES** | July 2, 2012 | (15.95) | 5.35 | 7.46 |
| **Class R3 SHARES** | May 31, 2017 | (15.76) | 5.62 | 7.75 |
| **Class R4 SHARES** | May 31, 2017 | (15.54) | 5.88 | 8.02 |
| **Class R5 SHARES** | July 2, 2012 | (15.40) | 6.03 | 8.14 |
| **Class R6 SHARES** | July 2, 2012 | (15.31) | 6.15 | 8.23 |

---

**LIFE OF FUND PERFORMANCE** (7/2/12 TO 6/30/22)

------

![](g456119imgec11119013.jpg)

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

The Fund commenced operations on July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement® Blend 2055 Fund and the S&P Target Date 2055 Index from July 2, 2012 to June 30, 2022. 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 Target Date 2055 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 broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the

broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2055 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2055 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2055 Index was discontinued. As a result, performance for the S&P Target Date 2055 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund's S&P Target Date Retirement Index did not change and there is no change in the Fund's investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 <br>

------

JPMorgan SmartRetirement® Blend 2060 Fund

**FUND COMMENTARY** <br>TWELVE MONTHS ENDED June 30, 2022 (Unaudited)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **1 YEAR** | **5 YEAR** | **SINCE**<br> **INCEPTION**<br>|
| **Class I SHARES** | August 31, 2016 | (15.42)% | 5.96% | 7.04% |
| **Class R2 SHARES** | August 31, 2016 | (15.88) | 5.41 | 6.49 |
| **Class R3 SHARES** | May 31, 2017 | (15.67) | 5.67 | 6.76 |
| **Class R4 SHARES** | May 31, 2017 | (15.48) | 5.93 | 7.02 |
| **Class R5 SHARES** | August 31, 2016 | (15.34) | 6.11 | 7.19 |
| **Class R6 SHARES** | August 31, 2016 | (15.24) | 6.21 | 7.29 |

---

**LIFE OF FUND PERFORMANCE** (8/31/16 TO 6/30/22)

------

![](g456119imgd1dd3b6e14.jpg)

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

The Fund commenced operations on August 31, 2016.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement® Blend 2060 Fund and the S&P Target Date 2060+ Index from August 31, 2016 to June 30, 2022. 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 Target Date 2060+ 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 broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the

broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2060+ Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, S&P Target Date 2060+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2060+ Index was discontinued. As a result, performance for the S&P Target Date 2060+ Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund's S&P Target Date Retirement Index did not change and there is no change in the Fund's investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

17 <br>

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Investment Companies — 40.1%** | **Investment Companies — 40.1%** | **Investment Companies — 40.1%** |
| **Fixed Income — 16.5%** | **Fixed Income — 16.5%** | **Fixed Income — 16.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| 7094 | 52847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 1724 | 10017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Floating Rate Income Fund Class R6 <br> Shares (a)<br>| 832 | 6866 |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares (a) | 4110 | 25275 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp; 95005 |
| **International Equity — 4.7%** | **International Equity — 4.7%** | **International Equity — 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 1714 | 26933 |
| **U.S. Equity — 18.9%** | **U.S. Equity — 18.9%** | **U.S. Equity — 18.9%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Index Fund Class R6 Shares (a) | 1918 | 108970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $230,269)<br>|  | 230908 |
| **Exchange-Traded Funds — 30.0%** | **Exchange-Traded Funds — 30.0%** | **Exchange-Traded Funds — 30.0%** |
| **Alternative Assets — 1.5%** | **Alternative Assets — 1.5%** | **Alternative Assets — 1.5%** |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders MSCI US REIT ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; 8939 |
| **Fixed Income — 15.0%** | **Fixed Income — 15.0%** | **Fixed Income — 15.0%** |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Research Enhanced ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 3123 |
| &nbsp;&nbsp;&nbsp; JPMorgan Inflation Managed Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 896 | &nbsp;&nbsp; 43296 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Aggregate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 828 | &nbsp;&nbsp; 39718 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp; 86137 |
| **International Equity — 9.3%** | **International Equity — 9.3%** | **International Equity — 9.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders International Equity ETF <br> (a)<br>| &nbsp;&nbsp; 1127 | &nbsp;&nbsp; 53325 |
| **U.S. Equity — 4.2%** | **U.S. Equity — 4.2%** | **U.S. Equity — 4.2%** |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp; 13153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Small Cap Equity ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp; 11193 |
| &nbsp;&nbsp;&nbsp; Total U.S. Equity |  | &nbsp;&nbsp; 24346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(Cost $179,001)<br>|  | 172747 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Corporate Bonds — 6.0%** | **Corporate Bonds — 6.0%** | **Corporate Bonds — 6.0%** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 2/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Aerospace & Defense — continued** | **Aerospace & Defense — continued** | **Aerospace & Defense — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 2/1/2027 | 765 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/1/2028 | 63 | 56 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 5/1/2040 | 95 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 4/15/2045 | 80 | 67 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. 2.25%, 7/1/2030 | 143 | 123 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1145 |
| **Airlines — 0.0% ^** | **Airlines — 0.0% ^** | **Airlines — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust Series <br> 2021-1, Class A Shares, 2.88%, 7/11/2034<br>| 266 | 226 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| &nbsp;&nbsp;&nbsp; General Motors Co. 6.80%, 10/1/2027 | 150 | 158 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 11/10/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 1/8/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 554 |
| **Banks — 1.2%** | **Banks — 1.2%** | **Banks — 1.2%** |
| &nbsp;&nbsp;&nbsp; AIB Group plc (Ireland) 4.75%, 10/12/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.90%), 1.72%, <br> 9/14/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/3/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%), 1.20%, 10/24/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.05%), 2.55%, 2/4/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 4.38%, 4/27/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 2.97%, 2/4/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.93%), 2.68%, 6/19/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp; Bank of Ireland Group plc (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/25/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 2.03%, <br> 9/30/2027 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) 4.34%, 1/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA (France) (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + 2.05%), <br> 2.59%, 8/12/2035 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.39%), 3.67%, <br> 7/24/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.17%), 3.88%, <br> 1/24/2039 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

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| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) <br> 3.31%, 3/11/2041 (b)<br>| 250 | 189 |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/17/2025 (b) | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.89%), 1.25%, 1/26/2027 (b) (c) | 250 | 220 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 1.59%, 5/24/2027 (c) | 200 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 2.01%, 9/22/2028 (c) | 745 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) Series XR, 3.25%, <br> 9/23/2024 (b)<br>| 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc (United Kingdom) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.85%), 1.63%, 5/11/2027 <br> (c)<br>| 200 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) (ICE LIBOR <br> USD 3 Month + 1.75%), 4.89%, 5/18/2029 <br> (c)<br>| 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United Kingdom) <br> (SOFR + 0.99%), 1.67%, 6/14/2027 (c)<br>| 200 | 174 |
| &nbsp;&nbsp;&nbsp; Societe Generale SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/14/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.30%), 2.89%, <br> 6/9/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.17%), 1.32%, 10/14/2023 <br> (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) (US Treasury Yield Curve Rate <br> T Note Constant Maturity 1 Year + 1.20%), <br> 1.98%, 6/3/2027 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 7/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.13%), 4.61%, 4/25/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 11/16/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/18/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7086 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. (Belgium) <br> 3.75%, 7/15/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. 3.80%, 5/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/2026 | 95 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/21/2029 | 251 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 | 200 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/2049 | 75 | 67 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. 3.15%, 2/21/2040 | 175 | 138 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. 2.25%, 5/1/2030 | 45 | 37 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. 2.60%, 10/1/2040 | 108 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. 1.75%, <br> 9/15/2030<br>| 166 | 133 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 953 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Masco Corp. 2.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| **Capital Markets — 0.7%** | **Capital Markets — 0.7%** | **Capital Markets — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Finance, Inc. (Canada) 3.50%, <br> 3/30/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp; Credit Suisse AG (Switzerland) 3.70%, 2/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244 |
| &nbsp;&nbsp;&nbsp; Credit Suisse Group AG (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.98%), 1.31%, 2/2/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 1/9/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) (SOFR + 1.87%), <br> 2.13%, 11/24/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.51%), 3.69%, <br> 6/5/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 1.34%, 1/12/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.53%), 2.87%, 1/14/2033 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 7/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 3/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.55%), 4.49%, <br> 5/12/2026 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.00%), 2.09%, <br> 2/11/2032 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3943 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 19

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. 5.32%, 11/15/2038 | 84 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LYB International Finance III LLC 1.25%, <br> 10/1/2025<br>| 52 | 47 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. 2.35%, 1/15/2032 | 135 | 105 |
| **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 2/15/2024 | 150 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/2025 | 150 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2027 | 450 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/29/2028 | 150 | 126 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 2/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 2/21/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/18/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. (SOFR + 1.27%), <br> 2.62%, 11/2/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. 3.80%, <br> 4/7/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp; Park Aerospace Holdings Ltd. (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2057 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging International LLC 1.51%, <br> 4/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Miami Series 2022, 4.06%, <br> 4/1/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| **Diversified Financial Services — 0.0% ^** | **Diversified Financial Services — 0.0% ^** | **Diversified Financial Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shell International Finance BV (Netherlands) <br> 3.13%, 11/7/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 9/15/2055 | 152 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. 2.65%, <br> 11/20/2040<br>| 79 | 58 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 566 |
| **Electric Utilities — 0.4%** | **Electric Utilities — 0.4%** | **Electric Utilities — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC Series YYY, 3.25%, <br> 10/1/2049<br>| 43 | 33 |
| &nbsp;&nbsp;&nbsp; Edison International 5.75%, 6/15/2027 | 70 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emera US Finance LP (Canada) 4.75%, <br> 6/15/2046<br>| 92 | 81 |
| &nbsp;&nbsp;&nbsp; Entergy Arkansas LLC 2.65%, 6/15/2051 | 36 | 25 |
| &nbsp;&nbsp;&nbsp; Entergy Louisiana LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/15/2033 | 67 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 3/15/2051 | 20 | 14 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. 2.90%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp; Fells Point Funding Trust 3.05%, 1/31/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC 4.55%, 4/1/2049 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp; Fortis, Inc. (Canada) 3.06%, 10/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp; ITC Holdings Corp. 2.95%, 5/14/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co. 4.30%, <br> 1/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; Massachusetts Electric Co. 4.00%, 8/15/2046 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New England Power Co. (United Kingdom) 2.81%, <br> 10/6/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/2/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/2/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp; OGE Energy Corp. 0.70%, 5/26/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.37%, 3/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/15/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 3/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; PacifiCorp 4.15%, 2/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PG&E Wildfire Recovery Funding LLC Series A-2, <br> 4.26%, 6/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20C, 1.20%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.13%, 3/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| &nbsp;&nbsp;&nbsp; Union Electric Co. 3.90%, 4/1/2052 | 68 | 60 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC 4.88%, 5/13/2024 (b) | 141 | 140 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2351 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Activision Blizzard, Inc. 1.35%, 9/15/2030 | 88 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. 3.70%, <br> 4/14/2027<br>| 124 | 120 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) 3.50%, 5/13/2040 | 150 | 128 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319 |
| **Equity Real Estate Investment Trusts (REITs) — 0.4%** | **Equity Real Estate Investment Trusts (REITs) — 0.4%** | **Equity Real Estate Investment Trusts (REITs) — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Campus Communities Operating <br> Partnership LP 2.25%, 1/15/2029<br>| 60 | 56 |
| &nbsp;&nbsp;&nbsp; American Tower Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 1/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328 |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Corporate Office Properties LP 2.75%, 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. 2.90%, 11/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Trust of America Holdings LP 2.00%, <br> 3/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. 2.13%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp; Life Storage LP 2.40%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp; Office Properties Income Trust 2.40%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp; Physicians Realty LP 2.63%, 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. 1.80%, 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care LP 3.20%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safehold Operating Partnership LP 2.85%, <br> 1/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scentre Group Trust 1 (Australia) 3.63%, <br> 1/28/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp; UDR, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; WP Carey, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2238 |
| **Food & Staples Retailing — 0.0% ^** | **Food & Staples Retailing — 0.0% ^** | **Food & Staples Retailing — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; 7-Eleven, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 2/10/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/10/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Food & Staples Retailing — continued** | **Food & Staples Retailing — continued** | **Food & Staples Retailing — continued** |
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 5/13/2041 (b) | 115 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/13/2051 (b) | 125 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Pass-Through Trust Series 2014, 4.16%, <br> 8/11/2036 (b)<br>| 37 | 35 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286 |
| **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp. 2.75%, 5/14/2031 | 64 | 53 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/1/2039 | 85 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 6/1/2046 | 47 | 39 |
| &nbsp;&nbsp;&nbsp; Smithfield Foods, Inc. 3.00%, 10/15/2030 (b) | 179 | 148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. 2.85%, 2/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy Resources Corp. 1.75%, <br> 10/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. 4.55%, 3/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; DH Europe Finance II SARL 3.25%, 11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Banner Health 1.90%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bon Secours Mercy Health, Inc. Series 20-2, <br> 3.21%, 6/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; CommonSpirit Health  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. 2.25%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp; HCA, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MedStar Health, Inc. Series 20A, 3.63%, <br> 8/15/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MidMichigan Health Series 2020, 3.41%, <br> 6/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp; MultiCare Health System 2.80%, 8/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PeaceHealth Obligated Group Series 2020, 3.22%, <br> 11/15/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Piedmont Healthcare, Inc. 2.86%, 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 21

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc. 2.65%, <br> 10/15/2030 (b)<br>| 73 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia United Health System Obligated <br> Group Series 2020, 3.13%, 6/1/2050<br>| 160 | 117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1218 |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. 3.35%, 3/12/2050 | 86 | 65 |
| **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Lennar Corp. 4.50%, 4/30/2024 | 35 | 35 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| &nbsp;&nbsp;&nbsp; Alexander Funding Trust 1.84%, 11/15/2023 (b) | 370 | 354 |
| &nbsp;&nbsp;&nbsp; Southern Power Co. 5.15%, 9/15/2041 | 115 | 108 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462 |
| **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE Capital International Funding Co. Unlimited Co. <br> 4.42%, 11/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| &nbsp;&nbsp;&nbsp; Athene Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 6/25/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 1/8/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp. 3.85%, <br> 3/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. 2.38%, 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. 3.85%, 4/5/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empower Finance 2020 LP (Canada) 3.08%, <br> 9/17/2051 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Life Insurance Co. 3.75%, 5/15/2050 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Mutual Global Funding 1.70%, <br> 6/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teachers Insurance & Annuity Association of <br> America 3.30%, 5/15/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975 |
| **Internet & Direct Marketing Retail — 0.0% ^** | **Internet & Direct Marketing Retail — 0.0% ^** | **Internet & Direct Marketing Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. 3.95%, 4/13/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. 3.20%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. 3.11%, 2/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Media — continued** | **Media — continued** | **Media — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/2041 | 50 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/2042 | 30 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 4/1/2051 | 174 | 118 |
| &nbsp;&nbsp;&nbsp; Comcast Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/1/2039 | 149 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 1/15/2051 | 104 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Communications LLC 3.63%, <br> 5/15/2030<br>| 74 | 66 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anglo American Capital plc (South Africa) 3.63%, <br> 9/11/2024 (b)<br>| 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) 2.50%, <br> 9/1/2030 (b)<br>| 158 | 129 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. 1.65%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430 |
| **Multiline Retail — 0.0% ^** | **Multiline Retail — 0.0% ^** | **Multiline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Nordstrom, Inc. 4.25%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| **Multi-Utilities — 0.0% ^** | **Multi-Utilities — 0.0% ^** | **Multi-Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co. 2.85%, <br> 5/15/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; Consumers Energy Co. 3.25%, 8/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. 1.38%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 |
| **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** |
| &nbsp;&nbsp;&nbsp; Boardwalk Pipelines LP 4.45%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc. 2.77%, <br> 11/10/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. 3.90%, 5/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. 3.25%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/2044 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC 4.45%, <br> 2/15/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. 3.00%, 8/16/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp; Flex Intermediate Holdco LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 6/30/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 12/30/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/1/2023 (b) | 92 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/1/2026 (b) | 49 | 50 |
| &nbsp;&nbsp;&nbsp; MPLX LP 4.50%, 4/15/2038 | 86 | 75 |
| &nbsp;&nbsp;&nbsp; NGPL PipeCo LLC 3.25%, 7/15/2031 (b) | 80 | 67 |
| &nbsp;&nbsp;&nbsp; Phillips 66 Co. 3.55%, 10/1/2026 (b) | 85 | 83 |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC 5.63%, 3/1/2025 | 178 | 182 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. 4.20%, 2/1/2033 | 30 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies Capital International SA (France) <br> 2.99%, 6/29/2041<br>| 175 | 138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2162 |
| **Personal Products — 0.0% ^** | **Personal Products — 0.0% ^** | **Personal Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSK Consumer Healthcare Capital US LLC 3.38%, <br> 3/24/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca plc (United Kingdom) 6.45%, <br> 9/15/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/13/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. 2.35%, 6/24/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan) 3.03%, <br> 7/9/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/22/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/22/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 973 |
| **Road & Rail — 0.1%** | **Road & Rail — 0.1%** | **Road & Rail — 0.1%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. 3.80%, 11/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp; Kansas City Southern 4.70%, 5/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. 3.05%, 5/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triton Container International Ltd. (Bermuda) <br> 2.05%, 4/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. 3.55%, 8/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494 |
| **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. 2.80%, 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 2/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 11/15/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; KLA Corp. 3.30%, 3/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 9/1/2024 | 112 | 104 |
| &nbsp;&nbsp;&nbsp; NXP BV (China) 3.25%, 5/11/2041 | 135 | 102 |
| &nbsp;&nbsp;&nbsp; Xilinx, Inc. 2.38%, 6/1/2030 | 228 | 201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 874 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| &nbsp;&nbsp;&nbsp; Oracle Corp. 3.80%, 11/15/2037 | 130 | 101 |
| &nbsp;&nbsp;&nbsp; VMware, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 8/15/2026 | 154 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 5/15/2030 | 143 | 138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. 3.70%, 4/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. 3.45%, 2/9/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139 |
| &nbsp;&nbsp;&nbsp; Dell International LLC 6.20%, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524 |
| **Thrifts & Mortgage Finance — 0.0% ^** | **Thrifts & Mortgage Finance — 0.0% ^** | **Thrifts & Mortgage Finance — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPCE SA (France) (SOFR + 1.52%), 1.65%, <br> 10/6/2026 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. 2.45%, 2/4/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 3/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 8/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 9/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| &nbsp;&nbsp;&nbsp; Air Lease Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459 |
| **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc. (Canada) 4.55%, <br> 3/15/2052 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $41,106)<br>|  | &nbsp;&nbsp; 34716 |
| **Asset-Backed Securities — 4.6%** | **Asset-Backed Securities — 4.6%** | **Asset-Backed Securities — 4.6%** |
| &nbsp;&nbsp;&nbsp; ACC Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 1.08%, 4/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 23

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 1.79%, 4/15/2027 (b) | 340 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACC Trust Series 2021-1, Class B, 1.43%, <br> 7/22/2024 (b)<br>| 280 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelerated LLC Series 2021-1H, Class B, 1.90%, <br> 10/20/2040 ‡ (b)<br>| 174 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affirm Asset Securitization Trust Series 2021-A, <br> Class A, 0.88%, 8/15/2025 (b)<br>| 285 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aligned Data Centers Issuer LLC Series 2021-1A, <br> Class A2, 1.94%, 8/15/2046 (b)<br>| 315 | 278 |
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class AA, 3.20%, 6/15/2028 | 269 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3, Class AA, 3.00%, 10/15/2028 | 354 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B, 3.95%, 7/11/2030 | 335 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class AA, 3.15%, 2/15/2032 | 420 | 371 |
| &nbsp;&nbsp;&nbsp; AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2, Class E1, 4.03%, <br> 7/17/2037 ‡ (b)<br>| 150 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR3, Class E2, 2.76%, <br> 9/17/2037 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR4, Class D, 2.01%, <br> 11/17/2037 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR4, Class E2, 2.46%, <br> 11/17/2037 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class E2, 2.58%, <br> 8/17/2038 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aqua Finance Trust Series 2020-AA, Class C, <br> 3.97%, 7/17/2046 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arivo Acceptance Auto Loan Receivables Trust <br> Series 2021-1A, Class A, 1.19%, <br> 1/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A, 2.98%, <br> 11/15/2035 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 2.16%, <br> 4/15/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 2.92%, 4/15/2036 ‡ <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 4.46%, <br> 6/15/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BXG Receivables Note Trust Series 2020-A, Class A, <br> 1.55%, 2/28/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4A, Class D, 3.07%, <br> 7/15/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-P1, Class C, 1.32%, 11/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp; CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 0.61%, 2/18/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class C, 1.23%, 3/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Auto Loan Trust Series 2020-2A, <br> Class C, 2.73%, 11/15/2029 (b)<br>| 260 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credito Real USA Auto Receivables Trust Series <br> 2021-1A, Class A, 1.35%, 2/16/2027 (b)<br>| 67 | 65 |
| &nbsp;&nbsp;&nbsp; Crossroads Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A2, 0.82%, <br> 3/20/2024 (b)<br>| 48 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 1.12%, 6/20/2025 ‡ <br> (b)<br>| 195 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DataBank Issuer Series 2021-1A, Class A2, 2.06%, <br> 2/27/2051 (b)<br>| 205 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Pass-Through Trust Series 2020-1, <br> Class A, 2.50%, 6/10/2028<br>| 187 | 164 |
| &nbsp;&nbsp;&nbsp; Diamond Resorts Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 1.51%, <br> 11/21/2033 (b)<br>| 53 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 2.70%, 11/21/2033 ‡ <br> (b)<br>| 162 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust Series 2020-1, <br> Class D, 2.70%, 5/17/2027<br>| 125 | 123 |
| &nbsp;&nbsp;&nbsp; DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 0.84%, <br> 10/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class C, 1.10%, <br> 2/16/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 5.46%, <br> 3/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elara HGV Timeshare Issuer LLC Series 2021-A, <br> Class B, 1.74%, 8/27/2035 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust Series <br> 2021-2A, Class C, 0.98%, 6/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHF Trust Series 2021-1A, Class A, 1.27%, <br> 3/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Investors Auto Owner Trust Series 2021-1A, <br> Class B, 0.89%, 3/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class E1, 2.26%, <br> 9/17/2038 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class E1, 5.00%, <br> 5/17/2039 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class D, 3.86%, 4/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B, 0.68%, 2/16/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class C, 1.28%, 2/16/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FMC GMSR Issuer Trust Series 2021-GT2, Class A, <br> 3.85%, 10/25/2026 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FREED ABS Trust Series 2021-2, Class B, 1.03%, <br> 6/19/2028 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesis Sales Finance Master Trust Series <br> 2020-AA, Class A, 1.65%, 9/22/2025 (b)<br>| 231 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GLS Auto Receivables Issuer Trust Series 2020-4A, <br> Class B, 0.87%, 12/16/2024 (b)<br>| 62 | 62 |
| &nbsp;&nbsp;&nbsp; Home Partners of America Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class C, 2.40%, 12/17/2026 ‡ <br> (b)<br>| 412 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class D, 3.00%, 1/17/2041 ‡ <br> (b)<br>| 245 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JetBlue Pass-Through Trust Series 2020-1, Class B, <br> 7.75%, 11/15/2028<br>| 140 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lendbuzz Securitization Trust Series 2021-1A, <br> Class A, 1.46%, 6/15/2026 (b)<br>| 319 | 310 |
| &nbsp;&nbsp;&nbsp; Lendingpoint Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 1.00%, <br> 12/15/2028 (b)<br>| 184 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 1.46%, 12/15/2028 ‡ <br> (b)<br>| 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class A, 1.11%, 2/15/2029 (b) | 273 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class B, 1.68%, 2/15/2029 ‡ <br> (b)<br>| 215 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LendingPoint Asset Securitization Trust Series <br> 2020-REV1, Class A, 2.73%, 10/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LL ABS Trust Series 2021-1A, Class A, 1.07%, <br> 5/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust Series 2021-AA, <br> Class A, 1.86%, 3/20/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376 |
| &nbsp;&nbsp;&nbsp; Marlette Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 0.60%, <br> 6/16/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 1.00%, 6/16/2031 ‡ <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Financial Credit Card Master Trust Series <br> 2021-1A, Class A, 1.54%, 3/20/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Lane Credit Card Master Trust Series <br> 2021-A, Class A, 1.59%, 9/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MVW LLC Series 2021-2A, Class C, 2.23%, <br> 5/20/2039 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NMEF Funding LLC Series 2021-A, Class B, 1.85%, <br> 12/15/2027 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp; NRZ Excess Spread-Collateralized Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PLS1, Class A, 3.84%, <br> 12/25/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FNT1, Class A, 2.98%, <br> 3/25/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FNT2, Class A, 3.23%, <br> 5/25/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Octane Receivables Trust Series 2021-1A, Class A, <br> 0.93%, 3/22/2027 (b)<br>| 197 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneMain Financial Issuance Trust Series 2020-2A, <br> Class D, 3.45%, 9/14/2035 ‡ (b)<br>| 120 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oportun Funding XIV LLC Series 2021-A, Class A, <br> 1.21%, 3/8/2028 (b)<br>| 247 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oportun Issuance Trust Series 2021-B, Class A, <br> 1.47%, 5/8/2031 (b)<br>| 830 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange Lake Timeshare Trust Series 2016-A, <br> Class A, 2.61%, 3/8/2029 (b)<br>| 47 | 45 |
| &nbsp;&nbsp;&nbsp; Pagaya AI Debt Selection Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 1.18%, <br> 11/15/2027 (b)<br>| 315 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HG1, Class A, 1.22%, <br> 1/16/2029 (b)<br>| 488 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A, 1.15%, 5/15/2029 (b) | 196 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRET LLC Series 2021-RN4, Class A1, 2.49%, <br> 10/25/2051 (b) (e)<br>| 157 | 149 |
| &nbsp;&nbsp;&nbsp; Pretium Mortgage Credit Partners I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL1, Class A1, 2.24%, <br> 9/27/2060 ‡ (b) (d)<br>| 565 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL4, Class A1, 2.36%, <br> 10/27/2060 ‡ (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383 |
| &nbsp;&nbsp;&nbsp; Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR3, Class A, 1.29%, <br> 10/17/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR3, Class B, 1.50%, <br> 10/17/2027 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR1, Class E, 3.03%, <br> 4/17/2037 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class D, 2.20%, <br> 4/19/2038 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional Management Issuance Trust Series <br> 2021-1, Class A, 1.68%, 3/17/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 |
| &nbsp;&nbsp;&nbsp; Republic Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, 2.47%, <br> 11/20/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 2.30%, <br> 12/22/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Consumer Auto Receivables Trust Series <br> 2021-AA, Class B, 0.71%, 8/17/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC Series <br> 2021-2A, Class B, 1.80%, 9/20/2038 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Theorem Funding Trust Series 2021-1A, Class A, <br> 1.21%, 12/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp; Tricolor Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 1.00%, <br> 6/17/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 25

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 1.33%, <br> 9/16/2024 (b)<br>| 270 | 264 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class B, 3.65%, 10/7/2025 | 80 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class B, 3.50%, 5/1/2028 | 151 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class A, 3.10%, 10/7/2028 | 84 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class A, 3.70%, 3/1/2030 | 217 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upstart Pass-Through Trust Series 2021-ST2, <br> Class A, 2.50%, 4/20/2027 (b)<br>| 76 | 73 |
| &nbsp;&nbsp;&nbsp; Upstart Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A, 1.70%, <br> 11/20/2030 (b)<br>| 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 0.87%, 3/20/2031 (b) | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Auto Funding Series 2021-1A, Class B, 1.49%, <br> 3/17/2025 (b)<br>| 195 | 188 |
| &nbsp;&nbsp;&nbsp; VCAT LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL1, Class A1, 2.29%, <br> 12/26/2050 ‡ (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL2, Class A1, 2.12%, <br> 3/27/2051 (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veros Auto Receivables Trust Series 2021-1, <br> Class A, 0.92%, 10/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCII LLC Series 2021-NPL1, Class A1, 1.89%, <br> 2/27/2051 (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCIII LLC Series 2021-NPL2, Class A1, <br> 1.89%, 2/27/2051 ‡ (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCIV LLC Series 2021-NPL3, Class A1, <br> 2.24%, 2/27/2051 ‡ (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCIX LLC Series 2021-NPL8, Class A1, <br> 2.12%, 4/25/2051 ‡ (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCV LLC Series 2021-NPL4, Class A1, 2.24%, <br> 3/27/2051 ‡ (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCVI LLC Series 2021-NPL5, Class A1, <br> 2.12%, 3/27/2051 (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCVII LLC Series 2021-NPL6, Class A1, <br> 2.24%, 4/25/2051 ‡ (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westgate Resorts LLC Series 2022-1A, Class B, <br> 2.29%, 8/20/2036 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust Series <br> 2020-3A, Class C, 1.24%, 11/17/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $28,424)<br>|  | &nbsp;&nbsp; 26644 |
| **Mortgage-Backed Securities — 4.3%** | **Mortgage-Backed Securities — 4.3%** | **Mortgage-Backed Securities — 4.3%** |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # ZL3032 3.50%, 5/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB4026 2.50%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB4045 2.50%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB4484 2.50%, 10/1/2050 | 247 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB4542 2.50%, 10/1/2050 | 223 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA4224 3.00%, 11/1/2050 | 110 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB8503 2.50%, 2/1/2051 | 336 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QC4789 3.00%, 7/1/2051 | 230 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QD5778 3.00%, 1/1/2052 | 258 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QE1637 4.00%, 5/1/2052 | 120 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QE1832 4.50%, 5/1/2052 | 135 | 139 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA2826 5.50%, 12/1/2048 | 422 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM3118 3.00%, 5/1/2050 | 192 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BQ2894 3.00%, 9/1/2050 | 361 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BQ3996 2.50%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BQ5243 3.50%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA7398 3.50%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA8637 4.00%, 1/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BU3079 3.00%, 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV0273 3.00%, 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV4831 3.00%, 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV0295 3.50%, 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV6743 4.50%, 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV9515 6.00%, 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148 |
| &nbsp;&nbsp;&nbsp; FNMA, Other  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM3010 5.07%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL8639 1.09%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM5319 4.34%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS0448 1.27%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL9748 1.60%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN7593 2.99%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN8285 3.11%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM8544 3.08%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL9251 1.45%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM4789 4.18%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL9891 1.37%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5580 3.68%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN6149 3.14%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM3226 3.44%, 10/1/2032 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN7923 3.33%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5357 3.41%, 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN9067 3.51%, 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN9752 3.65%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5511 3.45%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5127 3.15%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL1012 4.03%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL0900 4.08%, 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN4430 3.61%, 1/1/2037 | 219 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0230 5.50%, 1/1/2058 | 618 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0497 3.00%, 7/1/2060 | 289 | 272 |
| &nbsp;&nbsp;&nbsp; GNMA II, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BY3432 3.50%, 9/20/2050 | 322 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BR3929 3.50%, 10/20/2050 | 201 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BW1726 3.50%, 10/20/2050 | 303 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS8546 2.50%, 12/20/2050 | 717 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BR3928 3.00%, 12/20/2050 | 330 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BU7538 3.00%, 12/20/2050 | 219 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 785294 3.50%, 1/20/2051 | 703 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA8452 3.00%, 2/20/2051 | 917 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB1543 3.00%, 2/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA3588 3.50%, 2/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB1536 3.50%, 2/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB1542 3.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB4433 3.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC0070 3.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8726 3.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8738 3.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8723 3.50%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC0088 4.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC0092 4.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8727 3.00%, 4/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8739 3.00%, 4/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8740 3.00%, 4/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8751 3.00%, 4/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA3563 3.50%, 7/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CE2586 3.50%, 7/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CK1527 3.50%, 12/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CJ8184 3.50%, 1/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CK2660 3.00%, 2/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CK2716 3.50%, 2/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA II, Other Pool # 785183 2.94%, <br> 10/20/2070 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities <br>(Cost $27,448)<br>|  | &nbsp;&nbsp; 24531 |
| **U.S. Treasury Obligations — 4.0%** | **U.S. Treasury Obligations — 4.0%** | **U.S. Treasury Obligations — 4.0%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 5/15/2040 | &nbsp;&nbsp; 1504 | &nbsp;&nbsp;&nbsp;&nbsp; 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 8/15/2040 | &nbsp;&nbsp; 4644 | &nbsp;&nbsp;&nbsp;&nbsp; 3208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 2/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 8/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 5/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 8/15/2050 | 4745 | 3123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/2050 | 1505 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/15/2051 | 388 | 291 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 1/31/2023 (f) | 1436 | 1416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 7/31/2024 | 430 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 8/31/2025 | 2264 | 2073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/28/2027 | 1120 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/28/2029 | 1594 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 4/30/2029 | 1026 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/15/2030 | 1610 | 1446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 8/15/2030 | 758 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/15/2030 | &nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury STRIPS Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 8/15/2026 (g) | &nbsp;&nbsp; 1015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.14%, 5/15/2027 (g) | &nbsp;&nbsp; 1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $26,634)<br>|  | &nbsp;&nbsp; 22821 |
| **Collateralized Mortgage Obligations — 1.1%** | **Collateralized Mortgage Obligations — 1.1%** | **Collateralized Mortgage Obligations — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ajax Mortgage Loan Trust Series 2021-B, Class A, <br> 2.24%, 6/25/2066 ‡ (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344 |
| &nbsp;&nbsp;&nbsp; Bayview Finance LLC, 0.00%, 7/12/2033 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cascade MH Asset Trust Series 2021-MH1, <br> Class A1, 1.75%, 2/25/2046 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422 |
| &nbsp;&nbsp;&nbsp; CFMT LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HB4, Class A, 0.95%, <br> 12/26/2030 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HB5, Class A, 0.80%, <br> 2/25/2031 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSMC Trust Series 2021-RPL1, Class A1, 1.67%, <br> 9/27/2060 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Trust, Whole Loan Series 2002-W8, Class A1, <br> 6.50%, 6/25/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA, Grantor Trust, Whole Loan Series 2001-T12, <br> Class A1, 6.50%, 8/25/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-72, Class VB, 3.50%, 10/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-7, Class CA, 3.50%, 11/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA, REMIC Trust, Whole Loan Series 2002-W3, <br> Class A4, 6.50%, 11/25/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H11, Class FC, 1.35%, <br> 5/20/2065 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H14, Class YD, 8.30%, <br> 6/20/2071 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 27

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust Series 2021-GS1, <br> Class A1, 1.89%, 10/25/2066 (b) (d)<br>| 188 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LHOME Mortgage Trust Series 2021-RTL1, <br> Class A1, 2.09%, 9/25/2026 (b) (e)<br>| 150 | 144 |
| &nbsp;&nbsp;&nbsp; PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 2.12%, <br> 3/25/2026 (b) (e)<br>| 316 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-10, Class A1, 2.49%, <br> 10/25/2026 (b) (d)<br>| 125 | 118 |
| &nbsp;&nbsp;&nbsp; Seasoned Credit Risk Transfer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class M60C, 3.50%, 5/25/2057 | 213 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class M55D, 4.00%, <br> 8/25/2058 ‡<br>| 273 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class M5TW, 3.00%, <br> 5/25/2060 ‡<br>| 485 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toorak Mortgage Corp. Ltd. Series 2020-1, <br> Class A1, 2.73%, 3/25/2023 (b) (d)<br>| 104 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust Series 2021-R1, <br> Class A1, 2.92%, 11/30/2060 (b) (e)<br>| 754 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations <br>(Cost $6,987)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 6561 |
| **Commercial Mortgage-Backed Securities — 0.6%** | **Commercial Mortgage-Backed Securities — 0.6%** | **Commercial Mortgage-Backed Securities — 0.6%** |
| &nbsp;&nbsp;&nbsp; ACRE Commercial Mortgage Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4, Class A, 2.44%, <br> 12/18/2037 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4, Class AS, 2.71%, <br> 12/18/2037 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPR Trust Series 2021-KEN, Class A, 2.57%, <br> 2/15/2029 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Credit Risk Series <br> 2021-MN2, Class M1, 2.73%, 7/25/2041 (b) <br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1511, Class A1, 3.28%, 10/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1510, Class A2, 3.72%, 1/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp; FNMA ACES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M1S, Class A2, 2.08%, 4/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M3, Class 1A1, 1.00%, <br> 11/25/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M3, Class X1, IO, 2.09%, <br> 11/25/2033 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp; FNMA, Other 3.08%, 1/1/2029 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493 |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KGX1, Class BFX, 3.71%, <br> 10/25/2027 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-K48, Class C, 3.77%, <br> 8/25/2048 (b) (e)<br>| 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-K56, Class B, 4.08%, <br> 6/25/2049 (b) (e)<br>| 165 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K728, Class C, 3.76%, <br> 11/25/2050 (b) (e)<br>| 75 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Industrial Portfolio Trust Series 2021-KDIP, <br> Class B, 2.12%, 12/15/2037 ‡ (b) (e)<br>| 176 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLG Office Trust Series 2021-OVA, Class A, 2.59%, <br> 7/15/2041 (b)<br>| 360 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities <br>(Cost $3,605)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 3376 |
| **Foreign Government Securities — 0.2%** | **Foreign Government Securities — 0.2%** | **Foreign Government Securities — 0.2%** |
| &nbsp;&nbsp;&nbsp; Republic of Chile (Chile) 2.55%, 1/27/2032 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp; Republic of Panama (Panama) 3.16%, 1/23/2030 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp; Republic of Peru (Peru) 2.78%, 12/1/2060 | 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; United Mexican States (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 5/24/2031 | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/12/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities <br>(Cost $1,103)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 896 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short Term Investments — 7.9%** | **Short Term Investments — 7.9%** | **Short Term Investments — 7.9%** |
| **Investment Companies — 7.9%** | **Investment Companies — 7.9%** | **Investment Companies — 7.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (a) (i) <br>(Cost $45,463)<br>| 45463 | &nbsp;&nbsp; 45463 |
| **Total Investments — 98.8%** <br>**(Cost $590,040)**<br>|  | **568663** |
| **Other Assets Less Liabilities — 1.2%** |  | **6836** |
| **NET ASSETS — 100.0%** |  | **575499** |

---

&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** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| CSMC | Credit Suisse Mortgage Trust |
| ETF | Exchange Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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| | |
|:---|:---|
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| LIBOR | London Interbank Offered Rate |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

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&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>|
| (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) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (c) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of June 30, 2022.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the effective yield as of June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The rate shown is the current yield as of June 30, 2022.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as 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.

**Futures contracts outstanding as of June 30, 2022 (amounts in thousands, except number of contracts):**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>|
| **Short Contracts** |  |  |  |  |  |
| DJ US Real Estate Index | (119) | 09/16/2022 | USD | (4253) | (80) |
| MSCI EAFE E-Mini Index | &nbsp;&nbsp; (34) | 09/16/2022 | USD | (3160) | &nbsp;&nbsp;&nbsp; 3 |
| MSCI Emerging Markets E-Mini Index | &nbsp;&nbsp; (99) | 09/16/2022 | USD | (4968) | (10) |
| S&P 500 E-Mini Index | &nbsp;&nbsp; (30) | 09/16/2022 | USD | (5694) | 88 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; 1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EAFE | Europe, Australasia and Far East |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 29

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JPMorgan SmartRetirement® Blend 2015 Fund (formerly known as JPMorgan SmartSpending<sup>SM</sup> 2015 Fund)

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Investment Companies — 39.2%** | **Investment Companies — 39.2%** | **Investment Companies — 39.2%** |
| **Fixed Income — 16.5%** | **Fixed Income — 16.5%** | **Fixed Income — 16.5%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 329 | 2451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 80 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Floating Rate Income Fund Class R6 <br> Shares (a)<br>| 38 | 309 |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares (a) | 190 | 1171 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp; 4395 |
| **International Equity — 4.7%** | **International Equity — 4.7%** | **International Equity — 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 79 | 1236 |
| **U.S. Equity — 18.0%** | **U.S. Equity — 18.0%** | **U.S. Equity — 18.0%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Index Fund Class R6 Shares (a) | 84 | 4798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $10,902)<br>|  | 10429 |
| **Exchange-Traded Funds — 29.9%** | **Exchange-Traded Funds — 29.9%** | **Exchange-Traded Funds — 29.9%** |
| **Alternative Assets — 1.4%** | **Alternative Assets — 1.4%** | **Alternative Assets — 1.4%** |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders MSCI US REIT ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 373 |
| **Fixed Income — 15.1%** | **Fixed Income — 15.1%** | **Fixed Income — 15.1%** |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Research Enhanced ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp; JPMorgan Inflation Managed Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp; 2010 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Aggregate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp; 1842 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp; 4002 |
| **International Equity — 9.3%** | **International Equity — 9.3%** | **International Equity — 9.3%** |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders International Equity ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp; 2476 |
| **U.S. Equity — 4.1%** | **U.S. Equity — 4.1%** | **U.S. Equity — 4.1%** |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 498 |
| &nbsp;&nbsp;&nbsp; iShares Russell Mid-Cap ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 604 |
| &nbsp;&nbsp;&nbsp; Total U.S. Equity |  | &nbsp;&nbsp; 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(Cost $8,313)<br>|  | &nbsp;&nbsp; 7953 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 6.8%** | **U.S. Treasury Obligations — 6.8%** | **U.S. Treasury Obligations — 6.8%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 5/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 8/15/2040 | &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 8/15/2046 | 15 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 8/15/2050 | 182 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/2050 | 58 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/15/2051 | 22 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/15/2052 | 20 | 16 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 1/31/2023 (b) | 478 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 9/15/2023 | 215 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/15/2025 | 170 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 8/31/2025 | 121 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/30/2025 | 46 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/30/2027 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 8/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 3/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 5/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 7/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/28/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 4/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury STRIPS Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 8/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.14%, 5/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.33%, 5/15/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $2,001)<br>|  | &nbsp;&nbsp; 1821 |
| **Corporate Bonds — 6.0%** | **Corporate Bonds — 6.0%** | **Corporate Bonds — 6.0%** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.17%, 2/4/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 2/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. 3.85%, 4/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. 2.25%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| **Airlines — 0.0% ^** | **Airlines — 0.0% ^** | **Airlines — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust Series 2021-1, <br> Class A Shares, 2.88%, 7/11/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |
| &nbsp;&nbsp;&nbsp; General Motors Co. 6.80%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 11/10/2022 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 2/10/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30 J.P. Morgan Funds June 30, 2022

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| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Automobiles — continued** | **Automobiles — continued** | **Automobiles — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 1/8/2026 (d) | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/15/2027 (d) | 14 | 12 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| **Banks — 0.5%** | **Banks — 0.5%** | **Banks — 0.5%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%), 1.20%, 10/24/2026 (e) | 11 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.51%), 3.71%, <br> 4/24/2028 (e)<br>| 23 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 4.38%, 4/27/2028 (e) | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%), 2.57%, 10/20/2032 (e) | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.93%), 2.68%, 6/19/2041 (e) | 21 | 15 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.39%), 3.67%, <br> 7/24/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.15%), 3.52%, <br> 10/27/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%), 2.52%, 11/3/2032 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.17%), 3.88%, <br> 1/24/2039 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) 6.10%, <br> 1/14/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) 3.74%, <br> 3/7/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.53%), 3.07%, 4/30/2041 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.13%), 4.61%, 4/25/2053 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) 3.13%, <br> 11/18/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 121 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. (Belgium) <br> 3.75%, 7/15/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. 3.20%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/21/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. 3.15%, 2/21/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. 2.60%, 10/1/2040 | 11 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. 1.75%, <br> 9/15/2030<br>| 7 | 6 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Masco Corp. 2.00%, 10/1/2030 | 5 | 4 |
| **Capital Markets — 0.5%** | **Capital Markets — 0.5%** | **Capital Markets — 0.5%** |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.57%), 0.67%, 3/8/2024 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/21/2025 | 46 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 1.95%, 10/21/2027 (e) | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 2.64%, 2/24/2028 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.51%), 3.69%, <br> 6/5/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) (SOFR + 1.07%), <br> 1.34%, 1/12/2027 (d) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 4/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.43%), 4.46%, <br> 4/22/2039 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 3/1/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/1/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 127 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. 3.47%, <br> 12/1/2050 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; LYB International Finance III LLC 1.25%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. 2.35%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. Series CB, 2.50%, <br> 3/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 2/15/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 2/21/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/18/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 1/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Funds 31

------

JPMorgan SmartRetirement® Blend 2015 Fund (formerly known as JPMorgan SmartSpending<sup>SM</sup> 2015 Fund)

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.27%), 2.62%, 11/2/2032 (e) | 5 | 4 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 4/7/2025 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 1/17/2027 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Aerospace Holdings Ltd. (Ireland) 4.50%, <br> 3/15/2023 (d)<br>| 5 | 5 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging International LLC 1.51%, <br> 4/15/2026 (d)<br>| 6 | 5 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; University of Miami Series 2022, 4.06%, 4/1/2052 | 10 | 9 |
| **Diversified Financial Services — 0.0% ^** | **Diversified Financial Services — 0.0% ^** | **Diversified Financial Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Shell International Finance BV (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/7/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 9/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 3/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/20/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** |
| &nbsp;&nbsp;&nbsp; Edison International 5.75%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Emera US Finance LP (Canada) 4.75%, 6/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. 2.90%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Indiana Michigan Power Co. 3.25%, 5/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co. 4.30%, 1/15/2026 <br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New England Power Co. (United Kingdom) 2.81%, <br> 10/6/2050 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/2/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/2/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; OGE Energy Corp. 0.70%, 5/26/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Oklahoma Gas and Electric Co. 0.55%, 5/26/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.37%, 3/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/16/2024 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 3/1/2026 | 4 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/15/2042 (f) | 4 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 3/15/2045 | 1 | 1 |
| &nbsp;&nbsp;&nbsp; PacifiCorp 4.15%, 2/15/2050 | 12 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PG&E Wildfire Recovery Funding LLC Series A-2, <br> 4.26%, 6/1/2036<br>| 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern California Edison Co. Series 20C, 1.20%, <br> 2/1/2026<br>| 12 | 11 |
| &nbsp;&nbsp;&nbsp; Union Electric Co. 3.90%, 4/1/2052 | 4 | 3 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC 4.88%, 5/13/2024 (d) | 7 | 7 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 140 |
| **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schlumberger Holdings Corp. 4.00%, 12/21/2025 <br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Activision Blizzard, Inc. 1.35%, 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. 3.70%, <br> 4/14/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) 3.50%, 5/13/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| **Equity Real Estate Investment Trusts (REITs) — 0.6%** | **Equity Real Estate Investment Trusts (REITs) — 0.6%** | **Equity Real Estate Investment Trusts (REITs) — 0.6%** |
| &nbsp;&nbsp;&nbsp; American Tower Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 1/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 6/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 1/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Corporate Office Properties LP 2.75%, 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; CubeSmart LP 2.00%, 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust LP 3.70%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. 2.90%, 11/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Federal Realty OP LP 1.25%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Trust of America Holdings LP 2.00%, <br> 3/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. 2.13%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Life Storage LP 2.40%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Office Properties Income Trust 2.40%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; Physicians Realty LP 2.63%, 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Public Storage 1.95%, 11/9/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. 1.80%, 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32 J.P. Morgan Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** |
| &nbsp;&nbsp;&nbsp; Sabra Health Care LP 3.20%, 12/1/2031 | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safehold Operating Partnership LP 2.85%, <br> 1/15/2032<br>| 7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scentre Group Trust 1 (Australia) 3.63%, <br> 1/28/2026 (d)<br>| 14 | 13 |
| &nbsp;&nbsp;&nbsp; UDR, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 8/1/2032 | 7 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 3/15/2033 | 5 | 4 |
| &nbsp;&nbsp;&nbsp; WP Carey, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 2/1/2031 | 11 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 2/1/2032 | 10 | 8 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 164 |
| **Food & Staples Retailing — 0.2%** | **Food & Staples Retailing — 0.2%** | **Food & Staples Retailing — 0.2%** |
| &nbsp;&nbsp;&nbsp; 7-Eleven, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 2/10/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 2/10/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 2/10/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/10/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 5/13/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/13/2051 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Kroger Co. (The) 4.45%, 2/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Sysco Corp. 2.40%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp. 2.75%, 5/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Smithfield Foods, Inc. 3.00%, 10/15/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 3/9/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy Resources Corp. 1.75%, <br> 10/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Banner Health 1.90%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bon Secours Mercy Health, Inc. Series 20-2, 3.21%, <br> 6/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. 2.25%, 5/15/2030 | 7 | 6 |
| &nbsp;&nbsp;&nbsp; HCA, Inc. 5.25%, 6/15/2026 | 23 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MedStar Health, Inc. Series 20A, 3.63%, <br> 8/15/2049<br>| 5 | 4 |
| &nbsp;&nbsp;&nbsp; MultiCare Health System 2.80%, 8/15/2050 | 2 | 1 |
| &nbsp;&nbsp;&nbsp; Piedmont Healthcare, Inc. 2.86%, 1/1/2052 | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc. 2.65%, 10/15/2030 <br> (d)<br>| 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia United Health System Obligated Group <br> Series 2020, 3.13%, 6/1/2050<br>| 20 | 15 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. 3.35%, 3/12/2050 | 7 | 5 |
| **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Lennar Corp. 4.50%, 4/30/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| &nbsp;&nbsp;&nbsp; Alexander Funding Trust 1.84%, 11/15/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC 3.25%, <br> 6/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Southern Power Co. 5.15%, 9/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. 4.38%, <br> 6/30/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Athene Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 1/8/2024 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 6/25/2024 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/14/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 1/8/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp. 3.85%, <br> 3/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. 2.38%, 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. 3.85%, 4/5/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empower Finance 2020 LP (Canada) 3.08%, <br> 9/17/2051 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; F&G Global Funding 1.75%, 6/30/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; New York Life Insurance Co. 3.75%, 5/15/2050 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Mutual Global Funding 1.70%, <br> 6/1/2028 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teachers Insurance & Annuity Association of America <br> 3.30%, 5/15/2050 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Funds 33

------

JPMorgan SmartRetirement® Blend 2015 Fund (formerly known as JPMorgan SmartSpending<sup>SM</sup> 2015 Fund)

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Internet & Direct Marketing Retail — 0.0% ^** | **Internet & Direct Marketing Retail — 0.0% ^** | **Internet & Direct Marketing Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. 3.95%, 4/13/2052 | 5 | 5 |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. 3.20%, 8/15/2029 | 4 | 3 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. 3.11%, 2/15/2040 | 7 | 5 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/1/2031 | 11 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/2041 | 10 | 7 |
| &nbsp;&nbsp;&nbsp; Comcast Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/1/2039 | 11 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 1/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Discovery Communications LLC 3.63%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) 2.50%, 9/1/2030 <br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. 1.65%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| **Multiline Retail — 0.0% ^** | **Multiline Retail — 0.0% ^** | **Multiline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Nordstrom, Inc. 4.25%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| **Multi-Utilities — 0.0% ^** | **Multi-Utilities — 0.0% ^** | **Multi-Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. 1.38%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** |
| &nbsp;&nbsp;&nbsp; Boardwalk Pipelines LP 4.45%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 4/6/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 11/10/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. 3.90%, 5/15/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. 3.25%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP 5.00%, 5/15/2044 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC 4.45%, <br> 2/15/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. 3.00%, 8/16/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; Flex Intermediate Holdco LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 6/30/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 12/30/2039 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/15/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/15/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. 2.63%, 10/1/2023 (d) | 7 | 7 |
| &nbsp;&nbsp;&nbsp; NGPL PipeCo LLC 3.25%, 7/15/2031 (d) | 5 | 4 |
| &nbsp;&nbsp;&nbsp; Phillips 66 Co. 3.55%, 10/1/2026 (d) | 7 | 7 |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC 5.63%, 3/1/2025 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies Capital International SA (France) <br> 2.99%, 6/29/2041<br>| 7 | 5 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 109 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/15/2039 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/13/2040 | 9 | 7 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. 2.35%, 6/24/2040 | 7 | 5 |
| &nbsp;&nbsp;&nbsp; Utah Acquisition Sub, Inc. 3.95%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc. 3.85%, 6/22/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| **Road & Rail — 0.1%** | **Road & Rail — 0.1%** | **Road & Rail — 0.1%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. 3.80%, 11/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Kansas City Southern 4.70%, 5/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. 3.05%, 5/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP 1.20%, 11/15/2025 <br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triton Container International Ltd. (Bermuda) <br> 2.05%, 4/15/2026 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. 3.55%, 8/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. 2.80%, 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. 1.95%, 2/15/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; KLA Corp. 3.30%, 3/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; NXP BV (China) 3.25%, 5/11/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Xilinx, Inc. 2.38%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| &nbsp;&nbsp;&nbsp; Oracle Corp. 3.80%, 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. 1.75%, 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; VMware, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34 J.P. Morgan Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. 3.63%, 4/15/2025 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. 3.70%, 4/15/2046 | 7 | 6 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. 1.75%, 11/1/2030 | 8 | 6 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Dell International LLC 6.20%, 7/15/2030 | 18 | 19 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. 2.45%, 2/4/2032 | 10 | 8 |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 3/25/2028 | 13 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 8/15/2037 | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 9/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| &nbsp;&nbsp;&nbsp; Air Lease Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc. (Canada) 4.55%, <br> 3/15/2052 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc. 2.55%, 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $1,915)<br>|  | &nbsp;&nbsp; 1595 |
| **Mortgage-Backed Securities — 5.1%** | **Mortgage-Backed Securities — 5.1%** | **Mortgage-Backed Securities — 5.1%** |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # ZL3032 3.50%, 5/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB4026 2.50%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB4045 2.50%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB4484 2.50%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB4542 2.50%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA4224 3.00%, 11/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB8503 2.50%, 2/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QC4789 3.00%, 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QE1832 4.50%, 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA2826 5.50%, 12/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM3118 3.00%, 5/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BQ2894 3.00%, 9/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BQ3996 2.50%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BQ5243 3.50%, 10/1/2050 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA7398 3.50%, 10/1/2050 | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA8637 4.00%, 1/1/2051 | 31 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BU1805 2.50%, 12/1/2051 | 22 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB2637 2.50%, 1/1/2052 | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BU3079 3.00%, 1/1/2052 | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV0273 3.00%, 1/1/2052 | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB2670 3.00%, 1/1/2052 | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV4831 3.00%, 2/1/2052 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV0295 3.50%, 2/1/2052 | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV3950 4.00%, 2/1/2052 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV6743 4.50%, 5/1/2052 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; FNMA, Other  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN2009 2.70%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM3010 5.07%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL8639 1.09%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM5319 4.34%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS4290 1.95%, 10/1/2029 | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS0448 1.27%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL9748 1.60%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN7593 2.99%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN8285 3.11%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM8544 3.08%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL9251 1.45%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM4789 4.18%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL9891 1.37%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN6149 3.14%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM3226 3.44%, 10/1/2032 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN7923 3.33%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN9067 3.51%, 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5511 3.45%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL1012 4.03%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL0900 4.08%, 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN4430 3.61%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0230 5.50%, 1/1/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0497 3.00%, 7/1/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; GNMA II, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BY3432 3.50%, 9/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BR3929 3.50%, 10/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BW1726 3.50%, 10/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS8546 2.50%, 12/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BR3928 3.00%, 12/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BU7538 3.00%, 12/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 785294 3.50%, 1/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA8452 3.00%, 2/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Funds 35

------

JPMorgan SmartRetirement® Blend 2015 Fund (formerly known as JPMorgan SmartSpending<sup>SM</sup> 2015 Fund)

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB1543 3.00%, 2/20/2051 | 28 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA3588 3.50%, 2/20/2051 | 27 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB1536 3.50%, 2/20/2051 | 27 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB1542 3.00%, 3/20/2051 | 35 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB4433 3.00%, 3/20/2051 | 29 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC0070 3.00%, 3/20/2051 | 33 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8738 3.00%, 3/20/2051 | 29 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8723 3.50%, 3/20/2051 | 33 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8727 3.00%, 4/20/2051 | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8739 3.00%, 4/20/2051 | 24 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8740 3.00%, 4/20/2051 | 24 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8751 3.00%, 4/20/2051 | 27 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA3563 3.50%, 7/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CE2586 3.50%, 7/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CK1527 3.50%, 12/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CJ8184 3.50%, 1/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CK2716 3.50%, 2/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA II, Other Pool # 785183 2.94%, <br> 10/20/2070 (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities <br>(Cost $1,506)<br>|  | &nbsp;&nbsp; 1359 |
| **Asset-Backed Securities — 3.1%** | **Asset-Backed Securities — 3.1%** | **Asset-Backed Securities — 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACC Auto Trust Series 2021-A, Class A, 1.08%, <br> 4/15/2027 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aligned Data Centers Issuer LLC Series 2021-1A, <br> Class A2, 1.94%, 8/15/2046 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class AA, 3.20%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3, Class AA, 3.00%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B, 3.95%, 7/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class AA, 3.15%, 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables Trust Series <br> 2018-3, Class D, 4.04%, 11/18/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business Jet Securities LLC Series 2021-1A, Class A, <br> 2.16%, 4/15/2036 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust Series 2019-3, Class C, <br> 2.60%, 6/16/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4A, Class D, 3.07%, 7/15/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-P1, Class C, 1.32%, 11/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DataBank Issuer Series 2021-1A, Class A2, 2.06%, <br> 2/27/2051 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Pass-Through Trust Series 2020-1, <br> Class A, 2.50%, 6/10/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust Series 2020-1, Class D, <br> 2.70%, 5/17/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp; DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 0.84%, <br> 10/15/2026 (d)<br>| 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class C, 1.10%, 2/16/2027 (d) | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class D, 1.99%, 9/15/2027 (d) | 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust Series <br> 2021-2A, Class C, 0.98%, 6/15/2026<br>| 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHF Trust Series 2021-1A, Class A, 1.27%, <br> 3/15/2027 (d)<br>| 19 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Investors Auto Owner Trust Series 2021-1A, <br> Class B, 0.89%, 3/15/2027 (d)<br>| 10 | 10 |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B, 0.68%, 2/16/2027 (d) | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class C, 1.28%, 2/16/2027 (d) | 10 | 9 |
| &nbsp;&nbsp;&nbsp; GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4A, Class B, 0.87%, <br> 12/16/2024 (d)<br>| 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 0.77%, 9/15/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JetBlue Pass-Through Trust Series 2020-1, Class B, <br> 7.75%, 11/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Pagaya AI Debt Selection Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 1.18%, 11/15/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HG1, Class A, 1.22%, <br> 1/16/2029 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A, 1.15%, 5/15/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Consumer Auto Receivables Trust Series <br> 2021-AA, Class B, 0.71%, 8/17/2026 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust Series <br> 2019-3, Class D, 2.68%, 10/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class B, 3.65%, 10/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class B, 3.50%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class A, 3.10%, 10/7/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class A, 3.70%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Auto Credit Securitization Trust Series <br> 2021-1, Class C, 0.84%, 6/10/2026 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veros Auto Receivables Trust Series 2021-1, Class A, <br> 0.92%, 10/15/2026 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, <br> 2/27/2051 ‡ (d) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust Series <br> 2020-3A, Class C, 1.24%, 11/17/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $882)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 832 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36 J.P. Morgan Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — 0.8%** | **Commercial Mortgage-Backed Securities — 0.8%** | **Commercial Mortgage-Backed Securities — 0.8%** |
| &nbsp;&nbsp;&nbsp; ACRE Commercial Mortgage Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4, Class A, 2.44%, <br> 12/18/2037 (d) (g)<br>| 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4, Class AS, 2.71%, <br> 12/18/2037 (d) (g)<br>| 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPR Trust Series 2021-KEN, Class A, 2.57%, <br> 2/15/2029 (d) (g)<br>| 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Credit Risk Series <br> 2021-MN2, Class M1, 2.73%, 7/25/2041 (d) (g)<br>| 29 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1511, Class A1, 3.28%, 10/25/2030 | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1510, Class A2, 3.72%, 1/25/2031 | 5 | 5 |
| &nbsp;&nbsp;&nbsp; FNMA ACES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M1S, Class A2, 2.08%, 4/25/2032 | 30 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M3, Class 1A1, 1.00%, 11/25/2033 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M3, Class X1, IO, 2.09%, <br> 11/25/2033 (g)<br>| 92 | 11 |
| &nbsp;&nbsp;&nbsp; FNMA, Other 3.08%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KGX1, Class BFX, 3.71%, <br> 10/25/2027 (d) (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-K56, Class B, 4.08%, <br> 6/25/2049 (d) (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-K58, Class B, 3.87%, <br> 9/25/2049 (d) (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K728, Class C, 3.76%, <br> 11/25/2050 (d) (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Industrial Portfolio Trust Series 2021-KDIP, <br> Class B, 2.12%, 12/15/2037 ‡ (d) (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities <br>(Cost $219)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 207 |
| **Collateralized Mortgage Obligations — 0.6%** | **Collateralized Mortgage Obligations — 0.6%** | **Collateralized Mortgage Obligations — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Trust, Whole Loan Series 2002-W8, Class A1, <br> 6.50%, 6/25/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA, Grantor Trust, Whole Loan Series 2001-T12, <br> Class A1, 6.50%, 8/25/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-72, Class VB, 3.50%, 10/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-7, Class CA, 3.50%, 11/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA, REMIC Trust, Whole Loan Series 2002-W3, <br> Class A4, 6.50%, 11/25/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; Seasoned Credit Risk Transfer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class M60C, 3.50%, 5/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class M55D, 4.00%, <br> 8/25/2058 ‡<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class M55D, 4.00%, <br> 10/25/2058 ‡<br>| 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class M5TW, 3.00%, <br> 5/25/2060 ‡<br>| 26 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class TTW, 3.00%, 5/25/2060 ‡ | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations <br>(Cost $161)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 155 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short Term Investments — 8.6%** | **Short Term Investments — 8.6%** | **Short Term Investments — 8.6%** |
| **Investment Companies — 8.6%** | **Investment Companies — 8.6%** | **Investment Companies — 8.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (a) (h) <br>(Cost $2,278)<br>| 2278 | 2278 |
| **Total Investments — 100.1%** <br>**(Cost $28,177)**<br>|  | **26629** |
| **Liabilities in Excess of Other Assets — (0.1)%** |  | **(25)** |
| **NET ASSETS — 100.0%** |  | **26604** |

---

&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** |  |
| ACES | Alternative Credit Enhancement Securities |
| ETF | Exchange Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| LIBOR | London Interbank Offered Rate |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 J.P. Morgan Funds 37

------

JPMorgan SmartRetirement® Blend 2015 Fund (formerly known as JPMorgan SmartSpending<sup>SM</sup> 2015 Fund)

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;‡ Value determined using significant unobservable inputs.

&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) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the effective yield as of June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The rate shown is the current yield as of June 30, 2022.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as 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.

**Futures contracts outstanding as of June 30, 2022 (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>|
| **Short Contracts** |  |  |  |  |  |
| DJ US Real Estate Index | (3) | 09/16/2022 | USD | (107) | (4) |
| MSCI EAFE E-Mini Index | (2) | 09/16/2022 | USD | (186) | —(a) |
| MSCI Emerging Markets E-Mini Index | (4) | 09/16/2022 | USD | (201) | (1) |
|  |  |  |  |  | (5) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EAFE | Europe, Australasia and Far East |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&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;

38 J.P. Morgan Funds June 30, 2022

------

JPMorgan SmartRetirement® Blend 2020 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Investment Companies — 40.3%** | **Investment Companies — 40.3%** | **Investment Companies — 40.3%** |
| **Fixed Income — 16.5%** | **Fixed Income — 16.5%** | **Fixed Income — 16.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| 12782 | 95225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 3140 | 18241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Floating Rate Income Fund Class R6 <br> Shares (a)<br>| 1509 | 12454 |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares (a) | 7484 | 46029 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp;&nbsp; 171949 |
| **International Equity — 4.7%** | **International Equity — 4.7%** | **International Equity — 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 3117 | 48966 |
| **U.S. Equity — 19.1%** | **U.S. Equity — 19.1%** | **U.S. Equity — 19.1%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Index Fund Class R6 Shares (a) | 3486 | 198082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $417,458)<br>|  | &nbsp;&nbsp;&nbsp; 418997 |
| **Exchange-Traded Funds — 29.8%** | **Exchange-Traded Funds — 29.8%** | **Exchange-Traded Funds — 29.8%** |
| **Alternative Assets — 1.3%** | **Alternative Assets — 1.3%** | **Alternative Assets — 1.3%** |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders MSCI US REIT ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp;&nbsp; 13419 |
| **Fixed Income — 14.9%** | **Fixed Income — 14.9%** | **Fixed Income — 14.9%** |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Research Enhanced ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5417 |
| &nbsp;&nbsp;&nbsp; JPMorgan Inflation Managed Bond ETF (a) | &nbsp;&nbsp; 1618 | &nbsp;&nbsp;&nbsp;&nbsp; 78135 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Aggregate Bond ETF (a) | &nbsp;&nbsp; 1492 | &nbsp;&nbsp;&nbsp;&nbsp; 71571 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp;&nbsp; 155123 |
| **International Equity — 9.3%** | **International Equity — 9.3%** | **International Equity — 9.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders International Equity ETF <br> (a)<br>| &nbsp;&nbsp; 2050 | &nbsp;&nbsp;&nbsp;&nbsp; 96934 |
| **U.S. Equity — 4.3%** | **U.S. Equity — 4.3%** | **U.S. Equity — 4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Mid Cap Equity ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp;&nbsp; 23860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Small Cap Equity ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp;&nbsp; 20303 |
| &nbsp;&nbsp;&nbsp; Total U.S. Equity |  | &nbsp;&nbsp;&nbsp;&nbsp; 44163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(Cost $320,627)<br>|  | &nbsp;&nbsp;&nbsp; 309639 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Corporate Bonds — 6.0%** | **Corporate Bonds — 6.0%** | **Corporate Bonds — 6.0%** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 2/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Aerospace & Defense — continued** | **Aerospace & Defense — continued** | **Aerospace & Defense — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 2/1/2027 | 1403 | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/1/2028 | 155 | 138 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. 1.80%, 1/15/2031 | 80 | 64 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 5/1/2040 | 191 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 4/15/2045 | 209 | 176 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. 2.25%, 7/1/2030 | 322 | 278 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2203 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust Series <br> 2021-1, Class A Shares, 2.88%, 7/11/2034<br>| 549 | 467 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| &nbsp;&nbsp;&nbsp; General Motors Co. 6.80%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 11/10/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 1/8/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. (Japan) 3.52%, <br> 9/17/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1454 |
| **Banks — 1.0%** | **Banks — 1.0%** | **Banks — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIB Group plc (Ireland) 4.75%, 10/12/2023 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 846 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.90%), 1.72%, <br> 9/14/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/3/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.51%), 3.71%, <br> 4/24/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 4.38%, 4/27/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.93%), 2.68%, 6/19/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684 |
| &nbsp;&nbsp;&nbsp; Bank of Ireland Group plc (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/25/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 2.03%, <br> 9/30/2027 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) 4.34%, <br> 1/10/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA (France) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 Year + <br> 2.05%), 2.59%, 8/12/2035 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. (ICE LIBOR USD 3 Month + <br> 1.17%), 3.88%, 1/24/2039 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 39

------

JPMorgan SmartRetirement® Blend 2020 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) <br> 3.31%, 3/11/2041 (b)<br>| 250 | 189 |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/17/2025 (b) | 400 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.89%), 1.25%, 1/26/2027 (b) (c) | 250 | 220 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 1.59%, 5/24/2027 (c) | 600 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 2.01%, 9/22/2028 (c) | 1495 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) Series XR, 3.25%, <br> 9/23/2024 (b)<br>| 300 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc (United Kingdom) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.85%), 1.63%, <br> 5/11/2027 (c)<br>| 200 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.67%), 1.23%, <br> 5/22/2027 (c)<br>| 200 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) (ICE LIBOR <br> USD 3 Month + 1.87%), 4.44%, 5/8/2030 <br> (c)<br>| 315 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United <br> Kingdom) (SOFR + 0.99%), 1.67%, <br> 6/14/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp; Societe Generale SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/14/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 1.49%, <br> 12/14/2026 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.30%), 2.89%, <br> 6/9/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) (US Treasury Yield Curve <br> Rate T Note Constant Maturity 1 Year + <br> 1.20%), 1.98%, 6/3/2027 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 7/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.53%), 3.07%, 4/30/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.13%), 4.61%, 4/25/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 11/16/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/18/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10570 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. (Belgium) <br> 3.75%, 7/15/2042<br>| 750 | 608 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. 3.80%, 5/1/2050 | 217 | 172 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/2026 | 235 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 | 400 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/2049 | 180 | 160 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. 3.15%, 2/21/2040 | 394 | 311 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. 2.25%, 5/1/2030 | 114 | 93 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. 2.60%, 10/1/2040 | 227 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. 1.75%, <br> 9/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1614 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Masco Corp. 2.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194 |
| **Capital Markets — 0.6%** | **Capital Markets — 0.6%** | **Capital Markets — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Finance, Inc. (Canada) 3.50%, <br> 3/30/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp; 301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse AG (Switzerland) 3.70%, <br> 2/21/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp; Credit Suisse Group AG (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.98%), 1.31%, 2/2/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 1/9/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) (SOFR + 1.87%), <br> 2.13%, 11/24/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 2.64%, 2/24/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 1.34%, 1/12/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.53%), 2.87%, 1/14/2033 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 7/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 3/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.55%), 4.49%, <br> 5/12/2026 (b) (c)<br>| 222 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.00%), 2.09%, <br> 2/11/2032 (b) (c)<br>| 450 | 357 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5756 |
| **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. 5.32%, 11/15/2038 | 170 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. 3.47%, <br> 12/1/2050 (b)<br>| 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LYB International Finance III LLC 1.25%, <br> 10/1/2025<br>| 111 | 100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 |
| **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. 2.35%, 1/15/2032 | 270 | 209 |
| **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/29/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 2/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 2/21/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/18/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. (SOFR + 1.27%), <br> 2.62%, 11/2/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. 3.80%, <br> 4/7/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp; Park Aerospace Holdings Ltd. (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3783 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging International LLC 1.51%, <br> 4/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Miami Series 2022, 4.06%, <br> 4/1/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Diversified Financial Services — 0.0% ^** | **Diversified Financial Services — 0.0% ^** | **Diversified Financial Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shell International Finance BV (Netherlands) <br> 3.13%, 11/7/2049<br>| 205 | 157 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 6/1/2027 | 522 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/2041 | 518 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 9/15/2055 | 305 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. 2.65%, <br> 11/20/2040<br>| 185 | 136 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1254 |
| **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC Series YYY, 3.25%, <br> 10/1/2049<br>| 97 | 75 |
| &nbsp;&nbsp;&nbsp; Edison International 5.75%, 6/15/2027 | 195 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emera US Finance LP (Canada) 4.75%, <br> 6/15/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp; Entergy Arkansas LLC 2.65%, 6/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Entergy Louisiana LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 3/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. 2.90%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fells Point Funding Trust 3.05%, 1/31/2027 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC 4.55%, 4/1/2049 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp; Fortis, Inc. (Canada) 3.06%, 10/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp; ITC Holdings Corp. 2.95%, 5/14/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co. 4.30%, <br> 1/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Electric Co. 4.00%, 8/15/2046 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New England Power Co. (United Kingdom) <br> 2.81%, 10/6/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/2/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/2/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp; OGE Energy Corp. 0.70%, 5/26/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.37%, 3/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/15/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 41

------

JPMorgan SmartRetirement® Blend 2020 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 3/15/2045 | 65 | 47 |
| &nbsp;&nbsp;&nbsp; PacifiCorp 4.15%, 2/15/2050 | 113 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PG&E Wildfire Recovery Funding LLC Series A-2, <br> 4.26%, 6/1/2036<br>| 85 | 86 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20C, 1.20%, 2/1/2026 | 176 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.13%, 3/1/2048 | 121 | 100 |
| &nbsp;&nbsp;&nbsp; Union Electric Co. 3.90%, 4/1/2052 | 124 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC 4.88%, 5/13/2024 <br> (b)<br>| 255 | 254 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4840 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Activision Blizzard, Inc. 1.35%, 9/15/2030 | 181 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. 3.70%, <br> 4/14/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) 3.50%, 5/13/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 643 |
| **Equity Real Estate Investment Trusts (REITs) — 0.4%** | **Equity Real Estate Investment Trusts (REITs) — 0.4%** | **Equity Real Estate Investment Trusts (REITs) — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Campus Communities Operating <br> Partnership LP 2.25%, 1/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; American Tower Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 1/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722 |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Office Properties LP 2.75%, <br> 4/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. 2.90%, 11/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Trust of America Holdings LP 2.00%, <br> 3/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp; 379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294 |
| &nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. 2.13%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp; Life Storage LP 2.40%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office Properties Income Trust 2.40%, <br> 2/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp; Physicians Realty LP 2.63%, 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. 1.80%, 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care LP 3.20%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safehold Operating Partnership LP 2.85%, <br> 1/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scentre Group Trust 1 (Australia) 3.63%, <br> 1/28/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491 |
| &nbsp;&nbsp;&nbsp; UDR, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 3/15/2033 | 50 | 38 |
| &nbsp;&nbsp;&nbsp; WP Carey, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 2/1/2031 | 148 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 4/1/2033 | 10 | 8 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4058 |
| **Food & Staples Retailing — 0.0% ^** | **Food & Staples Retailing — 0.0% ^** | **Food & Staples Retailing — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; 7-Eleven, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 2/10/2028 (b) | 96 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/10/2041 (b) | 99 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. (Canada) 3.63%, <br> 5/13/2051 (b)<br>| 225 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Pass-Through Trust Series 2014, 4.16%, <br> 8/11/2036 (b)<br>| 97 | 92  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402 |
| **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp. 2.75%, 5/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp; Smithfield Foods, Inc. 3.00%, 10/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. 2.85%, 2/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy Resources Corp. 1.75%, <br> 10/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. 4.55%, 3/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp; DH Europe Finance II SARL 3.25%, 11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Banner Health 1.90%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bon Secours Mercy Health, Inc. Series 20-2, <br> 3.21%, 6/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Children's Hospital of Philadelphia (The) Series <br> 2020, 2.70%, 7/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp; CommonSpirit Health  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; HCA, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 854 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/15/2051 | 83 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/2052 (b) | 92 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MedStar Health, Inc. Series 20A, 3.63%, <br> 8/15/2049<br>| 130 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MidMichigan Health Series 2020, 3.41%, <br> 6/1/2050<br>| 40 | 32 |
| &nbsp;&nbsp;&nbsp; MultiCare Health System 2.80%, 8/15/2050 | 113 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PeaceHealth Obligated Group Series 2020, <br> 3.22%, 11/15/2050<br>| 135 | 101 |
| &nbsp;&nbsp;&nbsp; Piedmont Healthcare, Inc. 2.86%, 1/1/2052 | 165 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc. 2.65%, <br> 10/15/2030 (b)<br>| 137 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia United Health System Obligated <br> Group Series 2020, 3.13%, 6/1/2050<br>| 300 | 219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2443 |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. 3.35%, 3/12/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 |
| **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Lennar Corp. 4.50%, 4/30/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander Funding Trust 1.84%, 11/15/2023 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 622 |
| &nbsp;&nbsp;&nbsp; Southern Power Co. 5.15%, 9/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815 |
| **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE Capital International Funding Co. Unlimited <br> Co. 4.42%, 11/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp; 484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| &nbsp;&nbsp;&nbsp; Athene Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/14/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 1/8/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp. 3.85%, <br> 3/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. 2.38%, 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. 3.85%, 4/5/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empower Finance 2020 LP (Canada) 3.08%, <br> 9/17/2051 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Life Insurance Co. 3.75%, 5/15/2050 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Mutual Global Funding 1.70%, <br> 6/1/2028 (b)<br>| 150 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teachers Insurance & Annuity Association of <br> America 3.30%, 5/15/2050 (b)<br>| 393 | 300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1908 |
| **Internet & Direct Marketing Retail — 0.0% ^** | **Internet & Direct Marketing Retail — 0.0% ^** | **Internet & Direct Marketing Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. 3.95%, 4/13/2052 | 225 | 208 |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; CGI, Inc. (Canada) 1.45%, 9/14/2026 | 156 | 138 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. 3.20%, 8/15/2029 | 297 | 259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 397 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. 3.11%, 2/15/2040 | 100 | 77  |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 4/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273 |
| &nbsp;&nbsp;&nbsp; Comcast Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 1/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Communications LLC 3.63%, <br> 5/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anglo American Capital plc (South Africa) <br> 3.63%, 9/11/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) 2.50%, <br> 9/1/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. 1.65%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 697 |
| **Multiline Retail — 0.0% ^** | **Multiline Retail — 0.0% ^** | **Multiline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Nordstrom, Inc. 4.25%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164 |
| **Multi-Utilities — 0.0% ^** | **Multi-Utilities — 0.0% ^** | **Multi-Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co. 2.85%, <br> 5/15/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp; Consumers Energy Co. 3.25%, 8/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. 1.38%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381 |
| **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** |
| &nbsp;&nbsp;&nbsp; Boardwalk Pipelines LP 4.45%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 43

------

JPMorgan SmartRetirement® Blend 2020 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc. 2.77%, <br> 11/10/2050<br>| 187 | 130 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. 3.90%, 5/15/2027 (b) | 125 | 120 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. 3.25%, 12/1/2026 | 315 | 307 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 7/15/2026 | 92 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 3/15/2027 | 345 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/2044 (d) | 420 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC 4.45%, <br> 2/15/2043<br>| 200 | 174 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. 3.00%, 8/16/2039 | 593 | 484 |
| &nbsp;&nbsp;&nbsp; Flex Intermediate Holdco LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 6/30/2031 (b) | 140 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 12/30/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy Pipeline Assets Bidco Ltd. (United Arab <br> Emirates) 2.94%, 9/30/2040 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. 5.88%, 4/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp; MPLX LP 4.50%, 4/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp; NGPL PipeCo LLC 3.25%, 7/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp; Phillips 66 Co. 3.55%, 10/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC 5.63%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. 4.20%, 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies Capital International SA (France) <br> 2.99%, 6/29/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4531 |
| **Personal Products — 0.0% ^** | **Personal Products — 0.0% ^** | **Personal Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSK Consumer Healthcare Capital US LLC 4.00%, <br> 3/24/2052 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca plc (United Kingdom) 6.45%, <br> 9/15/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. 4.13%, 6/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan) 3.03%, <br> 7/9/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc. 4.00%, 6/22/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 912 |
| **Road & Rail — 0.1%** | **Road & Rail — 0.1%** | **Road & Rail — 0.1%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. 3.80%, 11/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp; Kansas City Southern 4.70%, 5/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. 3.05%, 5/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Road & Rail — continued** | **Road & Rail — continued** | **Road & Rail — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triton Container International Ltd. (Bermuda) <br> 2.05%, 4/15/2026 (b)<br>| 400 | 353 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. 3.55%, 8/15/2039 | 270 | 233 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. 2.80%, 10/1/2041 | 171 | 134 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 2/15/2028 (b) | 418 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 11/15/2036 (b) | 59 | 45 |
| &nbsp;&nbsp;&nbsp; KLA Corp. 3.30%, 3/1/2050 | 242 | 192 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97%, 2/15/2024 | 205 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp; NXP BV (China) 3.25%, 5/11/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TSMC Global Ltd. (Taiwan) 1.38%, 9/28/2030 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp; Xilinx, Inc. 2.38%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1969 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| &nbsp;&nbsp;&nbsp; Oracle Corp. 3.80%, 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp; VMware, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 798 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. 3.70%, 4/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Dell International LLC 6.20%, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 793 |
| **Thrifts & Mortgage Finance — 0.1%** | **Thrifts & Mortgage Finance — 0.1%** | **Thrifts & Mortgage Finance — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPCE SA (France) (SOFR + 1.52%), 1.65%, <br> 10/6/2026 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. 2.45%, 2/4/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 3/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 8/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 9/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 922 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| &nbsp;&nbsp;&nbsp; Air Lease Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 1/15/2026 | 180 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 8/15/2026 | 495 | 428 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 918 |
| **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; America Movil SAB de CV (Mexico) 2.88%, <br> 5/7/2030<br>| 200 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc. (Canada) 4.55%, <br> 3/15/2052 (b)<br>| 100 | 88  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $73,995)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 62061 |
| **Asset-Backed Securities — 4.9%** | **Asset-Backed Securities — 4.9%** | **Asset-Backed Securities — 4.9%** |
| &nbsp;&nbsp;&nbsp; ACC Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 1.08%, <br> 4/15/2027 (b)<br>| 277 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 1.79%, <br> 4/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACC Trust Series 2021-1, Class B, 1.43%, <br> 7/22/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelerated LLC Series 2021-1H, Class B, <br> 1.90%, 10/20/2040 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affirm Asset Securitization Trust Series 2021-A, <br> Class A, 0.88%, 8/15/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aligned Data Centers Issuer LLC Series 2021-1A, <br> Class A2, 1.94%, 8/15/2046 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561 |
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class AA, 3.20%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3, Class AA, 3.00%, <br> 10/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B, 3.95%, 7/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class AA, 3.15%, 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 756 |
| &nbsp;&nbsp;&nbsp; AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2, Class E1, 4.03%, <br> 7/17/2037 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR3, Class E2, 2.76%, <br> 9/17/2037 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR4, Class D, 2.01%, <br> 11/17/2037 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR4, Class E2, 2.46%, <br> 11/17/2037 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class E2, 2.58%, <br> 8/17/2038 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aqua Finance Trust Series 2020-AA, Class C, <br> 3.97%, 7/17/2046 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arivo Acceptance Auto Loan Receivables Trust <br> Series 2021-1A, Class A, 1.19%, <br> 1/15/2027 (b)<br>| 109 | 106 |
| &nbsp;&nbsp;&nbsp; Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A, 2.98%, <br> 11/15/2035 (b)<br>| 710 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 2.16%, <br> 4/15/2036 (b)<br>| 582 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 2.92%, <br> 4/15/2036 ‡ (b)<br>| 815 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 4.46%, <br> 6/15/2037 (b)<br>| 399 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BXG Receivables Note Trust Series 2020-A, <br> Class A, 1.55%, 2/28/2036 (b)<br>| 311 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust Series 2020-P1, <br> Class C, 1.32%, 11/9/2026<br>| 375 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Finance Credit Card ABS Master Trust <br> Series 2020-1A, Class A, 2.24%, <br> 12/15/2028 (b)<br>| 170 | 160 |
| &nbsp;&nbsp;&nbsp; CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 0.61%, <br> 2/18/2025 (b)<br>| 111 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class C, 1.23%, <br> 3/15/2027 (b)<br>| 540 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Auto Loan Trust Series <br> 2020-2A, Class C, 2.73%, 11/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credito Real USA Auto Receivables Trust Series <br> 2021-1A, Class A, 1.35%, 2/16/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crossroads Asset Trust Series 2021-A, Class A2, <br> 0.82%, 3/20/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DataBank Issuer Series 2021-1A, Class A2, <br> 2.06%, 2/27/2051 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1, Class B, 4.25%, 7/30/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A, 2.50%, 6/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338 |
| &nbsp;&nbsp;&nbsp; Diamond Resorts Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 1.51%, <br> 11/21/2033 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 2.70%, <br> 11/21/2033 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284 |
| &nbsp;&nbsp;&nbsp; DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 0.84%, <br> 10/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 5.46%, <br> 3/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp; Elara HGV Timeshare Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 1.74%, 8/27/2035 ‡ <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 45

------

JPMorgan SmartRetirement® Blend 2020 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class C, 2.09%, 8/27/2035 ‡ <br> (b)<br>| 167 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHF Trust Series 2021-1A, Class A, 1.27%, <br> 3/15/2027 (b)<br>| 163 | 156 |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class E1, 2.26%, <br> 9/17/2038 ‡ (b)<br>| 780 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class E1, 5.00%, <br> 5/17/2039 ‡ (b)<br>| 255 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust Series 2021-1, <br> Class B, 0.68%, 2/16/2027 (b)<br>| 410 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FMC GMSR Issuer Trust Series 2021-GT2, Class A, <br> 3.85%, 10/25/2026 (b) (e)<br>| 550 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FREED ABS Trust Series 2021-2, Class B, 1.03%, <br> 6/19/2028 ‡ (b)<br>| 596 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GLS Auto Receivables Issuer Trust Series <br> 2020-4A, Class B, 0.87%, 12/16/2024 (b)<br>| 147 | 147 |
| &nbsp;&nbsp;&nbsp; Home Partners of America Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class C, 2.40%, <br> 12/17/2026 ‡ (b)<br>| 849 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class D, 3.00%, 1/17/2041 ‡ <br> (b)<br>| 451 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JetBlue Pass-Through Trust Series 2020-1, <br> Class B, 7.75%, 11/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lendbuzz Securitization Trust Series 2021-1A, <br> Class A, 1.46%, 6/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636 |
| &nbsp;&nbsp;&nbsp; Lendingpoint Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 1.00%, <br> 12/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 1.46%, <br> 12/15/2028 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class A, 1.11%, <br> 2/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class B, 1.68%, 2/15/2029 ‡ <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LendingPoint Asset Securitization Trust Series <br> 2020-REV1, Class A, 2.73%, 10/15/2028 (b)<br>| &nbsp;&nbsp; 1079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LL ABS Trust Series 2021-1A, Class A, 1.07%, <br> 5/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust Series 2021-AA, <br> Class A, 1.86%, 3/20/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 752 |
| &nbsp;&nbsp;&nbsp; Marlette Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 0.60%, <br> 6/16/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 1.00%, <br> 6/16/2031 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Financial Credit Card Master Trust Series <br> 2021-1A, Class A, 1.54%, 3/20/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 866 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Lane Credit Card Master Trust Series <br> 2021-A, Class A, 1.59%, 9/15/2026 (b)<br>| 725 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MVW LLC Series 2021-2A, Class C, 2.23%, <br> 5/20/2039 ‡ (b)<br>| 912 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NMEF Funding LLC Series 2021-A, Class B, <br> 1.85%, 12/15/2027 ‡ (b)<br>| 525 | 495 |
| &nbsp;&nbsp;&nbsp; NRZ Excess Spread-Collateralized Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PLS1, Class A, 3.84%, <br> 12/25/2025 (b)<br>| 539 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FNT1, Class A, 2.98%, <br> 3/25/2026 (b)<br>| 388 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FNT2, Class A, 3.23%, <br> 5/25/2026 (b)<br>| 1048 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Octane Receivables Trust Series 2021-1A, <br> Class A, 0.93%, 3/22/2027 (b)<br>| 392 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneMain Financial Issuance Trust Series <br> 2020-2A, Class D, 3.45%, 9/14/2035 ‡ (b)<br>| 230 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oportun Issuance Trust Series 2021-B, Class A, <br> 1.47%, 5/8/2031 (b)<br>| 1660 | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange Lake Timeshare Trust Series 2016-A, <br> Class A, 2.61%, 3/8/2029 (b)<br>| 115 | 112 |
| &nbsp;&nbsp;&nbsp; Pagaya AI Debt Selection Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 1.18%, <br> 11/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HG1, Class A, 1.22%, <br> 1/16/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A, 1.15%, <br> 5/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRET LLC Series 2021-RN4, Class A1, 2.49%, <br> 10/25/2051 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 882 |
| &nbsp;&nbsp;&nbsp; Pretium Mortgage Credit Partners I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL1, Class A1, 2.24%, <br> 9/27/2060 ‡ (b) (d)<br>| &nbsp;&nbsp; 1129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL4, Class A1, 2.36%, <br> 10/27/2060 ‡ (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789 |
| &nbsp;&nbsp;&nbsp; Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR3, Class A, 1.29%, <br> 10/17/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR3, Class B, 1.50%, <br> 10/17/2027 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR1, Class E, 3.03%, <br> 4/17/2037 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class D, 2.20%, <br> 4/19/2038 ‡ (b)<br>| &nbsp;&nbsp; 1775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional Management Issuance Trust Series <br> 2021-1, Class A, 1.68%, 3/17/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Republic Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, 2.47%, <br> 11/20/2030 (b)<br>| 515 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 2.30%, <br> 12/22/2031 (b)<br>| 1254 | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC Series <br> 2021-2A, Class B, 1.80%, 9/20/2038 ‡ (b)<br>| 283 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Theorem Funding Trust Series 2021-1A, Class A, <br> 1.21%, 12/15/2027 (b)<br>| 512 | 501 |
| &nbsp;&nbsp;&nbsp; Tricolor Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 1.00%, <br> 6/17/2024 (b)<br>| 270 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 1.33%, <br> 9/16/2024 (b)<br>| 310 | 304 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class B, 3.65%, 10/7/2025 | 157 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class B, 3.50%, 5/1/2028 | 364 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class A, 3.10%, 10/7/2028 | 168 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class A, 3.70%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upstart Pass-Through Trust Series 2021-ST2, <br> Class A, 2.50%, 4/20/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 |
| &nbsp;&nbsp;&nbsp; Upstart Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A, 1.70%, <br> 11/20/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 0.87%, <br> 3/20/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Auto Funding Series 2021-1A, Class B, <br> 1.49%, 3/17/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376 |
| &nbsp;&nbsp;&nbsp; VCAT LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL1, Class A1, 2.29%, <br> 12/26/2050 ‡ (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL2, Class A1, 2.12%, <br> 3/27/2051 (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veros Auto Receivables Trust Series 2021-1, <br> Class A, 0.92%, 10/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCII LLC Series 2021-NPL1, Class A1, <br> 1.89%, 2/27/2051 (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCIII LLC Series 2021-NPL2, Class A1, <br> 1.89%, 2/27/2051 ‡ (b) (d)<br>| &nbsp;&nbsp; 1573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCIV LLC Series 2021-NPL3, Class A1, <br> 2.24%, 2/27/2051 ‡ (b) (d)<br>| &nbsp;&nbsp; 1342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCIX LLC Series 2021-NPL8, Class A1, <br> 2.12%, 4/25/2051 ‡ (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCV LLC Series 2021-NPL4, Class A1, <br> 2.24%, 3/27/2051 ‡ (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCVI LLC Series 2021-NPL5, Class A1, <br> 2.12%, 3/27/2051 (b) (d)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 954 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCVII LLC Series 2021-NPL6, Class A1, <br> 2.24%, 4/25/2051 ‡ (b) (d)<br>| 1039 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westgate Resorts LLC Series 2022-1A, Class B, <br> 2.29%, 8/20/2036 ‡ (b)<br>| 324 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $54,491)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 51011 |
| **Mortgage-Backed Securities — 4.6%** | **Mortgage-Backed Securities — 4.6%** | **Mortgage-Backed Securities — 4.6%** |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # ZL3032 3.50%, 5/1/2042 | 441 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB4026 2.50%, 10/1/2050 | 1679 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB4045 2.50%, 10/1/2050 | 1014 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB4484 2.50%, 10/1/2050 | 616 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB4542 2.50%, 10/1/2050 | 550 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA4224 3.00%, 11/1/2050 | 224 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB8503 2.50%, 2/1/2051 | 636 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QC4789 3.00%, 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QE1637 4.00%, 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QE1832 4.50%, 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA2826 5.50%, 12/1/2048 | &nbsp;&nbsp; 1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM3118 3.00%, 5/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BQ2894 3.00%, 9/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BQ3996 2.50%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BQ5243 3.50%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA7398 3.50%, 10/1/2050 | &nbsp;&nbsp; 1064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA8637 4.00%, 1/1/2051 | &nbsp;&nbsp; 1530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BU3079 3.00%, 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV0273 3.00%, 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV4831 3.00%, 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV0295 3.50%, 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV6743 4.50%, 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV9515 6.00%, 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276 |
| &nbsp;&nbsp;&nbsp; FNMA, Other  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM5319 4.34%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS4290 1.95%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS0448 1.27%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL9748 1.60%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN7593 2.99%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN8285 3.11%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM8544 3.08%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL9251 1.45%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM4789 4.18%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL9891 1.37%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5580 3.68%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN6149 3.14%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 47

------

JPMorgan SmartRetirement® Blend 2020 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN7923 3.33%, 1/1/2033 | 505 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5357 3.41%, 3/1/2033 | 500 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN9067 3.51%, 5/1/2033 | 275 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5511 3.45%, 8/1/2033 | 665 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5127 3.15%, 9/1/2033 | 400 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL1012 4.03%, 12/1/2033 | 265 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL0900 4.08%, 2/1/2034 | 155 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN4430 3.61%, 1/1/2037 | 536 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0230 5.50%, 1/1/2058 | 1236 | 1356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0497 3.00%, 7/1/2060 | 575 | 541 |
| &nbsp;&nbsp;&nbsp; GNMA II, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BY3432 3.50%, 9/20/2050 | 821 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BR3929 3.50%, 10/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BW1726 3.50%, 10/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS8546 2.50%, 12/20/2050 | &nbsp;&nbsp; 1433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BR3928 3.00%, 12/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BU7538 3.00%, 12/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 785294 3.50%, 1/20/2051 | &nbsp;&nbsp; 1403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA8452 3.00%, 2/20/2051 | &nbsp;&nbsp; 1838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB1543 3.00%, 2/20/2051 | &nbsp;&nbsp; 1299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA3588 3.50%, 2/20/2051 | &nbsp;&nbsp; 1243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB1536 3.50%, 2/20/2051 | &nbsp;&nbsp; 1358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB1542 3.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB4433 3.00%, 3/20/2051 | &nbsp;&nbsp; 1491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC0070 3.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8726 3.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8738 3.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8723 3.50%, 3/20/2051 | &nbsp;&nbsp; 1627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC0088 4.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC0092 4.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8727 3.00%, 4/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8739 3.00%, 4/20/2051 | &nbsp;&nbsp; 1178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8740 3.00%, 4/20/2051 | &nbsp;&nbsp; 1047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8751 3.00%, 4/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA3563 3.50%, 7/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CE2586 3.50%, 7/20/2051 | &nbsp;&nbsp; 1101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CK1527 3.50%, 12/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CJ8184 3.50%, 1/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CK2716 3.50%, 2/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CN3557 4.50%, 5/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA II, Other Pool # 785183 2.94%, <br> 10/20/2070 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities <br>(Cost $53,207)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 47453 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **U.S. Treasury Obligations — 3.2%** | **U.S. Treasury Obligations — 3.2%** | **U.S. Treasury Obligations — 3.2%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 5/15/2040 | 4017 | 2796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 8/15/2040 | 6836 | 4723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 5/15/2041 | 259 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 8/15/2041 | 500 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/2041 | 195 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 2/15/2043 | 695 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 5/15/2050 | 39 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 8/15/2050 | 10036 | 6606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/2050 | 1187 | 835 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 1/31/2023 (f) | 2350 | 2316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 9/15/2023 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 7/31/2028 | &nbsp;&nbsp; 2604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 8/31/2028 | &nbsp;&nbsp; 1554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/15/2030 | &nbsp;&nbsp; 3590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury STRIPS Bonds <br>1.14%, 5/15/2027 (g)<br>| &nbsp;&nbsp; 2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $38,395)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 32874 |
| **Collateralized Mortgage Obligations — 1.4%** | **Collateralized Mortgage Obligations — 1.4%** | **Collateralized Mortgage Obligations — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ajax Mortgage Loan Trust Series 2021-B, <br> Class A, 2.24%, 6/25/2066 ‡ (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 681 |
| &nbsp;&nbsp;&nbsp; Bayview Finance LLC, 0.00%, 7/12/2033 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cascade MH Asset Trust Series 2021-MH1, <br> Class A1, 1.75%, 2/25/2046 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 843 |
| &nbsp;&nbsp;&nbsp; CFMT LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HB4, Class A, 0.95%, <br> 12/26/2030 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HB5, Class A, 0.80%, <br> 2/25/2031 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSMC Trust Series 2021-RPL1, Class A1, 1.67%, <br> 9/27/2060 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Trust, Whole Loan Series 2002-W8, <br> Class A1, 6.50%, 6/25/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA, Grantor Trust, Whole Loan Series <br> 2001-T12, Class A1, 6.50%, 8/25/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-72, Class VB, 3.50%, <br> 10/25/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-7, Class CA, 3.50%, <br> 11/25/2057<br>| &nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1549 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA, REMIC Trust, Whole Loan Series 2002-W3, <br> Class A4, 6.50%, 11/25/2041<br>| 665 | 710 |
| &nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H11, Class FC, 1.35%, <br> 5/20/2065 (e)<br>| 448 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H14, Class YD, 8.30%, <br> 6/20/2071 (e)<br>| 755 | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust Series 2021-GS1, <br> Class A1, 1.89%, 10/25/2066 (b) (d)<br>| 372 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LHOME Mortgage Trust Series 2021-RTL1, <br> Class A1, 2.09%, 9/25/2026 (b) (e)<br>| 260 | 249 |
| &nbsp;&nbsp;&nbsp; PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 2.12%, <br> 3/25/2026 (b) (e)<br>| 574 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-10, Class A1, 2.49%, <br> 10/25/2026 (b) (d)<br>| 259 | 245 |
| &nbsp;&nbsp;&nbsp; Seasoned Credit Risk Transfer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class M60C, 3.50%, <br> 5/25/2057<br>| 426 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class M55D, 4.00%, <br> 8/25/2058 ‡<br>| 583 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class M55D, 4.00%, <br> 10/25/2058 ‡<br>| &nbsp;&nbsp;&nbsp;&nbsp; 413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class M5TW, 3.00%, <br> 5/25/2060 ‡<br>| &nbsp;&nbsp; 1038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class TTW, 3.00%, <br> 5/25/2060 ‡<br>| &nbsp;&nbsp; 1098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toorak Mortgage Corp. Ltd. Series 2020-1, <br> Class A1, 2.73%, 3/25/2023 (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust Series 2021-R1, <br> Class A1, 2.92%, 11/30/2060 (b) (e)<br>| &nbsp;&nbsp; 1503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations <br>(Cost $15,600)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 14614 |
| **Commercial Mortgage-Backed Securities — 0.7%** | **Commercial Mortgage-Backed Securities — 0.7%** | **Commercial Mortgage-Backed Securities — 0.7%** |
| &nbsp;&nbsp;&nbsp; ACRE Commercial Mortgage Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4, Class A, 2.44%, <br> 12/18/2037 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4, Class AS, 2.71%, <br> 12/18/2037 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPR Trust Series 2021-KEN, Class A, 2.57%, <br> 2/15/2029 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Credit Risk <br> Series 2021-MN2, Class M1, 2.73%, <br> 7/25/2041 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1511, Class A1, 3.28%, 10/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K152, Class A2, 3.08%, 1/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1510, Class A2, 3.72%, 1/25/2031 | 235 | 238 |
| &nbsp;&nbsp;&nbsp; FNMA ACES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M1S, Class A2, 2.08%, <br> 4/25/2032<br>| 965 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M3, Class 1A1, 1.00%, <br> 11/25/2033<br>| 196 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M3, Class X1, IO, 2.09%, <br> 11/25/2033 (e)<br>| 1260 | 144 |
| &nbsp;&nbsp;&nbsp; FNMA, Other 3.08%, 1/1/2029 | 907 | 922 |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KGX1, Class BFX, 3.71%, <br> 10/25/2027 (b) (e)<br>| 435 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-K48, Class C, 3.77%, <br> 8/25/2048 (b) (e)<br>| 35 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-K56, Class B, 4.08%, <br> 6/25/2049 (b) (e)<br>| 330 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K728, Class C, 3.76%, <br> 11/25/2050 (b) (e)<br>| 185 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Industrial Portfolio Trust Series 2021-KDIP, <br> Class B, 2.12%, 12/15/2037 ‡ (b) (e)<br>| 277 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLG Office Trust Series 2021-OVA, Class A, <br> 2.59%, 7/15/2041 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities <br>(Cost $7,161)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6706 |
| **Foreign Government Securities — 0.1%** | **Foreign Government Securities — 0.1%** | **Foreign Government Securities — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Panama (Panama) 3.16%, <br> 1/23/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp; Republic of Peru (Peru) 2.78%, 12/1/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; United Mexican States (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 5/24/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/12/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities <br>(Cost $1,612)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1303 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short Term Investments — 8.0%** | **Short Term Investments — 8.0%** | **Short Term Investments — 8.0%** |
| **Investment Companies — 8.0%** | **Investment Companies — 8.0%** | **Investment Companies — 8.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (a) (h) <br>(Cost $83,356)<br>| 83356 | &nbsp;&nbsp;&nbsp;&nbsp; 83356 |
| **Total Investments — 99.0%** <br>**(Cost $1,065,902)**<br>|  | **1028014** |
| **Other Assets Less Liabilities — 1.0%** |  | **10888** |
| **NET ASSETS — 100.0%** |  | **1038902** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 49

------

JPMorgan SmartRetirement® Blend 2020 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| CSMC | Credit Suisse Mortgage Trust |
| ETF | Exchange Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| LIBOR | London Interbank Offered Rate |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

---

&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>|

---

&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) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the effective yield as of June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The rate shown is the current yield as of June 30, 2022.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as 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.

**Futures contracts outstanding as of June 30, 2022 (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>|
| **Short Contracts** |  |  |  |  |  |
| DJ US Real Estate Index | (141) | 09/16/2022 | USD | &nbsp;&nbsp; (5039) | (179) |
| MSCI EAFE E-Mini Index | &nbsp;&nbsp; (59) | 09/16/2022 | USD | &nbsp;&nbsp; (5484) | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| MSCI Emerging Markets E-Mini Index | (179) | 09/16/2022 | USD | &nbsp;&nbsp; (8983) | &nbsp;&nbsp; (20) |
| S&P 500 E-Mini Index | &nbsp;&nbsp; (57) | 09/16/2022 | USD | (10819) | 214 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; 21 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EAFE | Europe, Australasia and Far East |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Investment Companies — 44.4%** | **Investment Companies — 44.4%** | **Investment Companies — 44.4%** |
| **Fixed Income — 16.5%** | **Fixed Income — 16.5%** | **Fixed Income — 16.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| 21654 | 161324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 6678 | 38799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Floating Rate Income Fund Class R6 <br> Shares (a)<br>| 2346 | 19355 |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares (a) | 13606 | 83677 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp;&nbsp; 303155 |
| **International Equity — 5.8%** | **International Equity — 5.8%** | **International Equity — 5.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 6749 | 106028 |
| **U.S. Equity — 22.1%** | **U.S. Equity — 22.1%** | **U.S. Equity — 22.1%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Index Fund Class R6 Shares (a) | 7134 | 405439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $786,854)<br>|  | &nbsp;&nbsp;&nbsp; 814622 |
| **Exchange-Traded Funds — 30.0%** | **Exchange-Traded Funds — 30.0%** | **Exchange-Traded Funds — 30.0%** |
| **Alternative Assets — 2.0%** | **Alternative Assets — 2.0%** | **Alternative Assets — 2.0%** |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders MSCI US REIT ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp;&nbsp; 35881 |
| **Fixed Income — 10.9%** | **Fixed Income — 10.9%** | **Fixed Income — 10.9%** |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Research Enhanced ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7993 |
| &nbsp;&nbsp;&nbsp; JPMorgan Inflation Managed Bond ETF (a) | &nbsp;&nbsp; 1487 | &nbsp;&nbsp;&nbsp;&nbsp; 71818 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Aggregate Bond ETF (a) | &nbsp;&nbsp; 2528 | &nbsp;&nbsp;&nbsp; 121240 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp;&nbsp; 201051 |
| **International Equity — 11.8%** | **International Equity — 11.8%** | **International Equity — 11.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders International Equity ETF <br> (a)<br>| &nbsp;&nbsp; 4567 | &nbsp;&nbsp;&nbsp; 215958 |
| **U.S. Equity — 5.3%** | **U.S. Equity — 5.3%** | **U.S. Equity — 5.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Mid Cap Equity ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp;&nbsp;&nbsp; 53002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Small Cap Equity ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 891 | &nbsp;&nbsp;&nbsp;&nbsp; 44866 |
| &nbsp;&nbsp;&nbsp; Total U.S. Equity |  | &nbsp;&nbsp;&nbsp;&nbsp; 97868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(Cost $571,650)<br>|  | &nbsp;&nbsp;&nbsp; 550758 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Corporate Bonds — 5.8%** | **Corporate Bonds — 5.8%** | **Corporate Bonds — 5.8%** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 2/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Aerospace & Defense — continued** | **Aerospace & Defense — continued** | **Aerospace & Defense — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/1/2025 | 276 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 2/1/2026 | 95 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 2/4/2026 | 85 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 2/1/2027 | 1722 | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/1/2028 | 200 | 178 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. 1.80%, 1/15/2031 | 100 | 80 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 5/1/2040 | 242 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 4/15/2045 | 220 | 185 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 7/1/2030 | 422 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 9/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3511 |
| **Airlines — 0.0% ^** | **Airlines — 0.0% ^** | **Airlines — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust Series <br> 2021-1, Class A Shares, 2.88%, 7/11/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp; 744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 633 |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |
| &nbsp;&nbsp;&nbsp; General Motors Co. 6.80%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 11/10/2022 (b) | &nbsp;&nbsp; 1074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 2/10/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 1/8/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. (Japan) 3.52%, <br> 9/17/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3279 |
| **Banks — 1.2%** | **Banks — 1.2%** | **Banks — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIB Group plc (Ireland) 4.75%, 10/12/2023 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd. <br> (Australia) 4.40%, 5/19/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 463 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 3/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.90%), 1.72%, <br> 9/14/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/3/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%), 1.20%, 10/24/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.51%), 3.71%, <br> 4/24/2028 (c)<br>| &nbsp;&nbsp; 1407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 4.38%, 4/27/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 2.97%, 2/4/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 51

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.93%), 2.68%, 6/19/2041 (c) | 1243 | 894 |
| &nbsp;&nbsp;&nbsp; Bank of Ireland Group plc (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/25/2023 (b) | 490 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 2.03%, <br> 9/30/2027 (b) (c)<br>| 215 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA (France) <br> 1.60%, 10/4/2026 (b)<br>| 365 | 324 |
| &nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 1/10/2028 | 300 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.30%), 2.89%, <br> 11/24/2032 (c)<br>| 200 | 161 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%), 1.90%, 9/30/2028 (b) (c) | 770 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 2.16%, 9/15/2029 (b) (c) | 364 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.05%), 2.59%, <br> 8/12/2035 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.15%), 3.52%, <br> 10/27/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.17%), 3.88%, <br> 1/24/2039 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) <br> 3.31%, 3/11/2041 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/17/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.89%), 1.25%, 1/26/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 1 Year + <br> 0.68%), 1.60%, 3/30/2028 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 1.59%, 5/24/2027 (c) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 2.01%, 9/22/2028 (c) | &nbsp;&nbsp; 1885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 2.21%, 8/17/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) Series XR, 3.25%, <br> 9/23/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc (United Kingdom) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.85%), 1.63%, <br> 5/11/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) <br> 3.74%, 3/7/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.67%), 1.23%, <br> 5/22/2027 (c)<br>| 230 | 201 |
| &nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.75%), 4.89%, <br> 5/18/2029 (c)<br>| 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.87%), 4.44%, <br> 5/8/2030 (c)<br>| 210 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) 1.50%, 9/30/2026 <br> (b)<br>| 200 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United <br> Kingdom) (SOFR + 0.99%), 1.67%, <br> 6/14/2027 (c)<br>| 230 | 201 |
| &nbsp;&nbsp;&nbsp; Societe Generale SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/14/2025 (b) | 850 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 1.49%, <br> 12/14/2026 (b) (c)<br>| 320 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.00%), 1.79%, <br> 6/9/2027 (b)<br>| 270 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.30%), 2.89%, <br> 6/9/2032 (b)<br>| 625 | 499 |
| &nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.17%), 1.32%, <br> 10/14/2023 (b) (c)<br>| &nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.00%), 1.46%, <br> 1/14/2027 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.20%), 1.98%, <br> 6/3/2027 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD ICE Swap Rate 5 Year + 3.70%), 5.86%, <br> 6/19/2032 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 7/22/2027 | &nbsp;&nbsp; 1701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.53%), 3.07%, 4/30/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.13%), 4.61%, 4/25/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296 |
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 11/16/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/18/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21680 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

52 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. (Belgium) <br> 3.75%, 7/15/2042<br>| 1135 | 920 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. 3.80%, 5/1/2050 | 276 | 219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1139 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/2026 | 300 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/21/2029 | 720 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 | 500 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/2049 | 240 | 213 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. 3.15%, 2/21/2040 | 496 | 392 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. 2.25%, 5/1/2030 | 144 | 118 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. 2.60%, 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. 1.75%, <br> 9/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2712 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Masco Corp. 2.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 |
| **Capital Markets — 0.6%** | **Capital Markets — 0.6%** | **Capital Markets — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Finance, Inc. (Canada) 3.50%, <br> 3/30/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse AG (Switzerland) 3.70%, <br> 2/21/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp; Credit Suisse Group AG (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.98%), 1.31%, 2/2/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 1/9/2028 (b) | &nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) (SOFR + 1.87%), <br> 2.13%, 11/24/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.57%), 0.67%, 3/8/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/21/2025 | &nbsp;&nbsp; 1486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series VAR, (SOFR + 0.79%), 1.09%, <br> 12/9/2026 (c)<br>| &nbsp;&nbsp; 1295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 2.64%, 2/24/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.51%), 3.69%, <br> 6/5/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 742 |
| &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 1.34%, 1/12/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.53%), 2.87%, 1/14/2033 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/2025 | &nbsp;&nbsp; 1095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 7/27/2026 | &nbsp;&nbsp; 1003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%), 3.22%, 4/22/2042 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 3/1/2029 (b) | 322 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/1/2029 (b) | 303 | 300 |
| &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.55%), 4.49%, <br> 5/12/2026 (b) (c)<br>| 372 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.00%), 2.09%, <br> 2/11/2032 (b) (c)<br>| 580 | 460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11461 |
| **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. 5.32%, 11/15/2038 | 218 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. 3.47%, <br> 12/1/2050 (b)<br>| 185 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LYB International Finance III LLC 1.25%, <br> 10/1/2025<br>| 142 | 128 |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. (Canada) 5.00%, 4/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599 |
| **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. 2.35%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287 |
| **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2027 | &nbsp;&nbsp; 1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/29/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 2/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2026 (b) | &nbsp;&nbsp; 1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 2/21/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/18/2027 (b) | &nbsp;&nbsp; 1132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 923 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 1/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.27%), 2.62%, 11/2/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. 3.80%, <br> 4/7/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp; Park Aerospace Holdings Ltd. (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5360 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 53

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging International LLC 1.51%, <br> 4/15/2026 (b)<br>| 259 | 234 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Miami Series 2022, 4.06%, <br> 4/1/2052<br>| 110 | 99  |
| **Diversified Financial Services — 0.0% ^** | **Diversified Financial Services — 0.0% ^** | **Diversified Financial Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Element Fleet Management Corp. (Canada) <br> 1.60%, 4/6/2024 (b)<br>| 145 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shell International Finance BV (Netherlands) <br> 3.13%, 11/7/2049<br>| 251 | 193 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 6/1/2027 | 668 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/2041 | 664 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 9/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. 2.65%, <br> 11/20/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1611 |
| **Electric Utilities — 0.4%** | **Electric Utilities — 0.4%** | **Electric Utilities — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC Series YYY, 3.25%, <br> 10/1/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC 2.90%, 8/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp; Edison International 5.75%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emera US Finance LP (Canada) 4.75%, <br> 6/15/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp; Entergy Arkansas LLC 2.65%, 6/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; Entergy Louisiana LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 3/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. 2.90%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fells Point Funding Trust 3.05%, 1/31/2027 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC 4.55%, 4/1/2049 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp; Fortis, Inc. (Canada) 3.06%, 10/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp; ITC Holdings Corp. 2.95%, 5/14/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co. 4.30%, <br> 1/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Electric Co. 4.00%, 8/15/2046 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New England Power Co. (United Kingdom) <br> 2.81%, 10/6/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/2/2025 (b) | 115 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/2/2027 (b) | 410 | 352 |
| &nbsp;&nbsp;&nbsp; OGE Energy Corp. 0.70%, 5/26/2023 | 140 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Gas and Electric Co. 0.55%, <br> 5/26/2023<br>| 170 | 165 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.37%, 3/10/2023 | 695 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 11/15/2023 | 175 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/16/2024 | 485 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 7/1/2025 | 140 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 3/1/2026 | 346 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/15/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 3/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp; PacifiCorp 4.15%, 2/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PG&E Wildfire Recovery Funding LLC Series A-2, <br> 4.26%, 6/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20C, 1.20%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.13%, 3/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp; Union Electric Co. 3.90%, 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC 4.88%, 5/13/2024 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7034 |
| **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schlumberger Holdings Corp. 4.00%, <br> 12/21/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Activision Blizzard, Inc. 1.35%, 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. 3.70%, <br> 4/14/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 1/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/13/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300 |
| **Equity Real Estate Investment Trusts (REITs) — 0.3%** | **Equity Real Estate Investment Trusts (REITs) — 0.3%** | **Equity Real Estate Investment Trusts (REITs) — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Campus Communities Operating <br> Partnership LP 2.25%, 1/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139 |
| &nbsp;&nbsp;&nbsp; American Tower Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 1/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/2030 | &nbsp;&nbsp; 1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 926 |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

54 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/16/2031 | 110 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Office Properties LP 2.75%, <br> 4/15/2031<br>| 295 | 239 |
| &nbsp;&nbsp;&nbsp; CubeSmart LP 2.00%, 2/15/2031 | 570 | 453 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. 2.90%, 11/18/2026 | 360 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Trust of America Holdings LP 2.00%, <br> 3/15/2031<br>| 475 | 368 |
| &nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. 2.13%, 12/1/2028 | 334 | 288 |
| &nbsp;&nbsp;&nbsp; Life Storage LP 2.40%, 10/15/2031 | 305 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office Properties Income Trust 2.40%, <br> 2/1/2027<br>| 375 | 306 |
| &nbsp;&nbsp;&nbsp; Physicians Realty LP 2.63%, 11/1/2031 | 135 | 109 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. 1.80%, 3/15/2033 | 275 | 210 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care LP 3.20%, 12/1/2031 | 215 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safehold Operating Partnership LP 2.85%, <br> 1/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scentre Group Trust 1 (Australia) 3.63%, <br> 1/28/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607 |
| &nbsp;&nbsp;&nbsp; UDR, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; WP Carey, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5719 |
| **Food & Staples Retailing — 0.1%** | **Food & Staples Retailing — 0.1%** | **Food & Staples Retailing — 0.1%** |
| &nbsp;&nbsp;&nbsp; 7-Eleven, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 2/10/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 2/10/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 2/10/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/10/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 5/13/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/13/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Pass-Through Trust Series 2014, 4.16%, <br> 8/11/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1559 |
| **Food Products — 0.0% ^** | **Food Products — 0.0% ^** | **Food Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp. 2.75%, 5/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Food Products — continued** | **Food Products — continued** | **Food Products — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 6/1/2046 | 137 | 114 |
| &nbsp;&nbsp;&nbsp; Smithfield Foods, Inc. 3.00%, 10/15/2030 (b) | 508 | 421 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 3/9/2023 | 95 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 2/15/2052 | 245 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy Resources Corp. 1.75%, <br> 10/1/2030<br>| 238 | 193 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. 4.55%, 3/1/2039 | 78 | 73 |
| &nbsp;&nbsp;&nbsp; DH Europe Finance II SARL 3.25%, 11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Banner Health 1.90%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bon Secours Mercy Health, Inc. Series 20-2, <br> 3.21%, 6/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Children's Hospital of Philadelphia (The) Series <br> 2020, 2.70%, 7/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp; CommonSpirit Health  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. 2.25%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417 |
| &nbsp;&nbsp;&nbsp; HCA, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2026 | &nbsp;&nbsp; 1104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MedStar Health, Inc. Series 20A, 3.63%, <br> 8/15/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MidMichigan Health Series 2020, 3.41%, <br> 6/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; MultiCare Health System 2.80%, 8/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PeaceHealth Obligated Group Series 2020, <br> 3.22%, 11/15/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp; Piedmont Healthcare, Inc. 2.86%, 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc. 2.65%, <br> 10/15/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia United Health System Obligated <br> Group Series 2020, 3.13%, 6/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3613 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 55

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. 3.35%, 3/12/2050 | 251 | 190 |
| **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Lennar Corp. 4.50%, 4/30/2024 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; MDC Holdings, Inc. 3.97%, 8/6/2061 | 275 | 158 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander Funding Trust 1.84%, 11/15/2023 <br> (b)<br>| 840 | 804 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/1/2025 | 1014 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/1/2041 | 210 | 203 |
| &nbsp;&nbsp;&nbsp; Southern Power Co. 5.15%, 9/15/2041 | 260 | 245 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2223 |
| **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE Capital International Funding Co. Unlimited <br> Co. 4.42%, 11/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp; 578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| &nbsp;&nbsp;&nbsp; Athene Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 1/8/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 6/25/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/14/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp. 3.85%, <br> 3/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. 2.38%, 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. 3.85%, 4/5/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empower Finance 2020 LP (Canada) 3.08%, <br> 9/17/2051 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Life Insurance Co. 3.75%, 5/15/2050 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Mutual Global Funding 1.70%, <br> 6/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teachers Insurance & Annuity Association of <br> America 3.30%, 5/15/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2824 |
| **Internet & Direct Marketing Retail — 0.0% ^** | **Internet & Direct Marketing Retail — 0.0% ^** | **Internet & Direct Marketing Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. 3.95%, 4/13/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333 |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; CGI, Inc. (Canada) 1.45%, 9/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. 3.20%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/1/2031 | 152 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/2042 | 115 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 4/1/2051 | 532 | 360 |
| &nbsp;&nbsp;&nbsp; Comcast Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/1/2039 | 431 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 1/15/2051 | 305 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Communications LLC 3.63%, <br> 5/15/2030<br>| 210 | 186 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1318 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anglo American Capital plc (South Africa) <br> 3.63%, 9/11/2024 (b)<br>| 320 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) 2.50%, <br> 9/1/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. 1.65%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 909 |
| **Multiline Retail — 0.0% ^** | **Multiline Retail — 0.0% ^** | **Multiline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Nordstrom, Inc. 4.25%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221 |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co. 2.85%, <br> 5/15/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. 1.45%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp; Consumers Energy Co. 3.25%, 8/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co. 2.95%, 8/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp. Series 21A, <br> 3.15%, 9/30/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. 1.38%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1091 |
| **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** |
| &nbsp;&nbsp;&nbsp; Boardwalk Pipelines LP 4.45%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 4/6/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 11/10/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. 3.90%, 5/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. 3.25%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 5/15/2024 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/2044 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC 4.45%, <br> 2/15/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp; 354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

56 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. 3.00%, 8/16/2039 | 734 | 599 |
| &nbsp;&nbsp;&nbsp; Flex Intermediate Holdco LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 6/30/2031 (b) | 195 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 12/30/2039 (b) | 135 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy Pipeline Assets Bidco Ltd. (United Arab <br> Emirates) 2.94%, 9/30/2040 (b)<br>| 246 | 200 |
| &nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/15/2025 (b) | 550 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/15/2027 (b) | 334 | 305 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/1/2023 (b) | 232 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/1/2026 (b) | 123 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lundin Energy Finance BV (Netherlands) 2.00%, <br> 7/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp; MPLX LP 4.50%, 4/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp; NGPL PipeCo LLC 3.25%, 7/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp; Phillips 66 Co. 3.55%, 10/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC 5.63%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. 4.20%, 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies Capital International SA (France) <br> 2.99%, 6/29/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7499 |
| **Personal Products — 0.0% ^** | **Personal Products — 0.0% ^** | **Personal Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSK Consumer Healthcare Capital US LLC 4.00%, <br> 3/24/2052 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca plc (United Kingdom) 6.45%, <br> 9/15/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/13/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. 2.35%, 6/24/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma plc 2.15%, 9/2/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan) 3.03%, <br> 7/9/2040<br>| &nbsp;&nbsp; 1220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 939 |
| &nbsp;&nbsp;&nbsp; Utah Acquisition Sub, Inc. 3.95%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/22/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/22/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2560 |
| **Road & Rail — 0.1%** | **Road & Rail — 0.1%** | **Road & Rail — 0.1%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. 3.80%, 11/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp; Kansas City Southern 4.70%, 5/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Road & Rail — continued** | **Road & Rail — continued** | **Road & Rail — continued** |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. 3.05%, 5/15/2050 | 237 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triton Container International Ltd. (Bermuda) <br> 2.05%, 4/15/2026 (b)<br>| 800 | 707 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. 3.55%, 8/15/2039 | 345 | 298 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1564 |
| **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. 2.80%, 10/1/2041 | 236 | 185 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 2/15/2028 (b) | 529 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 11/15/2036 (b) | 78 | 59 |
| &nbsp;&nbsp;&nbsp; KLA Corp. 3.30%, 3/1/2050 | 412 | 326 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283 |
| &nbsp;&nbsp;&nbsp; NXP BV (China) 3.25%, 5/11/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TSMC Global Ltd. (Taiwan) 1.38%, 9/28/2030 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296 |
| &nbsp;&nbsp;&nbsp; Xilinx, Inc. 2.38%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2685 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| &nbsp;&nbsp;&nbsp; Oracle Corp. 3.80%, 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 482 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. 1.75%, 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp; VMware, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1470 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 4/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. 1.75%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 994 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 2/9/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 8/5/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp; Dell International LLC 6.20%, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1664 |
| **Thrifts & Mortgage Finance — 0.1%** | **Thrifts & Mortgage Finance — 0.1%** | **Thrifts & Mortgage Finance — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPCE SA (France) (SOFR + 1.52%), 1.65%, <br> 10/6/2026 (b) (c)<br>| &nbsp;&nbsp; 1017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 57

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. 2.45%, 2/4/2032 | 375 | 283 |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 3/25/2028 | 482 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 8/15/2037 | 265 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 9/25/2040 | 398 | 279 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1176 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| &nbsp;&nbsp;&nbsp; Air Lease Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 7/1/2025 | 440 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 1/15/2026 | 250 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 8/15/2026 | 700 | 605 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1249 |
| **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; America Movil SAB de CV (Mexico) 2.88%, <br> 5/7/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc. (Canada) 4.55%, <br> 3/15/2052 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $126,723)<br>|  | &nbsp;&nbsp;&nbsp; 107089 |
| **Mortgage-Backed Securities — 4.3%** | **Mortgage-Backed Securities — 4.3%** | **Mortgage-Backed Securities — 4.3%** |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # ZL3032 3.50%, 5/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB4026 2.50%, 10/1/2050 | &nbsp;&nbsp; 2205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB4045 2.50%, 10/1/2050 | &nbsp;&nbsp; 1330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB4484 2.50%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB4542 2.50%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA4224 3.00%, 11/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB8503 2.50%, 2/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QC4789 3.00%, 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QD4686 4.00%, 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QE1637 4.00%, 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QE1832 4.50%, 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA2826 5.50%, 12/1/2048 | &nbsp;&nbsp; 1365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM3118 3.00%, 5/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BQ2894 3.00%, 9/1/2050 | &nbsp;&nbsp; 1177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BQ3996 2.50%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BQ5243 3.50%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA7398 3.50%, 10/1/2050 | &nbsp;&nbsp; 1401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BR4318 3.00%, 1/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA8637 4.00%, 1/1/2051 | &nbsp;&nbsp; 1934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1937 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB2637 2.50%, 1/1/2052 | 1004 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BU3079 3.00%, 1/1/2052 | 565 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV0273 3.00%, 1/1/2052 | 1419 | 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB2670 3.00%, 1/1/2052 | 896 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV4831 3.00%, 2/1/2052 | 457 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV0295 3.50%, 2/1/2052 | 1293 | 1267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV3950 4.00%, 2/1/2052 | 565 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV6743 4.50%, 5/1/2052 | 459 | 469 |
| &nbsp;&nbsp;&nbsp; FNMA, Other  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM3010 5.07%, 3/1/2028 | 565 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL8639 1.09%, 4/1/2028 | 773 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM5319 4.34%, 1/1/2029 | 507 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS0448 1.27%, 12/1/2029 | &nbsp;&nbsp; 1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL9748 1.60%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN7593 2.99%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN8285 3.11%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM8544 3.08%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL9251 1.45%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM4789 4.18%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL9891 1.37%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5580 3.68%, 1/1/2032 | &nbsp;&nbsp; 1080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN6149 3.14%, 7/1/2032 | &nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM3226 3.44%, 10/1/2032 (e) | &nbsp;&nbsp; 1396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN7923 3.33%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5357 3.41%, 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN9067 3.51%, 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5511 3.45%, 8/1/2033 | &nbsp;&nbsp; 1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5127 3.15%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL1012 4.03%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL0900 4.08%, 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL7124 1.93%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN4430 3.61%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0230 5.50%, 1/1/2058 | &nbsp;&nbsp; 1690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0497 3.00%, 7/1/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 739 |
| &nbsp;&nbsp;&nbsp; FNMA/FHLMC UMBS, Single Family, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 7/25/2052 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 7/25/2052 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.50%, 7/25/2052 (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp; GNMA II, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BY3432 3.50%, 9/20/2050 | &nbsp;&nbsp; 1087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BR3929 3.50%, 10/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BW1726 3.50%, 10/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS8546 2.50%, 12/20/2050 | &nbsp;&nbsp; 1842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BR3928 3.00%, 12/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BU7538 3.00%, 12/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

58 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 785294 3.50%, 1/20/2051 | 1803 | 1790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA8452 3.00%, 2/20/2051 | 2372 | 2267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA9005 3.00%, 2/20/2051 | 511 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB1543 3.00%, 2/20/2051 | 1700 | 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA3588 3.50%, 2/20/2051 | 1609 | 1566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB1536 3.50%, 2/20/2051 | 1787 | 1744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB1542 3.00%, 3/20/2051 | 1190 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB4433 3.00%, 3/20/2051 | 2011 | 1880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC0070 3.00%, 3/20/2051 | 301 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8726 3.00%, 3/20/2051 | 383 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8738 3.00%, 3/20/2051 | 468 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8723 3.50%, 3/20/2051 | 2199 | 2140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC0088 4.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC0092 4.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8727 3.00%, 4/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8739 3.00%, 4/20/2051 | &nbsp;&nbsp; 1583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8740 3.00%, 4/20/2051 | &nbsp;&nbsp; 1409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8751 3.00%, 4/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA3563 3.50%, 7/20/2051 | &nbsp;&nbsp; 1093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CE2586 3.50%, 7/20/2051 | &nbsp;&nbsp; 1541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA7534 2.50%, 8/20/2051 | &nbsp;&nbsp; 8593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CK1527 3.50%, 12/20/2051 | &nbsp;&nbsp; 1129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CJ8184 3.50%, 1/20/2052 | &nbsp;&nbsp; 1211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CK2716 3.50%, 2/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA II, Other Pool # 785183 2.94%, <br> 10/20/2070 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities <br>(Cost $88,352)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 78949 |
| **Asset-Backed Securities — 4.2%** | **Asset-Backed Securities — 4.2%** | **Asset-Backed Securities — 4.2%** |
| &nbsp;&nbsp;&nbsp; ACC Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 1.08%, <br> 4/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 1.79%, <br> 4/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACC Trust Series 2021-1, Class B, 1.43%, <br> 7/22/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelerated LLC Series 2021-1H, Class B, <br> 1.90%, 10/20/2040 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affirm Asset Securitization Trust Series 2021-A, <br> Class A, 0.88%, 8/15/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aligned Data Centers Issuer LLC Series 2021-1A, <br> Class A2, 1.94%, 8/15/2046 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 769 |
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class AA, 3.20%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3, Class AA, 3.00%, <br> 10/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B, 3.95%, 7/11/2030 | 935 | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class AA, 3.15%, 2/15/2032 | 1121 | 991 |
| &nbsp;&nbsp;&nbsp; AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2, Class E1, 4.03%, <br> 7/17/2037 ‡ (b)<br>| 430 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR3, Class E2, 2.76%, <br> 9/17/2037 ‡ (b)<br>| 220 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR4, Class D, 2.01%, <br> 11/17/2037 ‡ (b)<br>| 810 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR4, Class E2, 2.46%, <br> 11/17/2037 ‡ (b)<br>| 404 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class E2, 2.58%, <br> 8/17/2038 ‡ (b)<br>| 340 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aqua Finance Trust Series 2020-AA, Class C, <br> 3.97%, 7/17/2046 ‡ (b)<br>| 325 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arivo Acceptance Auto Loan Receivables Trust <br> Series 2021-1A, Class A, 1.19%, <br> 1/15/2027 (b)<br>| 140 | 136 |
| &nbsp;&nbsp;&nbsp; Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A, 2.98%, <br> 11/15/2035 (b)<br>| 1062 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 2.16%, <br> 4/15/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 2.92%, <br> 4/15/2036 ‡ (b)<br>| &nbsp;&nbsp; 1066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 4.46%, <br> 6/15/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BXG Receivables Note Trust Series 2020-A, <br> Class A, 1.55%, 2/28/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust Series 2020-P1, <br> Class C, 1.32%, 11/9/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Finance Credit Card ABS Master Trust <br> Series 2020-1A, Class A, 2.24%, <br> 12/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp; CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 0.61%, <br> 2/18/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class C, 1.23%, <br> 3/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Auto Loan Trust Series <br> 2020-2A, Class C, 2.73%, 11/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credito Real USA Auto Receivables Trust Series <br> 2021-1A, Class A, 1.35%, 2/16/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crossroads Asset Trust Series 2021-A, Class A2, <br> 0.82%, 3/20/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DataBank Issuer Series 2021-1A, Class A2, <br> 2.06%, 2/27/2051 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 59

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Delta Air Lines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1, Class B, 4.25%, 7/30/2023 | 198 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A, 2.50%, 6/10/2028 | 523 | 458 |
| &nbsp;&nbsp;&nbsp; Diamond Resorts Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 1.51%, <br> 11/21/2033 (b)<br>| 191 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 2.70%, <br> 11/21/2033 ‡ (b)<br>| 468 | 439 |
| &nbsp;&nbsp;&nbsp; DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 0.84%, <br> 10/15/2026 (b)<br>| 375 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class C, 1.10%, <br> 2/16/2027 (b)<br>| 225 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 5.46%, <br> 3/15/2028 (b)<br>| 385 | 375 |
| &nbsp;&nbsp;&nbsp; Elara HGV Timeshare Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 1.74%, 8/27/2035 ‡ <br> (b)<br>| 477 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class C, 2.09%, 8/27/2035 ‡ <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust Series <br> 2021-2A, Class C, 0.98%, 6/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 779 |
| &nbsp;&nbsp;&nbsp; FHF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 0.83%, <br> 12/15/2026 (b)<br>| &nbsp;&nbsp; 1003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 1.27%, <br> 3/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Investors Auto Owner Trust Series 2021-1A, <br> Class B, 0.89%, 3/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383 |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class E1, 2.26%, <br> 9/17/2038 ‡ (b)<br>| &nbsp;&nbsp; 1215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class E1, 5.00%, <br> 5/17/2039 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381 |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B, 0.68%, <br> 2/16/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class C, 1.28%, <br> 2/16/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FMC GMSR Issuer Trust Series 2021-GT2, Class A, <br> 3.85%, 10/25/2026 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FREED ABS Trust Series 2021-2, Class B, 1.03%, <br> 6/19/2028 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesis Sales Finance Master Trust Series <br> 2020-AA, Class A, 1.65%, 9/22/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GLS Auto Receivables Issuer Trust Series <br> 2020-4A, Class B, 0.87%, 12/16/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp; Home Partners of America Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class C, 2.40%, <br> 12/17/2026 ‡ (b)<br>| 1149 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class D, 3.00%, 1/17/2041 ‡ <br> (b)<br>| 691 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JetBlue Pass-Through Trust Series 2020-1, <br> Class B, 7.75%, 11/15/2028<br>| 393 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lendbuzz Securitization Trust Series 2021-1A, <br> Class A, 1.46%, 6/15/2026 (b)<br>| 887 | 861 |
| &nbsp;&nbsp;&nbsp; Lendingpoint Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 1.00%, <br> 12/15/2028 (b)<br>| 502 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 1.46%, <br> 12/15/2028 ‡ (b)<br>| 550 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class A, 1.11%, <br> 2/15/2029 (b)<br>| 758 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class B, 1.68%, 2/15/2029 ‡ <br> (b)<br>| 595 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LendingPoint Asset Securitization Trust Series <br> 2020-REV1, Class A, 2.73%, 10/15/2028 (b)<br>| 1420 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LL ABS Trust Series 2021-1A, Class A, 1.07%, <br> 5/15/2029 (b)<br>| 373 | 359 |
| &nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-AA, Class A, 2.96%, <br> 7/20/2032 (b)<br>| &nbsp;&nbsp; 1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class A, 1.86%, <br> 3/20/2036 (b)<br>| &nbsp;&nbsp; 1145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1013 |
| &nbsp;&nbsp;&nbsp; Marlette Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 0.60%, <br> 6/16/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 1.00%, <br> 6/16/2031 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Financial Credit Card Master Trust Series <br> 2021-1A, Class A, 1.54%, 3/20/2026 (b)<br>| &nbsp;&nbsp; 1225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Lane Credit Card Master Trust Series <br> 2021-A, Class A, 1.59%, 9/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 958 |
| &nbsp;&nbsp;&nbsp; MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class C, 2.23%, <br> 5/20/2039 ‡ (b)<br>| &nbsp;&nbsp; 1236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1WA, Class B, 1.44%, <br> 1/22/2041 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NMEF Funding LLC Series 2021-A, Class B, <br> 1.85%, 12/15/2027 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 669 |
| &nbsp;&nbsp;&nbsp; NRZ Excess Spread-Collateralized Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PLS1, Class A, 3.84%, <br> 12/25/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FNT1, Class A, 2.98%, <br> 3/25/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FNT2, Class A, 3.23%, <br> 5/25/2026 (b)<br>| 1437 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Octane Receivables Trust Series 2021-1A, <br> Class A, 0.93%, 3/22/2027 (b)<br>| 528 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneMain Financial Issuance Trust Series <br> 2020-2A, Class D, 3.45%, 9/14/2035 ‡ (b)<br>| 295 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oportun Issuance Trust Series 2021-B, Class A, <br> 1.47%, 5/8/2031 (b)<br>| 2235 | 2073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange Lake Timeshare Trust Series 2016-A, <br> Class A, 2.61%, 3/8/2029 (b)<br>| 153 | 148 |
| &nbsp;&nbsp;&nbsp; Pagaya AI Debt Selection Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 1.18%, <br> 11/15/2027 (b)<br>| 804 | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HG1, Class A, 1.22%, <br> 1/16/2029 (b)<br>| 1332 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A, 1.15%, <br> 5/15/2029 (b)<br>| 1333 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRET LLC Series 2021-RN4, Class A1, 2.49%, <br> 10/25/2051 (b) (e)<br>| 1251 | 1192 |
| &nbsp;&nbsp;&nbsp; Pretium Mortgage Credit Partners I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL1, Class A1, 2.24%, <br> 9/27/2060 ‡ (b) (d)<br>| 1523 | 1441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL4, Class A1, 2.36%, <br> 10/27/2060 ‡ (b) (d)<br>| &nbsp;&nbsp; 1135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1066 |
| &nbsp;&nbsp;&nbsp; Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR3, Class A, 1.29%, <br> 10/17/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR3, Class B, 1.50%, <br> 10/17/2027 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR1, Class E, 3.03%, <br> 4/17/2037 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2, Class D, 3.87%, <br> 6/17/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class D, 2.20%, <br> 4/19/2038 ‡ (b)<br>| &nbsp;&nbsp; 2393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional Management Issuance Trust Series <br> 2021-1, Class A, 1.68%, 3/17/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 918 |
| &nbsp;&nbsp;&nbsp; Republic Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, 2.47%, <br> 11/20/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 2.30%, <br> 12/22/2031 (b)<br>| &nbsp;&nbsp; 1697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Consumer Auto Receivables Trust <br> Series 2021-AA, Class B, 0.71%, <br> 8/17/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498 |
| &nbsp;&nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 1.34%, <br> 11/20/2037 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 1.80%, <br> 9/20/2038 ‡ (b)<br>| 380 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Theorem Funding Trust Series 2021-1A, Class A, <br> 1.21%, 12/15/2027 (b)<br>| 699 | 684 |
| &nbsp;&nbsp;&nbsp; Tricolor Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 1.00%, <br> 6/17/2024 (b)<br>| 270 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 1.33%, <br> 9/16/2024 (b)<br>| 315 | 308 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class B, 3.65%, 10/7/2025 | 203 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class B, 3.50%, 5/1/2028 | 475 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Class A, 3.45%, 7/7/2028 | 515 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class A, 3.10%, 10/7/2028 | 751 | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class A, 3.70%, 3/1/2030 | 567 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upstart Pass-Through Trust Series 2021-ST2, <br> Class A, 2.50%, 4/20/2027 (b)<br>| 199 | 191 |
| &nbsp;&nbsp;&nbsp; Upstart Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A, 1.70%, <br> 11/20/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 0.87%, <br> 3/20/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Auto Funding Series 2021-1A, Class B, <br> 1.49%, 3/17/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp; VCAT LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL1, Class A1, 2.29%, <br> 12/26/2050 ‡ (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL2, Class A1, 2.12%, <br> 3/27/2051 (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veros Auto Receivables Trust Series 2021-1, <br> Class A, 0.92%, 10/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCII LLC Series 2021-NPL1, Class A1, <br> 1.89%, 2/27/2051 (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCIII LLC Series 2021-NPL2, Class A1, <br> 1.89%, 2/27/2051 ‡ (b) (d)<br>| &nbsp;&nbsp; 2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCIV LLC Series 2021-NPL3, Class A1, <br> 2.24%, 2/27/2051 ‡ (b) (d)<br>| &nbsp;&nbsp; 1731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCIX LLC Series 2021-NPL8, Class A1, <br> 2.12%, 4/25/2051 ‡ (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCV LLC Series 2021-NPL4, Class A1, <br> 2.24%, 3/27/2051 ‡ (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCVI LLC Series 2021-NPL5, Class A1, <br> 2.12%, 3/27/2051 (b) (d)<br>| &nbsp;&nbsp; 1306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCVII LLC Series 2021-NPL6, Class A1, <br> 2.24%, 4/25/2051 ‡ (b) (d)<br>| &nbsp;&nbsp; 1523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westgate Resorts LLC Series 2022-1A, Class B, <br> 2.29%, 8/20/2036 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 61

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust Series <br> 2020-3A, Class C, 1.24%, 11/17/2025 (b)<br>| 300 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $81,792)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 76699 |
| **U.S. Treasury Obligations — 3.9%** | **U.S. Treasury Obligations — 3.9%** | **U.S. Treasury Obligations — 3.9%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 5/15/2040 | 10092 | 7025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 8/15/2040 | 9774 | 6752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/15/2041 | 1354 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 5/15/2041 | 259 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 8/15/2041 | 560 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/2041 | 260 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 8/15/2046 | 1235 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 5/15/2050 | 853 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 8/15/2050 | 16580 | &nbsp;&nbsp;&nbsp;&nbsp; 10914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/2050 | &nbsp;&nbsp; 1836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 1/31/2023 (g) | &nbsp;&nbsp; 5788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 7/31/2024 | &nbsp;&nbsp; 4945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 6/15/2025 | &nbsp;&nbsp; 1290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/28/2027 | &nbsp;&nbsp; 4244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 4/30/2028 | &nbsp;&nbsp; 2990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 5/31/2028 | &nbsp;&nbsp; 3392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 7/31/2028 | &nbsp;&nbsp; 1570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/28/2029 | &nbsp;&nbsp; 1082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 4/30/2029 | &nbsp;&nbsp; 4385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 2/15/2031 | &nbsp;&nbsp; 5895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/15/2032 | &nbsp;&nbsp; 3570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3234 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury STRIPS Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 8/15/2026 (h) | &nbsp;&nbsp; 2735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.14%, 5/15/2027 (h) | &nbsp;&nbsp; 2780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $82,578)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 71788 |
| **Collateralized Mortgage Obligations — 1.1%** | **Collateralized Mortgage Obligations — 1.1%** | **Collateralized Mortgage Obligations — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ajax Mortgage Loan Trust Series 2021-B, <br> Class A, 2.24%, 6/25/2066 ‡ (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880 |
| &nbsp;&nbsp;&nbsp; Bayview Finance LLC, 0.00%, 7/12/2033 ‡ | &nbsp;&nbsp; 1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cascade MH Asset Trust Series 2021-MH1, <br> Class A1, 1.75%, 2/25/2046 (b)<br>| &nbsp;&nbsp; 1217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1089 |
| &nbsp;&nbsp;&nbsp; CFMT LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HB4, Class A, 0.95%, <br> 12/26/2030 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HB5, Class A, 0.80%, <br> 2/25/2031 (b) (e)<br>| 951 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSMC Trust Series 2021-RPL1, Class A1, 1.67%, <br> 9/27/2060 (b) (e)<br>| 1064 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Trust, Whole Loan Series 2002-W8, <br> Class A1, 6.50%, 6/25/2042<br>| 457 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA, Grantor Trust, Whole Loan Series <br> 2001-T12, Class A1, 6.50%, 8/25/2041<br>| 224 | 237 |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-72, Class VB, 3.50%, <br> 10/25/2031<br>| 370 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-7, Class CA, 3.50%, <br> 11/25/2057<br>| 2000 | 1999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA, REMIC Trust, Whole Loan Series 2002-W3, <br> Class A4, 6.50%, 11/25/2041<br>| 908 | 970 |
| &nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H11, Class FC, 1.35%, <br> 5/20/2065 (e)<br>| 588 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H14, Class YD, 8.30%, <br> 6/20/2071 (e)<br>| 1000 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust Series 2021-GS1, <br> Class A1, 1.89%, 10/25/2066 (b) (d)<br>| 473 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LHOME Mortgage Trust Series 2021-RTL1, <br> Class A1, 2.09%, 9/25/2026 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446 |
| &nbsp;&nbsp;&nbsp; PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 2.12%, <br> 3/25/2026 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-10, Class A1, 2.49%, <br> 10/25/2026 (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp; Seasoned Credit Risk Transfer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class M60C, 3.50%, <br> 5/25/2057<br>| &nbsp;&nbsp;&nbsp;&nbsp; 583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class M55D, 4.00%, <br> 8/25/2058 ‡<br>| &nbsp;&nbsp; 1073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class M55D, 4.00%, <br> 10/25/2058 ‡<br>| &nbsp;&nbsp;&nbsp;&nbsp; 948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class M5TW, 3.00%, <br> 5/25/2060 ‡<br>| &nbsp;&nbsp; 1384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class TTW, 3.00%, <br> 5/25/2060 ‡<br>| &nbsp;&nbsp; 1403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toorak Mortgage Corp. Ltd. Series 2020-1, <br> Class A1, 2.73%, 3/25/2023 (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust Series 2021-R1, <br> Class A1, 2.92%, 11/30/2060 (b) (e)<br>| &nbsp;&nbsp; 2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations <br>(Cost $21,665)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 20303 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

62 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — 0.5%** | **Commercial Mortgage-Backed Securities — 0.5%** | **Commercial Mortgage-Backed Securities — 0.5%** |
| &nbsp;&nbsp;&nbsp; ACRE Commercial Mortgage Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4, Class A, 2.44%, <br> 12/18/2037 (b) (e)<br>| 498 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4, Class AS, 2.71%, <br> 12/18/2037 (b) (e)<br>| 575 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPR Trust Series 2021-KEN, Class A, 2.57%, <br> 2/15/2029 (b) (e)<br>| 415 | 409 |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Credit Risk |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MN2, Class M1, 2.73%, <br> 7/25/2041 (b) (e)<br>| 927 | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MN1, Class M1, 2.93%, <br> 1/25/2051 (b) (e)<br>| 247 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1511, Class A1, 3.28%, 10/25/2030 | 792 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1510, Class A2, 3.72%, 1/25/2031 | 295 | 299 |
| &nbsp;&nbsp;&nbsp; FNMA ACES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M1S, Class A2, 2.08%, <br> 4/25/2032<br>| 1620 | 1406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M3, Class 1A1, 1.00%, <br> 11/25/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M3, Class X1, IO, 2.09%, <br> 11/25/2033 (e)<br>| &nbsp;&nbsp; 1599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183 |
| &nbsp;&nbsp;&nbsp; FNMA, Other 3.08%, 1/1/2029 | &nbsp;&nbsp; 1521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1546 |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KGX1, Class BFX, 3.71%, <br> 10/25/2027 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-K48, Class C, 3.77%, <br> 8/25/2048 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-K56, Class B, 4.08%, <br> 6/25/2049 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K728, Class C, 3.76%, <br> 11/25/2050 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Industrial Portfolio Trust Series 2021-KDIP, <br> Class B, 2.12%, 12/15/2037 ‡ (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLG Office Trust Series 2021-OVA, Class A, <br> 2.59%, 7/15/2041 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities <br>(Cost $10,031)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9424 |
| **Foreign Government Securities — 0.1%** | **Foreign Government Securities — 0.1%** | **Foreign Government Securities — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingdom of Saudi Arabia (Saudi Arabia) 2.25%, <br> 2/2/2033 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Panama (Panama) 3.16%, <br> 1/23/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp; Republic of Peru (Peru) 2.78%, 12/1/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp; United Mexican States (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 5/24/2031 | 1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/12/2034 | 727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities <br>(Cost $2,444)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1986 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short Term Investments — 4.7%** | **Short Term Investments — 4.7%** | **Short Term Investments — 4.7%** |
| **Investment Companies — 4.7%** | **Investment Companies — 4.7%** | **Investment Companies — 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (a) (i) <br>(Cost $86,271)<br>| 86271 | 86271 |
| **Total Investments — 99.0%** <br>**(Cost $1,858,360)**<br>|  | **1817889** |
| **Other Assets Less Liabilities — 1.0%** |  | **18098** |
| **NET ASSETS — 100.0%** |  | **1835987** |

---

&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** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| CSMC | Credit Suisse Mortgage Trust |
| ETF | Exchange Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| LIBOR | London Interbank Offered Rate |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 63

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;‡ Value determined using significant unobservable inputs.

&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) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The rate shown is the effective yield as of June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The rate shown is the current yield as of June 30, 2022.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as 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.

**Futures contracts outstanding as of June 30, 2022 (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 | 141 | 09/16/2022 | USD | 26762 | &nbsp;&nbsp;&nbsp; (739) |
| **Short Contracts** |  |  |  |  |  |
| DJ US Real Estate Index | (250) | 09/16/2022 | USD | (8935) | &nbsp;&nbsp;&nbsp; (318) |
| MSCI EAFE E-Mini Index | (105) | 09/16/2022 | USD | (9760) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| MSCI Emerging Markets E-Mini Index | (187) | 09/16/2022 | USD | (9385) | &nbsp;&nbsp;&nbsp;&nbsp; (87) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; (394) |
|  |  |  |  |  | (1133) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EAFE | Europe, Australasia and Far East |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Investment Companies — 48.8%** | **Investment Companies — 48.8%** | **Investment Companies — 48.8%** |
| **Fixed Income — 12.8%** | **Fixed Income — 12.8%** | **Fixed Income — 12.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| 21218 | 158071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 5452 | 31678 |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares (a) | 14832 | 91217 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp;&nbsp; 280966 |
| **International Equity — 7.5%** | **International Equity — 7.5%** | **International Equity — 7.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 10483 | 164683 |
| **U.S. Equity — 28.5%** | **U.S. Equity — 28.5%** | **U.S. Equity — 28.5%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Index Fund Class R6 Shares (a) | 10994 | 624806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $1,014,378)<br>|  | 1070455 |
| **Exchange-Traded Funds — 30.2%** | **Exchange-Traded Funds — 30.2%** | **Exchange-Traded Funds — 30.2%** |
| **Alternative Assets — 2.5%** | **Alternative Assets — 2.5%** | **Alternative Assets — 2.5%** |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders MSCI US REIT ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 623 | &nbsp;&nbsp;&nbsp;&nbsp; 54675 |
| **Fixed Income — 6.2%** | **Fixed Income — 6.2%** | **Fixed Income — 6.2%** |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Research Enhanced ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4149 |
| &nbsp;&nbsp;&nbsp; JPMorgan Inflation Managed Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp;&nbsp; 13894 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Aggregate Bond ETF (a) | &nbsp;&nbsp; 2476 | &nbsp;&nbsp;&nbsp; 118802 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp;&nbsp; 136845 |
| **International Equity — 14.8%** | **International Equity — 14.8%** | **International Equity — 14.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders International Equity ETF <br> (a)<br>| &nbsp;&nbsp; 6880 | &nbsp;&nbsp;&nbsp; 325358 |
| **U.S. Equity — 6.7%** | **U.S. Equity — 6.7%** | **U.S. Equity — 6.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Mid Cap Equity ETF <br> (a)<br>| &nbsp;&nbsp; 1127 | &nbsp;&nbsp;&nbsp;&nbsp; 78640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Small Cap Equity ETF <br> (a)<br>| &nbsp;&nbsp; 1340 | &nbsp;&nbsp;&nbsp;&nbsp; 67478 |
| &nbsp;&nbsp;&nbsp; Total U.S. Equity |  | &nbsp;&nbsp;&nbsp; 146118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(Cost $686,313)<br>|  | &nbsp;&nbsp;&nbsp; 662996 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Corporate Bonds — 4.6%** | **Corporate Bonds — 4.6%** | **Corporate Bonds — 4.6%** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.17%, 2/4/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 2/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Aerospace & Defense — continued** | **Aerospace & Defense — continued** | **Aerospace & Defense — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 2/1/2026 | 85 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 2/4/2026 | 105 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 2/1/2027 | 1496 | 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/1/2028 | 180 | 160 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. 1.80%, 1/15/2031 | 100 | 80 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 5/1/2040 | 220 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 4/15/2045 | 115 | 97 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 7/1/2030 | 373 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 9/1/2051 | 385 | 275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3225 |
| **Airlines — 0.0% ^** | **Airlines — 0.0% ^** | **Airlines — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust Series <br> 2021-1, Class A Shares, 2.88%, 7/11/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp; 719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 612 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| &nbsp;&nbsp;&nbsp; General Motors Co. 6.80%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 11/10/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 2/10/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 1/8/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. (Japan) 3.52%, <br> 9/17/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2810 |
| **Banks — 0.9%** | **Banks — 0.9%** | **Banks — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIB Group plc (Ireland) 4.75%, 10/12/2023 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd. <br> (Australia) 4.40%, 5/19/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 3/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.90%), 1.72%, <br> 9/14/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/3/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%), 1.20%, 10/24/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.05%), 2.55%, 2/4/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.51%), 3.71%, <br> 4/24/2028 (c)<br>| &nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 4.38%, 4/27/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 2.97%, 2/4/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 65

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.93%), 2.68%, 6/19/2041 (c) | 1081 | 778 |
| &nbsp;&nbsp;&nbsp; Bank of Ireland Group plc (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/25/2023 (b) | 460 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 2.03%, <br> 9/30/2027 (b) (c)<br>| 203 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA (France) <br> 1.60%, 10/4/2026 (b)<br>| 345 | 307 |
| &nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 1/10/2028 | 265 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.30%), 2.89%, <br> 11/24/2032 (c)<br>| 200 | 161 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%), 1.90%, 9/30/2028 (b) (c) | 665 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 2.16%, 9/15/2029 (b) (c) | 346 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.05%), 2.59%, <br> 8/12/2035 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.39%), 3.67%, <br> 7/24/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.15%), 3.52%, <br> 10/27/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.17%), 2.56%, 5/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.17%), 3.88%, <br> 1/24/2039 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) <br> 3.31%, 3/11/2041 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/17/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.89%), 1.25%, 1/26/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 1 Year + <br> 0.68%), 1.60%, 3/30/2028 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 1.59%, 5/24/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 2.01%, 9/22/2028 (c) | &nbsp;&nbsp; 1660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 2.21%, 8/17/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) Series XR, 3.25%, <br> 9/23/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc (United Kingdom) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.85%), 1.63%, <br> 5/11/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) <br> 3.74%, 3/7/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 771 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.67%), 1.23%, <br> 5/22/2027 (c)<br>| 210 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) (ICE LIBOR <br> USD 3 Month + 1.87%), 4.44%, 5/8/2030 <br> (c)<br>| 375 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) 1.50%, 9/30/2026 <br> (b)<br>| 200 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United <br> Kingdom) (SOFR + 0.99%), 1.67%, <br> 6/14/2027 (c)<br>| 215 | 188 |
| &nbsp;&nbsp;&nbsp; Societe Generale SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/14/2025 (b) | 780 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 1.49%, <br> 12/14/2026 (b) (c)<br>| 300 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.00%), 1.79%, <br> 6/9/2027 (b)<br>| 255 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.30%), 2.89%, <br> 6/9/2032 (b)<br>| 590 | 471 |
| &nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.17%), 1.32%, <br> 10/14/2023 (b) (c)<br>| 1105 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.00%), 1.46%, <br> 1/14/2027 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) (US Treasury Yield Curve <br> Rate T Note Constant Maturity 1 Year + <br> 1.20%), 1.98%, 6/3/2027 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 7/22/2027 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.10%), 2.39%, 6/2/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.13%), 4.61%, 4/25/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292 |
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 11/16/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/18/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20679 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. (Belgium) <br> 3.75%, 7/15/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 761 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. 3.80%, 5/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

66 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/2026 | 265 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/21/2029 | 624 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 | 600 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/2049 | 210 | 186 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 2/21/2040 | 429 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/15/2052 | 100 | 71 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. 2.25%, 5/1/2030 | 125 | 103 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. 2.60%, 10/1/2040 | 253 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. 1.75%, <br> 9/15/2030<br>| 415 | 333 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2577 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Masco Corp. 2.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 |
| **Capital Markets — 0.5%** | **Capital Markets — 0.5%** | **Capital Markets — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Finance, Inc. (Canada) 3.50%, <br> 3/30/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse AG (Switzerland) 3.70%, <br> 2/21/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp; Credit Suisse Group AG (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.98%), 1.31%, 2/2/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 1/9/2028 (b) | &nbsp;&nbsp; 1015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 947 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.87%), 2.13%, 11/24/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.72%), 3.04%, 5/28/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.57%), 0.67%, 3/8/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/21/2025 | &nbsp;&nbsp; 1293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series VAR, (SOFR + 0.79%), 1.09%, <br> 12/9/2026 (c)<br>| &nbsp;&nbsp; 1149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 2.64%, 2/24/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.51%), 3.69%, <br> 6/5/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657 |
| &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 1.34%, 1/12/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.53%), 2.87%, 1/14/2033 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 7/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%), 2.51%, 10/20/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%), 3.22%, 4/22/2042 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 3/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/1/2029 (b) | 285 | 282 |
| &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.55%), 4.49%, <br> 5/12/2026 (b) (c)<br>| 365 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.00%), 2.09%, <br> 2/11/2032 (b) (c)<br>| 540 | 429 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11041 |
| **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. 5.32%, 11/15/2038 | 197 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. 3.47%, <br> 12/1/2050 (b)<br>| 141 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LYB International Finance III LLC 1.25%, <br> 10/1/2025<br>| 127 | 115 |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. (Canada) 5.00%, 4/1/2049 | 111 | 110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523 |
| **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. 2.35%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 |
| **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 828 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 2/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 2/21/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/18/2027 (b) | &nbsp;&nbsp; 1092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 1/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.27%), 2.62%, 11/2/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. 3.80%, <br> 4/7/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336 |
| &nbsp;&nbsp;&nbsp; Park Aerospace Holdings Ltd. (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4716 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging International LLC 1.51%, <br> 4/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 67

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Miami Series 2022, 4.06%, <br> 4/1/2052<br>| 110 | 99  |
| **Diversified Financial Services — 0.0% ^** | **Diversified Financial Services — 0.0% ^** | **Diversified Financial Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Element Fleet Management Corp. (Canada) <br> 1.60%, 4/6/2024 (b)<br>| 130 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shell International Finance BV (Netherlands) <br> 3.13%, 11/7/2049<br>| 215 | 165 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 6/1/2027 | 582 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/2041 | 584 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 9/15/2055 | 369 | 277 |
| &nbsp;&nbsp;&nbsp; NBN Co. Ltd. (Australia) 2.63%, 5/5/2031 (b) | 500 | 426 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 3/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/20/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2093 |
| **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC Series YYY, 3.25%, <br> 10/1/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC 2.90%, 8/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duquesne Light Holdings, Inc. 2.78%, 1/7/2032 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp; Edison International 5.75%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emera US Finance LP (Canada) 4.75%, <br> 6/15/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp; 223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp; Entergy Arkansas LLC 2.65%, 6/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp; Entergy Louisiana LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 3/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. 2.90%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fells Point Funding Trust 3.05%, 1/31/2027 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC 4.55%, 4/1/2049 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp; Fortis, Inc. (Canada) 3.06%, 10/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp; Indiana Michigan Power Co. 3.25%, 5/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp; ITC Holdings Corp. 2.95%, 5/14/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co. 4.30%, <br> 1/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Electric Co. 4.00%, 8/15/2046 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New England Power Co. (United Kingdom) <br> 2.81%, 10/6/2050 (b)<br>| 280 | 188 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/2/2025 (b) | 105 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/2/2027 (b) | 365 | 313 |
| &nbsp;&nbsp;&nbsp; OGE Energy Corp. 0.70%, 5/26/2023 | 130 | 127 |
| &nbsp;&nbsp;&nbsp; Ohio Power Co. Series R, 2.90%, 10/1/2051 | 200 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Gas and Electric Co. 0.55%, <br> 5/26/2023<br>| 160 | 156 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.37%, 3/10/2023 | 665 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 11/15/2023 | 170 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/16/2024 | 460 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/15/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 3/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp; PacifiCorp 4.15%, 2/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PG&E Wildfire Recovery Funding LLC Series A-2, <br> 4.26%, 6/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Co. of Oklahoma Series K, 3.15%, <br> 8/15/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20C, 1.20%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.13%, 3/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; Union Electric Co. 3.90%, 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC 4.88%, 5/13/2024 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6824 |
| **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schlumberger Holdings Corp. 4.00%, <br> 12/21/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Activision Blizzard, Inc. 1.35%, 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. 3.70%, <br> 4/14/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 1/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/13/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1192 |
| **Equity Real Estate Investment Trusts (REITs) — 0.3%** | **Equity Real Estate Investment Trusts (REITs) — 0.3%** | **Equity Real Estate Investment Trusts (REITs) — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Campus Communities Operating <br> Partnership LP 2.25%, 1/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

68 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** |
| &nbsp;&nbsp;&nbsp; American Tower Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 1/31/2028 | 185 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/2030 | 1039 | 808 |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 4/1/2028 | 170 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/16/2031 | 100 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Office Properties LP 2.75%, <br> 4/15/2031<br>| 271 | 219 |
| &nbsp;&nbsp;&nbsp; CubeSmart LP 2.00%, 2/15/2031 | 505 | 401 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/18/2026 | 314 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/15/2028 | 424 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Trust of America Holdings LP 2.00%, <br> 3/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp; 414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321 |
| &nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. 2.13%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279 |
| &nbsp;&nbsp;&nbsp; Life Storage LP 2.40%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp; Office Properties Income Trust  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286 |
| &nbsp;&nbsp;&nbsp; Physicians Realty LP 2.63%, 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. 1.80%, 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care LP 3.20%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safehold Operating Partnership LP 2.85%, <br> 1/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp; 391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scentre Group Trust 1 (Australia) 3.63%, <br> 1/28/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp; UDR, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; WP Carey, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5996 |
| **Food & Staples Retailing — 0.1%** | **Food & Staples Retailing — 0.1%** | **Food & Staples Retailing — 0.1%** |
| &nbsp;&nbsp;&nbsp; 7-Eleven, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 2/10/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 2/10/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/10/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 5/13/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Food & Staples Retailing — continued** | **Food & Staples Retailing — continued** | **Food & Staples Retailing — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/13/2051 (b) | 335 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Pass-Through Trust Series 2014, 4.16%, <br> 8/11/2036 (b)<br>| 111 | 107 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1326 |
| **Food Products — 0.0% ^** | **Food Products — 0.0% ^** | **Food Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp. 2.75%, 5/14/2031 | 143 | 118 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/1/2039 | 240 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 6/1/2046 | 132 | 110 |
| &nbsp;&nbsp;&nbsp; Smithfield Foods, Inc. 3.00%, 10/15/2030 (b) | 443 | 367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 806 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 3/9/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 2/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy Resources Corp. 1.75%, <br> 10/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. 4.55%, 3/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp; DH Europe Finance II SARL 3.25%, 11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Banner Health 1.90%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beth Israel Lahey Health, Inc. Series L, 3.08%, <br> 7/1/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bon Secours Mercy Health, Inc. Series 20-2, <br> 3.21%, 6/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Children's Hospital of Philadelphia (The) Series <br> 2020, 2.70%, 7/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp; CommonSpirit Health  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. 2.25%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hackensack Meridian Health, Inc. Series 2020, <br> 2.68%, 9/1/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp; HCA, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MedStar Health, Inc. Series 20A, 3.63%, <br> 8/15/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 69

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MidMichigan Health Series 2020, 3.41%, <br> 6/1/2050<br>| 45 | 36 |
| &nbsp;&nbsp;&nbsp; MultiCare Health System 2.80%, 8/15/2050 | 132 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PeaceHealth Obligated Group Series 2020, <br> 3.22%, 11/15/2050<br>| 160 | 120 |
| &nbsp;&nbsp;&nbsp; Piedmont Healthcare, Inc. 2.86%, 1/1/2052 | 215 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc. 2.65%, <br> 10/15/2030 (b)<br>| 208 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia United Health System Obligated <br> Group Series 2020, 3.13%, 6/1/2050<br>| 340 | 248 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3619 |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. 3.35%, 3/12/2050 | 214 | 162 |
| **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Lennar Corp. 4.50%, 4/30/2024 | 75 | 75  |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander Funding Trust 1.84%, 11/15/2023 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp; Southern Power Co. 5.15%, 9/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1911 |
| **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE Capital International Funding Co. Unlimited <br> Co. 4.42%, 11/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp; 522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487 |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
| &nbsp;&nbsp;&nbsp; Athene Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 1/8/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 6/25/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/14/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp. 3.85%, <br> 3/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. 2.38%, 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. 3.85%, 4/5/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empower Finance 2020 LP (Canada) 3.08%, <br> 9/17/2051 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Life Insurance Co. 3.75%, 5/15/2050 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Mutual Global Funding 1.70%, <br> 6/1/2028 (b)<br>| 190 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teachers Insurance & Annuity Association of <br> America 3.30%, 5/15/2050 (b)<br>| 429 | 327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2512 |
| **Internet & Direct Marketing Retail — 0.0% ^** | **Internet & Direct Marketing Retail — 0.0% ^** | **Internet & Direct Marketing Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. 3.95%, 4/13/2052 | 355 | 328 |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; CGI, Inc. (Canada) 1.45%, 9/14/2026 | 204 | 180 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. 3.20%, 8/15/2029 | 367 | 321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. 3.11%, 2/15/2040 | 294 | 228 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 4/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp; Comcast Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 1/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Communications LLC 3.63%, <br> 5/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1198 |
| **Metals & Mining — 0.0% ^** | **Metals & Mining — 0.0% ^** | **Metals & Mining — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anglo American Capital plc (South Africa) <br> 3.63%, 9/11/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) 2.50%, <br> 9/1/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. 1.65%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 807 |
| **Multiline Retail — 0.0% ^** | **Multiline Retail — 0.0% ^** | **Multiline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Nordstrom, Inc. 4.25%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206 |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co. 2.85%, <br> 5/15/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. 1.45%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp; Consumers Energy Co. 3.25%, 8/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; Puget Energy, Inc. 2.38%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co. 2.95%, 8/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

70 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp. Series 21A, <br> 3.15%, 9/30/2051<br>| 160 | 113 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. 1.38%, 10/15/2027 | 236 | 204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1218 |
| **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** |
| &nbsp;&nbsp;&nbsp; Boardwalk Pipelines LP 4.45%, 7/15/2027 | 185 | 179 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 4/6/2030 | 279 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 11/10/2050 | 208 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/17/2052 | 75 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Corpus Christi Holdings LLC 5.88%, <br> 3/31/2025<br>| 375 | 384 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. 3.90%, 5/15/2027 (b) | 140 | 134 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. 3.25%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 5/15/2024 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/2044 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC 4.45%, <br> 2/15/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp; 317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. 3.00%, 8/16/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525 |
| &nbsp;&nbsp;&nbsp; Flex Intermediate Holdco LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 6/30/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 12/30/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy Pipeline Assets Bidco Ltd. (United Arab <br> Emirates) 2.94%, 9/30/2040 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lundin Energy Finance BV (Netherlands) 2.00%, <br> 7/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp; MPLX LP 4.50%, 4/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp; NGPL PipeCo LLC 3.25%, 7/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp; Phillips 66 Co. 3.55%, 10/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC 5.63%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. 4.20%, 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies Capital International SA (France) <br> 2.99%, 6/29/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7063 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Personal Products — 0.0% ^** | **Personal Products — 0.0% ^** | **Personal Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSK Consumer Healthcare Capital US LLC 4.00%, <br> 3/24/2052 (b)<br>| 350 | 300 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca plc (United Kingdom) 6.45%, <br> 9/15/2037<br>| 50 | 60 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/15/2039 | 265 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/13/2040 | 457 | 338 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. 2.35%, 6/24/2040 | 312 | 234 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma plc 2.15%, 9/2/2031 | 31 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan) 3.03%, <br> 7/9/2040<br>| 1065 | 820 |
| &nbsp;&nbsp;&nbsp; Utah Acquisition Sub, Inc. 3.95%, 6/15/2026 | 227 | 214 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/22/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/22/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2243 |
| **Road & Rail — 0.1%** | **Road & Rail — 0.1%** | **Road & Rail — 0.1%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. 3.80%, 11/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp; Kansas City Southern 4.70%, 5/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. 3.05%, 5/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triton Container International Ltd. (Bermuda) <br> 2.05%, 4/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. 3.55%, 8/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1386 |
| **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. 2.80%, 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 2/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 11/15/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; KLA Corp. 3.30%, 3/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268 |
| &nbsp;&nbsp;&nbsp; NXP BV (China) 3.25%, 5/11/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TSMC Global Ltd. (Taiwan) 1.38%, 9/28/2030 <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp; Xilinx, Inc. 2.38%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2486 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| &nbsp;&nbsp;&nbsp; Oracle Corp. 3.80%, 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. 1.75%, 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 71

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| &nbsp;&nbsp;&nbsp; VMware, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 8/15/2026 | 394 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 5/15/2030 | 364 | 351 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1290 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 10/15/2030 | 235 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 4/15/2046 | 438 | 351 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. 1.75%, 11/1/2030 | 436 | 343 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 882 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 2/9/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 8/5/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 |
| &nbsp;&nbsp;&nbsp; Dell International LLC 6.20%, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 884 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1467 |
| **Thrifts & Mortgage Finance — 0.0% ^** | **Thrifts & Mortgage Finance — 0.0% ^** | **Thrifts & Mortgage Finance — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPCE SA (France) (SOFR + 1.52%), 1.65%, <br> 10/6/2026 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 773 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. 2.45%, 2/4/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 3/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 8/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 9/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1049 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| &nbsp;&nbsp;&nbsp; Air Lease Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1166 |
| **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; America Movil SAB de CV (Mexico) 2.88%, <br> 5/7/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc. (Canada) 4.55%, <br> 3/15/2052 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $119,406)<br>|  | &nbsp;&nbsp;&nbsp; 100967 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **U.S. Treasury Obligations — 3.8%** | **U.S. Treasury Obligations — 3.8%** | **U.S. Treasury Obligations — 3.8%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 5/15/2040 | 11579 | 8060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 8/15/2040 | 9253 | 6392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/15/2041 | 2964 | 2324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 5/15/2041 | 341 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 8/15/2041 | 485 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/2041 | 225 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 8/15/2046 | 930 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 5/15/2050 | 966 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 8/15/2050 | 12405 | 8165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/2050 | 2118 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/15/2051 | 3711 | 2783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 5/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 1/31/2023 | &nbsp;&nbsp; 6966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 2/15/2024 | &nbsp;&nbsp; 1164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 7/31/2024 | &nbsp;&nbsp; 7180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/30/2025 | &nbsp;&nbsp; 4423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/28/2027 | &nbsp;&nbsp; 4873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/30/2027 | &nbsp;&nbsp; 3075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 4/30/2028 | &nbsp;&nbsp; 3385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 5/31/2028 | &nbsp;&nbsp; 3218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 7/31/2028 | &nbsp;&nbsp; 2205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/28/2029 | &nbsp;&nbsp; 1703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 4/30/2029 | &nbsp;&nbsp; 3688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/15/2030 | &nbsp;&nbsp; 3165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 8/15/2030 | &nbsp;&nbsp; 1960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/15/2030 | &nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 2/15/2031 | &nbsp;&nbsp; 2604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 5/15/2031 | &nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/15/2032 | &nbsp;&nbsp; 1535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury STRIPS Bonds <br>1.04%, 8/15/2026 (e)<br>| &nbsp;&nbsp; 2540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $95,415)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 83558 |
| **Asset-Backed Securities — 3.4%** | **Asset-Backed Securities — 3.4%** | **Asset-Backed Securities — 3.4%** |
| &nbsp;&nbsp;&nbsp; ACC Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 1.08%, <br> 4/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 1.79%, <br> 4/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACC Trust Series 2021-1, Class B, 1.43%, <br> 7/22/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelerated LLC Series 2021-1H, Class B, <br> 1.90%, 10/20/2040 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

72 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affirm Asset Securitization Trust Series 2021-A, <br> Class A, 0.88%, 8/15/2025 (b)<br>| 640 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aligned Data Centers Issuer LLC Series 2021-1A, <br> Class A2, 1.94%, 8/15/2046 (b)<br>| 815 | 720 |
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class AA, 3.20%, 6/15/2028 | 634 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3, Class AA, 3.00%, <br> 10/15/2028<br>| 836 | 757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B, 3.95%, 7/11/2030 | 903 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class AA, 3.15%, 2/15/2032 | 1053 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Credit Acceptance Receivables Trust <br> Series 2021-1, Class B, 0.61%, <br> 3/13/2025 (b)<br>| 133 | 133 |
| &nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class B, 0.76%, 12/18/2025 | 710 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class C, 1.06%, 8/18/2026 | 315 | 300 |
| &nbsp;&nbsp;&nbsp; AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2, Class E1, 4.03%, <br> 7/17/2037 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR3, Class E2, 2.76%, <br> 9/17/2037 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR4, Class D, 2.01%, <br> 11/17/2037 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR4, Class E2, 2.46%, <br> 11/17/2037 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class E2, 2.58%, <br> 8/17/2038 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aqua Finance Trust Series 2020-AA, Class C, <br> 3.97%, 7/17/2046 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arivo Acceptance Auto Loan Receivables Trust <br> Series 2021-1A, Class A, 1.19%, <br> 1/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp; Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A, 2.98%, <br> 11/15/2035 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 2.16%, <br> 4/15/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 2.92%, <br> 4/15/2036 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 4.46%, <br> 6/15/2037 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BXG Receivables Note Trust Series 2020-A, <br> Class A, 1.55%, 2/28/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust Series 2020-4, Class C, <br> 1.30%, 8/17/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust Series 2020-P1, <br> Class C, 1.32%, 11/9/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Finance Credit Card ABS Master Trust <br> Series 2020-1A, Class A, 2.24%, <br> 12/15/2028 (b)<br>| 190 | 179 |
| &nbsp;&nbsp;&nbsp; CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 0.61%, <br> 2/18/2025 (b)<br>| 128 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class C, 1.23%, <br> 3/15/2027 (b)<br>| 675 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Auto Loan Trust Series <br> 2020-2A, Class C, 2.73%, 11/15/2029 (b)<br>| 750 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credito Real USA Auto Receivables Trust Series <br> 2021-1A, Class A, 1.35%, 2/16/2027 (b)<br>| 208 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crossroads Asset Trust Series 2021-A, Class A2, <br> 0.82%, 3/20/2024 (b)<br>| 98 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DataBank Issuer Series 2021-1A, Class A2, <br> 2.06%, 2/27/2051 (b)<br>| 480 | 434 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1, Class B, 4.25%, 7/30/2023 | 178 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A, 2.50%, 6/10/2028 | 505 | 442 |
| &nbsp;&nbsp;&nbsp; Diamond Resorts Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 1.51%, <br> 11/21/2033 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 2.70%, <br> 11/21/2033 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417 |
| &nbsp;&nbsp;&nbsp; DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 0.84%, <br> 10/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class C, 1.10%, <br> 2/16/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 5.46%, <br> 3/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 |
| &nbsp;&nbsp;&nbsp; Elara HGV Timeshare Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 1.74%, 8/27/2035 ‡ <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class C, 2.09%, 8/27/2035 ‡ <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust Series <br> 2021-2A, Class C, 0.98%, 6/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731 |
| &nbsp;&nbsp;&nbsp; FHF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 0.83%, <br> 12/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 1.27%, <br> 3/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Investors Auto Owner Trust Series 2021-1A, <br> Class B, 0.89%, 3/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339 |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class E1, 2.26%, <br> 9/17/2038 ‡ (b)<br>| &nbsp;&nbsp; 1145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 988 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 73

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class E1, 5.00%, <br> 5/17/2039 ‡ (b)<br>| 395 | 367 |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B, 0.68%, <br> 2/16/2027 (b)<br>| 460 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class C, 1.28%, <br> 2/16/2027 (b)<br>| 585 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FMC GMSR Issuer Trust Series 2021-GT2, Class A, <br> 3.85%, 10/25/2026 (b) (f)<br>| 720 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FREED ABS Trust Series 2021-2, Class B, 1.03%, <br> 6/19/2028 ‡ (b)<br>| 765 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesis Sales Finance Master Trust Series <br> 2020-AA, Class A, 1.65%, 9/22/2025 (b)<br>| 670 | 659 |
| &nbsp;&nbsp;&nbsp; GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4A, Class B, 0.87%, <br> 12/16/2024 (b)<br>| 153 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 0.77%, <br> 9/15/2025 (b)<br>| 320 | 312 |
| &nbsp;&nbsp;&nbsp; Home Partners of America Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class C, 2.40%, <br> 12/17/2026 ‡ (b)<br>| 1109 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class D, 3.00%, 1/17/2041 ‡ <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JetBlue Pass-Through Trust Series 2020-1, <br> Class B, 7.75%, 11/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lendbuzz Securitization Trust Series 2021-1A, <br> Class A, 1.46%, 6/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830 |
| &nbsp;&nbsp;&nbsp; Lendingpoint Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 1.00%, <br> 12/15/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 1.46%, <br> 12/15/2028 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class A, 1.11%, <br> 2/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class B, 1.68%, 2/15/2029 ‡ <br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LendingPoint Asset Securitization Trust Series <br> 2020-REV1, Class A, 2.73%, 10/15/2028 (b)<br>| &nbsp;&nbsp; 1264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LL ABS Trust Series 2021-1A, Class A, 1.07%, <br> 5/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338 |
| &nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-AA, Class A, 2.96%, <br> 7/20/2032 (b)<br>| &nbsp;&nbsp; 1055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class A, 1.86%, <br> 3/20/2036 (b)<br>| &nbsp;&nbsp; 1065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 942 |
| &nbsp;&nbsp;&nbsp; Marlette Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 0.60%, <br> 6/16/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 1.00%, <br> 6/16/2031 ‡ (b)<br>| 833 | 816 |
| &nbsp;&nbsp;&nbsp; Mercury Financial Credit Card Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 1.54%, <br> 3/20/2026 (b)<br>| 1135 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 2.33%, <br> 3/20/2026 (b)<br>| 285 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Lane Credit Card Master Trust Series <br> 2021-A, Class A, 1.59%, 9/15/2026 (b)<br>| 935 | 900 |
| &nbsp;&nbsp;&nbsp; MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class C, 2.23%, <br> 5/20/2039 ‡ (b)<br>| 1194 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1WA, Class B, 1.44%, <br> 1/22/2041 ‡ (b)<br>| 180 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NMEF Funding LLC Series 2021-A, Class B, <br> 1.85%, 12/15/2027 ‡ (b)<br>| 650 | 612 |
| &nbsp;&nbsp;&nbsp; NRZ Excess Spread-Collateralized Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PLS1, Class A, 3.84%, <br> 12/25/2025 (b)<br>| 605 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FNT1, Class A, 2.98%, <br> 3/25/2026 (b)<br>| 486 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FNT2, Class A, 3.23%, <br> 5/25/2026 (b)<br>| &nbsp;&nbsp; 1345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Octane Receivables Trust Series 2021-1A, <br> Class A, 0.93%, 3/22/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneMain Financial Issuance Trust Series <br> 2020-2A, Class D, 3.45%, 9/14/2035 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oportun Funding XIV LLC Series 2021-A, Class A, <br> 1.21%, 3/8/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oportun Issuance Trust Series 2021-B, Class A, <br> 1.47%, 5/8/2031 (b)<br>| &nbsp;&nbsp; 2075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange Lake Timeshare Trust Series 2016-A, <br> Class A, 2.61%, 3/8/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp; Pagaya AI Debt Selection Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 1.18%, <br> 11/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HG1, Class A, 1.22%, <br> 1/16/2029 (b)<br>| &nbsp;&nbsp; 1249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A, 1.15%, <br> 5/15/2029 (b)<br>| &nbsp;&nbsp; 1259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prestige Auto Receivables Trust Series 2020-1A, <br> Class C, 1.31%, 11/16/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRET LLC Series 2021-RN4, Class A1, 2.49%, <br> 10/25/2051 (b) (f)<br>| &nbsp;&nbsp; 1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1152 |
| &nbsp;&nbsp;&nbsp; Pretium Mortgage Credit Partners I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL1, Class A1, 2.24%, <br> 9/27/2060 ‡ (b) (d)<br>| &nbsp;&nbsp; 1415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1339 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

74 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL4, Class A1, 2.36%, <br> 10/27/2060 ‡ (b) (d)<br>| 1095 | 1028 |
| &nbsp;&nbsp;&nbsp; Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR3, Class A, 1.29%, <br> 10/17/2027 (b)<br>| 514 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR3, Class B, 1.50%, <br> 10/17/2027 ‡ (b)<br>| 380 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR1, Class E, 3.03%, <br> 4/17/2037 ‡ (b)<br>| 810 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2, Class D, 3.87%, <br> 6/17/2037 (b)<br>| 320 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class D, 2.20%, <br> 4/19/2038 ‡ (b)<br>| 2223 | 1983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional Management Issuance Trust Series <br> 2021-1, Class A, 1.68%, 3/17/2031 (b)<br>| 910 | 839 |
| &nbsp;&nbsp;&nbsp; Republic Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, 2.47%, <br> 11/20/2030 (b)<br>| 600 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 2.30%, <br> 12/22/2031 (b)<br>| 1640 | 1521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Consumer Auto Receivables Trust <br> Series 2021-AA, Class B, 0.71%, <br> 8/17/2026 (b)<br>| 470 | 438 |
| &nbsp;&nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 1.34%, <br> 11/20/2037 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 1.80%, <br> 9/20/2038 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Theorem Funding Trust Series 2021-1A, Class A, <br> 1.21%, 12/15/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 643 |
| &nbsp;&nbsp;&nbsp; Tricolor Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 1.00%, <br> 6/17/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 1.33%, <br> 9/16/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class B, 3.65%, 10/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class B, 3.50%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class A, 3.10%, 10/7/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class A, 3.70%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upstart Pass-Through Trust Series 2021-ST2, <br> Class A, 2.50%, 4/20/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp; Upstart Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A, 1.70%, <br> 11/20/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 0.87%, <br> 3/20/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class A, 0.84%, <br> 9/20/2031 (b)<br>| 203 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Auto Funding Series 2021-1A, Class B, <br> 1.49%, 3/17/2025 (b)<br>| 500 | 482 |
| &nbsp;&nbsp;&nbsp; VCAT LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL1, Class A1, 2.29%, <br> 12/26/2050 ‡ (b) (d)<br>| 325 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL2, Class A1, 2.12%, <br> 3/27/2051 (b) (d)<br>| 438 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veros Auto Receivables Trust Series 2021-1, <br> Class A, 0.92%, 10/15/2026 (b)<br>| 317 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCII LLC Series 2021-NPL1, Class A1, <br> 1.89%, 2/27/2051 (b) (d)<br>| 479 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCIII LLC Series 2021-NPL2, Class A1, <br> 1.89%, 2/27/2051 ‡ (b) (d)<br>| 1856 | 1758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCIV LLC Series 2021-NPL3, Class A1, <br> 2.24%, 2/27/2051 ‡ (b) (d)<br>| 1582 | 1503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCIX LLC Series 2021-NPL8, Class A1, <br> 2.12%, 4/25/2051 ‡ (b) (d)<br>| 1070 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCV LLC Series 2021-NPL4, Class A1, <br> 2.24%, 3/27/2051 ‡ (b) (d)<br>| 707 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCVI LLC Series 2021-NPL5, Class A1, <br> 2.12%, 3/27/2051 (b) (d)<br>| 1201 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCVII LLC Series 2021-NPL6, Class A1, <br> 2.24%, 4/25/2051 ‡ (b) (d)<br>| &nbsp;&nbsp; 1480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westgate Resorts LLC Series 2022-1A, Class B, <br> 2.29%, 8/20/2036 ‡ (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust Series <br> 2020-3A, Class C, 1.24%, 11/17/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $79,130)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 74364 |
| **Mortgage-Backed Securities — 3.3%** | **Mortgage-Backed Securities — 3.3%** | **Mortgage-Backed Securities — 3.3%** |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # ZL3032 3.50%, 5/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QA6772 3.50%, 1/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB4026 2.50%, 10/1/2050 | &nbsp;&nbsp; 1972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB4045 2.50%, 10/1/2050 | &nbsp;&nbsp; 1188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB4484 2.50%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB4542 2.50%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA4224 3.00%, 11/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB8503 2.50%, 2/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QC4789 3.00%, 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QD5778 3.00%, 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QD4686 4.00%, 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QE1637 4.00%, 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QE1832 4.50%, 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 75

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA2826 5.50%, 12/1/2048 | 1219 | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM3118 3.00%, 5/1/2050 | 484 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BQ2894 3.00%, 9/1/2050 | 1049 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BQ3996 2.50%, 10/1/2050 | 835 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BQ5243 3.50%, 10/1/2050 | 355 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA7398 3.50%, 10/1/2050 | 1247 | 1211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BR4318 3.00%, 1/1/2051 | 224 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA8637 4.00%, 1/1/2051 | 1719 | 1721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB2637 2.50%, 1/1/2052 | 951 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BU3079 3.00%, 1/1/2052 | 536 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV0273 3.00%, 1/1/2052 | 1350 | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB2670 3.00%, 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV4831 3.00%, 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV0295 3.50%, 2/1/2052 | &nbsp;&nbsp; 1224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV3950 4.00%, 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV6743 4.50%, 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV9515 6.00%, 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446 |
| &nbsp;&nbsp;&nbsp; FNMA, Other  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM3010 5.07%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL8639 1.09%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM5319 4.34%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS0448 1.27%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL9748 1.60%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN7593 2.99%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN8285 3.11%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM8544 3.08%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL9251 1.45%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5985 IO, 3.99%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM4789 4.18%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL9891 1.37%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5580 3.68%, 1/1/2032 | &nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN6149 3.14%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM3226 3.44%, 10/1/2032 (f) | &nbsp;&nbsp; 1301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN7923 3.33%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5357 3.41%, 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN9067 3.51%, 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5511 3.45%, 8/1/2033 | &nbsp;&nbsp; 1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5127 3.15%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL1012 4.03%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL0900 4.08%, 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL7124 1.93%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN4430 3.61%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0230 5.50%, 1/1/2058 | &nbsp;&nbsp; 1585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0497 3.00%, 7/1/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp; FNMA/FHLMC UMBS, Single Family, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 7/25/2052 (g) | 325 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 7/25/2052 (g) | 275 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.50%, 7/25/2052 (g) | 75 | 75 |
| &nbsp;&nbsp;&nbsp; GNMA II, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BY3432 3.50%, 9/20/2050 | 964 | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BR3929 3.50%, 10/20/2050 | 470 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BW1726 3.50%, 10/20/2050 | 676 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS8546 2.50%, 12/20/2050 | 1658 | 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BR3928 3.00%, 12/20/2050 | 745 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BU7538 3.00%, 12/20/2050 | 500 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 785294 3.50%, 1/20/2051 | 1647 | 1635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA8452 3.00%, 2/20/2051 | &nbsp;&nbsp; 2171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA9005 3.00%, 2/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB1543 3.00%, 2/20/2051 | &nbsp;&nbsp; 1559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA3588 3.50%, 2/20/2051 | &nbsp;&nbsp; 1472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB1536 3.50%, 2/20/2051 | &nbsp;&nbsp; 1638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB1542 3.00%, 3/20/2051 | &nbsp;&nbsp; 1091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB4433 3.00%, 3/20/2051 | &nbsp;&nbsp; 1865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC0070 3.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8726 3.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8738 3.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8723 3.50%, 3/20/2051 | &nbsp;&nbsp; 2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC0088 4.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC0092 4.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8727 3.00%, 4/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8739 3.00%, 4/20/2051 | &nbsp;&nbsp; 1469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8740 3.00%, 4/20/2051 | &nbsp;&nbsp; 1306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8751 3.00%, 4/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA3563 3.50%, 7/20/2051 | &nbsp;&nbsp; 1026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CE2586 3.50%, 7/20/2051 | &nbsp;&nbsp; 1491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA7534 2.50%, 8/20/2051 | &nbsp;&nbsp; 4140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CK1527 3.50%, 12/20/2051 | &nbsp;&nbsp; 1069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CJ8184 3.50%, 1/20/2052 | &nbsp;&nbsp; 1146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CK2660 3.00%, 2/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CK2716 3.50%, 2/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CN3557 4.50%, 5/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA II, Other Pool # 785183 2.94%, <br> 10/20/2070 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities <br>(Cost $80,613)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 72357 |
| **Collateralized Mortgage Obligations — 0.9%** | **Collateralized Mortgage Obligations — 0.9%** | **Collateralized Mortgage Obligations — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ajax Mortgage Loan Trust Series 2021-B, <br> Class A, 2.24%, 6/25/2066 ‡ (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 804 |
| &nbsp;&nbsp;&nbsp; Bayview Finance LLC, 0.00%, 7/12/2033 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 954 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

76 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cascade MH Asset Trust Series 2021-MH1, <br> Class A1, 1.75%, 2/25/2046 (b)<br>| 1113 | 996 |
| &nbsp;&nbsp;&nbsp; CFMT LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HB4, Class A, 0.95%, <br> 12/26/2030 (b) (f)<br>| 194 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HB5, Class A, 0.80%, <br> 2/25/2031 (b) (f)<br>| 1166 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSMC Trust Series 2021-RPL1, Class A1, 1.67%, <br> 9/27/2060 (b) (f)<br>| 958 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Trust, Whole Loan Series 2002-W8, <br> Class A1, 6.50%, 6/25/2042<br>| 429 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA, Grantor Trust, Whole Loan Series <br> 2001-T12, Class A1, 6.50%, 8/25/2041<br>| 209 | 221 |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-72, Class VB, 3.50%, <br> 10/25/2031<br>| 355 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-7, Class CA, 3.50%, <br> 11/25/2057<br>| 1830 | 1829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA, REMIC Trust, Whole Loan Series 2002-W3, <br> Class A4, 6.50%, 11/25/2041<br>| 852 | 910 |
| &nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H11, Class FC, 1.35%, <br> 5/20/2065 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H14, Class YD, 8.30%, <br> 6/20/2071 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust Series 2021-GS1, <br> Class A1, 1.89%, 10/25/2066 (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LHOME Mortgage Trust Series 2021-RTL1, <br> Class A1, 2.09%, 9/25/2026 (b) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp; PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 2.12%, <br> 3/25/2026 (b) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-10, Class A1, 2.49%, <br> 10/25/2026 (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322 |
| &nbsp;&nbsp;&nbsp; Seasoned Credit Risk Transfer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class M60C, 3.50%, <br> 5/25/2057<br>| &nbsp;&nbsp;&nbsp;&nbsp; 548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class M55D, 4.00%, <br> 8/25/2058 ‡<br>| &nbsp;&nbsp; 1015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class M55D, 4.00%, <br> 10/25/2058 ‡<br>| &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class M5TW, 3.00%, <br> 5/25/2060 ‡<br>| &nbsp;&nbsp; 1246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class TTW, 3.00%, <br> 5/25/2060 ‡<br>| &nbsp;&nbsp; 1251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toorak Mortgage Corp. Ltd. Series 2020-1, <br> Class A1, 2.73%, 3/25/2023 (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust Series 2021-R1, <br> Class A1, 2.92%, 11/30/2060 (b) (f)<br>| 1923 | 1752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations <br>(Cost $20,315)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 19044 |
| **Commercial Mortgage-Backed Securities — 0.4%** | **Commercial Mortgage-Backed Securities — 0.4%** | **Commercial Mortgage-Backed Securities — 0.4%** |
| &nbsp;&nbsp;&nbsp; ACRE Commercial Mortgage Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4, Class A, 2.44%, <br> 12/18/2037 (b) (f)<br>| 443 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4, Class AS, 2.71%, <br> 12/18/2037 (b) (f)<br>| 510 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPR Trust Series 2021-KEN, Class A, 2.57%, <br> 2/15/2029 (b) (f)<br>| 475 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Credit Risk <br> Series 2021-MN2, Class M1, 2.73%, <br> 7/25/2041 (b) (f)<br>| 868 | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1511, Class A1, 3.28%, 10/25/2030 | 704 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1510, Class A2, 3.72%, 1/25/2031 | 265 | 269 |
| &nbsp;&nbsp;&nbsp; FNMA ACES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M1S, Class A2, 2.08%, <br> 4/25/2032<br>| &nbsp;&nbsp; 1590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M3, Class 1A1, 1.00%, <br> 11/25/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M3, Class X1, IO, 2.09%, <br> 11/25/2033 (f)<br>| &nbsp;&nbsp; 1448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp; FNMA, Other 3.08%, 1/1/2029 | &nbsp;&nbsp; 1492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1516 |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KGX1, Class BFX, 3.71%, <br> 10/25/2027 (b) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-K48, Class C, 3.77%, <br> 8/25/2048 (b) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-K56, Class B, 4.08%, <br> 6/25/2049 (b) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-K58, Class B, 3.87%, <br> 9/25/2049 (b) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K728, Class C, 3.76%, <br> 11/25/2050 (b) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Industrial Portfolio Trust Series 2021-KDIP, <br> Class B, 2.12%, 12/15/2037 ‡ (b) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLG Office Trust Series 2021-OVA, Class A, <br> 2.59%, 7/15/2041 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities <br>(Cost $9,788)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9179 |
| **Foreign Government Securities — 0.1%** | **Foreign Government Securities — 0.1%** | **Foreign Government Securities — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingdom of Saudi Arabia (Saudi Arabia) 2.25%, <br> 2/2/2033 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 77

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JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Panama (Panama) 3.16%, <br> 1/23/2030<br>| 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp; Republic of Peru (Peru) 2.78%, 12/1/2060 | 147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp; United Mexican States (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 5/24/2031 | 905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/12/2034 | 730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities <br>(Cost $2,302)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1873 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short Term Investments — 3.6%** | **Short Term Investments — 3.6%** | **Short Term Investments — 3.6%** |
| **Investment Companies — 3.6%** | **Investment Companies — 3.6%** | **Investment Companies — 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (a) (h) <br>(Cost $78,148)<br>| 78148 | 78148 |
| **Total Investments — 99.1%** <br>**(Cost $2,185,808)**<br>|  | **2172941** |
| **Other Assets Less Liabilities — 0.9%** |  | **20290** |
| **NET ASSETS — 100.0%** |  | **2193231** |

---

&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** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| CSMC | Credit Suisse Mortgage Trust |
| ETF | Exchange Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| LIBOR | London Interbank Offered Rate |

---

---

| | |
|:---|:---|
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

---

&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>|
| (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) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (c) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of June 30, 2022.<br>|
| (d) | Step bond. Interest rate is a fixed rate for an initial <br> period that either resets at a specific date or may <br> reset in the future contingent upon a predetermined <br> trigger. The interest rate shown is the current rate as <br> of June 30, 2022. <br>|
| (e) | The rate shown is the effective yield as of June 30, <br> 2022. <br>|
| (f) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of June 30, 2022. <br>|
| (g) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (h) | The rate shown is the current yield as of June 30, <br> 2022.<br>|

---

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as 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;

78 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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**Futures contracts outstanding as of June 30, 2022 (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 | 169 | 09/16/2022 | USD | 32076 | &nbsp;&nbsp;&nbsp; (885) |
| **Short Contracts** |  |  |  |  |  |
| DJ US Real Estate Index | (300) | 09/16/2022 | USD | (10722) | &nbsp;&nbsp;&nbsp; (382) |
| MSCI EAFE E-Mini Index | (123) | 09/16/2022 | USD | (11433) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| MSCI Emerging Markets E-Mini Index | (225) | 09/16/2022 | USD | (11292) | &nbsp;&nbsp;&nbsp; (105) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; (474) |
|  |  |  |  |  | (1359) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EAFE | Europe, Australasia and Far East |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 79

------

JPMorgan SmartRetirement® Blend 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Investment Companies — 57.7%** | **Investment Companies — 57.7%** | **Investment Companies — 57.7%** |
| **Fixed Income — 14.5%** | **Fixed Income — 14.5%** | **Fixed Income — 14.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| 32672 | 243406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 2523 | 14663 |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares (a) | 6657 | 40939 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp;&nbsp; 299008 |
| **International Equity — 8.9%** | **International Equity — 8.9%** | **International Equity — 8.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 11710 | 183956 |
| **U.S. Equity — 34.3%** | **U.S. Equity — 34.3%** | **U.S. Equity — 34.3%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Index Fund Class R6 Shares (a) | 12438 | 706869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $1,155,531)<br>|  | 1189833 |
| **Exchange-Traded Funds — 33.3%** | **Exchange-Traded Funds — 33.3%** | **Exchange-Traded Funds — 33.3%** |
| **Alternative Assets — 3.0%** | **Alternative Assets — 3.0%** | **Alternative Assets — 3.0%** |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders MSCI US REIT ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 693 | &nbsp;&nbsp;&nbsp;&nbsp; 60874 |
| **Fixed Income — 4.6%** | **Fixed Income — 4.6%** | **Fixed Income — 4.6%** |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Research Enhanced ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp;&nbsp; 14454 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Aggregate Bond ETF (a) | &nbsp;&nbsp; 1695 | &nbsp;&nbsp;&nbsp;&nbsp; 81298 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp;&nbsp;&nbsp; 95752 |
| **International Equity — 17.7%** | **International Equity — 17.7%** | **International Equity — 17.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders International Equity ETF <br> (a)<br>| &nbsp;&nbsp; 7709 | &nbsp;&nbsp;&nbsp; 364580 |
| **U.S. Equity — 8.0%** | **U.S. Equity — 8.0%** | **U.S. Equity — 8.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Mid Cap Equity ETF <br> (a)<br>| &nbsp;&nbsp; 1281 | &nbsp;&nbsp;&nbsp;&nbsp; 89372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Small Cap Equity ETF <br> (a)<br>| &nbsp;&nbsp; 1506 | &nbsp;&nbsp;&nbsp;&nbsp; 75817 |
| &nbsp;&nbsp;&nbsp; Total U.S. Equity |  | &nbsp;&nbsp;&nbsp; 165189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(Cost $720,350)<br>|  | &nbsp;&nbsp;&nbsp; 686395 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 1.2%** | **U.S. Treasury Obligations — 1.2%** | **U.S. Treasury Obligations — 1.2%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 5/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 8/15/2040 | &nbsp;&nbsp; 1166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | &nbsp;&nbsp; 1482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/15/2041 | &nbsp;&nbsp; 1252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 2/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 646 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 8/15/2046 | 195 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 5/15/2050 | 93 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 8/15/2050 | 1759 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/2050 | 2174 | 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/15/2051 | 191 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/15/2051 | 360 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/15/2052 | 230 | 189 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 1/31/2023 (b) | 5626 | 5546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 1/15/2024 | 346 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 2/15/2024 | 2390 | 2284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 6/15/2025 | 290 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 2/28/2026 | &nbsp;&nbsp; 1453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/30/2027 | &nbsp;&nbsp; 1405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 12/31/2027 | &nbsp;&nbsp; 1010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/15/2030 | &nbsp;&nbsp; 1094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/15/2030 | &nbsp;&nbsp; 1610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 2/15/2031 | &nbsp;&nbsp; 1375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/15/2032 | &nbsp;&nbsp; 1080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury STRIPS Bonds <br>1.14%, 5/15/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $27,579)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 24733 |
| **Corporate Bonds — 1.1%** | **Corporate Bonds — 1.1%** | **Corporate Bonds — 1.1%** |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The) 2.70%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 4/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 9/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 719 |
| **Airlines — 0.0% ^** | **Airlines — 0.0% ^** | **Airlines — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust Series <br> 2021-1, Class A Shares, 2.88%, 7/11/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 |
| **Automobiles — 0.0% ^** | **Automobiles — 0.0% ^** | **Automobiles — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/10/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/15/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

80 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — 0.2%** | **Banks — 0.2%** | **Banks — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIB Group plc (Ireland) 4.75%, 10/12/2023 <br> (d)<br>| 400 | 400 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) 2.75%, 12/3/2030 | 200 | 159 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 3.38%, 4/2/2026 | 160 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%), 1.20%, 10/24/2026 (e) | 106 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.51%), 3.71%, <br> 4/24/2028 (e)<br>| 278 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 4.38%, 4/27/2028 (e) | 65 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.93%), 2.68%, 6/19/2041 (e) | 224 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA (France) (SOFR + 1.61%), <br> 1.90%, 9/30/2028 (d) (e)<br>| 200 | 171 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.15%), 3.52%, <br> 10/27/2028 (e)<br>| 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.17%), 3.88%, <br> 1/24/2039 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/17/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.89%), 1.25%, 1/26/2027 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 1.59%, 5/24/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 2.01%, 9/22/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc (United Kingdom) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.85%), 1.63%, <br> 5/11/2027 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) <br> 3.74%, 3/7/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) (ICE LIBOR <br> USD 3 Month + 1.87%), 4.44%, 5/8/2030 <br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United <br> Kingdom) (SOFR + 1.22%), 2.47%, <br> 1/11/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA (France) 4.25%, <br> 4/14/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.17%), 1.32%, <br> 10/14/2023 (d) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 7/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.53%), 3.07%, 4/30/2041 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.13%), 4.61%, 4/25/2053 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 11/16/2040 | 44 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/18/2041 | 45 | 33  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4462 |
| **Beverages — 0.0% ^** | **Beverages — 0.0% ^** | **Beverages — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. (Belgium) <br> 3.75%, 7/15/2042<br>| 340 | 275 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. 3.80%, 5/1/2050 | 58 | 46  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/21/2029 | 198 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. 3.15%, 2/21/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. 2.25%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. 2.60%, 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. 1.75%, <br> 9/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Masco Corp. 2.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Finance, Inc. (Canada) 3.50%, <br> 3/30/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Group AG (Switzerland) 4.28%, <br> 1/9/2028 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.87%), 2.13%, 11/24/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 2.55%, 1/7/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.57%), 0.67%, 3/8/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.80%), 1.43%, 3/9/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) (SOFR + <br> 1.53%), 2.87%, 1/14/2033 (d) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 7/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%), 3.22%, 4/22/2042 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 3/1/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 81

------

JPMorgan SmartRetirement® Blend 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/1/2029 (d) | 70 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 1 Year + <br> 1.00%), 2.09%, 2/11/2032 (d) (e)<br>| 200 | 159 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2243 |
| **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. 5.32%, 11/15/2038 | 70 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. 3.47%, <br> 12/1/2050 (d)<br>| 31 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LYB International Finance III LLC 1.25%, <br> 10/1/2025<br>| 30 | 27 |
| &nbsp;&nbsp;&nbsp; RPM International, Inc. 2.95%, 1/15/2032 | 61 | 51  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 |
| **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. 2.35%, 1/15/2032 | 75 | 58  |
| **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) 4.63%, <br> 10/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/18/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 1/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.27%), 2.62%, 11/2/2032 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. 3.80%, <br> 4/7/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1069 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging International LLC 1.51%, <br> 4/15/2026 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Miami Series 2022, 4.06%, <br> 4/1/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| **Diversified Financial Services — 0.0% ^** | **Diversified Financial Services — 0.0% ^** | **Diversified Financial Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hutchison Whampoa International 14 Ltd. <br> (United Kingdom) 3.63%, 10/31/2024 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shell International Finance BV (Netherlands) <br> 3.13%, 11/7/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290 |
| **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 6/1/2031 | 168 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/2041 | 128 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 9/15/2055 | 76 | 57 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 3/22/2028 | 30 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 3/22/2030 | 124 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 3/15/2032 | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/20/2040 | 44 | 32  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 609 |
| **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. 2.03%, <br> 3/15/2024<br>| 200 | 194 |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC 2.90%, 8/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duquesne Light Holdings, Inc. 2.78%, 1/7/2032 <br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; Edison International 5.75%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emera US Finance LP (Canada) 4.75%, <br> 6/15/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; Entergy Louisiana LLC 4.00%, 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. 2.90%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fells Point Funding Trust 3.05%, 1/31/2027 <br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC 4.55%, 4/1/2049 <br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Fortis, Inc. (Canada) 3.06%, 10/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; Indiana Michigan Power Co. 3.25%, 5/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; ITC Holdings Corp. 2.95%, 5/14/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co. 4.30%, <br> 1/15/2026 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Electric Co. 4.00%, 8/15/2046 <br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New England Power Co. (United Kingdom) <br> 2.81%, 10/6/2050 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. 2.45%, 12/2/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; OGE Energy Corp. 0.70%, 5/26/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Gas and Electric Co. 0.55%, <br> 5/26/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.37%, 3/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/15/2042 (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PG&E Wildfire Recovery Funding LLC Series A-2, <br> 4.26%, 6/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

82 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20C, 1.20%, 2/1/2026 | 40 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.13%, 3/1/2048 | 30 | 25 |
| &nbsp;&nbsp;&nbsp; Union Electric Co. 3.90%, 4/1/2052 | 43 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC 4.88%, 5/13/2024 <br> (d)<br>| 96 | 96  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1577 |
| **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schlumberger Holdings Corp. 4.00%, <br> 12/21/2025 (d)<br>| 66 | 66  |
| **Entertainment — 0.0% ^** | **Entertainment — 0.0% ^** | **Entertainment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Activision Blizzard, Inc. 1.35%, 9/15/2030 | 48 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. 3.70%, <br> 4/14/2027<br>| 79 | 77 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 1/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/13/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266 |
| **Equity Real Estate Investment Trusts (REITs) — 0.1%** | **Equity Real Estate Investment Trusts (REITs) — 0.1%** | **Equity Real Estate Investment Trusts (REITs) — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Campus Communities Operating <br> Partnership LP 2.25%, 1/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; American Tower Corp. 1.88%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Office Properties LP 2.75%, <br> 4/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Castle International Corp. 3.10%, <br> 11/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp; CubeSmart LP 2.00%, 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust LP 3.70%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; Federal Realty OP LP 1.25%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Trust of America Holdings LP 2.00%, <br> 3/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. 2.13%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp; Life Storage LP 2.40%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp; Office Properties Income Trust  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; Physicians Realty LP 2.63%, 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** |
| &nbsp;&nbsp;&nbsp; Public Storage 1.95%, 11/9/2028 | 32 | 28 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care LP 3.20%, 12/1/2031 | 45 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safehold Operating Partnership LP 2.85%, <br> 1/15/2032<br>| 80 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scentre Group Trust 1 (Australia) 3.63%, <br> 1/28/2026 (d)<br>| 158 | 152 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. 2.10%, 8/1/2032 | 88 | 68 |
| &nbsp;&nbsp;&nbsp; WP Carey, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/1/2026 | 26 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 2/1/2031 | 36 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 2/1/2032 | 40 | 32  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1518 |
| **Food & Staples Retailing — 0.0% ^** | **Food & Staples Retailing — 0.0% ^** | **Food & Staples Retailing — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; 7-Eleven, Inc. 0.63%, 2/10/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 5/13/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/13/2051 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 |
| **Food Products — 0.0% ^** | **Food Products — 0.0% ^** | **Food Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp. 2.75%, 5/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp; Smithfield Foods, Inc. 3.00%, 10/15/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 3/9/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 2/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy Resources Corp. 1.75%, <br> 10/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. 4.55%, 3/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; DH Europe Finance II SARL 3.25%, 11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Banner Health 1.90%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beth Israel Lahey Health, Inc. Series L, 3.08%, <br> 7/1/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Children's Hospital of Philadelphia (The) Series <br> 2020, 2.70%, 7/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 83

------

JPMorgan SmartRetirement® Blend 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| &nbsp;&nbsp;&nbsp; CommonSpirit Health 2.78%, 10/1/2030 | 74 | 64 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. 2.70%, 8/21/2040 | 92 | 66 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. 2.25%, 5/15/2030 | 100 | 86 |
| &nbsp;&nbsp;&nbsp; HCA, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2026 | 224 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/15/2051 | 23 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/2052 (d) | 27 | 22 |
| &nbsp;&nbsp;&nbsp; Piedmont Healthcare, Inc. 2.86%, 1/1/2052 | 45 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc. 2.65%, <br> 10/15/2030 (d)<br>| 39 | 31  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690 |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. 3.35%, 3/12/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; MDC Holdings, Inc. 3.97%, 8/6/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander Funding Trust 1.84%, 11/15/2023 <br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp; Southern Power Co. 5.15%, 9/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484 |
| **Insurance — 0.0% ^** | **Insurance — 0.0% ^** | **Insurance — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Athene Global Funding 2.75%, 6/25/2024 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp. 3.85%, <br> 3/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. 2.38%, 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 4/5/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 4/5/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; F&G Global Funding 1.75%, 6/30/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Life Insurance Co. 3.75%, 5/15/2050 <br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Mutual Global Funding 1.70%, <br> 6/1/2028 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teachers Insurance & Annuity Association of <br> America 3.30%, 5/15/2050 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487 |
| **Internet & Direct Marketing Retail — 0.0% ^** | **Internet & Direct Marketing Retail — 0.0% ^** | **Internet & Direct Marketing Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. 3.95%, 4/13/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; CGI, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 9/14/2026 | 42 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 9/14/2031 | 75 | 60 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. 3.20%, 8/15/2029 | 77 | 68  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. 3.11%, 2/15/2040 | 66 | 51  |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/1/2031 | 22 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/2042 | 35 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 4/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. 3.25%, 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Communications LLC 3.63%, <br> 5/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 |
| **Metals & Mining — 0.0% ^** | **Metals & Mining — 0.0% ^** | **Metals & Mining — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anglo American Capital plc (South Africa) <br> 3.63%, 9/11/2024 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) 2.50%, <br> 9/1/2030 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. 1.65%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522 |
| **Multiline Retail — 0.0% ^** | **Multiline Retail — 0.0% ^** | **Multiline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Nordstrom, Inc. 4.25%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| **Multi-Utilities — 0.0% ^** | **Multi-Utilities — 0.0% ^** | **Multi-Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co. 2.85%, <br> 5/15/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. 1.45%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Consumers Energy Co. 3.25%, 8/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp; Puget Energy, Inc. 2.38%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co. 2.95%, 8/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. 1.38%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 4/6/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 11/10/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Corpus Christi Holdings LLC 5.88%, <br> 3/31/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. 3.25%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

84 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 5/15/2024 (f) | 181 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 7/15/2026 | 146 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 3/15/2027 | 90 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/2044 (f) | 105 | 88 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. 3.00%, 8/16/2039 | 146 | 119 |
| &nbsp;&nbsp;&nbsp; Flex Intermediate Holdco LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 6/30/2031 (d) | 40 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 12/30/2039 (d) | 30 | 23 |
| &nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC 2.60%, 10/15/2025 (d) | 198 | 185 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/1/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp; MPLX LP 4.50%, 4/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; NGPL PipeCo LLC 3.25%, 7/15/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; Phillips 66 Co. 3.55%, 10/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plains All American Pipeline LP 4.65%, <br> 10/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC 5.63%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. 4.20%, 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies Capital International SA (France) <br> 2.99%, 6/29/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransCanada PipeLines Ltd. (Canada) 4.10%, <br> 4/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1730 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. 2.35%, 11/13/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma plc 2.15%, 9/2/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan) 3.03%, <br> 7/9/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308 |
| &nbsp;&nbsp;&nbsp; Utah Acquisition Sub, Inc. 3.95%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc. 3.85%, 6/22/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630 |
| **Road & Rail — 0.0% ^** | **Road & Rail — 0.0% ^** | **Road & Rail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Kansas City Southern 4.70%, 5/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triton Container International Ltd. (Bermuda) <br> 2.05%, 4/15/2026 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. 3.55%, 8/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228 |
| **Semiconductors & Semiconductor Equipment — 0.0% ^** | **Semiconductors & Semiconductor Equipment — 0.0% ^** | **Semiconductors & Semiconductor Equipment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. 2.80%, 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. 3.19%, 11/15/2036 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; KLA Corp. 3.30%, 3/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. 0.98%, 9/1/2024 | 60 | 56 |
| &nbsp;&nbsp;&nbsp; NXP BV (China) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 5/11/2031 | 70 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 5/11/2041 | 75 | 56 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. 4.50%, 5/20/2052 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; Xilinx, Inc. 2.38%, 6/1/2030 | 127 | 112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401 |
| **Software — 0.0% ^** | **Software — 0.0% ^** | **Software — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Oracle Corp. 3.80%, 11/15/2037 | 124 | 96 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. 1.75%, 2/15/2031 | 47 | 37 |
| &nbsp;&nbsp;&nbsp; VMware, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp; Workday, Inc. 3.50%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 4/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. 1.75%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192 |
| **Technology Hardware, Storage & Peripherals — 0.0% ^** | **Technology Hardware, Storage & Peripherals — 0.0% ^** | **Technology Hardware, Storage & Peripherals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Apple, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 2/9/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 8/5/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; Dell International LLC 6.20%, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380 |
| **Thrifts & Mortgage Finance — 0.0% ^** | **Thrifts & Mortgage Finance — 0.0% ^** | **Thrifts & Mortgage Finance — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPCE SA (France) (SOFR + 1.52%), 1.65%, <br> 10/6/2026 (d) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 |
| **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. 2.45%, 2/4/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 3/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 8/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 9/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 85

------

JPMorgan SmartRetirement® Blend 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Air Lease Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 1/15/2026 | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 8/15/2026 | 210 | 181 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227 |
| **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc. (Canada) 4.55%, <br> 3/15/2052 (d)<br>| 35 | 31  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $27,012)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 22797 |
| **Asset-Backed Securities — 0.8%** | **Asset-Backed Securities — 0.8%** | **Asset-Backed Securities — 0.8%** |
| &nbsp;&nbsp;&nbsp; ACC Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 1.08%, <br> 4/15/2027 (d)<br>| 74 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 1.79%, <br> 4/15/2027 (d)<br>| 185 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACC Trust Series 2021-1, Class B, 1.43%, <br> 7/22/2024 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelerated LLC Series 2021-1H, Class B, <br> 1.90%, 10/20/2040 ‡ (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affirm Asset Securitization Trust Series 2021-A, <br> Class A, 0.88%, 8/15/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aligned Data Centers Issuer LLC Series 2021-1A, <br> Class A2, 1.94%, 8/15/2046 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class AA, 3.20%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3, Class AA, 3.00%, <br> 10/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B, 3.95%, 7/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class AA, 3.15%, 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp; AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2, Class E1, 4.03%, <br> 7/17/2037 ‡ (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR3, Class E2, 2.76%, <br> 9/17/2037 ‡ (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR4, Class E2, 2.46%, <br> 11/17/2037 ‡ (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class E2, 2.58%, <br> 8/17/2038 ‡ (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp; Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A, 2.98%, <br> 11/15/2035 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 2.16%, <br> 4/15/2036 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 2.92%, <br> 4/15/2036 ‡ (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 4.46%, <br> 6/15/2037 (d)<br>| 151 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarNow Auto Receivables Trust Series 2021-1A, <br> Class A, 0.97%, 10/15/2024 (d)<br>| 48 | 48 |
| &nbsp;&nbsp;&nbsp; CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 0.61%, <br> 2/18/2025 (d)<br>| 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class C, 0.83%, <br> 9/15/2026 (d)<br>| 450 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class C, 1.23%, <br> 3/15/2027 (d)<br>| 140 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credito Real USA Auto Receivables Trust Series <br> 2021-1A, Class A, 1.35%, 2/16/2027 (d)<br>| 130 | 127 |
| &nbsp;&nbsp;&nbsp; Crossroads Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A2, 0.82%, <br> 3/20/2024 (d)<br>| 65 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 1.12%, 6/20/2025 ‡ <br> (d)<br>| 155 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DataBank Issuer Series 2021-1A, Class A2, <br> 2.06%, 2/27/2051 (d)<br>| 265 | 240 |
| &nbsp;&nbsp;&nbsp; Diamond Resorts Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 1.51%, <br> 11/21/2033 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 2.70%, <br> 11/21/2033 ‡ (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp; DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class C, 1.10%, <br> 2/16/2027 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 5.46%, <br> 3/15/2028 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elara HGV Timeshare Issuer LLC Series 2021-A, <br> Class B, 1.74%, 8/27/2035 ‡ (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 0.74%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class C, 0.98%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHF Trust Series 2021-1A, Class A, 1.27%, <br> 3/15/2027 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class E1, 2.26%, <br> 9/17/2038 ‡ (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class E1, 5.00%, <br> 5/17/2039 ‡ (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust Series 2021-1, <br> Class B, 0.68%, 2/16/2027 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FMC GMSR Issuer Trust Series 2021-GT2, Class A, <br> 3.85%, 10/25/2026 (d) (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FREED ABS Trust Series 2021-2, Class B, 1.03%, <br> 6/19/2028 ‡ (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

86 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GLS Auto Receivables Issuer Trust Series <br> 2021-2A, Class B, 0.77%, 9/15/2025 (d)<br>| 180 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust Series 2017-AA, <br> Class A, 2.66%, 12/26/2028 (d)<br>| 16 | 16 |
| &nbsp;&nbsp;&nbsp; Home Partners of America Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class C, 2.40%, <br> 12/17/2026 ‡ (d)<br>| 226 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class D, 3.00%, 1/17/2041 ‡ <br> (d)<br>| 149 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JetBlue Pass-Through Trust Series 2020-1, <br> Class B, 7.75%, 11/15/2028<br>| 78 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lendbuzz Securitization Trust Series 2021-1A, <br> Class A, 1.46%, 6/15/2026 (d)<br>| 177 | 172 |
| &nbsp;&nbsp;&nbsp; Lendingpoint Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 1.00%, <br> 12/15/2028 (d)<br>| 98 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 1.46%, <br> 12/15/2028 ‡ (d)<br>| 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class A, 1.11%, <br> 2/15/2029 (d)<br>| 148 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class B, 1.68%, 2/15/2029 ‡ <br> (d)<br>| 120 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LL ABS Trust Series 2021-1A, Class A, 1.07%, <br> 5/15/2029 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust Series 2021-AA, <br> Class A, 1.86%, 3/20/2036 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp; Marlette Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 0.60%, <br> 6/16/2031 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 1.00%, <br> 6/16/2031 ‡ (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp; Mercury Financial Credit Card Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 1.54%, <br> 3/20/2026 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 2.33%, <br> 3/20/2026 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Lane Credit Card Master Trust Series <br> 2021-A, Class A, 1.59%, 9/15/2026 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MVW LLC Series 2021-2A, Class C, 2.23%, <br> 5/20/2039 ‡ (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NMEF Funding LLC Series 2021-A, Class B, <br> 1.85%, 12/15/2027 ‡ (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp; NRZ Excess Spread-Collateralized Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FNT1, Class A, 2.98%, <br> 3/25/2026 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FNT2, Class A, 3.23%, <br> 5/25/2026 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Octane Receivables Trust Series 2021-1A, <br> Class A, 0.93%, 3/22/2027 (d)<br>| 100 | 97 |
| &nbsp;&nbsp;&nbsp; Oportun Funding XIV LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 1.21%, 3/8/2028 (d) | 118 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 1.76%, 3/8/2028 ‡ <br> (d)<br>| 370 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oportun Issuance Trust Series 2021-B, Class A, <br> 1.47%, 5/8/2031 (d)<br>| 425 | 394 |
| &nbsp;&nbsp;&nbsp; Pagaya AI Debt Selection Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 1.18%, <br> 11/15/2027 (d)<br>| 299 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HG1, Class A, 1.22%, <br> 1/16/2029 (d)<br>| 262 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A, 1.15%, <br> 5/15/2029 (d)<br>| 235 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRET LLC Series 2021-RN4, Class A1, 2.49%, <br> 10/25/2051 (d) (g)<br>| 82 | 78 |
| &nbsp;&nbsp;&nbsp; Pretium Mortgage Credit Partners I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL1, Class A1, 2.24%, <br> 9/27/2060 ‡ (d) (f)<br>| 288 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL4, Class A1, 2.36%, <br> 10/27/2060 ‡ (d) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp; Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR1, Class E, 3.03%, <br> 4/17/2037 ‡ (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class D, 2.20%, <br> 4/19/2038 ‡ (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional Management Issuance Trust Series <br> 2021-1, Class A, 1.68%, 3/17/2031 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic Finance Issuance Trust Series 2021-A, <br> Class A, 2.30%, 12/22/2031 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310 |
| &nbsp;&nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 1.34%, <br> 11/20/2037 ‡ (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 1.80%, <br> 9/20/2038 ‡ (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Theorem Funding Trust Series 2021-1A, Class A, <br> 1.21%, 12/15/2027 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp; Tricolor Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 1.00%, <br> 6/17/2024 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 1.33%, <br> 9/16/2024 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class B, 3.50%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class A, 3.10%, 10/7/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class A, 3.70%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 87

------

JPMorgan SmartRetirement® Blend 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Auto Credit Securitization Trust Series <br> 2021-1, Class C, 0.84%, 6/10/2026 (d)<br>| 155 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upstart Securitization Trust Series 2021-1, <br> Class A, 0.87%, 3/20/2031 (d)<br>| 54 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Auto Funding Series 2021-1A, Class B, <br> 1.49%, 3/17/2025 (d)<br>| 105 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VCAT LLC Series 2021-NPL2, Class A1, 2.12%, <br> 3/27/2051 (d) (f)<br>| 90 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veros Auto Receivables Trust Series 2021-1, <br> Class A, 0.92%, 10/15/2026 (d)<br>| 70 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCII LLC Series 2021-NPL1, Class A1, <br> 1.89%, 2/27/2051 (d) (f)<br>| 119 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCIII LLC Series 2021-NPL2, Class A1, <br> 1.89%, 2/27/2051 ‡ (d) (f)<br>| 375 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCIV LLC Series 2021-NPL3, Class A1, <br> 2.24%, 2/27/2051 ‡ (d) (f)<br>| 321 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCIX LLC Series 2021-NPL8, Class A1, <br> 2.12%, 4/25/2051 ‡ (d) (f)<br>| 253 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCV LLC Series 2021-NPL4, Class A1, <br> 2.24%, 3/27/2051 ‡ (d) (f)<br>| 207 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCVI LLC Series 2021-NPL5, Class A1, <br> 2.12%, 3/27/2051 (d) (f)<br>| 241 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOLT XCVII LLC Series 2021-NPL6, Class A1, <br> 2.24%, 4/25/2051 ‡ (d) (f)<br>| 304 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $16,340)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 15386 |
| **Mortgage-Backed Securities — 0.7%** | **Mortgage-Backed Securities — 0.7%** | **Mortgage-Backed Securities — 0.7%** |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # ZL3032 3.50%, 5/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QA6772 3.50%, 1/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA4224 3.00%, 11/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB8503 2.50%, 2/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QC4789 3.00%, 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QE1637 4.00%, 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QE1832 4.50%, 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BO1362 4.00%, 6/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM3118 3.00%, 5/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BR4318 3.00%, 1/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BQ8009 4.00%, 2/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BQ8010 4.00%, 2/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BU1805 2.50%, 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB2637 2.50%, 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BU3079 3.00%, 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV0273 3.00%, 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB2670 3.00%, 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV4831 3.00%, 2/1/2052 | 94 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV0295 3.50%, 2/1/2052 | 266 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV6743 4.50%, 5/1/2052 | 105 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV9515 6.00%, 6/1/2052 | 95 | 101 |
| &nbsp;&nbsp;&nbsp; FNMA, Other  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM4660 3.77%, 12/1/2025 | 118 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL2588 2.97%, 8/1/2026 | 290 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM3010 5.07%, 3/1/2028 | 109 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM5319 4.34%, 1/1/2029 | 95 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS4290 1.95%, 10/1/2029 | 500 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM4789 4.18%, 11/1/2030 | 54 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS6024 IO, 3.96%, 2/1/2031 (h) | 210 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL3774 2.77%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL3648 2.85%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL3700 2.92%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5580 3.68%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5357 3.41%, 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN9752 3.65%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5511 3.45%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5127 3.15%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL7124 1.93%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0230 5.50%, 1/1/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0497 3.00%, 7/1/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA/FHLMC UMBS, Single Family, 30 Year TBA, <br> 4.50%, 7/25/2052 (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296 |
| &nbsp;&nbsp;&nbsp; GNMA II, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 783525 4.50%, 12/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 784602 4.00%, 5/20/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS8546 2.50%, 12/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 785294 3.50%, 1/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA8452 3.00%, 2/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA9005 3.00%, 2/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB1543 3.00%, 2/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA3588 3.50%, 2/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB1536 3.50%, 2/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB1542 3.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB4433 3.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC0070 3.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8726 3.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8738 3.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8723 3.50%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC0088 4.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC0092 4.00%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8727 3.00%, 4/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8739 3.00%, 4/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

88 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8740 3.00%, 4/20/2051 | 269 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CC8751 3.00%, 4/20/2051 | 58 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CE9911 3.00%, 7/20/2051 | 162 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CE9913 3.00%, 7/20/2051 | 87 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CE9914 3.00%, 7/20/2051 | 88 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CE9915 3.00%, 7/20/2051 | 177 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA3563 3.50%, 7/20/2051 | 304 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CE2586 3.50%, 7/20/2051 | 324 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CK1527 3.50%, 12/20/2051 | 213 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CJ8184 3.50%, 1/20/2052 | 228 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CK2716 3.50%, 2/20/2052 | 194 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CN3557 4.50%, 5/20/2052 | 115 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities <br>(Cost $16,621)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 15071 |
| **Collateralized Mortgage Obligations — 0.3%** | **Collateralized Mortgage Obligations — 0.3%** | **Collateralized Mortgage Obligations — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ajax Mortgage Loan Trust Series 2021-B, <br> Class A, 2.24%, 6/25/2066 ‡ (d) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp; Bayview Finance LLC, 0.00%, 7/12/2033 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cascade MH Asset Trust Series 2021-MH1, <br> Class A1, 1.75%, 2/25/2046 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFMT LLC Series 2021-HB5, Class A, 0.80%, <br> 2/25/2031 (d) (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSMC Trust Series 2021-RPL1, Class A1, 1.67%, <br> 9/27/2060 (d) (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Trust, Whole Loan Series 2002-W8, <br> Class A1, 6.50%, 6/25/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp; FNMA, Grantor Trust, Whole Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001-T12, Class A1, 6.50%, <br> 8/25/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2002-T4, Class A1, 6.50%, <br> 12/25/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-35, Class VA, 4.00%, <br> 7/25/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-72, Class VB, 3.50%, <br> 10/25/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-41, Class KA, 4.00%, <br> 1/25/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-7, Class CA, 3.50%, <br> 11/25/2057<br>| &nbsp;&nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA, REMIC Trust, Whole Loan Series 2002-W3, <br> Class A4, 6.50%, 11/25/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H16, Class FG, 1.24%, <br> 7/20/2065 (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H14, Class YD, 8.30%, <br> 6/20/2071 (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust Series 2021-GS1, <br> Class A1, 1.89%, 10/25/2066 (d) (f)<br>| 96 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LHOME Mortgage Trust Series 2021-RTL1, <br> Class A1, 2.09%, 9/25/2026 (d) (g)<br>| 340 | 326 |
| &nbsp;&nbsp;&nbsp; PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 2.12%, <br> 3/25/2026 (d) (g)<br>| 348 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-10, Class A1, 2.49%, <br> 10/25/2026 (d) (f)<br>| 86 | 82 |
| &nbsp;&nbsp;&nbsp; Seasoned Credit Risk Transfer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class M60C, 3.50%, <br> 5/25/2057<br>| 219 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3, Class M55D, 4.00%, <br> 8/25/2057 ‡ (g)<br>| 284 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2, Class M55D, 4.00%, <br> 11/25/2057<br>| 348 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4, Class M55D, 4.00%, <br> 3/25/2058<br>| 58 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class M55D, 4.00%, <br> 8/25/2058 ‡<br>| 310 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class M55D, 4.00%, <br> 10/25/2058 ‡<br>| 294 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust Series 2021-R1, <br> Class A1, 2.92%, 11/30/2060 (d) (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations <br>(Cost $5,799)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5468 |
| **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** |
| &nbsp;&nbsp;&nbsp; ACRE Commercial Mortgage Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4, Class A, 2.44%, <br> 12/18/2037 (d) (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4, Class AS, 2.71%, <br> 12/18/2037 (d) (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPR Trust Series 2021-KEN, Class A, 2.57%, <br> 2/15/2029 (d) (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Credit Risk <br> Series 2021-MN2, Class M1, 2.73%, <br> 7/25/2041 (d) (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp; FNMA ACES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M10, Class A1, 3.48%, <br> 7/25/2028 (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M21, Class 1A1, 1.95%, <br> 5/25/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M1S, Class A2, 2.08%, <br> 4/25/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M3, Class 1A1, 1.00%, <br> 11/25/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M3, Class X1, IO, 2.09%, <br> 11/25/2033 (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 89

------

JPMorgan SmartRetirement® Blend 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; FNMA, Other 3.08%, 1/1/2029 (h) | 343 | 349 |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KGX1, Class BFX, 3.71%, <br> 10/25/2027 (d) (g)<br>| 115 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-K56, Class B, 4.08%, <br> 6/25/2049 (d) (g)<br>| 85 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-K58, Class B, 3.87%, <br> 9/25/2049 (d) (g)<br>| 465 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLG Office Trust Series 2021-OVA, Class A, <br> 2.59%, 7/15/2041 (d)<br>| 195 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities <br>(Cost $2,885)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2720 |
| **Foreign Government Securities — 0.0% ^** | **Foreign Government Securities — 0.0% ^** | **Foreign Government Securities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Mexican States (Mexico) 2.66%, <br> 5/24/2031(Cost $400)<br>| 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short Term Investments — 4.2%** | **Short Term Investments — 4.2%** | **Short Term Investments — 4.2%** |
| **Investment Companies — 4.2%** | **Investment Companies — 4.2%** | **Investment Companies — 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (a) (i) <br>(Cost $86,236)<br>| 86236 | &nbsp;&nbsp;&nbsp;&nbsp; 86236 |
| **Total Investments — 99.4%** <br>**(Cost $2,058,753)**<br>|  | **2048968** |
| **Other Assets Less Liabilities — 0.6%** |  | **13221** |
| **NET ASSETS — 100.0%** |  | **2062189** |

---

&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** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| CSMC | Credit Suisse Mortgage Trust |
| ETF | Exchange Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|

---

---

| | |
|:---|:---|
| LIBOR | London Interbank Offered Rate |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

---

&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>|
| (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) | All or a portion of this security is deposited with the <br> broker as initial margin for futures contracts.<br>|
| (c) | The rate shown is the effective yield as of June 30, <br> 2022. <br>|
| (d) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (e) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of June 30, 2022.<br>|
| (f) | Step bond. Interest rate is a fixed rate for an initial <br> period that either resets at a specific date or may <br> reset in the future contingent upon a predetermined <br> trigger. The interest rate shown is the current rate as <br> of June 30, 2022. <br>|
| (g) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of June 30, 2022. <br>|
| (h) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (i) | The rate shown is the current yield as of June 30, <br> 2022.<br>|

---

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as 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;

90 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

**Futures contracts outstanding as of June 30, 2022 (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 | 159 | 09/16/2022 | USD | 30178 | &nbsp;&nbsp;&nbsp; (833) |
| **Short Contracts** |  |  |  |  |  |
| DJ US Real Estate Index | (282) | 09/16/2022 | USD | (10079) | &nbsp;&nbsp;&nbsp; (359) |
| MSCI EAFE E-Mini Index | &nbsp;&nbsp; (96) | 09/16/2022 | USD | &nbsp;&nbsp; (8924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| MSCI Emerging Markets E-Mini Index | (211) | 09/16/2022 | USD | (10589) | &nbsp;&nbsp;&nbsp;&nbsp; (98) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; (442) |
|  |  |  |  |  | (1275) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EAFE | Europe, Australasia and Far East |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 91

------

JPMorgan SmartRetirement® Blend 2040 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Investment Companies — 61.7%** | **Investment Companies — 61.7%** | **Investment Companies — 61.7%** |
| **Fixed Income — 12.2%** | **Fixed Income — 12.2%** | **Fixed Income — 12.2%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Bond Fund Class R6 Shares (a) | 4108 | 43506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| 17499 | 130365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 2820 | 16383 |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares (a) | 4993 | 30708 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp;&nbsp; 220962 |
| **International Equity — 10.1%** | **International Equity — 10.1%** | **International Equity — 10.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 11717 | 184082 |
| **U.S. Equity — 39.4%** | **U.S. Equity — 39.4%** | **U.S. Equity — 39.4%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Index Fund Class R6 Shares (a) | 12630 | 717743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $1,069,810)<br>|  | 1122787 |
| **Exchange-Traded Funds — 35.2%** | **Exchange-Traded Funds — 35.2%** | **Exchange-Traded Funds — 35.2%** |
| **Alternative Assets — 3.4%** | **Alternative Assets — 3.4%** | **Alternative Assets — 3.4%** |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders MSCI US REIT ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 699 | &nbsp;&nbsp;&nbsp;&nbsp; 61370 |
| **Fixed Income — 2.8%** | **Fixed Income — 2.8%** | **Fixed Income — 2.8%** |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Research Enhanced ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7623 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Aggregate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 907 | &nbsp;&nbsp;&nbsp;&nbsp; 43542 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp;&nbsp;&nbsp; 51165 |
| **International Equity — 20.0%** | **International Equity — 20.0%** | **International Equity — 20.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders International Equity ETF <br> (a)<br>| &nbsp;&nbsp; 7709 | &nbsp;&nbsp;&nbsp; 364558 |
| **U.S. Equity — 9.0%** | **U.S. Equity — 9.0%** | **U.S. Equity — 9.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Mid Cap Equity ETF <br> (a)<br>| &nbsp;&nbsp; 1274 | &nbsp;&nbsp;&nbsp;&nbsp; 88917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Small Cap Equity ETF <br> (a)<br>| &nbsp;&nbsp; 1507 | &nbsp;&nbsp;&nbsp;&nbsp; 75843 |
| &nbsp;&nbsp;&nbsp; Total U.S. Equity |  | &nbsp;&nbsp;&nbsp; 164760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(Cost $666,659)<br>|  | &nbsp;&nbsp;&nbsp; 641853 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **U.S. Treasury Obligations — 0.3%** | **U.S. Treasury Obligations — 0.3%** | **U.S. Treasury Obligations — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes <br>0.13%, 1/31/2023 (b)(Cost $4,939)<br>| 4950 | 4880 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short Term Investments — 2.1%** | **Short Term Investments — 2.1%** | **Short Term Investments — 2.1%** |
| **Investment Companies — 2.1%** | **Investment Companies — 2.1%** | **Investment Companies — 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (a) (c) <br>(Cost $38,718)<br>| 38718 | 38718 |
| **Total Investments — 99.3%** <br>**(Cost $1,780,126)**<br>|  | **1808238** |
| **Other Assets Less Liabilities — 0.7%** |  | **12252** |
| **NET ASSETS — 100.0%** |  | **1820490** |

---

&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 |
| 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) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the current yield as of June 30, 2022.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as 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.

**Futures contracts outstanding as of June 30, 2022 (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 | 118 | 09/16/2022 | USD | 22396 | &nbsp;&nbsp;&nbsp; (618) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

92 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>|
| **Short Contracts** |  |  |  |  |  |
| DJ US Real Estate Index | (383) | 09/16/2022 | USD | (13688) | &nbsp;&nbsp;&nbsp; (508) |
| MSCI EAFE E-Mini Index | &nbsp;&nbsp; (96) | 09/16/2022 | USD | &nbsp;&nbsp; (8924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| MSCI Emerging Markets E-Mini Index | (281) | 09/16/2022 | USD | (14102) | &nbsp;&nbsp;&nbsp; (131) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; (603) |
|  |  |  |  |  | (1221) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EAFE | Europe, Australasia and Far East |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 93

------

JPMorgan SmartRetirement® Blend 2045 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Investment Companies — 59.7%** | **Investment Companies — 59.7%** | **Investment Companies — 59.7%** |
| **Fixed Income — 5.7%** | **Fixed Income — 5.7%** | **Fixed Income — 5.7%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Bond Fund Class R6 Shares (a) | 1661 | 17588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| 7074 | 52701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 1112 | 6464 |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares (a) | 1270 | 7812 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp;&nbsp;&nbsp; 84565 |
| **International Equity — 11.0%** | **International Equity — 11.0%** | **International Equity — 11.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 10283 | 161548 |
| **U.S. Equity — 43.0%** | **U.S. Equity — 43.0%** | **U.S. Equity — 43.0%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Index Fund Class R6 Shares (a) | 11118 | 631823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $825,561)<br>|  | &nbsp;&nbsp;&nbsp; 877936 |
| **Exchange-Traded Funds — 37.0%** | **Exchange-Traded Funds — 37.0%** | **Exchange-Traded Funds — 37.0%** |
| **Alternative Assets — 3.6%** | **Alternative Assets — 3.6%** | **Alternative Assets — 3.6%** |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders MSCI US REIT ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp;&nbsp; 53611 |
| **Fixed Income — 1.7%** | **Fixed Income — 1.7%** | **Fixed Income — 1.7%** |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Research Enhanced ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7810 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Aggregate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 367 | &nbsp;&nbsp;&nbsp;&nbsp; 17601 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp;&nbsp;&nbsp; 25411 |
| **International Equity — 21.8%** | **International Equity — 21.8%** | **International Equity — 21.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders International Equity ETF <br> (a)<br>| &nbsp;&nbsp; 6774 | &nbsp;&nbsp;&nbsp; 320330 |
| **U.S. Equity — 9.9%** | **U.S. Equity — 9.9%** | **U.S. Equity — 9.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Mid Cap Equity ETF <br> (a)<br>| &nbsp;&nbsp; 1122 | &nbsp;&nbsp;&nbsp;&nbsp; 78306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Small Cap Equity ETF <br> (a)<br>| &nbsp;&nbsp; 1323 | &nbsp;&nbsp;&nbsp;&nbsp; 66587 |
| &nbsp;&nbsp;&nbsp; Total U.S. Equity |  | &nbsp;&nbsp;&nbsp; 144893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(Cost $569,942)<br>|  | &nbsp;&nbsp;&nbsp; 544245 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **U.S. Treasury Obligations — 0.3%** | **U.S. Treasury Obligations — 0.3%** | **U.S. Treasury Obligations — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes <br>0.13%, 1/31/2023 (b)(Cost $4,030)<br>| 4039 | 3982 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short Term Investments — 2.5%** | **Short Term Investments — 2.5%** | **Short Term Investments — 2.5%** |
| **Investment Companies — 2.5%** | **Investment Companies — 2.5%** | **Investment Companies — 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (a) (c) <br>(Cost $36,169)<br>| 36169 | 36169 |
| **Total Investments — 99.5%** <br>**(Cost $1,435,702)**<br>|  | **1462332** |
| **Other Assets Less Liabilities — 0.5%** |  | **7147** |
| **NET ASSETS — 100.0%** |  | **1469479** |

---

&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 |
| 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) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the current yield as of June 30, 2022.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as 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.

**Futures contracts outstanding as of June 30, 2022 (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; 95 | 09/16/2022 | USD | 18031 | (498) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

94 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>|
| **Short Contracts** |  |  |  |  |  |
| DJ US Real Estate Index | (305) | 09/16/2022 | USD | (10901) | (404) |
| MSCI EAFE E-Mini Index | &nbsp;&nbsp; (77) | 09/16/2022 | USD | &nbsp;&nbsp; (7158) | &nbsp;&nbsp;&nbsp; 29 |
| MSCI Emerging Markets E-Mini Index | (227) | 09/16/2022 | USD | (11392) | (106) |
|  |  |  |  |  | (481) |
|  |  |  |  |  | (979) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EAFE | Europe, Australasia and Far East |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 95

------

JPMorgan SmartRetirement® Blend 2050 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Investment Companies — 59.6%** | **Investment Companies — 59.6%** | **Investment Companies — 59.6%** |
| **Fixed Income — 4.7%** | **Fixed Income — 4.7%** | **Fixed Income — 4.7%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Bond Fund Class R6 Shares (a) | 1021 | 10809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| 4347 | 32389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 671 | 3897 |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares (a) | 786 | 4833 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp;&nbsp;&nbsp; 51928 |
| **International Equity — 11.1%** | **International Equity — 11.1%** | **International Equity — 11.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 7911 | 124287 |
| **U.S. Equity — 43.8%** | **U.S. Equity — 43.8%** | **U.S. Equity — 43.8%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Index Fund Class R6 Shares (a) | 8591 | 488211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $618,047)<br>|  | &nbsp;&nbsp;&nbsp; 664426 |
| **Exchange-Traded Funds — 37.2%** | **Exchange-Traded Funds — 37.2%** | **Exchange-Traded Funds — 37.2%** |
| **Alternative Assets — 3.7%** | **Alternative Assets — 3.7%** | **Alternative Assets — 3.7%** |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders MSCI US REIT ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 469 | &nbsp;&nbsp;&nbsp;&nbsp; 41183 |
| **Fixed Income — 1.4%** | **Fixed Income — 1.4%** | **Fixed Income — 1.4%** |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Research Enhanced ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4835 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Aggregate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 10817 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp;&nbsp;&nbsp; 15652 |
| **International Equity — 22.1%** | **International Equity — 22.1%** | **International Equity — 22.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders International Equity ETF <br> (a)<br>| &nbsp;&nbsp; 5213 | &nbsp;&nbsp;&nbsp; 246534 |
| **U.S. Equity — 10.0%** | **U.S. Equity — 10.0%** | **U.S. Equity — 10.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Mid Cap Equity ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp;&nbsp; 60280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Small Cap Equity ETF <br> (a)<br>| &nbsp;&nbsp; 1017 | &nbsp;&nbsp;&nbsp;&nbsp; 51204 |
| &nbsp;&nbsp;&nbsp; Total U.S. Equity |  | &nbsp;&nbsp;&nbsp; 111484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(Cost $432,412)<br>|  | &nbsp;&nbsp;&nbsp; 414853 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **U.S. Treasury Obligations — 0.3%** | **U.S. Treasury Obligations — 0.3%** | **U.S. Treasury Obligations — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes <br>0.13%, 1/31/2023 (b)(Cost $3,127)<br>| 3134 | 3090 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short Term Investments — 2.4%** | **Short Term Investments — 2.4%** | **Short Term Investments — 2.4%** |
| **Investment Companies — 2.4%** | **Investment Companies — 2.4%** | **Investment Companies — 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (a) (c) <br>(Cost $26,791)<br>| 26791 | 26791 |
| **Total Investments — 99.5%** <br>**(Cost $1,080,377)**<br>|  | **1109160** |
| **Other Assets Less Liabilities — 0.5%** |  | **5170** |
| **NET ASSETS — 100.0%** |  | **1114330** |

---

&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 |
| 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) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the current yield as of June 30, 2022.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as 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.

**Futures contracts outstanding as of June 30, 2022 (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; 72 | 09/16/2022 | USD | 13666 | (377) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

96 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>|
| **Short Contracts** |  |  |  |  |  |
| DJ US Real Estate Index | (231) | 09/16/2022 | USD | (8256) | (306) |
| MSCI EAFE E-Mini Index | &nbsp;&nbsp; (59) | 09/16/2022 | USD | (5484) | &nbsp;&nbsp;&nbsp; 22 |
| MSCI Emerging Markets E-Mini Index | (172) | 09/16/2022 | USD | (8632) | &nbsp;&nbsp; (80) |
|  |  |  |  |  | (364) |
|  |  |  |  |  | (741) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EAFE | Europe, Australasia and Far East |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 97

------

JPMorgan SmartRetirement® Blend 2055 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Investment Companies — 59.1%** | **Investment Companies — 59.1%** | **Investment Companies — 59.1%** |
| **Fixed Income — 4.7%** | **Fixed Income — 4.7%** | **Fixed Income — 4.7%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Bond Fund Class R6 Shares (a) | 569 | 6020 |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 2421 | 18039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 370 | 2147 |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares (a) | 433 | 2665 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp; 28871 |
| **International Equity — 11.1%** | **International Equity — 11.1%** | **International Equity — 11.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 4378 | 68786 |
| **U.S. Equity — 43.3%** | **U.S. Equity — 43.3%** | **U.S. Equity — 43.3%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Index Fund Class R6 Shares (a) | 4733 | 268949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $343,895)<br>|  | 366606 |
| **Exchange-Traded Funds — 37.8%** | **Exchange-Traded Funds — 37.8%** | **Exchange-Traded Funds — 37.8%** |
| **Alternative Assets — 3.7%** | **Alternative Assets — 3.7%** | **Alternative Assets — 3.7%** |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders MSCI US REIT ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp; 22789 |
| **Fixed Income — 1.4%** | **Fixed Income — 1.4%** | **Fixed Income — 1.4%** |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Research Enhanced ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 2665 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Aggregate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 6025 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp;&nbsp;&nbsp; 8690 |
| **International Equity — 22.6%** | **International Equity — 22.6%** | **International Equity — 22.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders International Equity ETF <br> (a)<br>| &nbsp;&nbsp; 2965 | 140223 |
| **U.S. Equity — 10.1%** | **U.S. Equity — 10.1%** | **U.S. Equity — 10.1%** |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 497 | &nbsp;&nbsp; 34714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Small Cap Equity ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 561 | &nbsp;&nbsp; 28225 |
| &nbsp;&nbsp;&nbsp; Total U.S. Equity |  | &nbsp;&nbsp; 62939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(Cost $243,993)<br>|  | 234641 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **U.S. Treasury Obligations — 0.3%** | **U.S. Treasury Obligations — 0.3%** | **U.S. Treasury Obligations — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes <br>0.13%, 1/31/2023 (b)(Cost $1,867)<br>| 1871 | 1845 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short Term Investments — 2.4%** | **Short Term Investments — 2.4%** | **Short Term Investments — 2.4%** |
| **Investment Companies — 2.4%** | **Investment Companies — 2.4%** | **Investment Companies — 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (a) (c) <br>(Cost $15,007)<br>| 15007 | 15007 |
| **Total Investments — 99.6%** <br>**(Cost $604,762)**<br>|  | **618099** |
| **Other Assets Less Liabilities — 0.4%** |  | **2543** |
| **NET ASSETS — 100.0%** |  | **620642** |

---

&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 |
| 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) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the current yield as of June 30, 2022.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as 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;

98 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

**Futures contracts outstanding as of June 30, 2022 (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; 40 | 09/16/2022 | USD | 7592 | (210) |
| **Short Contracts** |  |  |  |  |  |
| DJ US Real Estate Index | (126) | 09/16/2022 | USD | (4503) | (167) |
| MSCI EAFE E-Mini Index | &nbsp;&nbsp; (32) | 09/16/2022 | USD | (2975) | &nbsp;&nbsp;&nbsp; 12 |
| MSCI Emerging Markets E-Mini Index | &nbsp;&nbsp; (95) | 09/16/2022 | USD | (4768) | &nbsp;&nbsp; (44) |
|  |  |  |  |  | (199) |
|  |  |  |  |  | (409) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EAFE | Europe, Australasia and Far East |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 99

------

JPMorgan SmartRetirement® Blend 2060 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF June 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Investment Companies — 57.2%** | **Investment Companies — 57.2%** | **Investment Companies — 57.2%** |
| **Fixed Income — 4.6%** | **Fixed Income — 4.6%** | **Fixed Income — 4.6%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Bond Fund Class R6 Shares (a) | 218 | 2309 |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 924 | 6887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 134 | 776 |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares (a) | 157 | 963 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp; 10935 |
| **International Equity — 10.7%** | **International Equity — 10.7%** | **International Equity — 10.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 1636 | 25704 |
| **U.S. Equity — 41.9%** | **U.S. Equity — 41.9%** | **U.S. Equity — 41.9%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Index Fund Class R6 Shares (a) | 1761 | 100069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $139,423)<br>|  | 136708 |
| **Exchange-Traded Funds — 38.0%** | **Exchange-Traded Funds — 38.0%** | **Exchange-Traded Funds — 38.0%** |
| **Alternative Assets — 3.6%** | **Alternative Assets — 3.6%** | **Alternative Assets — 3.6%** |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders MSCI US REIT ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp; 8663 |
| **Fixed Income — 1.4%** | **Fixed Income — 1.4%** | **Fixed Income — 1.4%** |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Research Enhanced ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 963 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Aggregate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 2304 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp;&nbsp;&nbsp; 3267 |
| **International Equity — 22.8%** | **International Equity — 22.8%** | **International Equity — 22.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders International Equity ETF <br> (a)<br>| &nbsp;&nbsp; 1152 | &nbsp;&nbsp; 54500 |
| **U.S. Equity — 10.2%** | **U.S. Equity — 10.2%** | **U.S. Equity — 10.2%** |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp; 13000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Small Cap Equity ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 11295 |
| &nbsp;&nbsp;&nbsp; Total U.S. Equity |  | &nbsp;&nbsp; 24295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(Cost $98,238)<br>|  | &nbsp;&nbsp; 90725 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **U.S. Treasury Obligations — 0.3%** | **U.S. Treasury Obligations — 0.3%** | **U.S. Treasury Obligations — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes <br>0.13%, 1/31/2023 (b)(Cost $791)<br>| 793 | 782 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short Term Investments — 5.0%** | **Short Term Investments — 5.0%** | **Short Term Investments — 5.0%** |
| **Investment Companies — 5.0%** | **Investment Companies — 5.0%** | **Investment Companies — 5.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (a) (c) <br>(Cost $11,956)<br>| 11956 | 11956 |
| **Total Investments — 100.5%** <br>**(Cost $250,408)**<br>|  | **240171** |
| **Liabilities in Excess of Other Assets — (0.5)%** |  | **(1301)** |
| **NET ASSETS — 100.0%** |  | **238870** |

---

&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 |
| 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) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the current yield as of June 30, 2022.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as 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.

**Futures contracts outstanding as of June 30, 2022 (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 | 34 | 09/16/2022 | USD | 6453 | &nbsp;&nbsp; (59) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

100 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>|
| **Short Contracts** |  |  |  |  |  |
| DJ US Real Estate Index | (41) | 09/16/2022 | USD | (1465) | &nbsp;&nbsp; (54) |
| MSCI EAFE E-Mini Index | (12) | 09/16/2022 | USD | (1115) | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| MSCI Emerging Markets E-Mini Index | (21) | 09/16/2022 | USD | (1054) | &nbsp;&nbsp; (10) |
|  |  |  |  |  | &nbsp;&nbsp; (59) |
|  |  |  |  |  | (118) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EAFE | Europe, Australasia and Far East |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 101

------

**STATEMENTS OF ASSETS AND LIABILITIES** <br>AS OF June 30, 2022 <br>(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend Income Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2015 Fund** <br>**(formerly known as** <br>**JPMorgan SmartSpending** <br>**2015 Fund)**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2020 Fund** |
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | $119545 | $7071 | $216022 |
| Investments in affiliates, at value | &nbsp;&nbsp; 449118 | &nbsp;&nbsp; 19558 | &nbsp;&nbsp;&nbsp;&nbsp; 811992 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14126 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1851 |
| &nbsp;&nbsp;&nbsp; Interest from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1090 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp; Due from adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| Total Assets | &nbsp;&nbsp; 577718 | &nbsp;&nbsp; 26860 | &nbsp;&nbsp; 1045307 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3874 |
| &nbsp;&nbsp;&nbsp; Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 919 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1470 |
| Accrued liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Trustees' and Chief Compliance Officer's fees | &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; —(a) |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6405 |
| Net Assets | $575499 | $26604 | $1038902 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

102 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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---

| | | | |
|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement®**<br> **Blend Income Fund**<br>| **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2015 Fund**<br> **(formerly known as**<br> **JPMorgan SmartSpending**<br> **2015 Fund)**<br>| **JPMorgan**<br> **SmartRetirement®**<br>**Blend 2020 Fund** |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | $607237 | $28828 | $1094983 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (31738) | &nbsp;&nbsp;&nbsp; (2224) | &nbsp;&nbsp;&nbsp;&nbsp; (56081) |
| Total Net Assets: | $575499 | $26604 | $1038902 |
| Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | $3519 | $25557 | $5098 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21581 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp; 13606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15172 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp; 14108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18776 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp; 538482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956 | &nbsp;&nbsp;&nbsp;&nbsp; 978258 |
| Total | $575499 | $26604 | $1038902 |
| &nbsp;&nbsp;&nbsp; Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp; 1850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1182 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 827 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1024 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 32751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53299 |
| Net Asset Value (a): |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I — Offering and redemption price per share | $16.42  | $13.81  | $18.32 |
| &nbsp;&nbsp;&nbsp; Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.41 | &nbsp;&nbsp;&nbsp;&nbsp; 13.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.32 |
| &nbsp;&nbsp;&nbsp; Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.39 | &nbsp;&nbsp;&nbsp;&nbsp; 13.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.27 |
| &nbsp;&nbsp;&nbsp; Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.41 | &nbsp;&nbsp;&nbsp;&nbsp; 13.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.34 |
| &nbsp;&nbsp;&nbsp; Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.42 | &nbsp;&nbsp;&nbsp;&nbsp; 13.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.34 |
| &nbsp;&nbsp;&nbsp; Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.44 | &nbsp;&nbsp;&nbsp;&nbsp; 13.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.35 |
| Cost of investments in non-affiliates | $135307 | $7799  | $244461 |
| Cost of investments in affiliates | &nbsp;&nbsp; 454733 | &nbsp;&nbsp; 20378 | &nbsp;&nbsp;&nbsp;&nbsp; 821441 |

---

------

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 103

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**STATEMENTS OF ASSETS AND LIABILITIES** <br>AS OF June 30, 2022 (continued) <br>(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2025 Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2030 Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2035 Fund** |
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | $366238 | $361342 | $86504 |
| Investments in affiliates, at value | &nbsp;&nbsp; 1451651 | &nbsp;&nbsp; 1811599 | &nbsp;&nbsp; 1962464 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14185 |
| &nbsp;&nbsp;&nbsp; Investment securities sold — delayed delivery securities | &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; 2323 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4020 |
| &nbsp;&nbsp;&nbsp; Interest from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Due from adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| Total Assets | &nbsp;&nbsp; 1846446 | &nbsp;&nbsp; 2201918 | &nbsp;&nbsp; 2069977 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1708 |
| &nbsp;&nbsp;&nbsp; Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3196 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2566 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 |
| Accrued liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp; Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7788 |
| Net Assets | $1835987 | $2193231 | $2062189 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

104 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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---

| | | | |
|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2025 Fund**<br>| **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2030 Fund**<br>| **JPMorgan**<br> **SmartRetirement®**<br>**Blend 2035 Fund** |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | $1907225 | $2233815 | $2081161 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (71238) | &nbsp;&nbsp;&nbsp;&nbsp; (40584) | &nbsp;&nbsp;&nbsp;&nbsp; (18972) |
| Total Net Assets: | $1835987 | $2193231 | $2062189 |
| Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | $12346  | $13080  | $6629 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32276 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38531 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35173 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp; 1718926 | &nbsp;&nbsp; 2051907 | &nbsp;&nbsp; 1949560 |
| Total | $1835987 | $2193231 | $2062189 |
| &nbsp;&nbsp;&nbsp; Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1378 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1638 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1494 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82769 |
| Net Asset Value (a): |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I — Offering and redemption price per share | $20.26 | $21.86 | $23.50 |
| &nbsp;&nbsp;&nbsp; Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.70 |
| &nbsp;&nbsp;&nbsp; Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.43 |
| &nbsp;&nbsp;&nbsp; Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.52 |
| &nbsp;&nbsp;&nbsp; Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.54 |
| &nbsp;&nbsp;&nbsp; Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.55 |
| Cost of investments in non-affiliates | $413585 | $406969 | $96636 |
| Cost of investments in affiliates | &nbsp;&nbsp; 1444775 | &nbsp;&nbsp; 1778839 | &nbsp;&nbsp; 1962117 |

---

------

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 105

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**STATEMENTS OF ASSETS AND LIABILITIES** <br>AS OF June 30, 2022 (continued) <br>(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2040 Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2045 Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2050 Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2055 Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2060 Fund** |
| **ASSETS:** |  |  |  |  |  |
| Investments in non-affiliates, at value | $4880 | $3982 | $3090 | $1845 | $782 |
| Investments in affiliates, at value | &nbsp;&nbsp; 1803358 | &nbsp;&nbsp; 1458350 | &nbsp;&nbsp; 1106070 | &nbsp;&nbsp; 616254 | &nbsp;&nbsp; 239389 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| Receivables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222 |
| &nbsp;&nbsp;&nbsp; Interest from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Dividends from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| &nbsp;&nbsp;&nbsp; Due from adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| Total Assets | &nbsp;&nbsp; 1821487 | &nbsp;&nbsp; 1471904 | &nbsp;&nbsp; 1115291 | &nbsp;&nbsp; 622032 | &nbsp;&nbsp; 240424 |
| **LIABILITIES:** |  |  |  |  |  |
| Payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities purchased | &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;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1074 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| Accrued liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' and Chief Compliance Officer's <br> fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &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; —(a) |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1554 |
| Net Assets | $1820490 | $1469479 | $1114330 | $620642 | $238870 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

106 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2040 Fund**<br>| **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2045 Fund**<br>| **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2050 Fund**<br>| **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2055 Fund**<br>| **JPMorgan**<br> **SmartRetirement®**<br>**Blend 2060 Fund** |
| **NET ASSETS:** |  |  |  |  |  |
| Paid-in-Capital | $1795628 | $1441310 | $1086387 | $608636 | $249351 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27943 | &nbsp;&nbsp;&nbsp;&nbsp; 12006 | &nbsp;&nbsp;&nbsp; (10481) |
| Total Net Assets: | $1820490 | $1469479 | $1114330 | $620642 | $238870 |
| Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | $5656  | $7763  | $2505  | $2092  | $9233 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2066 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24896 | &nbsp;&nbsp;&nbsp;&nbsp; 13033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1980 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16656 | &nbsp;&nbsp;&nbsp;&nbsp; 13728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3030 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp; 1728200 | &nbsp;&nbsp; 1398380 | &nbsp;&nbsp; 1059409 | &nbsp;&nbsp; 588779 | &nbsp;&nbsp; 222534 |
| Total | $1820490 | $1469479 | $1114330 | $620642 | $238870 |
| &nbsp;&nbsp;&nbsp; Outstanding units of beneficial interest <br> (shares) <br>($0.0001 par value; unlimited number of <br> shares authorized):<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42279 | &nbsp;&nbsp;&nbsp;&nbsp; 23663 | &nbsp;&nbsp;&nbsp;&nbsp; 11486 |
| Net Asset Value (a): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I — Offering and redemption price <br> per share<br>| $24.42 | $25.07 | $25.03 | $24.84 | $19.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 — Offering and redemption price <br> per share<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 — Offering and redemption price <br> per share<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 — Offering and redemption price <br> per share<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 — Offering and redemption price <br> per share<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 — Offering and redemption price <br> per share<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.37 |
| Cost of investments in non-affiliates | $4939 | $4030 | $3127 | $1867 | $791 |
| Cost of investments in affiliates | &nbsp;&nbsp; 1775187 | &nbsp;&nbsp; 1431672 | &nbsp;&nbsp; 1077250 | &nbsp;&nbsp; 602895 | &nbsp;&nbsp; 249617 |

---

------

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 107

------

**STATEMENTS OF OPERATIONS** <br>FOR THE YEAR ENDED June 30, 2022 <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend Income Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2015 Fund** <br>**(formerly known as** <br>**JPMorgan SmartSpending** <br>**2015 Fund)** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2020 Fund**  |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | $2998 | $118 | $5800 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 938 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 12578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529 | &nbsp;&nbsp;&nbsp;&nbsp; 23140 |
| Total investment income | &nbsp;&nbsp;&nbsp; 16101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 681 | &nbsp;&nbsp;&nbsp;&nbsp; 29878 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp; 1036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1918 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 959 |
| Distribution fees: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| Service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| Transfer agency fees (See Note 2.I) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3461 |
| Less fees waived | &nbsp;&nbsp;&nbsp;&nbsp; (1229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2222) |
| Less expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (381) | &nbsp;&nbsp;&nbsp;&nbsp; (189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (614) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 15796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599 | &nbsp;&nbsp;&nbsp;&nbsp; 29253 |

---

------

(a) Liquidated on October 14, 2021 for JPMorgan SmartRetirement® Blend 2015 Fund (formerly known as JPMorgan SmartSpending 2015 fund)

(b) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

108 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | | |
|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement®**<br> **Blend Income Fund** <br>| **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2015 Fund**<br> **(formerly known as**<br> **JPMorgan SmartSpending**<br> **2015 Fund)** <br>| **JPMorgan**<br> **SmartRetirement®**<br>**Blend 2020 Fund** |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | $(2017) | $(75) | $(4960) |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; (8198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (75) | &nbsp;&nbsp;&nbsp;&nbsp; (11055) |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (3752) | &nbsp;&nbsp;&nbsp;&nbsp; (282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6737) |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59) |
| Net realized gain (loss) | &nbsp;&nbsp; (13992) | &nbsp;&nbsp;&nbsp;&nbsp; (436) | &nbsp;&nbsp;&nbsp;&nbsp; (22811) |
| Distribution of capital gains received from investment company affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 1601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3001 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp; (20126) | &nbsp;&nbsp; (1162) | &nbsp;&nbsp;&nbsp;&nbsp; (36168) |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp; (62800) | &nbsp;&nbsp; (2831) | &nbsp;&nbsp; (117608) |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901 |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp; (82475) | &nbsp;&nbsp; (3940) | &nbsp;&nbsp; (152849) |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp; (94866) | &nbsp;&nbsp; (4316) | &nbsp;&nbsp; (172659) |
| Change in net assets resulting from operations | $(79070) | $(3717) | $(143406) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 109

------

**STATEMENTS OF OPERATIONS** <br>FOR THE YEAR ENDED June 30, 2022 (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2025 Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2030 Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2035 Fund**  |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | $8433 | $7963 | $1686 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 41689 | &nbsp;&nbsp;&nbsp;&nbsp; 49947 | &nbsp;&nbsp;&nbsp;&nbsp; 54175 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp; 50125 | &nbsp;&nbsp;&nbsp;&nbsp; 57910 | &nbsp;&nbsp;&nbsp;&nbsp; 55865 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3472 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1736 |
| Distribution fees: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 |
| Service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| Transfer agency fees (See Note 2.I) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6007 |
| Less fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3949) |
| Less expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (696) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1362 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 48732 | &nbsp;&nbsp;&nbsp;&nbsp; 55762 | &nbsp;&nbsp;&nbsp;&nbsp; 54503 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

110 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | | |
|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2025 Fund** <br>| **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2030 Fund** <br>| **JPMorgan**<br> **SmartRetirement®**<br>**Blend 2035 Fund** |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | $(10186) | $(8863) | $(1732) |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; (18118) | &nbsp;&nbsp;&nbsp;&nbsp; (15142) | &nbsp;&nbsp;&nbsp;&nbsp; (14422) |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (13607) | &nbsp;&nbsp;&nbsp;&nbsp; (15522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8623) |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (41982) | &nbsp;&nbsp;&nbsp;&nbsp; (39606) | &nbsp;&nbsp;&nbsp;&nbsp; (24812) |
| Distribution of capital gains received from investment company affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8842 | &nbsp;&nbsp;&nbsp;&nbsp; 12796 | &nbsp;&nbsp;&nbsp;&nbsp; 16196 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp; (43908) | &nbsp;&nbsp;&nbsp;&nbsp; (42737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9466) |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp; (246425) | &nbsp;&nbsp; (334412) | &nbsp;&nbsp; (372115) |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (312) |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp; (290748) | &nbsp;&nbsp; (377626) | &nbsp;&nbsp; (381864) |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp; (323888) | &nbsp;&nbsp; (404436) | &nbsp;&nbsp; (390480) |
| Change in net assets resulting from operations | $(275156) | $(348674) | $(335977) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 111

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**STATEMENTS OF OPERATIONS** <br>FOR THE YEAR ENDED June 30, 2022 (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2040 Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2045 Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2050 Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2055 Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2060 Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| Interest income from non-affiliates | $21 | $15 | $12 | $7 | $3 |
| Dividend income from non-affiliates | &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;&nbsp;&nbsp;&nbsp; — |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 49477 | &nbsp;&nbsp;&nbsp;&nbsp; 39242 | &nbsp;&nbsp;&nbsp;&nbsp; 30024 | &nbsp;&nbsp;&nbsp;&nbsp; 16276 | &nbsp;&nbsp;&nbsp;&nbsp; 5403 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp; 49498 | &nbsp;&nbsp;&nbsp;&nbsp; 39257 | &nbsp;&nbsp;&nbsp;&nbsp; 30036 | &nbsp;&nbsp;&nbsp;&nbsp; 16283 | &nbsp;&nbsp;&nbsp;&nbsp; 5406 |
| **EXPENSES:** |  |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| Distribution fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| Service fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| Interest expense to affiliates | &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; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 |
| Transfer agency fees (See Note 2.I) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789 |
| Less fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (462) |
| Less expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 48036 | &nbsp;&nbsp;&nbsp;&nbsp; 37784 | &nbsp;&nbsp;&nbsp;&nbsp; 28896 | &nbsp;&nbsp;&nbsp;&nbsp; 15668 | &nbsp;&nbsp;&nbsp;&nbsp; 5206 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

112 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2040 Fund** <br>| **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2045 Fund** <br>| **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2050 Fund** <br>| **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2055 Fund** <br>| **JPMorgan**<br> **SmartRetirement®**<br>**Blend 2060 Fund** |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on transactions <br> from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | $(31) | $(21) | $(18) | $(8) | $(1) |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3947) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2824) | &nbsp;&nbsp;&nbsp;&nbsp; (1076) |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (931) |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (14484) | &nbsp;&nbsp;&nbsp;&nbsp; (10329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8271) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5438) | &nbsp;&nbsp;&nbsp;&nbsp; (2021) |
| &nbsp;&nbsp;&nbsp; Distribution of capital gains received from <br> investment company affiliates<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15564 | &nbsp;&nbsp;&nbsp;&nbsp; 13355 | &nbsp;&nbsp;&nbsp;&nbsp; 10192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5480 | &nbsp;&nbsp;&nbsp;&nbsp; 1731 |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation/<br> depreciation on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10) |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp; (357041) | &nbsp;&nbsp; (296149) | &nbsp;&nbsp; (224419) | &nbsp;&nbsp; (122167) | &nbsp;&nbsp; (43445) |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40) |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation/<br> depreciation<br>| &nbsp;&nbsp; (357456) | &nbsp;&nbsp; (296473) | &nbsp;&nbsp; (224669) | &nbsp;&nbsp; (122311) | &nbsp;&nbsp; (43491) |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp; (356376) | &nbsp;&nbsp; (293447) | &nbsp;&nbsp; (222748) | &nbsp;&nbsp; (122269) | &nbsp;&nbsp; (43781) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from <br> operations<br>| $(308340) | $(255663) | $(193852) | $(106601) | $(38575) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 113

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend Income Fund** | **JPMorgan** <br>**SmartRetirement® Blend Income Fund** | **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2015 Fund** <br>**(formerly known as** <br>**JPMorgan SmartSpending** <br>**2015 Fund)** | **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2015 Fund** <br>**(formerly known as** <br>**JPMorgan SmartSpending** <br>**2015 Fund)** |
|  | **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021** <br>| **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $15796 | $13421 | $599 | $529 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (13992) | &nbsp;&nbsp;&nbsp;&nbsp; 29645 | &nbsp;&nbsp;&nbsp;&nbsp; (436) | &nbsp;&nbsp;&nbsp;&nbsp; 1618 |
| &nbsp;&nbsp;&nbsp; Distributions of capital gains received from investment company <br> non-affiliates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Distributions of capital gains received from investment company affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (82475) | &nbsp;&nbsp;&nbsp;&nbsp; 44178 | &nbsp;&nbsp;&nbsp; (3940) | &nbsp;&nbsp;&nbsp;&nbsp; 2028 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; (79070) | &nbsp;&nbsp;&nbsp;&nbsp; 88306 | &nbsp;&nbsp;&nbsp; (3717) | &nbsp;&nbsp;&nbsp;&nbsp; 4223 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A (b) | &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; —(a) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (252) | &nbsp;&nbsp;&nbsp; (1739) | &nbsp;&nbsp;&nbsp;&nbsp; (598) |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; (27374) | &nbsp;&nbsp;&nbsp; (28226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (29175) | &nbsp;&nbsp;&nbsp; (29905) | &nbsp;&nbsp;&nbsp; (1747) | &nbsp;&nbsp;&nbsp;&nbsp; (600) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (79665) | &nbsp;&nbsp; 214256 | &nbsp;&nbsp;&nbsp;&nbsp; 1133 | &nbsp;&nbsp;&nbsp; (1047) |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp; (187910) | &nbsp;&nbsp; 272657 | &nbsp;&nbsp;&nbsp; (4331) | &nbsp;&nbsp;&nbsp;&nbsp; 2576 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 763409 | &nbsp;&nbsp; 490752 | &nbsp;&nbsp; 30935 | &nbsp;&nbsp; 28359 |
| End of period | $575499 | $763409 | $26604 | $30935 |

---

------

(a) Amount rounds to less than one thousand.

(b) Liquidated on October 14, 2021 for JPMorgan SmartRetirement® Blend 2015 Fund (formerly known as JPMorgan SmartSpending 2015 fund)

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

114 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend 2020 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2020 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2025 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2025 Fund** |
|  | **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021** <br>| **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $29253 | $26059 | $48732 | $36493 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (22811) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66720 | &nbsp;&nbsp;&nbsp;&nbsp; (41982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87915 |
| &nbsp;&nbsp;&nbsp; Distributions of capital gains received from investment company <br> non-affiliates<br>| &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;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| Distributions of capital gains received from investment company affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2574 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (152849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp; (290748) | &nbsp;&nbsp;&nbsp;&nbsp; 206719 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; (143406) | &nbsp;&nbsp;&nbsp;&nbsp; 178844 | &nbsp;&nbsp;&nbsp; (275156) | &nbsp;&nbsp;&nbsp;&nbsp; 333701 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (730) |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38) |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1861) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1398) |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (421) |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2572) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; (60467) | &nbsp;&nbsp;&nbsp;&nbsp; (53497) | &nbsp;&nbsp;&nbsp;&nbsp; (89042) | &nbsp;&nbsp;&nbsp;&nbsp; (66778) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (64456) | &nbsp;&nbsp;&nbsp;&nbsp; (57154) | &nbsp;&nbsp;&nbsp;&nbsp; (95700) | &nbsp;&nbsp;&nbsp;&nbsp; (71937) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp; (213795) | &nbsp;&nbsp;&nbsp;&nbsp; 390974 | &nbsp;&nbsp;&nbsp;&nbsp; (88072) | &nbsp;&nbsp;&nbsp;&nbsp; 745936 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (421657) | &nbsp;&nbsp;&nbsp;&nbsp; 512664 | &nbsp;&nbsp;&nbsp; (458928) | &nbsp;&nbsp; 1007700 |
| Beginning of period | &nbsp;&nbsp; 1460559 | &nbsp;&nbsp;&nbsp;&nbsp; 947895 | &nbsp;&nbsp; 2294915 | &nbsp;&nbsp; 1287215 |
| End of period | $1038902 | $1460559 | $1835987 | $2294915 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 115

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend 2030 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2030 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2035 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2035 Fund** |
|  | **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021** <br>| **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $55762 | $40044 | $54503 | $37663 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (39606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97300 | &nbsp;&nbsp;&nbsp;&nbsp; (24812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72229 |
| &nbsp;&nbsp;&nbsp; Distributions of capital gains received from investment company <br> non-affiliates<br>| &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; —(a) | &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; —(a) |
| Distributions of capital gains received from investment company affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5947 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (377626) | &nbsp;&nbsp;&nbsp;&nbsp; 312048 | &nbsp;&nbsp;&nbsp; (381864) | &nbsp;&nbsp;&nbsp;&nbsp; 330172 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; (348674) | &nbsp;&nbsp;&nbsp;&nbsp; 451686 | &nbsp;&nbsp;&nbsp; (335977) | &nbsp;&nbsp;&nbsp;&nbsp; 446011 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (247) |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7) |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (576) |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1968) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (331) |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2709) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1283) |
| Class R6 | &nbsp;&nbsp;&nbsp; (105089) | &nbsp;&nbsp;&nbsp;&nbsp; (59270) | &nbsp;&nbsp;&nbsp; (106172) | &nbsp;&nbsp;&nbsp;&nbsp; (38622) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (113350) | &nbsp;&nbsp;&nbsp;&nbsp; (64304) | &nbsp;&nbsp;&nbsp; (112648) | &nbsp;&nbsp;&nbsp;&nbsp; (41066) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23518 | &nbsp;&nbsp;&nbsp;&nbsp; 789602 | &nbsp;&nbsp;&nbsp;&nbsp; 119295 | &nbsp;&nbsp;&nbsp;&nbsp; 839917 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (438506) | &nbsp;&nbsp; 1176984 | &nbsp;&nbsp;&nbsp; (329330) | &nbsp;&nbsp; 1244862 |
| Beginning of period | &nbsp;&nbsp; 2631737 | &nbsp;&nbsp; 1454753 | &nbsp;&nbsp; 2391519 | &nbsp;&nbsp; 1146657 |
| End of period | $2193231 | $2631737 | $2062189 | $2391519 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

116 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend 2040 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2040 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2045 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2045 Fund** |
|  | **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021** <br>| **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $48036 | $33435 | $37784 | $24816 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (14484) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74276 | &nbsp;&nbsp;&nbsp;&nbsp; (10329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54023 |
| Distributions of capital gains received from investment company affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1012 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (357456) | &nbsp;&nbsp;&nbsp;&nbsp; 345309 | &nbsp;&nbsp;&nbsp; (296473) | &nbsp;&nbsp;&nbsp;&nbsp; 293483 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; (308340) | &nbsp;&nbsp;&nbsp;&nbsp; 456183 | &nbsp;&nbsp;&nbsp; (255663) | &nbsp;&nbsp;&nbsp;&nbsp; 373334 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (135) |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (265) |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (186) |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (720) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; (98043) | &nbsp;&nbsp;&nbsp;&nbsp; (32156) | &nbsp;&nbsp;&nbsp;&nbsp; (72548) | &nbsp;&nbsp;&nbsp;&nbsp; (23591) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (103913) | &nbsp;&nbsp;&nbsp;&nbsp; (33972) | &nbsp;&nbsp;&nbsp;&nbsp; (76478) | &nbsp;&nbsp;&nbsp;&nbsp; (24897) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92158 | &nbsp;&nbsp;&nbsp;&nbsp; 620604 | &nbsp;&nbsp;&nbsp;&nbsp; 117047 | &nbsp;&nbsp;&nbsp;&nbsp; 544305 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (320095) | &nbsp;&nbsp; 1042815 | &nbsp;&nbsp;&nbsp; (215094) | &nbsp;&nbsp;&nbsp;&nbsp; 892742 |
| Beginning of period | &nbsp;&nbsp; 2140585 | &nbsp;&nbsp; 1097770 | &nbsp;&nbsp; 1684573 | &nbsp;&nbsp;&nbsp;&nbsp; 791831 |
| End of period | $1820490 | $2140585 | $1469479 | $1684573 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 117

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend 2050 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2050 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2055 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2055 Fund** |
|  | **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021** <br>| **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $28896 | $19325 | $15668 | $10250 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8271) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5438) | &nbsp;&nbsp;&nbsp;&nbsp; 23433 |
| Distributions of capital gains received from investment company affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (224669) | &nbsp;&nbsp;&nbsp;&nbsp; 230330 | &nbsp;&nbsp; (122311) | &nbsp;&nbsp; 124709 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; (193852) | &nbsp;&nbsp;&nbsp;&nbsp; 295741 | &nbsp;&nbsp; (106601) | &nbsp;&nbsp; 158812 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41) |
| Class R2 | &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; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71) |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108) |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (437) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; (56530) | &nbsp;&nbsp;&nbsp;&nbsp; (18379) | &nbsp;&nbsp;&nbsp;&nbsp; (30829) | &nbsp;&nbsp;&nbsp;&nbsp; (9496) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (59779) | &nbsp;&nbsp;&nbsp;&nbsp; (19445) | &nbsp;&nbsp;&nbsp;&nbsp; (32741) | &nbsp;&nbsp;&nbsp; (10154) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71794 | &nbsp;&nbsp;&nbsp;&nbsp; 374613 | &nbsp;&nbsp;&nbsp;&nbsp; 72188 | &nbsp;&nbsp; 185399 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (181837) | &nbsp;&nbsp;&nbsp;&nbsp; 650909 | &nbsp;&nbsp;&nbsp;&nbsp; (67154) | &nbsp;&nbsp; 334057 |
| Beginning of period | &nbsp;&nbsp; 1296167 | &nbsp;&nbsp;&nbsp;&nbsp; 645258 | &nbsp;&nbsp;&nbsp; 687796 | &nbsp;&nbsp; 353739 |
| End of period | $1114330 | $1296167 | $620642 | $687796 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

118 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend 2060 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2060 Fund** |
|  | **Year Ended** <br>**June 30, 2022** <br>| **Year Ended** <br>**June 30, 2021**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
| Net investment income (loss) | $5206 | $2644 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (2021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4913 |
| Distributions of capital gains received from investment company non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| Distributions of capital gains received from investment company affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (43491) | &nbsp;&nbsp;&nbsp;&nbsp; 31775 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; (38575) | &nbsp;&nbsp;&nbsp;&nbsp; 39434 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26) |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (98) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; (8311) | &nbsp;&nbsp;&nbsp;&nbsp; (2530) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (8702) | &nbsp;&nbsp;&nbsp;&nbsp; (2664) |
| **CAPITAL TRANSACTIONS:** |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 88962 | &nbsp;&nbsp;&nbsp;&nbsp; 83806 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 41685 | &nbsp;&nbsp; 120576 |
| Beginning of period | &nbsp;&nbsp; 197185 | &nbsp;&nbsp;&nbsp;&nbsp; 76609 |
| End of period | $238870 | $197185 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 119

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend Income Fund** | **JPMorgan** <br>**SmartRetirement® Blend Income Fund** | **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2015 Fund** <br>**(formerly known as** <br>**JPMorgan SmartSpending** <br>**2015 Fund)** | **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2015 Fund** <br>**(formerly known as** <br>**JPMorgan SmartSpending** <br>**2015 Fund)** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** (a) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $—  | $—  | $1  | $—(b) |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &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; (28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class A capital transactions | &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; (27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp; 1740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1043) | &nbsp;&nbsp; (1622) | &nbsp;&nbsp; (1647) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp; (1049) |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5517 | &nbsp;&nbsp;&nbsp;&nbsp; 12628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2547 | &nbsp;&nbsp;&nbsp;&nbsp; 11705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8742) | &nbsp;&nbsp;&nbsp;&nbsp; (15498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4894) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 107335 | &nbsp;&nbsp;&nbsp; 401432 | &nbsp;&nbsp;&nbsp; 1763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 27051 | &nbsp;&nbsp;&nbsp;&nbsp; 27914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (207398) | &nbsp;&nbsp; (221961) | &nbsp;&nbsp;&nbsp;&nbsp; (729) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (73012) | &nbsp;&nbsp;&nbsp; 207385 | &nbsp;&nbsp;&nbsp; 1036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| **Total change in net assets resulting from capital transactions** | $(79665) | $214256 | $1133 | $(1047) |

---

------

(a) Liquidated on October 14, 2021 for JPMorgan SmartRetirement® Blend 2015 Fund (formerly known as JPMorgan SmartSpending 2015 fund)

(b) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

120 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement® Blend Income Fund** | **JPMorgan**<br> **SmartRetirement® Blend Income Fund** | **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2015 Fund**<br> **(formerly known as**<br> **JPMorgan SmartSpending**<br> **2015 Fund)** | **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2015 Fund**<br> **(formerly known as**<br> **JPMorgan SmartSpending**<br> **2015 Fund)** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** (a) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &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; —(b) |
| &nbsp;&nbsp;&nbsp; Reinvested | &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; —(b) |
| &nbsp;&nbsp;&nbsp; Redeemed | &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; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in Class A Shares | &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; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55) | &nbsp;&nbsp;&nbsp;&nbsp; (104) | &nbsp;&nbsp;&nbsp;&nbsp; (104) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67) |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5859 | &nbsp;&nbsp;&nbsp;&nbsp; 21269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (11100) | &nbsp;&nbsp;&nbsp;&nbsp; (11714) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3826) | &nbsp;&nbsp;&nbsp;&nbsp; 11033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |

---

------

(a) Liquidated on October 14, 2021 for JPMorgan SmartRetirement® Blend 2015 Fund (formerly known as JPMorgan SmartSpending 2015 fund)

(b) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 121

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend 2020 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2020 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2025 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2025 Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $602  | $990  | $1623  | $2158 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2779) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (174) |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7508 | &nbsp;&nbsp;&nbsp;&nbsp; 10880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11813 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1378 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (17191) | &nbsp;&nbsp;&nbsp;&nbsp; (10916) | &nbsp;&nbsp;&nbsp;&nbsp; (23859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7048) |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (11904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1958) | &nbsp;&nbsp;&nbsp;&nbsp; (11162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6143 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4170 | &nbsp;&nbsp;&nbsp;&nbsp; 14218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27781 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5174) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4431) |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1459 | &nbsp;&nbsp;&nbsp;&nbsp; 10853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23771 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 10835 | &nbsp;&nbsp;&nbsp;&nbsp; 14568 | &nbsp;&nbsp;&nbsp;&nbsp; 16540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24792 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2572 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (23822) | &nbsp;&nbsp;&nbsp;&nbsp; (27456) | &nbsp;&nbsp;&nbsp;&nbsp; (39118) | &nbsp;&nbsp;&nbsp;&nbsp; (44829) |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (11921) | &nbsp;&nbsp;&nbsp;&nbsp; (11371) | &nbsp;&nbsp;&nbsp;&nbsp; (20196) | &nbsp;&nbsp;&nbsp;&nbsp; (17465) |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 196568 | &nbsp;&nbsp;&nbsp; 801256 | &nbsp;&nbsp;&nbsp; 422533 | &nbsp;&nbsp; 1192857 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 59792 | &nbsp;&nbsp;&nbsp;&nbsp; 52884 | &nbsp;&nbsp;&nbsp;&nbsp; 87911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65910 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (443902) | &nbsp;&nbsp; (457611) | &nbsp;&nbsp; (564818) | &nbsp;&nbsp;&nbsp; (525456) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp; (187542) | &nbsp;&nbsp;&nbsp; 396529 | &nbsp;&nbsp;&nbsp;&nbsp; (54374) | &nbsp;&nbsp;&nbsp;&nbsp; 733311 |
| **Total change in net assets resulting from capital transactions** | $(213795) | $390974 | $(88072) | $745936 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (120) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

122 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement® Blend 2020 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2020 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2025 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2025 Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &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; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Redeemed | &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; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7) |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1012) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (307) |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (481) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1148 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (198) |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 968 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1051 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1638) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1943) |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (781) |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9634 | &nbsp;&nbsp;&nbsp;&nbsp; 37758 | &nbsp;&nbsp;&nbsp;&nbsp; 18571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51528 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2830 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (21159) | &nbsp;&nbsp;&nbsp;&nbsp; (21456) | &nbsp;&nbsp;&nbsp;&nbsp; (24164) | &nbsp;&nbsp;&nbsp;&nbsp; (22582) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8726) | &nbsp;&nbsp;&nbsp;&nbsp; 18791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31776 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 123

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend 2030 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2030 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2035 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2035 Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $1602  | $4467 | $1289  | $1980 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (10615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3492) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1289) |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (84) |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (673) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9201 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 537 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (22084) | &nbsp;&nbsp;&nbsp;&nbsp; (11955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4953) |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (10327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (967) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4785 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31914 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6432) |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25813 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 17111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23882 | &nbsp;&nbsp;&nbsp;&nbsp; 16716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15680 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1281 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (53272) | &nbsp;&nbsp;&nbsp;&nbsp; (41017) | &nbsp;&nbsp;&nbsp;&nbsp; (44165) | &nbsp;&nbsp;&nbsp;&nbsp; (25076) |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (33452) | &nbsp;&nbsp;&nbsp;&nbsp; (14609) | &nbsp;&nbsp;&nbsp;&nbsp; (25331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8115) |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 538704 | &nbsp;&nbsp; 1282006 | &nbsp;&nbsp;&nbsp; 523087 | &nbsp;&nbsp; 1228224 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp; 104184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58764 | &nbsp;&nbsp;&nbsp; 104483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38048 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (573144) | &nbsp;&nbsp;&nbsp; (575546) | &nbsp;&nbsp; (484901) | &nbsp;&nbsp;&nbsp; (448072) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 69744 | &nbsp;&nbsp;&nbsp;&nbsp; 765224 | &nbsp;&nbsp;&nbsp; 142669 | &nbsp;&nbsp;&nbsp;&nbsp; 818200 |
| **Total change in net assets resulting from capital transactions** | $23518 | $789602 | $119295 | $839917 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

124 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement® Blend 2030 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2030 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2035 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2035 Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (190) |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1116 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (264) |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 864 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (961) |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (319) |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 21696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51696 | &nbsp;&nbsp;&nbsp;&nbsp; 19456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46557 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1408 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (22361) | &nbsp;&nbsp;&nbsp;&nbsp; (22979) | &nbsp;&nbsp;&nbsp;&nbsp; (17461) | &nbsp;&nbsp;&nbsp;&nbsp; (16752) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31213 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 125

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend 2040 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2040 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2045 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2045 Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $1053  | $1326  | $1289  | $2623 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (576) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2162 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19) |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6396 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (12091) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3745) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3250) |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3383 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9998 | &nbsp;&nbsp;&nbsp;&nbsp; 18578 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4774) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4274) |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6348 | &nbsp;&nbsp;&nbsp;&nbsp; 14490 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 10224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15227 | &nbsp;&nbsp;&nbsp;&nbsp; 10737 | &nbsp;&nbsp;&nbsp;&nbsp; 10224 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (35674) | &nbsp;&nbsp;&nbsp;&nbsp; (21996) | &nbsp;&nbsp;&nbsp;&nbsp; (29440) | &nbsp;&nbsp;&nbsp;&nbsp; (21719) |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (23384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5865) | &nbsp;&nbsp;&nbsp;&nbsp; (17392) | &nbsp;&nbsp;&nbsp;&nbsp; (10775) |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 479772 | &nbsp;&nbsp; 1045299 | &nbsp;&nbsp;&nbsp; 404711 | &nbsp;&nbsp;&nbsp; 859668 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 97186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31917 | &nbsp;&nbsp;&nbsp;&nbsp; 71514 | &nbsp;&nbsp;&nbsp;&nbsp; 23274 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (459465) | &nbsp;&nbsp;&nbsp; (481888) | &nbsp;&nbsp; (346370) | &nbsp;&nbsp; (347893) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 117493 | &nbsp;&nbsp;&nbsp;&nbsp; 595328 | &nbsp;&nbsp;&nbsp; 129855 | &nbsp;&nbsp;&nbsp; 535049 |
| **Total change in net assets resulting from capital transactions** | $92158 | $620604 | $117047 | $544305 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

126 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement® Blend 2040 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2040 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2045 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2045 Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Reinvested | &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; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) |
| Change in Class R2 Shares | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (116) |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (169) |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (783) |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (772) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (386) |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 16987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38396 | &nbsp;&nbsp;&nbsp;&nbsp; 13868 | &nbsp;&nbsp;&nbsp;&nbsp; 31133 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 816 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (15767) | &nbsp;&nbsp;&nbsp;&nbsp; (17410) | &nbsp;&nbsp;&nbsp;&nbsp; (11575) | &nbsp;&nbsp;&nbsp;&nbsp; (12368) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4593 | &nbsp;&nbsp;&nbsp;&nbsp; 19581 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 127

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend 2050 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2050 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2055 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2055 Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $726  | $1063  | $589  | $1009 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (442) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 608 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (183) |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37) |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4017 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4432) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1634) |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2439 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7159 | &nbsp;&nbsp;&nbsp;&nbsp; 20543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9595 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1500) |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4470 | &nbsp;&nbsp;&nbsp;&nbsp; 17940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8203 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8577 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (26400) | &nbsp;&nbsp;&nbsp;&nbsp; (14398) | &nbsp;&nbsp;&nbsp;&nbsp; (18377) | &nbsp;&nbsp;&nbsp;&nbsp; (11806) |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (17246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4280) | &nbsp;&nbsp;&nbsp;&nbsp; (10954) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2793) |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 340655 | &nbsp;&nbsp;&nbsp; 640331 | &nbsp;&nbsp;&nbsp; 234325 | &nbsp;&nbsp;&nbsp; 353892 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 55923 | &nbsp;&nbsp;&nbsp;&nbsp; 18185 | &nbsp;&nbsp;&nbsp;&nbsp; 30328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9334 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (308345) | &nbsp;&nbsp; (301073) | &nbsp;&nbsp; (181321) | &nbsp;&nbsp; (186247) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 88233 | &nbsp;&nbsp;&nbsp; 357443 | &nbsp;&nbsp;&nbsp;&nbsp; 83332 | &nbsp;&nbsp;&nbsp; 176979 |
| **Total change in net assets resulting from capital transactions** | $71794 | $374613 | $72188 | $185399 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

128 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement® Blend 2050 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2050 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2055 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2055 Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021**<br>| **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &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) |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58) |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57) |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (601) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (435) |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (105) |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 11646 | &nbsp;&nbsp;&nbsp;&nbsp; 23221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8065 | &nbsp;&nbsp;&nbsp;&nbsp; 12900 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (10280) | &nbsp;&nbsp;&nbsp;&nbsp; (10702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6683) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3168 | &nbsp;&nbsp;&nbsp;&nbsp; 13160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6548 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 129

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**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend 2060 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2060 Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **CAPITAL TRANSACTIONS:** |  |  |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $9420  | $252 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186 |
| **Class R2** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9) |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) |
| **Class R3** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1541 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (725) |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 842 |
| **Class R4** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (224) |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| **Class R5** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3590 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (6399) | &nbsp;&nbsp;&nbsp;&nbsp; (1830) |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (3434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1858 |
| **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp; 132073 | &nbsp;&nbsp; 132210 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2501 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (58995) | &nbsp;&nbsp;&nbsp; (53808) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 81302 | &nbsp;&nbsp;&nbsp;&nbsp; 80903 |
| **Total change in net assets resulting from capital transactions** | $88962 | $83806 |
| **SHARE TRANSACTIONS:** |  |  |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

130 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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---

| | | |
|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement® Blend 2060 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2060 Fund** |
|  | **Year Ended**<br> **June 30, 2022**<br>| **Year Ended**<br> **June 30, 2021** |
| **SHARE TRANSACTIONS: (continued)** |  |  |
| **Class R2** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| **Class R3** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32) |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| **Class R4** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12) |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| **Class R5** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87) |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6189 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (2568) | &nbsp;&nbsp;&nbsp;&nbsp; (2488) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3815 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 131

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**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend Income Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $19.48 | $0.38 | $(2.66)  | $(2.28)  | $(0.23)  | $(0.55)  | $(0.78) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 17.65 | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp; 2.28 | &nbsp;&nbsp;&nbsp; 2.61 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.78) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.52 | &nbsp;&nbsp; 0.42 | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp; 0.55 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.42) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.53 | &nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp; 0.49 | &nbsp;&nbsp;&nbsp; 0.94 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.95) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 17.25 | &nbsp;&nbsp; 0.42 | &nbsp;&nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp; 0.71 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.43) |
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 19.47 | &nbsp;&nbsp; 0.26 | &nbsp;&nbsp; (2.64) | &nbsp;&nbsp; (2.38) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.68) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 17.64 | &nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp; 2.28 | &nbsp;&nbsp;&nbsp; 2.52 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.69) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.51 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp; 0.46 | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.33) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.53 | &nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp; 0.85 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.87) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 17.25 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp; 0.62 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.34) |
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 19.47 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp; (2.67) | &nbsp;&nbsp; (2.33) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.75) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 17.64 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp; 2.28 | &nbsp;&nbsp;&nbsp; 2.56 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.73) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.52 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; 0.50 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.38) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.54 | &nbsp;&nbsp; 0.43 | &nbsp;&nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp; 0.89 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.91) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 17.24 | &nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp; 0.66 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.36) |
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 19.48 | &nbsp;&nbsp; 0.39 | &nbsp;&nbsp; (2.68) | &nbsp;&nbsp; (2.29) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.78) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 17.65 | &nbsp;&nbsp; 0.47 | &nbsp;&nbsp;&nbsp; 2.15 | &nbsp;&nbsp;&nbsp; 2.62 | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.79) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.52 | &nbsp;&nbsp; 0.42 | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp; 0.55 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.42) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.52 | &nbsp;&nbsp; 0.49 | &nbsp;&nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp; 0.94 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.94) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 17.24 | &nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp; 0.71 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.43) |
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 19.48 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp; (2.68) | &nbsp;&nbsp; (2.27) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.79) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 17.64 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp; 2.30 | &nbsp;&nbsp;&nbsp; 2.65 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.81) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.51 | &nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp; 0.58 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.45) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.53 | &nbsp;&nbsp; 0.50 | &nbsp;&nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp; 0.96 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.98) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 17.26 | &nbsp;&nbsp; 0.50 | &nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp; 0.73 | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.46) |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 19.49 | &nbsp;&nbsp; 0.43 | &nbsp;&nbsp; (2.68) | &nbsp;&nbsp; (2.25) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.80) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 17.65 | &nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp; 2.28 | &nbsp;&nbsp;&nbsp; 2.67 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.83) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.52 | &nbsp;&nbsp; 0.47 | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp; 0.60 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.47) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.54 | &nbsp;&nbsp; 0.52 | &nbsp;&nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp; 0.98 | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (1.00) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 17.26 | &nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp; 0.75 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.47) |

---

&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 earnings credits and interest expense, if applicable, each of 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;

132 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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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;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(c) | &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>(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $16.42 | (12.25)% | $3519  | 0.27% | 2.05% | 0.50% | &nbsp;&nbsp; 54% |
| &nbsp;&nbsp; 19.48 | 14.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6243 | 0.27 | 1.75 | 0.56 | 116 |
| &nbsp;&nbsp; 17.65 | &nbsp;&nbsp;&nbsp; 3.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5745 | 0.28 | 2.41 | 0.66 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp; 17.52 | &nbsp;&nbsp;&nbsp; 5.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7450 | 0.27 | 2.62 | 0.65 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp; 17.53 | &nbsp;&nbsp;&nbsp; 4.09 | &nbsp;&nbsp;&nbsp;&nbsp; 13663 | 0.28 | 2.37 | 0.70 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp; 16.41 | (12.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | 0.78 | 1.37 | 1.03 | &nbsp;&nbsp; 54 |
| &nbsp;&nbsp; 19.47 | 14.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | 0.77 | 1.25 | 1.06 | 116 |
| &nbsp;&nbsp; 17.64 | &nbsp;&nbsp;&nbsp; 2.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | 0.78 | 1.93 | 2.67 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp; 17.51 | &nbsp;&nbsp;&nbsp; 5.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | 0.77 | 2.28 | 1.16 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp; 17.53 | &nbsp;&nbsp;&nbsp; 3.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | 0.78 | 1.90 | 1.47 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp; 16.39 | (12.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5767 | 0.53 | 1.79 | 0.76 | &nbsp;&nbsp; 54 |
| &nbsp;&nbsp; 19.47 | 14.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9146 | 0.52 | 1.51 | 0.79 | 116 |
| &nbsp;&nbsp; 17.64 | &nbsp;&nbsp;&nbsp; 2.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6778 | 0.53 | 2.01 | 0.87 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp; 17.52 | &nbsp;&nbsp;&nbsp; 5.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 566 | 0.52 | 2.51 | 0.91 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp; 17.54 | &nbsp;&nbsp;&nbsp; 3.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598 | 0.52 | 1.72 | 0.92 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp; 16.41 | (12.30) | &nbsp;&nbsp;&nbsp;&nbsp; 13606 | 0.28 | 2.09 | 0.51 | &nbsp;&nbsp; 54 |
| &nbsp;&nbsp; 19.48 | 15.01 | &nbsp;&nbsp;&nbsp;&nbsp; 13511 | 0.27 | 2.47 | 0.54 | 116 |
| &nbsp;&nbsp; 17.65 | &nbsp;&nbsp;&nbsp; 3.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1705 | 0.28 | 2.40 | 0.63 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp; 17.52 | &nbsp;&nbsp;&nbsp; 5.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2290 | 0.27 | 2.86 | 0.65 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp; 17.52 | &nbsp;&nbsp;&nbsp; 4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4716 | 0.28 | 2.61 | 0.67 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp; 16.42 | (12.18) | &nbsp;&nbsp;&nbsp;&nbsp; 14108 | 0.13 | 2.19 | 0.36 | &nbsp;&nbsp; 54 |
| &nbsp;&nbsp; 19.48 | 15.21 | &nbsp;&nbsp;&nbsp;&nbsp; 21633 | 0.12 | 1.88 | 0.40 | 116 |
| &nbsp;&nbsp; 17.64 | &nbsp;&nbsp;&nbsp; 3.35 | &nbsp;&nbsp;&nbsp;&nbsp; 25547 | 0.13 | 2.56 | 0.48 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp; 17.51 | &nbsp;&nbsp;&nbsp; 5.80 | &nbsp;&nbsp;&nbsp;&nbsp; 62732 | 0.12 | 2.88 | 0.50 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp; 17.53 | &nbsp;&nbsp;&nbsp; 4.21 | &nbsp;&nbsp;&nbsp;&nbsp; 83274 | 0.13 | 2.80 | 0.53 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp; 16.44 | (12.07) | &nbsp;&nbsp; 538482 | 0.03 | 2.30 | 0.26 | &nbsp;&nbsp; 54 |
| &nbsp;&nbsp; 19.49 | 15.32 | &nbsp;&nbsp; 712820 | 0.02 | 2.04 | 0.29 | 116 |
| &nbsp;&nbsp; 17.65 | &nbsp;&nbsp;&nbsp; 3.46 | &nbsp;&nbsp; 450928 | 0.03 | 2.69 | 0.38 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp; 17.52 | &nbsp;&nbsp;&nbsp; 5.90 | &nbsp;&nbsp; 351885 | 0.02 | 3.00 | 0.40 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp; 17.54 | &nbsp;&nbsp;&nbsp; 4.35 | &nbsp;&nbsp; 284279 | 0.03 | 2.71 | 0.44 | &nbsp;&nbsp; 51 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 133

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2015 Fund (formerly** <br> **known as JPMorgan SmartSpending**<sup>SM</sup> **2015 Fund)**<br>|  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $16.67 | $0.32 | $(2.23)  | $(1.91)  | $(0.32)  | $(0.63)  | $(0.95) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 14.75 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp; 1.96 | &nbsp;&nbsp;&nbsp; 2.24 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.99 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.95) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 15.87 | &nbsp;&nbsp; 0.44 | &nbsp;&nbsp;&nbsp; 0.42 | &nbsp;&nbsp;&nbsp; 0.86 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.74) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.66 | &nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp; 0.64 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.43) |
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 16.61 | &nbsp;&nbsp; 0.24 | &nbsp;&nbsp; (2.22) | &nbsp;&nbsp; (1.98) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (0.87) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 14.70 | &nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp; 1.95 | &nbsp;&nbsp;&nbsp; 2.15 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.24) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.94 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.85) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 15.83 | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp; 0.42 | &nbsp;&nbsp;&nbsp; 0.75 | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.64) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.66 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp; 0.54 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.37) |
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 16.64 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; (1.95) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (0.91) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 14.72 | &nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp; 1.95 | &nbsp;&nbsp;&nbsp; 2.19 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.27) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.96 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.89) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 15.85 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp; 0.42 | &nbsp;&nbsp;&nbsp; 0.79 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.68) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.66 | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp; 0.58 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.39) |
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 16.67 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; (1.91) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (0.95) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 14.75 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp; 1.95 | &nbsp;&nbsp;&nbsp; 2.23 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.31) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.98 | &nbsp;&nbsp; 0.36 | &nbsp;&nbsp; (0.66) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.93) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 15.86 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp; 0.43 | &nbsp;&nbsp;&nbsp; 0.84 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.72) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.66 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp; 0.62 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.42) |
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 16.68 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp; (2.22) | &nbsp;&nbsp; (1.88) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (0.98) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 14.76 | &nbsp;&nbsp; 0.30 | &nbsp;&nbsp;&nbsp; 1.95 | &nbsp;&nbsp;&nbsp; 2.25 | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.33) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.99 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp; (0.66) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.95) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 15.87 | &nbsp;&nbsp; 0.44 | &nbsp;&nbsp;&nbsp; 0.42 | &nbsp;&nbsp;&nbsp; 0.86 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.74) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.66 | &nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp; 0.64 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.43) |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 16.69 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp; (2.24) | &nbsp;&nbsp; (1.87) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (0.99) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 14.77 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp; 1.95 | &nbsp;&nbsp;&nbsp; 2.27 | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.35) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 16.00 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp; (0.66) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.97) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 15.88 | &nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp; 0.42 | &nbsp;&nbsp;&nbsp; 0.87 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.75) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.66 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp; 0.66 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.44) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(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 earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

134 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

&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;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(c) | &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>(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $13.81 | (12.22)% | $25557 | 0.28% | 2.00% | 1.14% | &nbsp;&nbsp; 58% |
| &nbsp;&nbsp; 16.67 | 15.28 | &nbsp;&nbsp; 30778 | 0.27 | 1.76 | 1.26 | 107 |
| &nbsp;&nbsp; 14.75 | &nbsp;&nbsp; (2.06) | &nbsp;&nbsp; 28222 | 0.22 | 2.46 | 1.41 | 125 |
| &nbsp;&nbsp; 15.99 | &nbsp;&nbsp;&nbsp; 5.75 | &nbsp;&nbsp; 30411 | 0.19 | 2.79 | 1.44 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp; 15.87 | &nbsp;&nbsp;&nbsp; 4.12 | &nbsp;&nbsp; 30323 | 0.19(f) | 2.46(f) | 1.36(f) | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp; 13.76 | (12.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | 0.77 | 1.51 | 1.65 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp; 16.61 | 14.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | 0.78 | 1.25 | 1.82 | 107 |
| &nbsp;&nbsp; 14.70 | &nbsp;&nbsp; (2.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | 0.85 | 1.83 | 2.08 | 125 |
| &nbsp;&nbsp; 15.94 | &nbsp;&nbsp;&nbsp; 5.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | 0.85 | 2.13 | 1.97 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp; 15.83 | &nbsp;&nbsp;&nbsp; 3.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | 0.85(f) | 1.80(f) | 2.00(f) | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp; 13.78 | (12.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | 0.53 | 1.75 | 1.41 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp; 16.64 | 14.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | 0.53 | 1.50 | 2.01 | 107 |
| &nbsp;&nbsp; 14.72 | &nbsp;&nbsp; (2.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | 0.60 | 2.08 | 4.58 | 125 |
| &nbsp;&nbsp; 15.96 | &nbsp;&nbsp;&nbsp; 5.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | 0.60 | 2.38 | 1.72 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp; 15.85 | &nbsp;&nbsp;&nbsp; 3.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | 0.60(f) | 2.05(f) | 1.75(f) | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp; 13.81 | (12.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | 0.28 | 2.00 | 1.15 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp; 16.67 | 15.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | 0.28 | 1.75 | 1.54 | 107 |
| &nbsp;&nbsp; 14.75 | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | 0.35 | 2.33 | 3.05 | 125 |
| &nbsp;&nbsp; 15.98 | &nbsp;&nbsp;&nbsp; 5.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | 0.35 | 2.63 | 1.47 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp; 15.86 | &nbsp;&nbsp;&nbsp; 3.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | 0.35(f) | 2.30(f) | 1.50(f) | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp; 13.82 | (12.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | 0.12 | 2.16 | 1.00 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp; 16.68 | 15.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | 0.13 | 1.90 | 1.75 | 107 |
| &nbsp;&nbsp; 14.76 | &nbsp;&nbsp; (2.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | 0.20 | 2.48 | 5.06 | 125 |
| &nbsp;&nbsp; 15.99 | &nbsp;&nbsp;&nbsp; 5.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | 0.20 | 2.78 | 1.32 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp; 15.87 | &nbsp;&nbsp;&nbsp; 4.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | 0.21(f) | 2.44(f) | 1.36(f) | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp; 13.83 | (11.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956 | 0.02 | 2.51 | 0.88 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp; 16.69 | 15.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | 0.04 | 2.00 | 1.09 | 107 |
| &nbsp;&nbsp; 14.77 | &nbsp;&nbsp; (1.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | 0.10 | 2.58 | 1.21 | 125 |
| &nbsp;&nbsp; 16.00 | &nbsp;&nbsp;&nbsp; 5.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | 0.10 | 2.88 | 1.23 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp; 15.88 | &nbsp;&nbsp;&nbsp; 4.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | 0.10(f) | 2.55(f) | 1.25(f) | &nbsp;&nbsp; 30 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 135

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2020 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $21.93 | $0.43 | $(2.98)  | $(2.55)  | $(0.26)  | $(0.80)  | $(1.06) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 19.70 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp; 2.71 | &nbsp;&nbsp;&nbsp; 3.08 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.85) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 19.53 | &nbsp;&nbsp; 0.47 | &nbsp;&nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp; 0.66 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.49) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.63 | &nbsp;&nbsp; 0.50 | &nbsp;&nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp; 1.03 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (1.13) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 19.09 | &nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp; 1.01 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.47) |
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.96 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp; (2.97) | &nbsp;&nbsp; (2.65) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp; (0.99) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 19.74 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp; 2.70 | &nbsp;&nbsp;&nbsp; 2.97 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.75) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 19.52 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp; 0.57 | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.35) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.64 | &nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp; 0.47 | &nbsp;&nbsp;&nbsp; 0.93 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (1.05) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 19.10 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp; 0.92 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.38) |
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.90 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp; (2.98) | &nbsp;&nbsp; (2.60) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp; (1.03) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 19.68 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp; 2.70 | &nbsp;&nbsp;&nbsp; 3.02 | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.80) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 19.51 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp; 0.61 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.44) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.62 | &nbsp;&nbsp; 0.58 | &nbsp;&nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp; 0.98 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (1.09) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 19.08 | &nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp; 0.52 | &nbsp;&nbsp;&nbsp; 0.97 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.43) |
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.94 | &nbsp;&nbsp; 0.43 | &nbsp;&nbsp; (2.97) | &nbsp;&nbsp; (2.54) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp; (1.06) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 19.72 | &nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp; 2.63 | &nbsp;&nbsp;&nbsp; 3.08 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.86) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 19.55 | &nbsp;&nbsp; 0.47 | &nbsp;&nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp; 0.66 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.49) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.62 | &nbsp;&nbsp; 0.56 | &nbsp;&nbsp;&nbsp; 0.47 | &nbsp;&nbsp;&nbsp; 1.03 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (1.10) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 19.08 | &nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp; 0.49 | &nbsp;&nbsp;&nbsp; 1.02 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.48) |
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.94 | &nbsp;&nbsp; 0.46 | &nbsp;&nbsp; (2.99) | &nbsp;&nbsp; (2.53) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp; (1.07) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 19.71 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp; 2.72 | &nbsp;&nbsp;&nbsp; 3.12 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.89) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 19.54 | &nbsp;&nbsp; 0.50 | &nbsp;&nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp; 0.69 | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.52) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.64 | &nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp; 0.51 | &nbsp;&nbsp;&nbsp; 1.06 | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (1.16) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 19.10 | &nbsp;&nbsp; 0.58 | &nbsp;&nbsp;&nbsp; 0.47 | &nbsp;&nbsp;&nbsp; 1.05 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.94 | &nbsp;&nbsp; 0.48 | &nbsp;&nbsp; (2.99) | &nbsp;&nbsp; (2.51) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp; (1.08) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 19.72 | &nbsp;&nbsp; 0.44 | &nbsp;&nbsp;&nbsp; 2.69 | &nbsp;&nbsp;&nbsp; 3.13 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.91) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 19.55 | &nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp; 0.71 | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.54) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.64 | &nbsp;&nbsp; 0.58 | &nbsp;&nbsp;&nbsp; 0.51 | &nbsp;&nbsp;&nbsp; 1.09 | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (1.18) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 19.10 | &nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp; 0.52 | &nbsp;&nbsp;&nbsp; 1.06 | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.52) |

---

&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 earnings credits and interest expense, if applicable, each of 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;

136 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

&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;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(c) | &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>(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $18.32 | (12.31)% | $5098  | 0.28% | 2.04% | 0.50% | &nbsp;&nbsp; 56% |
| &nbsp;&nbsp; 21.93 | 15.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10270 | 0.27 | 1.73 | 0.53 | 127 |
| &nbsp;&nbsp; 19.70 | &nbsp;&nbsp;&nbsp; 3.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12068 | 0.27 | 2.38 | 0.61 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp; 19.53 | &nbsp;&nbsp;&nbsp; 5.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17098 | 0.28 | 2.61 | 0.62 | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp; 19.63 | &nbsp;&nbsp;&nbsp; 5.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26229 | 0.30 | 2.41 | 0.64 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp; 18.32 | (12.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | 0.78 | 1.50 | 1.03 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp; 21.96 | 15.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | 0.77 | 1.25 | 1.06 | 127 |
| &nbsp;&nbsp; 19.74 | &nbsp;&nbsp;&nbsp; 2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | 0.77 | 1.64 | 1.48 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp; 19.52 | &nbsp;&nbsp;&nbsp; 5.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 | 0.78 | 2.40 | 1.19 | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp; 19.64 | &nbsp;&nbsp;&nbsp; 4.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | 0.80 | 1.90 | 1.42 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp; 18.27 | (12.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21581 | 0.53 | 1.79 | 0.75 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp; 21.90 | 15.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38449 | 0.52 | 1.50 | 0.78 | 127 |
| &nbsp;&nbsp; 19.68 | &nbsp;&nbsp;&nbsp; 3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36312 | 0.52 | 2.12 | 0.86 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp; 19.51 | &nbsp;&nbsp;&nbsp; 5.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30988 | 0.52 | 3.03 | 0.87 | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp; 19.62 | &nbsp;&nbsp;&nbsp; 5.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2387 | 0.53 | 2.23 | 0.89 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp; 18.34 | (12.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15172 | 0.28 | 2.08 | 0.50 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp; 21.94 | 15.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16644 | 0.27 | 2.14 | 0.54 | 127 |
| &nbsp;&nbsp; 19.72 | &nbsp;&nbsp;&nbsp; 3.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5461 | 0.27 | 2.41 | 0.61 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp; 19.55 | &nbsp;&nbsp;&nbsp; 5.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4631 | 0.28 | 2.88 | 0.63 | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp; 19.62 | &nbsp;&nbsp;&nbsp; 5.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10857 | 0.29 | 2.66 | 0.64 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp; 18.34 | (12.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18776 | 0.13 | 2.18 | 0.35 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp; 21.94 | 16.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34438 | 0.12 | 1.88 | 0.38 | 127 |
| &nbsp;&nbsp; 19.71 | &nbsp;&nbsp;&nbsp; 3.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41625 | 0.12 | 2.53 | 0.46 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp; 19.54 | &nbsp;&nbsp;&nbsp; 5.83 | &nbsp;&nbsp;&nbsp;&nbsp; 182770 | 0.13 | 2.84 | 0.47 | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp; 19.64 | &nbsp;&nbsp;&nbsp; 5.49 | &nbsp;&nbsp;&nbsp;&nbsp; 214924 | 0.14 | 2.95 | 0.49 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp; 18.35 | (12.10) | &nbsp;&nbsp;&nbsp;&nbsp; 978258 | 0.03 | 2.31 | 0.25 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp; 21.94 | 16.07 | &nbsp;&nbsp; 1360729 | 0.02 | 2.05 | 0.27 | 127 |
| &nbsp;&nbsp; 19.72 | &nbsp;&nbsp;&nbsp; 3.70 | &nbsp;&nbsp;&nbsp;&nbsp; 852403 | 0.02 | 2.68 | 0.36 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp; 19.55 | &nbsp;&nbsp;&nbsp; 5.99 | &nbsp;&nbsp;&nbsp;&nbsp; 618142 | 0.03 | 2.99 | 0.37 | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp; 19.64 | &nbsp;&nbsp;&nbsp; 5.57 | &nbsp;&nbsp;&nbsp;&nbsp; 492601 | 0.05 | 2.74 | 0.39 | &nbsp;&nbsp; 55 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 137

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2025 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $24.44 | $0.47 | $(3.61)  | $(3.14)  | $(0.30)  | $(0.74)  | $(1.04) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 20.88 | &nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp; 3.98 | &nbsp;&nbsp;&nbsp; 4.37 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.81) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 20.85 | &nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp; 0.55 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.52) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 20.77 | &nbsp;&nbsp; 0.51 | &nbsp;&nbsp;&nbsp; 0.63 | &nbsp;&nbsp;&nbsp; 1.14 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (1.06) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 20.00 | &nbsp;&nbsp; 0.47 | &nbsp;&nbsp;&nbsp; 0.78 | &nbsp;&nbsp;&nbsp; 1.25 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.48) |
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 24.43 | &nbsp;&nbsp; 0.36 | &nbsp;&nbsp; (3.62) | &nbsp;&nbsp; (3.26) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (0.98) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 20.88 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp; 3.97 | &nbsp;&nbsp;&nbsp; 4.24 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.69) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 20.84 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp; 0.46 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.42) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 20.76 | &nbsp;&nbsp; 0.43 | &nbsp;&nbsp;&nbsp; 0.62 | &nbsp;&nbsp;&nbsp; 1.05 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.97) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 20.00 | &nbsp;&nbsp; 0.43 | &nbsp;&nbsp;&nbsp; 0.71 | &nbsp;&nbsp;&nbsp; 1.14 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.38) |
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 24.40 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp; (3.60) | &nbsp;&nbsp; (3.19) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (1.01) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 20.86 | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp; 3.96 | &nbsp;&nbsp;&nbsp; 4.29 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.75) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 20.82 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp; 0.51 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.47) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 20.75 | &nbsp;&nbsp; 0.61 | &nbsp;&nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp; 1.09 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (1.02) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 20.00 | &nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp; 0.73 | &nbsp;&nbsp;&nbsp; 1.19 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.44) |
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 24.46 | &nbsp;&nbsp; 0.48 | &nbsp;&nbsp; (3.62) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (1.04) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 20.91 | &nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp; 3.88 | &nbsp;&nbsp;&nbsp; 4.36 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.81) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 20.87 | &nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 0.56 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.52) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 20.76 | &nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp; 0.60 | &nbsp;&nbsp;&nbsp; 1.15 | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (1.04) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 20.00 | &nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp; 0.72 | &nbsp;&nbsp;&nbsp; 1.25 | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.49) |
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 24.45 | &nbsp;&nbsp; 0.51 | &nbsp;&nbsp; (3.62) | &nbsp;&nbsp; (3.11) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (1.06) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 20.89 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp; 3.99 | &nbsp;&nbsp;&nbsp; 4.40 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.84) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 20.86 | &nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp; 0.58 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.55) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 20.78 | &nbsp;&nbsp; 0.56 | &nbsp;&nbsp;&nbsp; 0.61 | &nbsp;&nbsp;&nbsp; 1.17 | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (1.09) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 20.01 | &nbsp;&nbsp; 0.58 | &nbsp;&nbsp;&nbsp; 0.71 | &nbsp;&nbsp;&nbsp; 1.29 | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.52) |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 24.46 | &nbsp;&nbsp; 0.54 | &nbsp;&nbsp; (3.63) | &nbsp;&nbsp; (3.09) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (1.07) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 20.90 | &nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp; 3.96 | &nbsp;&nbsp;&nbsp; 4.42 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.86) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 20.86 | &nbsp;&nbsp; 0.51 | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp; 0.61 | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.57) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 20.78 | &nbsp;&nbsp; 0.59 | &nbsp;&nbsp;&nbsp; 0.61 | &nbsp;&nbsp;&nbsp; 1.20 | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (1.12) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 20.01 | &nbsp;&nbsp; 0.56 | &nbsp;&nbsp;&nbsp; 0.75 | &nbsp;&nbsp;&nbsp; 1.31 | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.54) |

---

&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 earnings credits and interest expense, if applicable, each of 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;

138 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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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;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(c) | &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>(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $20.26 | (13.48)% | $12346  | 0.30% | 2.01% | 0.50% | &nbsp;&nbsp; 50% |
| &nbsp;&nbsp; 24.44 | 21.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22423 | 0.29 | 1.67 | 0.53 | 107 |
| &nbsp;&nbsp; 20.88 | &nbsp;&nbsp;&nbsp; 2.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19084 | 0.30 | 2.15 | 0.61 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp; 20.85 | &nbsp;&nbsp;&nbsp; 5.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18384 | 0.29 | 2.52 | 0.62 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp; 20.77 | &nbsp;&nbsp;&nbsp; 6.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23668 | 0.31 | 2.27 | 0.64 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp; 20.19 | (13.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1103 | 0.80 | 1.56 | 1.00 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp; 24.43 | 20.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1230 | 0.79 | 1.18 | 1.03 | 107 |
| &nbsp;&nbsp; 20.88 | &nbsp;&nbsp;&nbsp; 2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 980 | 0.80 | 1.64 | 1.12 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp; 20.84 | &nbsp;&nbsp;&nbsp; 5.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 958 | 0.79 | 2.10 | 1.12 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp; 20.76 | &nbsp;&nbsp;&nbsp; 5.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 816 | 0.80 | 2.02 | 1.14 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp; 20.20 | (13.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29917 | 0.55 | 1.76 | 0.75 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp; 24.40 | 20.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47880 | 0.54 | 1.43 | 0.78 | 107 |
| &nbsp;&nbsp; 20.86 | &nbsp;&nbsp;&nbsp; 2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35243 | 0.55 | 1.83 | 0.86 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp; 20.82 | &nbsp;&nbsp;&nbsp; 5.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23836 | 0.54 | 3.01 | 0.87 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp; 20.75 | &nbsp;&nbsp;&nbsp; 5.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1925 | 0.54 | 2.20 | 0.87 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp; 20.28 | (13.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30405 | 0.30 | 2.07 | 0.49 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp; 24.46 | 21.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32349 | 0.29 | 2.07 | 0.53 | 107 |
| &nbsp;&nbsp; 20.91 | &nbsp;&nbsp;&nbsp; 2.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7401 | 0.30 | 2.13 | 0.61 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp; 20.87 | &nbsp;&nbsp;&nbsp; 5.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7896 | 0.29 | 2.71 | 0.62 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp; 20.76 | &nbsp;&nbsp;&nbsp; 6.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18420 | 0.30 | 2.54 | 0.63 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp; 20.28 | (13.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43290 | 0.15 | 2.18 | 0.34 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp; 24.45 | 21.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72428 | 0.14 | 1.79 | 0.38 | 107 |
| &nbsp;&nbsp; 20.89 | &nbsp;&nbsp;&nbsp; 2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78200 | 0.15 | 2.29 | 0.46 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp; 20.86 | &nbsp;&nbsp;&nbsp; 6.05 | &nbsp;&nbsp;&nbsp;&nbsp; 196513 | 0.14 | 2.74 | 0.47 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp; 20.78 | &nbsp;&nbsp;&nbsp; 6.45 | &nbsp;&nbsp;&nbsp;&nbsp; 197524 | 0.16 | 2.76 | 0.48 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp; 20.30 | (13.28) | &nbsp;&nbsp; 1718926 | 0.05 | 2.31 | 0.24 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp; 24.46 | 21.46 | &nbsp;&nbsp; 2118605 | 0.04 | 1.99 | 0.27 | 107 |
| &nbsp;&nbsp; 20.90 | &nbsp;&nbsp;&nbsp; 2.98 | &nbsp;&nbsp; 1146307 | 0.05 | 2.43 | 0.36 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp; 20.86 | &nbsp;&nbsp;&nbsp; 6.15 | &nbsp;&nbsp;&nbsp;&nbsp; 865881 | 0.04 | 2.88 | 0.37 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp; 20.78 | &nbsp;&nbsp;&nbsp; 6.54 | &nbsp;&nbsp;&nbsp;&nbsp; 627031 | 0.06 | 2.67 | 0.38 | &nbsp;&nbsp; 57 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 139

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)(b)(c)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2030 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $26.66 | $0.50 | $(4.14)  | $(3.64)  | $(0.34)  | $(0.82)  | $(1.16) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 21.81 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp; 5.12 | &nbsp;&nbsp;&nbsp; 5.52 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.67) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 21.85 | &nbsp;&nbsp; 0.42 | &nbsp;&nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp; 0.48 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.52) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 21.89 | &nbsp;&nbsp; 0.50 | &nbsp;&nbsp;&nbsp; 0.66 | &nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (1.20) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 20.86 | &nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp; 1.05 | &nbsp;&nbsp;&nbsp; 1.53 | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.50) |
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 26.76 | &nbsp;&nbsp; 0.44 | &nbsp;&nbsp; (4.22) | &nbsp;&nbsp; (3.78) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; (1.08) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 21.87 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp; 5.14 | &nbsp;&nbsp;&nbsp; 5.41 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.52) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 21.86 | &nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp; 0.30 | &nbsp;&nbsp;&nbsp; 0.37 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.36) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 21.90 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp; 0.64 | &nbsp;&nbsp;&nbsp; 1.05 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (1.09) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 20.87 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp; 1.05 | &nbsp;&nbsp;&nbsp; 1.42 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.39) |
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 26.59 | &nbsp;&nbsp; 0.44 | &nbsp;&nbsp; (4.13) | &nbsp;&nbsp; (3.69) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; (1.13) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 21.75 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp; 5.10 | &nbsp;&nbsp;&nbsp; 5.44 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.60) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 21.81 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp; 0.42 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.48) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 21.87 | &nbsp;&nbsp; 0.58 | &nbsp;&nbsp;&nbsp; 0.52 | &nbsp;&nbsp;&nbsp; 1.10 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (1.16) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 20.85 | &nbsp;&nbsp; 0.50 | &nbsp;&nbsp;&nbsp; 0.97 | &nbsp;&nbsp;&nbsp; 1.47 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.45) |
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 26.67 | &nbsp;&nbsp; 0.51 | &nbsp;&nbsp; (4.15) | &nbsp;&nbsp; (3.64) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; (1.16) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 21.82 | &nbsp;&nbsp; 0.51 | &nbsp;&nbsp;&nbsp; 5.01 | &nbsp;&nbsp;&nbsp; 5.52 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.67) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 21.88 | &nbsp;&nbsp; 0.42 | &nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp; 0.47 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.53) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 21.88 | &nbsp;&nbsp; 0.56 | &nbsp;&nbsp;&nbsp; 0.60 | &nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (1.16) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 20.85 | &nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp; 1.00 | &nbsp;&nbsp;&nbsp; 1.53 | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.50) |
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 26.66 | &nbsp;&nbsp; 0.54 | &nbsp;&nbsp; (4.15) | &nbsp;&nbsp; (3.61) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; (1.18) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 21.80 | &nbsp;&nbsp; 0.42 | &nbsp;&nbsp;&nbsp; 5.14 | &nbsp;&nbsp;&nbsp; 5.56 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.70) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 21.86 | &nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; 0.50 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.56) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 21.90 | &nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp; 0.64 | &nbsp;&nbsp;&nbsp; 1.19 | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (1.23) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 20.87 | &nbsp;&nbsp; 0.60 | &nbsp;&nbsp;&nbsp; 0.96 | &nbsp;&nbsp;&nbsp; 1.56 | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.53) |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 26.67 | &nbsp;&nbsp; 0.58 | &nbsp;&nbsp; (4.15) | &nbsp;&nbsp; (3.57) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; (1.20) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 21.81 | &nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp; 5.11 | &nbsp;&nbsp;&nbsp; 5.59 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.73) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 21.87 | &nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp; 0.53 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.59) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 21.91 | &nbsp;&nbsp; 0.59 | &nbsp;&nbsp;&nbsp; 0.62 | &nbsp;&nbsp;&nbsp; 1.21 | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (1.25) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 20.88 | &nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp; 1.01 | &nbsp;&nbsp;&nbsp; 1.58 | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.55) |

---

&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) Calculated based upon average number of units outstanding.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

140 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

&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;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(d) | &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)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $21.86 | (14.35)% | $13080  | 0.32% | 1.95% | 0.49%  | 49% |
| &nbsp;&nbsp; 26.66 | 25.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24992 | 0.32 | 1.62 | 0.52 | 94 |
| &nbsp;&nbsp; 21.81 | &nbsp;&nbsp;&nbsp; 2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16640 | 0.34 | 1.92 | 0.60 | 51 |
| &nbsp;&nbsp; 21.85 | &nbsp;&nbsp;&nbsp; 5.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28932 | 0.32 | 2.35 | 0.62 | 17 |
| &nbsp;&nbsp; 21.89 | &nbsp;&nbsp;&nbsp; 7.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32534 | 0.33 | 2.17 | 0.64 | 54 |
| &nbsp;&nbsp; 21.90 | (14.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | 0.82 | 1.79 | 1.01 | 49 |
| &nbsp;&nbsp; 26.76 | 24.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | 0.82 | 1.10 | 1.05 | 94 |
| &nbsp;&nbsp; 21.87 | &nbsp;&nbsp;&nbsp; 1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | 0.83 | 0.30 | 1.21 | 51 |
| &nbsp;&nbsp; 21.86 | &nbsp;&nbsp;&nbsp; 5.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591 | 0.82 | 1.93 | 1.13 | 17 |
| &nbsp;&nbsp; 21.90 | &nbsp;&nbsp;&nbsp; 6.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | 0.83 | 1.66 | 1.39 | 54 |
| &nbsp;&nbsp; 21.77 | (14.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44192 | 0.57 | 1.73 | 0.74 | 49 |
| &nbsp;&nbsp; 26.59 | 25.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64653 | 0.57 | 1.36 | 0.77 | 94 |
| &nbsp;&nbsp; 21.75 | &nbsp;&nbsp;&nbsp; 1.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49156 | 0.59 | 1.62 | 0.85 | 51 |
| &nbsp;&nbsp; 21.81 | &nbsp;&nbsp;&nbsp; 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26950 | 0.57 | 2.73 | 0.87 | 17 |
| &nbsp;&nbsp; 21.87 | &nbsp;&nbsp;&nbsp; 7.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5862 | 0.57 | 2.26 | 0.88 | 54 |
| &nbsp;&nbsp; 21.87 | (14.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39828 | 0.32 | 2.02 | 0.49 | 49 |
| &nbsp;&nbsp; 26.67 | 25.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42877 | 0.32 | 2.04 | 0.52 | 94 |
| &nbsp;&nbsp; 21.82 | &nbsp;&nbsp;&nbsp; 2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9940 | 0.34 | 1.93 | 0.60 | 51 |
| &nbsp;&nbsp; 21.88 | &nbsp;&nbsp;&nbsp; 5.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9072 | 0.32 | 2.62 | 0.62 | 17 |
| &nbsp;&nbsp; 21.88 | &nbsp;&nbsp;&nbsp; 7.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26233 | 0.33 | 2.39 | 0.63 | 54 |
| &nbsp;&nbsp; 21.87 | (14.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44084 | 0.17 | 2.09 | 0.34 | 49 |
| &nbsp;&nbsp; 26.66 | 25.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87630 | 0.17 | 1.72 | 0.37 | 94 |
| &nbsp;&nbsp; 21.80 | &nbsp;&nbsp;&nbsp; 2.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84230 | 0.19 | 2.11 | 0.45 | 51 |
| &nbsp;&nbsp; 21.86 | &nbsp;&nbsp;&nbsp; 5.93 | &nbsp;&nbsp;&nbsp;&nbsp; 236899 | 0.17 | 2.57 | 0.47 | 17 |
| &nbsp;&nbsp; 21.90 | &nbsp;&nbsp;&nbsp; 7.50 | &nbsp;&nbsp;&nbsp;&nbsp; 251868 | 0.18 | 2.71 | 0.48 | 54 |
| &nbsp;&nbsp; 21.90 | (14.12) | &nbsp;&nbsp; 2051907 | 0.07 | 2.26 | 0.24 | 49 |
| &nbsp;&nbsp; 26.67 | 25.90 | &nbsp;&nbsp; 2411541 | 0.06 | 1.93 | 0.27 | 94 |
| &nbsp;&nbsp; 21.81 | &nbsp;&nbsp;&nbsp; 2.40 | &nbsp;&nbsp; 1294750 | 0.09 | 2.22 | 0.35 | 51 |
| &nbsp;&nbsp; 21.87 | &nbsp;&nbsp;&nbsp; 6.03 | &nbsp;&nbsp;&nbsp;&nbsp; 880234 | 0.07 | 2.76 | 0.37 | 17 |
| &nbsp;&nbsp; 21.91 | &nbsp;&nbsp;&nbsp; 7.58 | &nbsp;&nbsp;&nbsp;&nbsp; 593600 | 0.08 | 2.56 | 0.38 | 54 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 141

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2035 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $28.89 | $0.60 | $(4.64)  | $(4.04)  | $(0.42)  | $(0.93)  | $(1.35) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.56 | &nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp; 6.37 | &nbsp;&nbsp;&nbsp; 6.82 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.49) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 22.80 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; 0.27 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.51) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 22.78 | &nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp; 0.72 | &nbsp;&nbsp;&nbsp; 1.20 | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (1.18) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.54 | &nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp; 1.26 | &nbsp;&nbsp;&nbsp; 1.74 | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.50) |
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 28.90 | &nbsp;&nbsp; 0.20 | &nbsp;&nbsp; (4.42) | &nbsp;&nbsp; (4.22) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (0.98) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.58 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp; 6.32 | &nbsp;&nbsp;&nbsp; 6.69 | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.37) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 22.78 | &nbsp;&nbsp; 0.22 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.35) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 22.79 | &nbsp;&nbsp; 0.42 | &nbsp;&nbsp;&nbsp; 0.67 | &nbsp;&nbsp;&nbsp; 1.09 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (1.10) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.55 | &nbsp;&nbsp; 0.36 | &nbsp;&nbsp;&nbsp; 1.27 | &nbsp;&nbsp;&nbsp; 1.63 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.39) |
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 28.84 | &nbsp;&nbsp; 0.51 | &nbsp;&nbsp; (4.61) | &nbsp;&nbsp; (4.10) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.31) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.53 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp; 6.34 | &nbsp;&nbsp;&nbsp; 6.74 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.43) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 22.77 | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; 0.21 | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.45) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 22.77 | &nbsp;&nbsp; 0.62 | &nbsp;&nbsp;&nbsp; 0.52 | &nbsp;&nbsp;&nbsp; 1.14 | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (1.14) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.54 | &nbsp;&nbsp; 0.44 | &nbsp;&nbsp;&nbsp; 1.24 | &nbsp;&nbsp;&nbsp; 1.68 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.45) |
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 28.91 | &nbsp;&nbsp; 0.59 | &nbsp;&nbsp; (4.63) | &nbsp;&nbsp; (4.04) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.35) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.59 | &nbsp;&nbsp; 0.62 | &nbsp;&nbsp;&nbsp; 6.20 | &nbsp;&nbsp;&nbsp; 6.82 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.50) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 22.83 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp; 0.27 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.51) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 22.78 | &nbsp;&nbsp; 0.56 | &nbsp;&nbsp;&nbsp; 0.64 | &nbsp;&nbsp;&nbsp; 1.20 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (1.15) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.54 | &nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp; 1.20 | &nbsp;&nbsp;&nbsp; 1.74 | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.50) |
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 28.91 | &nbsp;&nbsp; 0.61 | &nbsp;&nbsp; (4.61) | &nbsp;&nbsp; (4.00) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.37) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.58 | &nbsp;&nbsp; 0.49 | &nbsp;&nbsp;&nbsp; 6.37 | &nbsp;&nbsp;&nbsp; 6.86 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.53) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 22.82 | &nbsp;&nbsp; 0.46 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp; 0.30 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.54) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 22.80 | &nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp; 0.68 | &nbsp;&nbsp;&nbsp; 1.23 | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (1.21) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.56 | &nbsp;&nbsp; 0.60 | &nbsp;&nbsp;&nbsp; 1.18 | &nbsp;&nbsp;&nbsp; 1.78 | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.54) |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 28.92 | &nbsp;&nbsp; 0.66 | &nbsp;&nbsp; (4.65) | &nbsp;&nbsp; (3.99) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.38) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.58 | &nbsp;&nbsp; 0.56 | &nbsp;&nbsp;&nbsp; 6.33 | &nbsp;&nbsp;&nbsp; 6.89 | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.55) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 22.82 | &nbsp;&nbsp; 0.48 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp; 0.33 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.57) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 22.80 | &nbsp;&nbsp; 0.58 | &nbsp;&nbsp;&nbsp; 0.68 | &nbsp;&nbsp;&nbsp; 1.26 | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (1.24) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.56 | &nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp; 1.23 | &nbsp;&nbsp;&nbsp; 1.80 | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.56) |

---

&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 earnings credits and interest expense, if applicable, each of 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;

142 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

&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;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(c) | &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>(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $23.50 | (14.78)% | $6629  | 0.29% | 2.12% | 0.50% | 32% |
| &nbsp;&nbsp; 28.89 | 30.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13615 | 0.30 | 1.74 | 0.53 | 50 |
| &nbsp;&nbsp; 22.56 | &nbsp;&nbsp;&nbsp; 1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11645 | 0.36 | 1.77 | 0.62 | 55 |
| &nbsp;&nbsp; 22.80 | &nbsp;&nbsp;&nbsp; 5.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12979 | 0.35 | 2.16 | 0.63 | 16 |
| &nbsp;&nbsp; 22.78 | &nbsp;&nbsp;&nbsp; 8.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16393 | 0.34 | 2.08 | 0.65 | 52 |
| &nbsp;&nbsp; 23.70 | (15.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | 0.79 | 0.70 | 1.02 | 32 |
| &nbsp;&nbsp; 28.90 | 29.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 673 | 0.79 | 1.36 | 1.00 | 50 |
| &nbsp;&nbsp; 22.58 | &nbsp;&nbsp;&nbsp; 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | 0.86 | 0.98 | 1.52 | 55 |
| &nbsp;&nbsp; 22.78 | &nbsp;&nbsp;&nbsp; 5.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | 0.85 | 1.90 | 1.19 | 16 |
| &nbsp;&nbsp; 22.79 | &nbsp;&nbsp;&nbsp; 7.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | 0.85 | 1.56 | 1.40 | 52 |
| &nbsp;&nbsp; 23.43 | (14.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32276 | 0.54 | 1.85 | 0.74 | 32 |
| &nbsp;&nbsp; 28.84 | 30.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40550 | 0.55 | 1.51 | 0.77 | 50 |
| &nbsp;&nbsp; 22.53 | &nbsp;&nbsp;&nbsp; 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27429 | 0.61 | 1.49 | 0.86 | 55 |
| &nbsp;&nbsp; 22.77 | &nbsp;&nbsp;&nbsp; 5.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14104 | 0.60 | 2.81 | 0.88 | 16 |
| &nbsp;&nbsp; 22.77 | &nbsp;&nbsp;&nbsp; 7.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808 | 0.59 | 1.91 | 0.88 | 52 |
| &nbsp;&nbsp; 23.52 | (14.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38531 | 0.29 | 2.15 | 0.49 | 32 |
| &nbsp;&nbsp; 28.91 | 30.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38286 | 0.31 | 2.36 | 0.53 | 50 |
| &nbsp;&nbsp; 22.59 | &nbsp;&nbsp;&nbsp; 1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10389 | 0.36 | 1.81 | 0.61 | 55 |
| &nbsp;&nbsp; 22.83 | &nbsp;&nbsp;&nbsp; 5.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11118 | 0.35 | 2.52 | 0.62 | 16 |
| &nbsp;&nbsp; 22.78 | &nbsp;&nbsp;&nbsp; 8.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22824 | 0.35 | 2.32 | 0.64 | 52 |
| &nbsp;&nbsp; 23.54 | (14.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35173 | 0.14 | 2.20 | 0.34 | 32 |
| &nbsp;&nbsp; 28.91 | 30.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68066 | 0.16 | 1.87 | 0.38 | 50 |
| &nbsp;&nbsp; 22.58 | &nbsp;&nbsp;&nbsp; 1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60357 | 0.21 | 2.00 | 0.46 | 55 |
| &nbsp;&nbsp; 22.82 | &nbsp;&nbsp;&nbsp; 5.89 | &nbsp;&nbsp;&nbsp;&nbsp; 143007 | 0.20 | 2.45 | 0.47 | 16 |
| &nbsp;&nbsp; 22.80 | &nbsp;&nbsp;&nbsp; 8.26 | &nbsp;&nbsp;&nbsp;&nbsp; 149445 | 0.20 | 2.60 | 0.49 | 52 |
| &nbsp;&nbsp; 23.55 | (14.58) | &nbsp;&nbsp; 1949560 | 0.04 | 2.37 | 0.24 | 32 |
| &nbsp;&nbsp; 28.92 | 30.76 | &nbsp;&nbsp; 2230329 | 0.05 | 2.11 | 0.27 | 50 |
| &nbsp;&nbsp; 22.58 | &nbsp;&nbsp;&nbsp; 1.41 | &nbsp;&nbsp; 1036805 | 0.11 | 2.11 | 0.36 | 55 |
| &nbsp;&nbsp; 22.82 | &nbsp;&nbsp;&nbsp; 5.99 | &nbsp;&nbsp;&nbsp;&nbsp; 776195 | 0.10 | 2.61 | 0.37 | 16 |
| &nbsp;&nbsp; 22.80 | &nbsp;&nbsp;&nbsp; 8.35 | &nbsp;&nbsp;&nbsp;&nbsp; 537095 | 0.09 | 2.47 | 0.39 | 52 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 143

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2040 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $30.22 | $0.60 | $(4.96)  | $(4.36)  | $(0.44)  | $(1.00)  | $(1.44) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.92 | &nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp; 7.29 | &nbsp;&nbsp;&nbsp; 7.75 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.45) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.27 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.48) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.43 | &nbsp;&nbsp; 0.47 | &nbsp;&nbsp;&nbsp; 0.72 | &nbsp;&nbsp;&nbsp; 1.19 | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.86) | &nbsp;&nbsp; (1.35) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.99 | &nbsp;&nbsp; 0.47 | &nbsp;&nbsp;&nbsp; 1.48 | &nbsp;&nbsp;&nbsp; 1.95 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) |
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 30.25 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp; (4.91) | &nbsp;&nbsp; (4.51) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; (1.34) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.93 | &nbsp;&nbsp; 0.30 | &nbsp;&nbsp;&nbsp; 7.31 | &nbsp;&nbsp;&nbsp; 7.61 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.29) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.25 | &nbsp;&nbsp; 0.14 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.33) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.43 | &nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp; 0.63 | &nbsp;&nbsp;&nbsp; 1.08 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.86) | &nbsp;&nbsp; (1.26) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.99 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp; 1.48 | &nbsp;&nbsp;&nbsp; 1.83 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.39) |
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 30.13 | &nbsp;&nbsp; 0.52 | &nbsp;&nbsp; (4.93) | &nbsp;&nbsp; (4.41) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; (1.40) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.86 | &nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp; 7.27 | &nbsp;&nbsp;&nbsp; 7.66 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.39) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.24 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp; 0.06 | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.44) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.42 | &nbsp;&nbsp; 0.63 | &nbsp;&nbsp;&nbsp; 0.50 | &nbsp;&nbsp;&nbsp; 1.13 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.86) | &nbsp;&nbsp; (1.31) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.98 | &nbsp;&nbsp; 0.43 | &nbsp;&nbsp;&nbsp; 1.46 | &nbsp;&nbsp;&nbsp; 1.89 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.45) |
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 30.21 | &nbsp;&nbsp; 0.60 | &nbsp;&nbsp; (4.96) | &nbsp;&nbsp; (4.36) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; (1.44) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.92 | &nbsp;&nbsp; 0.63 | &nbsp;&nbsp;&nbsp; 7.12 | &nbsp;&nbsp;&nbsp; 7.75 | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.46) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.29 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.49) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.42 | &nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp; 0.64 | &nbsp;&nbsp;&nbsp; 1.19 | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.86) | &nbsp;&nbsp; (1.32) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.98 | &nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp; 1.41 | &nbsp;&nbsp;&nbsp; 1.95 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) |
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 30.21 | &nbsp;&nbsp; 0.64 | &nbsp;&nbsp; (4.95) | &nbsp;&nbsp; (4.31) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; (1.46) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.92 | &nbsp;&nbsp; 0.49 | &nbsp;&nbsp;&nbsp; 7.29 | &nbsp;&nbsp;&nbsp; 7.78 | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.49) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.28 | &nbsp;&nbsp; 0.43 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; 0.17 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.53) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.44 | &nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp; 0.68 | &nbsp;&nbsp;&nbsp; 1.22 | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.86) | &nbsp;&nbsp; (1.38) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 22.00 | &nbsp;&nbsp; 0.62 | &nbsp;&nbsp;&nbsp; 1.37 | &nbsp;&nbsp;&nbsp; 1.99 | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.55) |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 30.21 | &nbsp;&nbsp; 0.67 | &nbsp;&nbsp; (4.95) | &nbsp;&nbsp; (4.28) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; (1.48) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.92 | &nbsp;&nbsp; 0.56 | &nbsp;&nbsp;&nbsp; 7.25 | &nbsp;&nbsp;&nbsp; 7.81 | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.52) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.29 | &nbsp;&nbsp; 0.44 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.55) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.44 | &nbsp;&nbsp; 0.58 | &nbsp;&nbsp;&nbsp; 0.68 | &nbsp;&nbsp;&nbsp; 1.26 | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.86) | &nbsp;&nbsp; (1.41) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 22.00 | &nbsp;&nbsp; 0.56 | &nbsp;&nbsp;&nbsp; 1.45 | &nbsp;&nbsp;&nbsp; 2.01 | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.57) |

---

&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 earnings credits and interest expense, if applicable, each of 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;

144 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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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;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(c) | &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>(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $24.42 | (15.25)% | $5656  | 0.30% | 2.07% | 0.50% | 30% |
| &nbsp;&nbsp; 30.22 | 34.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8625 | 0.32 | 1.69 | 0.53 | 41 |
| &nbsp;&nbsp; 22.92 | &nbsp;&nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6039 | 0.39 | 1.62 | 0.62 | 45 |
| &nbsp;&nbsp; 23.27 | &nbsp;&nbsp;&nbsp; 5.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16102 | 0.37 | 2.04 | 0.63 | 18 |
| &nbsp;&nbsp; 23.43 | &nbsp;&nbsp;&nbsp; 8.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22132 | 0.36 | 2.02 | 0.65 | 52 |
| &nbsp;&nbsp; 24.40 | (15.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | 0.80 | 1.38 | 1.08 | 30 |
| &nbsp;&nbsp; 30.25 | 33.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | 0.83 | 1.14 | 1.05 | 41 |
| &nbsp;&nbsp; 22.93 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | 0.89 | 0.58 | 1.43 | 45 |
| &nbsp;&nbsp; 23.25 | &nbsp;&nbsp;&nbsp; 5.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 | 0.87 | 1.98 | 1.17 | 18 |
| &nbsp;&nbsp; 23.43 | &nbsp;&nbsp;&nbsp; 8.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | 0.86 | 1.49 | 1.40 | 52 |
| &nbsp;&nbsp; 24.32 | (15.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29263 | 0.55 | 1.79 | 0.75 | 30 |
| &nbsp;&nbsp; 30.13 | 33.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42002 | 0.57 | 1.46 | 0.77 | 41 |
| &nbsp;&nbsp; 22.86 | &nbsp;&nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24977 | 0.64 | 1.28 | 0.85 | 45 |
| &nbsp;&nbsp; 23.24 | &nbsp;&nbsp;&nbsp; 5.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7996 | 0.62 | 2.79 | 0.88 | 18 |
| &nbsp;&nbsp; 23.42 | &nbsp;&nbsp;&nbsp; 8.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 987 | 0.61 | 1.81 | 0.88 | 52 |
| &nbsp;&nbsp; 24.41 | (15.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32393 | 0.30 | 2.09 | 0.50 | 30 |
| &nbsp;&nbsp; 30.21 | 34.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34312 | 0.33 | 2.33 | 0.53 | 41 |
| &nbsp;&nbsp; 22.92 | &nbsp;&nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9393 | 0.39 | 1.63 | 0.61 | 45 |
| &nbsp;&nbsp; 23.29 | &nbsp;&nbsp;&nbsp; 5.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9186 | 0.36 | 2.40 | 0.63 | 18 |
| &nbsp;&nbsp; 23.42 | &nbsp;&nbsp;&nbsp; 8.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18927 | 0.36 | 2.28 | 0.64 | 52 |
| &nbsp;&nbsp; 24.44 | (15.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24949 | 0.15 | 2.20 | 0.34 | 30 |
| &nbsp;&nbsp; 30.21 | 34.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54184 | 0.17 | 1.80 | 0.38 | 41 |
| &nbsp;&nbsp; 22.92 | &nbsp;&nbsp;&nbsp; 0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46316 | 0.24 | 1.84 | 0.46 | 45 |
| &nbsp;&nbsp; 23.28 | &nbsp;&nbsp;&nbsp; 5.79 | &nbsp;&nbsp;&nbsp;&nbsp; 161533 | 0.22 | 2.36 | 0.48 | 18 |
| &nbsp;&nbsp; 23.44 | &nbsp;&nbsp;&nbsp; 9.04 | &nbsp;&nbsp;&nbsp;&nbsp; 164943 | 0.21 | 2.62 | 0.49 | 52 |
| &nbsp;&nbsp; 24.45 | (15.01) | &nbsp;&nbsp; 1728200 | 0.05 | 2.33 | 0.25 | 30 |
| &nbsp;&nbsp; 30.21 | 34.30 | &nbsp;&nbsp; 2001424 | 0.07 | 2.03 | 0.27 | 41 |
| &nbsp;&nbsp; 22.92 | &nbsp;&nbsp;&nbsp; 0.74 | &nbsp;&nbsp; 1011011 | 0.14 | 1.93 | 0.36 | 45 |
| &nbsp;&nbsp; 23.29 | &nbsp;&nbsp;&nbsp; 5.94 | &nbsp;&nbsp;&nbsp;&nbsp; 690079 | 0.12 | 2.52 | 0.38 | 18 |
| &nbsp;&nbsp; 23.44 | &nbsp;&nbsp;&nbsp; 9.13 | &nbsp;&nbsp;&nbsp;&nbsp; 461883 | 0.11 | 2.40 | 0.39 | 52 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 145

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**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2045 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $31.00 | $0.61 | $(5.18)  | $(4.57)  | $(0.47)  | $(0.89)  | $(1.36) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.97 | &nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp; 8.02 | &nbsp;&nbsp;&nbsp; 8.47 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.44) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.43 | &nbsp;&nbsp; 0.36 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.41) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.39 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp; 0.79 | &nbsp;&nbsp;&nbsp; 1.20 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (1.16) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.92 | &nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp; 1.51 | &nbsp;&nbsp;&nbsp; 1.97 | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.50) |
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 31.02 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp; (5.06) | &nbsp;&nbsp; (4.72) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.89) | &nbsp;&nbsp; (1.24) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.98 | &nbsp;&nbsp; 0.30 | &nbsp;&nbsp;&nbsp; 8.03 | &nbsp;&nbsp;&nbsp; 8.33 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.29) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.41 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.27) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.39 | &nbsp;&nbsp; 0.43 | &nbsp;&nbsp;&nbsp; 0.65 | &nbsp;&nbsp;&nbsp; 1.08 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (1.06) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.93 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp; 1.51 | &nbsp;&nbsp;&nbsp; 1.85 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.39) |
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 30.93 | &nbsp;&nbsp; 0.52 | &nbsp;&nbsp; (5.15) | &nbsp;&nbsp; (4.63) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.89) | &nbsp;&nbsp; (1.32) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.92 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp; 8.00 | &nbsp;&nbsp;&nbsp; 8.38 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.37) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.38 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.36) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.37 | &nbsp;&nbsp; 0.62 | &nbsp;&nbsp;&nbsp; 0.51 | &nbsp;&nbsp;&nbsp; 1.13 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (1.12) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.91 | &nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp; 1.47 | &nbsp;&nbsp;&nbsp; 1.92 | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.46) |
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 31.00 | &nbsp;&nbsp; 0.61 | &nbsp;&nbsp; (5.18) | &nbsp;&nbsp; (4.57) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.89) | &nbsp;&nbsp; (1.36) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.98 | &nbsp;&nbsp; 0.62 | &nbsp;&nbsp;&nbsp; 7.85 | &nbsp;&nbsp;&nbsp; 8.47 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.45) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.43 | &nbsp;&nbsp; 0.36 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.41) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.37 | &nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp; 0.66 | &nbsp;&nbsp;&nbsp; 1.20 | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (1.14) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.91 | &nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp; 1.43 | &nbsp;&nbsp;&nbsp; 1.97 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) |
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 31.02 | &nbsp;&nbsp; 0.63 | &nbsp;&nbsp; (5.17) | &nbsp;&nbsp; (4.54) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.89) | &nbsp;&nbsp; (1.38) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.98 | &nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp; 8.06 | &nbsp;&nbsp;&nbsp; 8.52 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.48) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.43 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.44) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.40 | &nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp; 0.70 | &nbsp;&nbsp;&nbsp; 1.23 | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (1.20) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.93 | &nbsp;&nbsp; 0.60 | &nbsp;&nbsp;&nbsp; 1.41 | &nbsp;&nbsp;&nbsp; 2.01 | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.54) |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 31.04 | &nbsp;&nbsp; 0.68 | &nbsp;&nbsp; (5.18) | &nbsp;&nbsp; (4.50) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.89) | &nbsp;&nbsp; (1.40) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 23.00 | &nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp; 8.00 | &nbsp;&nbsp;&nbsp; 8.55 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.46 | &nbsp;&nbsp; 0.43 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.47) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.42 | &nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp; 0.69 | &nbsp;&nbsp;&nbsp; 1.26 | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (1.22) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.95 | &nbsp;&nbsp; 0.56 | &nbsp;&nbsp;&nbsp; 1.47 | &nbsp;&nbsp;&nbsp; 2.03 | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.56) |

---

&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 earnings credits and interest expense, if applicable, each of 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;

146 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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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;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(c) | &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>(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $25.07 | (15.55)% | $7763  | 0.32% | 2.05% | 0.50% | 26% |
| &nbsp;&nbsp; 31.00 | 37.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10992 | 0.34 | 1.63 | 0.53 | 36 |
| &nbsp;&nbsp; 22.97 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6487 | 0.41 | 1.56 | 0.62 | 56 |
| &nbsp;&nbsp; 23.43 | &nbsp;&nbsp;&nbsp; 5.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7330 | 0.38 | 1.80 | 0.64 | 21 |
| &nbsp;&nbsp; 23.39 | &nbsp;&nbsp;&nbsp; 9.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13361 | 0.36 | 1.97 | 0.67 | 49 |
| &nbsp;&nbsp; 25.06 | (15.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | 0.82 | 1.13 | 1.03 | 26 |
| &nbsp;&nbsp; 31.02 | 36.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | 0.84 | 1.08 | 1.05 | 36 |
| &nbsp;&nbsp; 22.98 | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | 0.91 | 0.83 | 1.57 | 56 |
| &nbsp;&nbsp; 23.41 | &nbsp;&nbsp;&nbsp; 5.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | 0.88 | 1.88 | 1.23 | 21 |
| &nbsp;&nbsp; 23.39 | &nbsp;&nbsp;&nbsp; 8.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | 0.86 | 1.47 | 1.42 | 49 |
| &nbsp;&nbsp; 24.98 | (15.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18610 | 0.57 | 1.76 | 0.75 | 26 |
| &nbsp;&nbsp; 30.93 | 36.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23407 | 0.59 | 1.37 | 0.77 | 36 |
| &nbsp;&nbsp; 22.92 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14447 | 0.66 | 1.21 | 0.86 | 56 |
| &nbsp;&nbsp; 23.38 | &nbsp;&nbsp;&nbsp; 5.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5652 | 0.63 | 2.74 | 0.91 | 21 |
| &nbsp;&nbsp; 23.37 | &nbsp;&nbsp;&nbsp; 8.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369 | 0.62 | 1.89 | 0.90 | 49 |
| &nbsp;&nbsp; 25.07 | (15.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24219 | 0.32 | 2.07 | 0.50 | 26 |
| &nbsp;&nbsp; 31.00 | 37.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23361 | 0.35 | 2.25 | 0.53 | 36 |
| &nbsp;&nbsp; 22.98 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7088 | 0.41 | 1.56 | 0.61 | 56 |
| &nbsp;&nbsp; 23.43 | &nbsp;&nbsp;&nbsp; 5.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7840 | 0.38 | 2.37 | 0.64 | 21 |
| &nbsp;&nbsp; 23.37 | &nbsp;&nbsp;&nbsp; 8.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12209 | 0.36 | 2.27 | 0.65 | 49 |
| &nbsp;&nbsp; 25.10 | (15.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20491 | 0.17 | 2.08 | 0.35 | 26 |
| &nbsp;&nbsp; 31.02 | 37.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42522 | 0.20 | 1.69 | 0.38 | 36 |
| &nbsp;&nbsp; 22.98 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40370 | 0.26 | 1.75 | 0.46 | 56 |
| &nbsp;&nbsp; 23.43 | &nbsp;&nbsp;&nbsp; 5.72 | &nbsp;&nbsp;&nbsp;&nbsp; 105708 | 0.23 | 2.32 | 0.49 | 21 |
| &nbsp;&nbsp; 23.40 | &nbsp;&nbsp;&nbsp; 9.19 | &nbsp;&nbsp;&nbsp;&nbsp; 105034 | 0.21 | 2.54 | 0.50 | 49 |
| &nbsp;&nbsp; 25.14 | (15.32) | &nbsp;&nbsp; 1398380 | 0.07 | 2.29 | 0.25 | 26 |
| &nbsp;&nbsp; 31.04 | 37.40 | &nbsp;&nbsp; 1584255 | 0.09 | 1.98 | 0.27 | 36 |
| &nbsp;&nbsp; 23.00 | &nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp; 723411 | 0.16 | 1.85 | 0.36 | 56 |
| &nbsp;&nbsp; 23.46 | &nbsp;&nbsp;&nbsp; 5.87 | &nbsp;&nbsp;&nbsp;&nbsp; 564943 | 0.13 | 2.49 | 0.39 | 21 |
| &nbsp;&nbsp; 23.42 | &nbsp;&nbsp;&nbsp; 9.27 | &nbsp;&nbsp;&nbsp;&nbsp; 379003 | 0.11 | 2.37 | 0.41 | 49 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 147

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2050 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $31.00 | $0.61 | $(5.19)  | $(4.58)  | $(0.47)  | $(0.92)  | $(1.39) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.96 | &nbsp;&nbsp; 0.44 | &nbsp;&nbsp;&nbsp; 8.04 | &nbsp;&nbsp;&nbsp; 8.48 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.44) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.37 | &nbsp;&nbsp; 0.36 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.41) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.40 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp; 0.79 | &nbsp;&nbsp;&nbsp; 1.19 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (1.22) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.93 | &nbsp;&nbsp; 0.47 | &nbsp;&nbsp;&nbsp; 1.50 | &nbsp;&nbsp;&nbsp; 1.97 | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.50) |
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 30.99 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp; (5.10) | &nbsp;&nbsp; (4.73) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (1.27) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.95 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp; 8.05 | &nbsp;&nbsp;&nbsp; 8.33 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.29) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.34 | &nbsp;&nbsp; 0.16 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.27) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.40 | &nbsp;&nbsp; 0.44 | &nbsp;&nbsp;&nbsp; 0.64 | &nbsp;&nbsp;&nbsp; 1.08 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (1.14) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.93 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp; 1.51 | &nbsp;&nbsp;&nbsp; 1.85 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.38) |
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 30.93 | &nbsp;&nbsp; 0.51 | &nbsp;&nbsp; (5.15) | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (1.35) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.92 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp; 8.00 | &nbsp;&nbsp;&nbsp; 8.38 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.37) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.35 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.38) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.39 | &nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp; 0.60 | &nbsp;&nbsp;&nbsp; 1.14 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (1.18) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.92 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp; 1.50 | &nbsp;&nbsp;&nbsp; 1.91 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.44) |
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 30.97 | &nbsp;&nbsp; 0.61 | &nbsp;&nbsp; (5.18) | &nbsp;&nbsp; (4.57) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (1.39) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.95 | &nbsp;&nbsp; 0.64 | &nbsp;&nbsp;&nbsp; 7.83 | &nbsp;&nbsp;&nbsp; 8.47 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.45) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.38 | &nbsp;&nbsp; 0.36 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.43) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.39 | &nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp; 0.67 | &nbsp;&nbsp;&nbsp; 1.20 | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (1.21) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.92 | &nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp; 1.44 | &nbsp;&nbsp;&nbsp; 1.97 | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.50) |
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 30.97 | &nbsp;&nbsp; 0.62 | &nbsp;&nbsp; (5.15) | &nbsp;&nbsp; (4.53) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (1.41) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.94 | &nbsp;&nbsp; 0.47 | &nbsp;&nbsp;&nbsp; 8.04 | &nbsp;&nbsp;&nbsp; 8.51 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.48) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.37 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.46) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.40 | &nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp; 0.70 | &nbsp;&nbsp;&nbsp; 1.23 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (1.26) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.94 | &nbsp;&nbsp; 0.63 | &nbsp;&nbsp;&nbsp; 1.37 | &nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.54) |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 30.99 | &nbsp;&nbsp; 0.68 | &nbsp;&nbsp; (5.18) | &nbsp;&nbsp; (4.50) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (1.43) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.96 | &nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp; 7.99 | &nbsp;&nbsp;&nbsp; 8.54 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.38 | &nbsp;&nbsp; 0.42 | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.49) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.42 | &nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp; 0.68 | &nbsp;&nbsp;&nbsp; 1.25 | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (1.29) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.95 | &nbsp;&nbsp; 0.56 | &nbsp;&nbsp;&nbsp; 1.47 | &nbsp;&nbsp;&nbsp; 2.03 | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.56) |

---

&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 earnings credits and interest expense, if applicable, each of 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;

148 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

&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;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(c) | &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>(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $25.03 | (15.62)% | $2505  | 0.33% | 2.03% | 0.50% | 30% |
| &nbsp;&nbsp; 31.00 | 37.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4604 | 0.34 | 1.61 | 0.55 | 35 |
| &nbsp;&nbsp; 22.96 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3183 | 0.41 | 1.51 | 0.64 | 46 |
| &nbsp;&nbsp; 23.37 | &nbsp;&nbsp;&nbsp; 5.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7583 | 0.37 | 1.72 | 0.66 | 21 |
| &nbsp;&nbsp; 23.40 | &nbsp;&nbsp;&nbsp; 9.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16339 | 0.36 | 2.00 | 0.70 | 50 |
| &nbsp;&nbsp; 24.99 | (16.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | 0.82 | 1.22 | 1.04 | 30 |
| &nbsp;&nbsp; 30.99 | 36.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | 0.85 | 1.05 | 1.06 | 35 |
| &nbsp;&nbsp; 22.95 | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | 0.91 | 0.69 | 1.60 | 46 |
| &nbsp;&nbsp; 23.34 | &nbsp;&nbsp;&nbsp; 5.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | 0.88 | 1.95 | 1.22 | 21 |
| &nbsp;&nbsp; 23.40 | &nbsp;&nbsp;&nbsp; 8.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | 0.86 | 1.46 | 1.45 | 50 |
| &nbsp;&nbsp; 24.94 | (15.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10840 | 0.58 | 1.72 | 0.75 | 30 |
| &nbsp;&nbsp; 30.93 | 36.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15505 | 0.59 | 1.38 | 0.78 | 35 |
| &nbsp;&nbsp; 22.92 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8489 | 0.66 | 1.24 | 0.87 | 46 |
| &nbsp;&nbsp; 23.35 | &nbsp;&nbsp;&nbsp; 5.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3040 | 0.63 | 2.41 | 0.94 | 21 |
| &nbsp;&nbsp; 23.39 | &nbsp;&nbsp;&nbsp; 8.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444 | 0.62 | 1.72 | 0.92 | 50 |
| &nbsp;&nbsp; 25.01 | (15.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24896 | 0.33 | 2.04 | 0.50 | 30 |
| &nbsp;&nbsp; 30.97 | 37.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26235 | 0.34 | 2.31 | 0.53 | 35 |
| &nbsp;&nbsp; 22.95 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6401 | 0.41 | 1.55 | 0.62 | 46 |
| &nbsp;&nbsp; 23.38 | &nbsp;&nbsp;&nbsp; 5.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5910 | 0.38 | 2.32 | 0.65 | 21 |
| &nbsp;&nbsp; 23.39 | &nbsp;&nbsp;&nbsp; 9.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10425 | 0.36 | 2.25 | 0.68 | 50 |
| &nbsp;&nbsp; 25.03 | (15.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16656 | 0.18 | 2.07 | 0.35 | 30 |
| &nbsp;&nbsp; 30.97 | 37.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37779 | 0.19 | 1.73 | 0.38 | 35 |
| &nbsp;&nbsp; 22.94 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31456 | 0.26 | 1.74 | 0.47 | 46 |
| &nbsp;&nbsp; 23.37 | &nbsp;&nbsp;&nbsp; 5.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99930 | 0.23 | 2.33 | 0.50 | 21 |
| &nbsp;&nbsp; 23.40 | &nbsp;&nbsp;&nbsp; 9.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94636 | 0.21 | 2.66 | 0.52 | 50 |
| &nbsp;&nbsp; 25.06 | (15.38) | &nbsp;&nbsp; 1059409 | 0.08 | 2.28 | 0.25 | 30 |
| &nbsp;&nbsp; 30.99 | 37.43 | &nbsp;&nbsp; 1211998 | 0.09 | 1.96 | 0.27 | 35 |
| &nbsp;&nbsp; 22.96 | &nbsp;&nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp;&nbsp; 595698 | 0.16 | 1.82 | 0.37 | 46 |
| &nbsp;&nbsp; 23.38 | &nbsp;&nbsp;&nbsp; 5.85 | &nbsp;&nbsp;&nbsp;&nbsp; 397215 | 0.13 | 2.50 | 0.41 | 21 |
| &nbsp;&nbsp; 23.42 | &nbsp;&nbsp;&nbsp; 9.26 | &nbsp;&nbsp;&nbsp;&nbsp; 246132 | 0.11 | 2.39 | 0.44 | 50 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 149

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2055 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $30.75 | $0.60 | $(5.12)  | $(4.52)  | $(0.46)  | $(0.93)  | $(1.39) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.77 | &nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp; 7.95 | &nbsp;&nbsp;&nbsp; 8.41 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.43) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.18 | &nbsp;&nbsp; 0.36 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.38) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.01 | &nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp; 0.80 | &nbsp;&nbsp;&nbsp; 1.19 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (1.02) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.58 | &nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp; 1.46 | &nbsp;&nbsp;&nbsp; 1.92 | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.49) |
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 30.76 | &nbsp;&nbsp; 0.36 | &nbsp;&nbsp; (5.03) | &nbsp;&nbsp; (4.67) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.28) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.77 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp; 7.99 | &nbsp;&nbsp;&nbsp; 8.27 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.28) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.16 | &nbsp;&nbsp; 0.16 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.24) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.01 | &nbsp;&nbsp; 0.44 | &nbsp;&nbsp;&nbsp; 0.64 | &nbsp;&nbsp;&nbsp; 1.08 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.93) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.58 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp; 1.46 | &nbsp;&nbsp;&nbsp; 1.80 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.37) |
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 30.66 | &nbsp;&nbsp; 0.48 | &nbsp;&nbsp; (5.06) | &nbsp;&nbsp; (4.58) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.35) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.71 | &nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp; 7.93 | &nbsp;&nbsp;&nbsp; 8.32 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.37) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.14 | &nbsp;&nbsp; 0.31 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.34) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 22.99 | &nbsp;&nbsp; 0.62 | &nbsp;&nbsp;&nbsp; 0.52 | &nbsp;&nbsp;&nbsp; 1.14 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.99) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.57 | &nbsp;&nbsp; 0.42 | &nbsp;&nbsp;&nbsp; 1.43 | &nbsp;&nbsp;&nbsp; 1.85 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.43) |
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 30.72 | &nbsp;&nbsp; 0.60 | &nbsp;&nbsp; (5.12) | &nbsp;&nbsp; (4.52) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.39) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.75 | &nbsp;&nbsp; 0.60 | &nbsp;&nbsp;&nbsp; 7.81 | &nbsp;&nbsp;&nbsp; 8.41 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.44) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.17 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.39) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 22.99 | &nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp; 0.66 | &nbsp;&nbsp;&nbsp; 1.20 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (1.02) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.57 | &nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp; 1.36 | &nbsp;&nbsp;&nbsp; 1.91 | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.49) |
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 30.74 | &nbsp;&nbsp; 0.62 | &nbsp;&nbsp; (5.10) | &nbsp;&nbsp; (4.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.41) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.76 | &nbsp;&nbsp; 0.47 | &nbsp;&nbsp;&nbsp; 7.98 | &nbsp;&nbsp;&nbsp; 8.45 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.47) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.18 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.43) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.01 | &nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp; 0.69 | &nbsp;&nbsp;&nbsp; 1.23 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (1.06) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.59 | &nbsp;&nbsp; 0.58 | &nbsp;&nbsp;&nbsp; 1.37 | &nbsp;&nbsp;&nbsp; 1.95 | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.53) |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 30.76 | &nbsp;&nbsp; 0.68 | &nbsp;&nbsp; (5.13) | &nbsp;&nbsp; (4.45) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.43) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.78 | &nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp; 7.94 | &nbsp;&nbsp;&nbsp; 8.48 | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.50) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.20 | &nbsp;&nbsp; 0.42 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.45) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.03 | &nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp; 0.68 | &nbsp;&nbsp;&nbsp; 1.25 | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (1.08) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 21.59 | &nbsp;&nbsp; 0.56 | &nbsp;&nbsp;&nbsp; 1.43 | &nbsp;&nbsp;&nbsp; 1.99 | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.55) |

---

&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 earnings credits and interest expense, if applicable, each of 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;

150 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

&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;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(c) | &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>(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $24.84 | (15.52)% | $2092  | 0.33% | 2.03% | 0.52% | 30% |
| &nbsp;&nbsp; 30.75 | 37.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3117 | 0.34 | 1.66 | 0.56 | 38 |
| &nbsp;&nbsp; 22.77 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1803 | 0.41 | 1.55 | 0.72 | 54 |
| &nbsp;&nbsp; 23.18 | &nbsp;&nbsp;&nbsp; 5.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2906 | 0.38 | 1.72 | 0.73 | 21 |
| &nbsp;&nbsp; 23.01 | &nbsp;&nbsp;&nbsp; 8.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5849 | 0.36 | 2.02 | 0.86 | 48 |
| &nbsp;&nbsp; 24.81 | (15.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | 0.83 | 1.19 | 1.04 | 30 |
| &nbsp;&nbsp; 30.76 | 36.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | 0.85 | 1.05 | 1.08 | 38 |
| &nbsp;&nbsp; 22.77 | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | 0.91 | 0.69 | 2.77 | 54 |
| &nbsp;&nbsp; 23.16 | &nbsp;&nbsp;&nbsp; 5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | 0.88 | 1.94 | 1.29 | 21 |
| &nbsp;&nbsp; 23.01 | &nbsp;&nbsp;&nbsp; 8.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | 0.86 | 1.46 | 1.59 | 48 |
| &nbsp;&nbsp; 24.73 | (15.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2989 | 0.58 | 1.60 | 0.77 | 30 |
| &nbsp;&nbsp; 30.66 | 36.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6346 | 0.59 | 1.40 | 0.79 | 38 |
| &nbsp;&nbsp; 22.71 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2472 | 0.66 | 1.34 | 0.91 | 54 |
| &nbsp;&nbsp; 23.14 | &nbsp;&nbsp;&nbsp; 5.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1190 | 0.63 | 2.79 | 1.02 | 21 |
| &nbsp;&nbsp; 22.99 | &nbsp;&nbsp;&nbsp; 8.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | 0.62 | 1.79 | 1.06 | 48 |
| &nbsp;&nbsp; 24.81 | (15.54) | &nbsp;&nbsp;&nbsp;&nbsp; 13033 | 0.33 | 2.05 | 0.52 | 30 |
| &nbsp;&nbsp; 30.72 | 37.15 | &nbsp;&nbsp;&nbsp;&nbsp; 12967 | 0.34 | 2.16 | 0.55 | 38 |
| &nbsp;&nbsp; 22.75 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3575 | 0.41 | 1.51 | 0.66 | 54 |
| &nbsp;&nbsp; 23.17 | &nbsp;&nbsp;&nbsp; 5.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2973 | 0.38 | 2.38 | 0.72 | 21 |
| &nbsp;&nbsp; 22.99 | &nbsp;&nbsp;&nbsp; 8.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2606 | 0.37 | 2.34 | 0.78 | 48 |
| &nbsp;&nbsp; 24.85 | (15.40) | &nbsp;&nbsp;&nbsp;&nbsp; 13728 | 0.18 | 2.08 | 0.37 | 30 |
| &nbsp;&nbsp; 30.74 | 37.33 | &nbsp;&nbsp;&nbsp;&nbsp; 27827 | 0.20 | 1.73 | 0.40 | 38 |
| &nbsp;&nbsp; 22.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22992 | 0.26 | 1.72 | 0.51 | 54 |
| &nbsp;&nbsp; 23.18 | &nbsp;&nbsp;&nbsp; 5.77 | &nbsp;&nbsp;&nbsp;&nbsp; 44012 | 0.23 | 2.38 | 0.57 | 21 |
| &nbsp;&nbsp; 23.01 | &nbsp;&nbsp;&nbsp; 9.05 | &nbsp;&nbsp;&nbsp;&nbsp; 39178 | 0.21 | 2.52 | 0.64 | 48 |
| &nbsp;&nbsp; 24.88 | (15.31) | &nbsp;&nbsp; 588779 | 0.08 | 2.29 | 0.27 | 30 |
| &nbsp;&nbsp; 30.76 | 37.44 | &nbsp;&nbsp; 637501 | 0.09 | 1.95 | 0.29 | 38 |
| &nbsp;&nbsp; 22.78 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp; 322860 | 0.16 | 1.84 | 0.41 | 54 |
| &nbsp;&nbsp; 23.20 | &nbsp;&nbsp;&nbsp; 5.87 | &nbsp;&nbsp; 209571 | 0.13 | 2.53 | 0.47 | 21 |
| &nbsp;&nbsp; 23.03 | &nbsp;&nbsp;&nbsp; 9.23 | &nbsp;&nbsp; 123241 | 0.11 | 2.41 | 0.55 | 48 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 151

------

**FINANCIAL HIGHLIGHTS** <br>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>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(a)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2060 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | $23.77 | $0.86 | $(4.36)  | $(3.50)  | $(0.36)  | $(0.54)  | $(0.90) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 17.63 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp; 6.12 | &nbsp;&nbsp;&nbsp; 6.47 | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.33) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.96 | &nbsp;&nbsp; 0.23 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.30) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.49 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp; 0.66 | &nbsp;&nbsp;&nbsp; 0.98 | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.51) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 16.38 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp; 1.50 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.39) |
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 23.76 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp; (3.91) | &nbsp;&nbsp; (3.62) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.82) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 17.61 | &nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp; 6.14 | &nbsp;&nbsp;&nbsp; 6.37 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.22) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.94 | &nbsp;&nbsp; 0.16 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.21) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.49 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp; 0.59 | &nbsp;&nbsp;&nbsp; 0.88 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.43) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 16.38 | &nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp; 1.41 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.30) |
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 23.71 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp; (3.94) | &nbsp;&nbsp; (3.56) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.86) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 17.58 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp; 6.12 | &nbsp;&nbsp;&nbsp; 6.41 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.28) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.92 | &nbsp;&nbsp; 0.23 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.27) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.48 | &nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp; 0.92 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.48) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 16.38 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp; 1.45 | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.35) |
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 23.80 | &nbsp;&nbsp; 0.47 | &nbsp;&nbsp; (3.99) | &nbsp;&nbsp; (3.52) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.90) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 17.65 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp; 6.16 | &nbsp;&nbsp;&nbsp; 6.48 | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.33) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.97 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.30) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.48 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp; 0.98 | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.49) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 16.38 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp; 1.08 | &nbsp;&nbsp;&nbsp; 1.49 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.39) |
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 23.74 | &nbsp;&nbsp; 0.50 | &nbsp;&nbsp; (3.98) | &nbsp;&nbsp; (3.48) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.91) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 17.60 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp; 6.12 | &nbsp;&nbsp;&nbsp; 6.50 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.36) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.94 | &nbsp;&nbsp; 0.31 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.34) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.49 | &nbsp;&nbsp; 0.58 | &nbsp;&nbsp;&nbsp; 0.42 | &nbsp;&nbsp;&nbsp; 1.00 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.55) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 16.38 | &nbsp;&nbsp; 0.58 | &nbsp;&nbsp;&nbsp; 0.95 | &nbsp;&nbsp;&nbsp; 1.53 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.42) |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 23.75 | &nbsp;&nbsp; 0.53 | &nbsp;&nbsp; (3.99) | &nbsp;&nbsp; (3.46) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.92) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 17.61 | &nbsp;&nbsp; 0.43 | &nbsp;&nbsp;&nbsp; 6.09 | &nbsp;&nbsp;&nbsp; 6.52 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.38) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.95 | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.35) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.49 | &nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp; 0.56 | &nbsp;&nbsp;&nbsp; 1.02 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.56) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 16.38 | &nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp; 1.06 | &nbsp;&nbsp;&nbsp; 1.54 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.43) |

---

&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 earnings credits and interest expense, if applicable, each of 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;

152 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

&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;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(c) | &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>(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| $19.37 | (15.42)% | $9233  | 0.33% | 4.00% | 0.62% | 21% |
| &nbsp;&nbsp; 23.77 | 36.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540 | 0.34 | 1.63 | 0.66 | 34 |
| &nbsp;&nbsp; 17.63 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | 0.41 | 1.27 | 1.77 | 53 |
| &nbsp;&nbsp; 17.96 | &nbsp;&nbsp;&nbsp; 5.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534 | 0.38 | 1.87 | 1.53 | 34 |
| &nbsp;&nbsp; 17.49 | &nbsp;&nbsp;&nbsp; 9.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1191 | 0.37 | 1.97 | 5.09 | 79 |
| &nbsp;&nbsp; 19.32 | (15.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | 0.83 | 1.28 | 1.29 | 21 |
| &nbsp;&nbsp; 23.76 | 36.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | 0.85 | 1.11 | 1.23 | 34 |
| &nbsp;&nbsp; 17.61 | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | 0.91 | 0.89 | 1.61 | 53 |
| &nbsp;&nbsp; 17.94 | &nbsp;&nbsp;&nbsp; 5.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | 0.89 | 1.68 | 2.20 | 34 |
| &nbsp;&nbsp; 17.49 | &nbsp;&nbsp;&nbsp; 8.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | 0.87 | 1.45 | 6.08 | 79 |
| &nbsp;&nbsp; 19.29 | (15.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2066 | 0.58 | 1.68 | 0.85 | 21 |
| &nbsp;&nbsp; 23.71 | 36.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2590 | 0.59 | 1.36 | 0.90 | 34 |
| &nbsp;&nbsp; 17.58 | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1205 | 0.66 | 1.28 | 1.18 | 53 |
| &nbsp;&nbsp; 17.92 | &nbsp;&nbsp;&nbsp; 5.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830 | 0.64 | 2.25 | 1.58 | 34 |
| &nbsp;&nbsp; 17.48 | &nbsp;&nbsp;&nbsp; 8.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256 | 0.63 | 1.64 | 3.29 | 79 |
| &nbsp;&nbsp; 19.38 | (15.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1980 | 0.33 | 2.12 | 0.61 | 21 |
| &nbsp;&nbsp; 23.80 | 36.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338 | 0.35 | 1.54 | 0.73 | 34 |
| &nbsp;&nbsp; 17.65 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 | 0.41 | 1.52 | 0.97 | 53 |
| &nbsp;&nbsp; 17.97 | &nbsp;&nbsp;&nbsp; 5.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 | 0.38 | 2.37 | 1.58 | 34 |
| &nbsp;&nbsp; 17.48 | &nbsp;&nbsp;&nbsp; 9.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 911 | 0.37 | 2.32 | 3.61 | 79 |
| &nbsp;&nbsp; 19.35 | (15.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3030 | 0.18 | 2.17 | 0.44 | 21 |
| &nbsp;&nbsp; 23.74 | 37.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7173 | 0.19 | 1.81 | 0.51 | 34 |
| &nbsp;&nbsp; 17.60 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3779 | 0.26 | 1.74 | 0.81 | 53 |
| &nbsp;&nbsp; 17.94 | &nbsp;&nbsp;&nbsp; 5.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4129 | 0.24 | 3.33 | 1.18 | 34 |
| &nbsp;&nbsp; 17.49 | &nbsp;&nbsp;&nbsp; 9.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 634 | 0.22 | 3.30 | 3.91 | 79 |
| &nbsp;&nbsp; 19.37 | (15.24) | &nbsp;&nbsp; 222534 | 0.08 | 2.33 | 0.34 | 21 |
| &nbsp;&nbsp; 23.75 | 37.29 | &nbsp;&nbsp; 186508 | 0.09 | 1.97 | 0.39 | 34 |
| &nbsp;&nbsp; 17.61 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp; 71093 | 0.16 | 1.84 | 0.67 | 53 |
| &nbsp;&nbsp; 17.95 | &nbsp;&nbsp;&nbsp; 6.09 | &nbsp;&nbsp;&nbsp;&nbsp; 35217 | 0.14 | 2.62 | 1.10 | 34 |
| &nbsp;&nbsp; 17.49 | &nbsp;&nbsp;&nbsp; 9.45 | &nbsp;&nbsp;&nbsp;&nbsp; 10800 | 0.12 | 2.69 | 3.38 | 79 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 153

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**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 <br>(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

JPMorgan Trust I (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 11 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | | |
|:---|:---|:---|
|  | **Classes Offered** | **Diversification Classification** |
| JPMorgan SmartRetirement® Blend Income Fund | Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | Diversified |
| &nbsp;&nbsp;&nbsp; JPMorgan SmartRetirement® Blend 2015 Fund <br>(formerly known as <br>JPMorgan SmartSpending<sup>SM</sup> 2015 Fund)<sup>(1)</sup> <br>| &nbsp;&nbsp; Class A<sup>(2)</sup>, Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| Diversified |
| JPMorgan SmartRetirement® Blend 2020 Fund | Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | Diversified |
| JPMorgan SmartRetirement® Blend 2025 Fund | Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | Diversified |
| JPMorgan SmartRetirement® Blend 2030 Fund | Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | Diversified |
| JPMorgan SmartRetirement® Blend 2035 Fund | Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | Diversified |
| JPMorgan SmartRetirement® Blend 2040 Fund | Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | Diversified |
| JPMorgan SmartRetirement® Blend 2045 Fund | Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | Diversified |
| JPMorgan SmartRetirement® Blend 2050 Fund | Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | Diversified |
| JPMorgan SmartRetirement® Blend 2055 Fund | Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | Diversified |
| JPMorgan SmartRetirement® Blend 2060 Fund | Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | Diversified |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (1) Effective March 18, 2022, JPMorgan SmartSpending<sup>SM</sup> 2015 Fund changed its name to JPMorgan SmartRetirement<sup>®</sup> Blend 2015 Fund. <br> (2) Liquidated on October 14, 2021.

JPMorgan SmartRetirement® Blend Income Fund seeks current income and some capital appreciation and the JPMorgan SmartRetirement® Blend 2015 Fund seeks to provide total return consisting of current income and some capital appreciation. The remaining JPMorgan SmartRetirement® Blend Funds each seek high total return with a shift to current income and some capital appreciation over time as each Fund approaches and passes its respective target retirement date.

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.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to assist the Board with the oversight and monitoring of the valuation of the Funds' investments. The Administrator implements the valuation policies of the Funds' investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services") or

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154 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Funds are calculated on a valuation date.

Investments in open-end investment companies, excluding exchange-traded funds ("ETFs") ("Underlying Funds"), are valued at each Underlying Fund's NAV per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations.

See the tables on "Quantitative Information about Level 3 Fair Value Measurements" for information on the valuation techniques and inputs used to value level 3 securities held by the JPMorgan SmartRetirement Blend Income Fund, JPMorgan SmartRetirement Blend 2015 Fund, JPMorgan SmartRetirement Blend 2020 Fund, JPMorgan SmartRetirement Blend 2025 Fund and JPMorgan SmartRetirement Blend 2030 Fund at June 30, 2022.

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"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend Income Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | $— | $16833 | $9811 | $26644 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5121 | &nbsp;&nbsp;&nbsp;&nbsp; 1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6561 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3376 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34716 |
| Exchange-Traded Funds | &nbsp;&nbsp; 172747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 172747 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 896 |
| Investment Companies | &nbsp;&nbsp; 230908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 230908 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24531 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22821 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 45463 | &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; 45463 |
| **Total Investments in Securities**  | $449118 | $108126 | $11419 | $568663 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 155

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**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend Income Fund** <br> (continued)<br>|  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $91  | $—  | $—  | $91 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90) | &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; (90) |
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| $1 | $— | $— | $1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2015 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | $— | $764 | $68 | $832 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1595 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1595 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 7953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7953 |
| Investment Companies | &nbsp;&nbsp; 10429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 10429 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1359 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1359 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1821 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1821 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 2278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2278 |
| **Total Investments in Securities**  | $20660 | $5818 | $151 | $26629 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $—(a) | $— | $— | $—(a) |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) |
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| $(5) | $— | $— | $(5) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2020 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | $— | $32049 | $18962 | $51011 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10233 | &nbsp;&nbsp;&nbsp;&nbsp; 4381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14614 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6706 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62061 |
| Exchange-Traded Funds | &nbsp;&nbsp; 309639 | &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; 309639 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1303 |
| Investment Companies | &nbsp;&nbsp; 418997 | &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; 418997 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47453 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32874 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

156 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2020 Fund** <br> (continued)<br>|  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | $83356 | $— | $— | $83356 |
| **Total Investments in Securities**  | $811992 | $192414 | $23608 | $1028014 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $220  | $—  | $—  | $220 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (199) | &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; (199) |
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| $21 | $— | $— | $21 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2025 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | $— | $50279 | $26420 | $76699 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13697 | &nbsp;&nbsp;&nbsp;&nbsp; 6606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20303 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9424 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 107089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 107089 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 550758 | &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; 550758 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1986 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 814622 | &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; 814622 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78949 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71788 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86271 | &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; 86271 |
| **Total Investments in Securities**  | $1451651 | $332789 | $33449 | $1817889 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $11  | $—  | $—  | $11 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1144) | &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; (1144) |
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| $(1133) | $— | $— | $(1133) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2030 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | $— | $49377 | $24987 | $74364 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12948 | &nbsp;&nbsp;&nbsp;&nbsp; 6096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19044 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9179 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 100967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100967 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 662996 | &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; 662996 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1873 |
| Investment Companies | &nbsp;&nbsp; 1070455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1070455 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 157

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2030 Fund** <br> (continued)<br>|  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Mortgage-Backed Securities | $—  | $72357  | $—  | $72357 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83558 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78148 | &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; 78148 |
| **Total Investments in Securities**  | $1811599 | $329883 | $31459 | $2172941 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $13  | $—  | $—  | $13 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1372) | &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; (1372) |
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| $(1359) | $— | $— | $(1359) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2035 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | $— | $9764 | $5622 | $15386 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4209 | &nbsp;&nbsp; 1259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5468 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2720 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 22797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22797 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 686395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 686395 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329 |
| Investment Companies | &nbsp;&nbsp; 1189833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1189833 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 15071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15071 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 24733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24733 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86236 |
| **Total Investments in Securities**  | $1962464 | $79623 | $6881 | $2048968 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $15  | $—  | $—  | $15 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1290) | &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; (1290) |
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| $(1275) | $— | $— | $(1275) |

---

There were no significant transfers into or out of level 3 for the year ended June 30, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2040 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | $641853 | $— | $— | $641853 |
| Investment Companies | &nbsp;&nbsp; 1122787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1122787 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 4880 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4880 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

158 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2040 Fund** <br> (continued)<br>|  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | $38718 | $— | $— | $38718 |
| **Total Investments in Securities**  | $1803358 | $4880 | $— | $1808238 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $36  | $—  | $— | $36 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1257) |
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| $(1221) | $— | $— | $(1221) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2045 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | $544245 | $— | $— | $544245 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 877936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 877936 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 3982 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3982 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36169 |
| **Total Investments in Securities**  | $1458350 | $3982 | $— | $1462332 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $29  | $—  | $— | $29 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1008) |
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| $(979) | $— | $— | $(979) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2050 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | $414853 | $— | $— | $414853 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 664426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 664426 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 3090 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3090 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26791 |
| **Total Investments in Securities**  | $1106070 | $3090 | $— | $1109160 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $22  | $—  | $— | $22 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 159

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2050 Fund** <br> (continued)<br>|  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $(763) | $— | $— | $(763) |
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| $(741) | $— | $— | $(741) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2055 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | $234641 | $— | $— | $234641 |
| Investment Companies | &nbsp;&nbsp; 366606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 366606 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1845 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1845 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 15007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15007 |
| **Total Investments in Securities**  | $616254 | $1845 | $— | $618099 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $12  | $—  | $— | $12 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (421) |
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| $(409) | $— | $— | $(409) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2060 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | $90725 | $— | $— | $90725 |
| Investment Companies | &nbsp;&nbsp; 136708 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 136708 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 782 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 11956 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11956 |
| **Total Investments in Securities**  | $239389 | $782 | $— | $240171 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $5  | $—  | $— | $5 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (123) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (123) |
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| $(118) | $— | $— | $(118) |

---

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

160 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend Income Fund** | **Balance as of** <br>**June 30,** <br>**2021**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Other**<sup>(a)</sup> <br>| **Balance as of** <br>**June 30,** <br>**2022**<br>|
| **Investments in securities:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | $5140 | $(3) | $(744) | $—(b) | $4502 | $(2776) | $4156 | $— | $(464) | $9811 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; 879 | &nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp; (96) | &nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp; 811 | &nbsp;&nbsp;&nbsp;&nbsp; (617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 464 | &nbsp;&nbsp;&nbsp;&nbsp; 1440 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168 |
| **Total** | $6254 | $(4) | $(848) | $(1) | $5313 | $(3452) | $4156 | $1 | $— | $11419 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Certain Level 3 investments were re-classified between Asset-Backed Securities and Collateralized Mortgage Obligations

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at June 30, 2022, which were valued using significant unobservable inputs (level 3), amounted to $(843).

Transfers from level 2 to level 3 are due to a decline in market activity (e.g. frequency of trades), which resulted in a lack of available market inputs to determine the price for the year ended June 30, 2022.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2015** <br> **Fund**<br>| **Balance as of** <br>**June 30,** <br>**2021**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Balance as of** <br>**June 30,** <br>**2022**<br>|
| **Investments in securities:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $— | $(4) | $— | $— | $(10) | $82 | $— | $68 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; 47 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5) | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; 50 | &nbsp;&nbsp; (16) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| **Total** | $57 | $— | $(9) | $— | $50 | $(29) | $82 | $— | $151 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at June 30, 2022, which were valued using significant unobservable inputs (level 3), amounted to $(9).

There were no significant transfers into or out of level 3 for the year ended June 30, 2022.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2020 Fund** | **Balance as of** <br>**June 30,** <br>**2021**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Other**<sup>(a)</sup> <br>| **Balance as of** <br>**June 30,** <br>**2022**<br>|
| **Investments in securities:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | $9551 | $(6) | $(1454) | $—(b) | $8846 | $(5094) | $8037 | $— | $(918) | $18962 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; 3691 | &nbsp;&nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp;&nbsp; (327) | &nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp;&nbsp; 2236 | &nbsp;&nbsp; (2132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 918 | &nbsp;&nbsp;&nbsp;&nbsp; 4381 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265 |
| **Total** | $13712 | $(12) | $(1793) | $(3) | $11082 | $(7416) | $8037 | $1 | $— | $23608 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Certain Level 3 investments were re-classified between Asset-Backed Securities and Collateralized Mortgage Obligations

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 161

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

The changes in net unrealized appreciation (depreciation) attributable to securities owned at June 30, 2022, which were valued using significant unobservable inputs (level 3), amounted to $(1,784).

Transfers from level 2 to level 3 are due to a decline in market activity (e.g. frequency of trades), which resulted in a lack of available market inputs to determine the price for the year ended June 30, 2022.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2025 Fund** | **Balance as of** <br>**June 30,** <br>**2021**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Other**<sup>(a)</sup> <br>| **Balance as of** <br>**June 30,** <br>**2022**<br>|
| **Investments in securities:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | $13396 | $(3) | $(2028) | $—(b) | $12498 | $(6935) | $10680 | $— | $(1188) | $26420 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; 5053 | &nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp; (494) | &nbsp;&nbsp; (5) | &nbsp;&nbsp;&nbsp;&nbsp; 3944 | &nbsp;&nbsp;&nbsp;&nbsp; (3079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1188 | &nbsp;&nbsp;&nbsp;&nbsp; 6606 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (148) | &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; 423 |
| **Total** | $19039 | $(4) | $(2541) | $(5) | $16442 | $(10162) | $10680 | $— | $— | $33449 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Certain Level 3 investments were re-classified between Asset-Backed Securities and Collateralized Mortgage Obligations

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at June 30, 2022, which were valued using significant unobservable inputs (level 3), amounted to $(2,530).

Transfers from level 2 to level 3 are due to a decline in market activity (e.g. frequency of trades), which resulted in a lack of available market inputs to determine the price for the year ended June 30, 2022.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2030 Fund** | **Balance as of** <br>**June 30,** <br>**2021**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Other**<sup>(a)</sup> <br>| **Balance as of** <br>**June 30,** <br>**2022**<br>|
| **Investments in securities:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | $13009 | $— | $(1916) | $—(b) | $12023 | $(7132) | $10088 | $— | $(1085) | $24987 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; 4428 | &nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp; (454) | &nbsp;&nbsp; (5) | &nbsp;&nbsp;&nbsp;&nbsp; 3723 | &nbsp;&nbsp; (2680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1085 | &nbsp;&nbsp;&nbsp;&nbsp; 6096 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (132) | &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; 376 |
| **Total** | $17962 | $(1) | $(2387) | $(5) | $15746 | $(9944) | $10088 | $— | $— | $31459 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Certain Level 3 investments were re-classified between Asset-Backed Securities and Collateralized Mortgage Obligations

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at June 30, 2022, which were valued using significant unobservable inputs (level 3), amounted to $(2,375).

There were no significant transfers into or out of level 3 for the year ended June 30, 2022.

The significant unobservable inputs used in the fair value measurement of the Funds' investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

162 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

**JPMorgan** <br>**SmartRetirement®** <br>**Blend Income** <br>**Fund**

**Quantitative Information about Level 3 Fair Value Measurements #** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**June 30, 2022**<br>| &nbsp;&nbsp; **Valuation** <br>**Technique(s)**<br>| &nbsp;&nbsp; **Unobservable** <br>**Input**<br>| &nbsp;&nbsp; **Range (Weighted** <br>**Average) (a)**<br>|
|  | $9810  | &nbsp;&nbsp; Discounted <br>Cash Flow<br>| &nbsp;&nbsp; Constant <br>Prepayment Rate<br>| 0.00% - 100.00% (16.48%) |
|  |  |  | &nbsp;&nbsp; Yield (Discount Rate <br>of Cash Flows)<br>| 3.56% - 6.77% (5.67%) |
| &nbsp;&nbsp;&nbsp; Asset Backed Securities | &nbsp;&nbsp;&nbsp; 9810 |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp; Discounted <br>Cash Flow<br>| &nbsp;&nbsp; Yield (Discount Rate <br>of Cash Flows)<br>| 5.30% (5.30%) |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 168 |  |  |  |
|  | &nbsp;&nbsp;&nbsp; 1085 | &nbsp;&nbsp; Discounted <br>Cash Flow<br>| &nbsp;&nbsp; Constant <br>Prepayment Rate<br>| 12.50% - 100% 72.27%) |
|  |  |  | &nbsp;&nbsp; Yield (Discount Rate <br>of Cash Flows)<br>| 3.93% - 6.80% (4.84%) |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp; 1085 |  |  |  |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; 11063 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At June 30 2022, the value of these investments was $356. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. 

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

**JPMorgan** <br>**SmartRetirement®** <br>**Blend 2015** <br>**Fund**

**Quantitative Information about Level 3 Fair Value Measurements** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**June 30, 2022**<br>| &nbsp;&nbsp; **Valuation** <br>**Technique(s)**<br>| &nbsp;&nbsp; **Unobservable** <br>**Input**<br>| &nbsp;&nbsp; **Range (Weighted** <br>**Average)(a)**<br>|
|  | $68  | &nbsp;&nbsp; Discounted <br>Cash Flow<br>| &nbsp;&nbsp; Yield (Discount Rate <br>of Cash Flows)<br>| 5.87% (5.87%) |
| &nbsp;&nbsp;&nbsp; Asset Backed Securities | &nbsp;&nbsp; 68 |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; Discounted <br>Cash Flow<br>| &nbsp;&nbsp; Yield (Discount Rate <br>of Cash Flows)<br>| 5.30% (5.30%) |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 7 |  |  |  |
|  | &nbsp;&nbsp; 76 | &nbsp;&nbsp; Discounted <br>Cash Flow<br>| &nbsp;&nbsp; Constant <br>Prepayment Rate<br>| 100.0% (100.0%) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 163

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average)(a)**<br>|
|  |  |  | &nbsp;&nbsp; Constant <br>Default Rate<br>| 0.00% - 0.50% (0.20%) |
|  |  |  | &nbsp;&nbsp; Yield (Discount Rate <br>of Cash Flows)<br>| 3.87%-3.93% (3.90%) |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; 76 |  |  |  |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; 151 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Unobservable inputs were weighted by the relative fair value of the instruments.

**JPMorgan** <br>**SmartRetirement®** <br>**Blend 2020** <br>**Fund**

**Quantitative Information about Level 3 Fair Value Measurements #** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**June 30, 2022**<br>| &nbsp;&nbsp; **Valuation** <br>**Technique(s)**<br>| &nbsp;&nbsp; **Unobservable** <br>**Input**<br>| &nbsp;&nbsp; **Range (Weighted** <br>**Average)(a)**<br>|
|  | $18964 | &nbsp;&nbsp; Discounted <br>Cash Flow<br>| &nbsp;&nbsp; Constant <br>Prepayment Rate<br>| 0.00% - 100.00% (16.89%) |
|  |  |  | &nbsp;&nbsp; Yield (Discount Rate <br>of Cash Flows)<br>| 3.56% - 6.77% (5.69%) |
| &nbsp;&nbsp;&nbsp; Asset Backed Securities | &nbsp;&nbsp; 18964 |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; Discounted <br>Cash Flow<br>| &nbsp;&nbsp; Yield (Discount Rate <br>of Cash Flows)<br>| 5.30% (5.30%) |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265 |  |  |  |
|  | &nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp; Discounted <br>Cash Flow<br>| &nbsp;&nbsp; Constant <br>Prepayment Rate<br>| 12.50%-100% (84.12%) |
|  |  |  | &nbsp;&nbsp; Constant <br>Default Rate<br>| 0.00% - 0.50% (0.14%) |
|  |  |  | &nbsp;&nbsp; Yield (Discount Rate <br>of Cash Flows)<br>| 3.87% - 6.80% (4.43%) |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp; 3750 |  |  |  |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; 22979 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At June 30, 2022, the value of these investments was $632. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. 

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

164 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

**JPMorgan** <br>**SmartRetirement®** <br>**Blend 2025** <br>**Fund**

**Quantitative Information about Level 3 Fair Value Measurements #** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**June 30, 2022**<br>| &nbsp;&nbsp; **Valuation** <br>**Technique(s)**<br>| &nbsp;&nbsp; **Unobservable** <br>**Input**<br>| &nbsp;&nbsp; **Range (Weighted** <br>**Average)(a)**<br>|
|  | $26418  | &nbsp;&nbsp; Discounted <br>Cash Flow<br>| Constant Prepayment Rate | 0.00% - 100.00% (17.14%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 3.56% - 6.77% (5.68%) |
| &nbsp;&nbsp;&nbsp; Asset Backed Securities | &nbsp;&nbsp; 26418 |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp; Discounted <br>Cash Flow<br>| &nbsp;&nbsp; Yield (Discount Rate <br>of Cash Flows)<br>| 5.30% (5.30%) |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423 |  |  |  |
|  | &nbsp;&nbsp;&nbsp; 5607 | &nbsp;&nbsp; Discounted <br>Cash Flow<br>| &nbsp;&nbsp; Constant <br>Prepayment Rate<br>| 12.50%-100% (86.27%) |
|  |  |  | &nbsp;&nbsp; Constant <br>Default Rate<br>| 0.00% - 0.50% (0.12%) |
|  |  |  | &nbsp;&nbsp; Yield (Discount Rate <br>of Cash Flows)<br>| 3.87% - 6.80% (4.36%) |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp; 5607 |  |  |  |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; 32448  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At June 30, 2022, the value of these investments was $1,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. 

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

**JPMorgan** <br>**SmartRetirement®** <br>**Blend 2030** <br>**Fund**

**Quantitative Information about Level 3 Fair Value Measurements #** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**June 30, 2022**<br>| &nbsp;&nbsp; **Valuation** <br>**Technique(s)**<br>| &nbsp;&nbsp; **Unobservable** <br>**Input**<br>| &nbsp;&nbsp; **Range (Weighted** <br>**Average)(a)**<br>|
|  | $24989  | &nbsp;&nbsp; Discounted <br>Cash Flow<br>| Constant Prepayment Rate | 0.00% - 100.00% (17.24%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 3.56% - 6.77% (5.68%) |
| &nbsp;&nbsp;&nbsp; Asset Backed Securities | &nbsp;&nbsp; 24989 |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376 | &nbsp;&nbsp; Discounted <br>Cash Flow<br>| &nbsp;&nbsp; Yield (Discount Rate <br>of Cash Flows)<br>| 5.30% (5.30%) |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376 |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 5142 | &nbsp;&nbsp; Discounted <br>Cash Flow<br>| &nbsp;&nbsp; Constant <br>Prepayment Rate<br>| 12.50%-100%(86.31%) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 165

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average)(a)**<br>|
|  |  |  | &nbsp;&nbsp; Constant <br>Default Rate<br>| 0.00% - 0.50% (0.12%) |
|  |  |  | &nbsp;&nbsp; Yield (Discount Rate <br>of Cash Flows)<br>| 3.87% - 6.80% (4.36%) |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; 5142 |  |  |  |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; 30507  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At June 30, 2022, the value of these investments was $952. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. 

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

**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, 2022, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

**C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments** — JPMorgan SmartRetirement® Blend Income Fund, JPMorgan SmartRetirement® Blend 2015 Fund, JPMorgan SmartRetirement® Blend 2020 Fund, JPMorgan SmartRetirement® Blend 2025 Fund, JPMorgan SmartRetirement® Blend 2030 Fund and JPMorgan SmartRetirement® Blend 2035 Fund purchased when-issued securities, including To Be Announced ("TBA") securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

JPMorgan SmartRetirement® Blend Income Fund, JPMorgan SmartRetirement® Blend 2015 Fund, JPMorgan SmartRetirement® Blend 2020 Fund, JPMorgan SmartRetirement® Blend 2025 Fund, JPMorgan SmartRetirement® Blend 2030 Fund and JPMorgan SmartRetirement® Blend 2035 Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of June 30, 2022, which are shown as a Receivable for Investments securities sold — delayed delivery securities and a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at June 30, 2022 are detailed on the SOIs.

**D. Investment Transactions with Affiliates** — The Funds invested in Underlying Funds and ETFs, which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

166 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend Income Fund**  | **JPMorgan SmartRetirement® Blend Income Fund**  | **JPMorgan SmartRetirement® Blend Income Fund**  | **JPMorgan SmartRetirement® Blend Income Fund**  | **JPMorgan SmartRetirement® Blend Income Fund**  | **JPMorgan SmartRetirement® Blend Income Fund**  | **JPMorgan SmartRetirement® Blend Income Fund**  | **JPMorgan SmartRetirement® Blend Income Fund**  | **JPMorgan SmartRetirement® Blend Income Fund**  | **JPMorgan SmartRetirement® Blend Income Fund**  |
| **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan ActiveBuilders Emerging Markets <br> Equity ETF <br>| $—  | $2031  | $1967  | $(64) | $—  | $—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $—  | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders International Equity ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 73407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9365 | &nbsp;&nbsp;&nbsp;&nbsp; 15542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; (14270) | &nbsp;&nbsp;&nbsp;&nbsp; 53325 | &nbsp;&nbsp; 1127 | &nbsp;&nbsp;&nbsp;&nbsp; 2689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5945 | &nbsp;&nbsp;&nbsp; 1119 | &nbsp;&nbsp;&nbsp;&nbsp; (1414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8939 | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Mid Cap Equity ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306 | &nbsp;&nbsp;&nbsp;&nbsp; (3754) | &nbsp;&nbsp;&nbsp;&nbsp; 13153 | &nbsp;&nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp; (3130) | &nbsp;&nbsp;&nbsp;&nbsp; 11193 | &nbsp;&nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3563 | &nbsp;&nbsp;&nbsp;&nbsp; (291) | &nbsp;&nbsp;&nbsp;&nbsp; (2969) | &nbsp;&nbsp;&nbsp;&nbsp; 52847 | &nbsp;&nbsp; 7094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14405 | &nbsp;&nbsp;&nbsp;&nbsp; 10924 | &nbsp;&nbsp;&nbsp;&nbsp; 10696 | &nbsp;&nbsp; (2973) | &nbsp;&nbsp;&nbsp;&nbsp; (1643) | &nbsp;&nbsp;&nbsp;&nbsp; 10017 | &nbsp;&nbsp; 1724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1252 | &nbsp;&nbsp;&nbsp;&nbsp; (155) | &nbsp;&nbsp;&nbsp;&nbsp; (3415) | &nbsp;&nbsp;&nbsp;&nbsp; 26933 | &nbsp;&nbsp; 1714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Strategic Debt <br> Fund Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547 | &nbsp;&nbsp;&nbsp;&nbsp; 12632 | &nbsp;&nbsp; (2195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (94) | &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; 546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Index Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70709 | &nbsp;&nbsp;&nbsp;&nbsp; 72011 | &nbsp;&nbsp;&nbsp;&nbsp; 17743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp; (16189) | &nbsp;&nbsp; 108970 | &nbsp;&nbsp; 1918 | &nbsp;&nbsp;&nbsp;&nbsp; 1437 | &nbsp;&nbsp; 1402 |
| &nbsp;&nbsp;&nbsp; JPMorgan Floating Rate Income Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2787 | &nbsp;&nbsp;&nbsp;&nbsp; (158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6866 | &nbsp;&nbsp;&nbsp;&nbsp; 832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan High Yield Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 27273 | &nbsp;&nbsp;&nbsp;&nbsp; 15658 | &nbsp;&nbsp;&nbsp;&nbsp; 12490 | &nbsp;&nbsp;&nbsp;&nbsp; (535) | &nbsp;&nbsp;&nbsp;&nbsp; (4631) | &nbsp;&nbsp;&nbsp;&nbsp; 25275 | &nbsp;&nbsp; 4110 | &nbsp;&nbsp;&nbsp;&nbsp; 1368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Research Enhanced ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26297 | &nbsp;&nbsp; (1863) | &nbsp;&nbsp;&nbsp;&nbsp; (1088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 1140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Income Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471 | &nbsp;&nbsp;&nbsp;&nbsp; 19077 | &nbsp;&nbsp;&nbsp;&nbsp; (590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (275) | &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; 504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Inflation Managed Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (555) | &nbsp;&nbsp;&nbsp;&nbsp; 43296 | &nbsp;&nbsp;&nbsp;&nbsp; 896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Inflation Managed Bond Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2174 | &nbsp;&nbsp;&nbsp;&nbsp; 57163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp; (2215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Managed Income Fund Class L Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &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; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Short Duration Core Plus Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 62313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886 | &nbsp;&nbsp;&nbsp;&nbsp; 60216 | &nbsp;&nbsp; (1775) | &nbsp;&nbsp;&nbsp;&nbsp; (1208) | &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; 742 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |
| JPMorgan U.S. Aggregate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 46037 | &nbsp;&nbsp;&nbsp;&nbsp; 33064 | &nbsp;&nbsp;&nbsp;&nbsp; 33751 | &nbsp;&nbsp; (1167) | &nbsp;&nbsp;&nbsp;&nbsp; (4465) | &nbsp;&nbsp;&nbsp;&nbsp; 39718 | &nbsp;&nbsp;&nbsp;&nbsp; 828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39755 | &nbsp;&nbsp; 222492 | &nbsp;&nbsp; 216784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45463 | 45463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan U.S. Value Factor ETF  | &nbsp;&nbsp;&nbsp;&nbsp; 38593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38988 | &nbsp;&nbsp;&nbsp; 1441 | &nbsp;&nbsp;&nbsp;&nbsp; (1046) | &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; 117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total** | $547903 | $516783 | $544570 | $(8198) | $(62800) | $449118 |  | $12578 | $1601 |

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&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) Amount rounds to less than one thousand.

(c) The rate shown is the current yield as of June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2015 Fund**  | **JPMorgan SmartRetirement® Blend 2015 Fund**  | **JPMorgan SmartRetirement® Blend 2015 Fund**  | **JPMorgan SmartRetirement® Blend 2015 Fund**  | **JPMorgan SmartRetirement® Blend 2015 Fund**  | **JPMorgan SmartRetirement® Blend 2015 Fund**  | **JPMorgan SmartRetirement® Blend 2015 Fund**  | **JPMorgan SmartRetirement® Blend 2015 Fund**  | **JPMorgan SmartRetirement® Blend 2015 Fund**  | **JPMorgan SmartRetirement® Blend 2015 Fund**  |
| **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF (a)<br>| $—  | $415  | $407  | $(8) | $—  | $—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $—  | $— |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 167

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2015 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2015 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2015 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2015 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2015 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2015 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2015 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2015 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2015 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2015 Fund** (continued) |
| **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2021**<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> **2022**<br>| **Shares at**<br> **June 30,**<br> **2022**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| JPMorgan BetaBuilders International Equity ETF (a) | $3012 | $381 | $274 | $45 | $(688) | $2476 | &nbsp;&nbsp;&nbsp;&nbsp; 52 | $119 | $— |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp; (4) | &nbsp;&nbsp;&nbsp;&nbsp; (146) | &nbsp;&nbsp;&nbsp;&nbsp; 2451 | &nbsp;&nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp; (91) | &nbsp;&nbsp;&nbsp;&nbsp; (121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp; (150) | &nbsp;&nbsp;&nbsp;&nbsp; 1236 | &nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Strategic Debt Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517 | &nbsp;&nbsp;&nbsp; (92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Equity Index Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3989 | &nbsp;&nbsp;&nbsp;&nbsp; 2564 | &nbsp;&nbsp;&nbsp;&nbsp; 1088 | &nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp; (932) | &nbsp;&nbsp;&nbsp;&nbsp; 4798 | &nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; JPMorgan Floating Rate Income Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan High Yield Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 661 | &nbsp;&nbsp;&nbsp; (35) | &nbsp;&nbsp;&nbsp;&nbsp; (216) | &nbsp;&nbsp;&nbsp;&nbsp; 1171 | &nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan High Yield Research Enhanced ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 1097 | &nbsp;&nbsp;&nbsp; (74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Income Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755 | &nbsp;&nbsp;&nbsp; (21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Inflation Managed Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29) | &nbsp;&nbsp;&nbsp;&nbsp; 2010 | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Inflation Managed Bond Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 2345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; (105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Managed Income Fund Class L Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &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; JPMorgan Short Duration Core Plus Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 2525 | &nbsp;&nbsp;&nbsp; (78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| JPMorgan U.S. Aggregate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 847 | &nbsp;&nbsp;&nbsp; (32) | &nbsp;&nbsp;&nbsp;&nbsp; (242) | &nbsp;&nbsp;&nbsp;&nbsp; 1842 | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1788 | &nbsp;&nbsp;&nbsp;&nbsp; 7719 | &nbsp;&nbsp;&nbsp;&nbsp; 7229 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2278 | 2278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total** | $21292 | $19879 | $18707 | $(75) | $(2831) | $19558 |  | $529 | $60 |

---

&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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2020 Fund**  | **JPMorgan SmartRetirement® Blend 2020 Fund**  | **JPMorgan SmartRetirement® Blend 2020 Fund**  | **JPMorgan SmartRetirement® Blend 2020 Fund**  | **JPMorgan SmartRetirement® Blend 2020 Fund**  | **JPMorgan SmartRetirement® Blend 2020 Fund**  | **JPMorgan SmartRetirement® Blend 2020 Fund**  | **JPMorgan SmartRetirement® Blend 2020 Fund**  | **JPMorgan SmartRetirement® Blend 2020 Fund**  | **JPMorgan SmartRetirement® Blend 2020 Fund**  |
| **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $—  | $3699  | $3582  | $(117) | $—  | $—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $—  | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 141085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30723 | &nbsp;&nbsp;&nbsp;&nbsp; 3922 | &nbsp;&nbsp;&nbsp;&nbsp; (29128) | &nbsp;&nbsp;&nbsp;&nbsp; 96934 | &nbsp;&nbsp; 2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16964 | &nbsp;&nbsp;&nbsp;&nbsp; 2613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2933) | &nbsp;&nbsp;&nbsp;&nbsp; 13419 | &nbsp;&nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7058) | &nbsp;&nbsp;&nbsp;&nbsp; 23860 | &nbsp;&nbsp;&nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5748) | &nbsp;&nbsp;&nbsp;&nbsp; 20303 | &nbsp;&nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 108268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5349) | &nbsp;&nbsp;&nbsp;&nbsp; 95225 | 12782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19978 | &nbsp;&nbsp;&nbsp;&nbsp; (5556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3011) | &nbsp;&nbsp;&nbsp;&nbsp; 18241 | &nbsp;&nbsp; 3140 | &nbsp;&nbsp;&nbsp;&nbsp; 1288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6262) | &nbsp;&nbsp;&nbsp;&nbsp; 48966 | &nbsp;&nbsp; 3117 | &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;

168 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2020 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2020 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2020 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2020 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2020 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2020 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2020 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2020 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2020 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2020 Fund** (continued) |
| **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2021**<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> **2022**<br>| **Shares at**<br> **June 30,**<br> **2022**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Strategic Debt <br> Fund Class R6 Shares (a)<br>| $27937  | $1016  | $24729  | $(3943) | $(281) | $—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $1015  | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Index Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 135154 | &nbsp;&nbsp;&nbsp;&nbsp; 123990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (270) | &nbsp;&nbsp;&nbsp;&nbsp; (28732) | &nbsp;&nbsp; 198082 | &nbsp;&nbsp; 3486 | &nbsp;&nbsp;&nbsp;&nbsp; 2673 | &nbsp;&nbsp; 2639 |
| &nbsp;&nbsp;&nbsp; JPMorgan Floating Rate Income Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (722) | &nbsp;&nbsp;&nbsp;&nbsp; 12454 | &nbsp;&nbsp; 1509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30632 | &nbsp;&nbsp;&nbsp;&nbsp; (1022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8216) | &nbsp;&nbsp;&nbsp;&nbsp; 46029 | &nbsp;&nbsp; 7484 | &nbsp;&nbsp;&nbsp;&nbsp; 2447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Research Enhanced ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52161 | &nbsp;&nbsp;&nbsp;&nbsp; (3513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5417 | &nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp; 2110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Income Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37235 | &nbsp;&nbsp;&nbsp;&nbsp; (1059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (624) | &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; 981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Inflation Managed Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1203) | &nbsp;&nbsp;&nbsp;&nbsp; 78135 | &nbsp;&nbsp; 1618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Inflation Managed Bond Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 108783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1872 | &nbsp;&nbsp;&nbsp;&nbsp; 107188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Managed Income Fund Class L <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &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; 1 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Short Duration Core Plus Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 120312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1627 | &nbsp;&nbsp;&nbsp;&nbsp; 116500 | &nbsp;&nbsp;&nbsp;&nbsp; (3156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1368 | &nbsp;&nbsp;&nbsp;&nbsp; 261 |
| JPMorgan U.S. Aggregate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82263 | &nbsp;&nbsp;&nbsp;&nbsp; (1773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8164) | &nbsp;&nbsp;&nbsp;&nbsp; 71571 | &nbsp;&nbsp; 1492 | &nbsp;&nbsp;&nbsp;&nbsp; 1098 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 1.38% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68887 | &nbsp;&nbsp;&nbsp;&nbsp; 494233 | &nbsp;&nbsp;&nbsp;&nbsp; 479764 | &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; 83356 | 83356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan U.S. Value Factor ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73901 | &nbsp;&nbsp;&nbsp;&nbsp; 2877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2061) | &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; 234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total** | $1023500 | $1050520 | $1133365 | $(11055) | $(117608) | $811992 |  | $23140 | $3001 |

---

&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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2025 Fund**  | **JPMorgan SmartRetirement® Blend 2025 Fund**  | **JPMorgan SmartRetirement® Blend 2025 Fund**  | **JPMorgan SmartRetirement® Blend 2025 Fund**  | **JPMorgan SmartRetirement® Blend 2025 Fund**  | **JPMorgan SmartRetirement® Blend 2025 Fund**  | **JPMorgan SmartRetirement® Blend 2025 Fund**  | **JPMorgan SmartRetirement® Blend 2025 Fund**  | **JPMorgan SmartRetirement® Blend 2025 Fund**  | **JPMorgan SmartRetirement® Blend 2025 Fund**  |
| **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $—  | $7967  | $7716  | $(251) | $—  | $—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $—  | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 330989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82099 | &nbsp;&nbsp;&nbsp;&nbsp; 1487 | &nbsp;&nbsp;&nbsp;&nbsp; (60707) | &nbsp;&nbsp;&nbsp;&nbsp; 215958 | &nbsp;&nbsp; 4567 | &nbsp;&nbsp; 11835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34238 | &nbsp;&nbsp;&nbsp;&nbsp; 6265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6777) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35881 | &nbsp;&nbsp;&nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp;&nbsp; 1206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12001 | &nbsp;&nbsp;&nbsp;&nbsp; 1188 | &nbsp;&nbsp;&nbsp;&nbsp; (15293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53002 | &nbsp;&nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Small Cap <br> Equity ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13462 | &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; (13056) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44866 | &nbsp;&nbsp;&nbsp;&nbsp; 891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 181845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (899) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8978) | &nbsp;&nbsp;&nbsp;&nbsp; 161324 | 21654 | &nbsp;&nbsp;&nbsp;&nbsp; 1301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18387 | &nbsp;&nbsp;&nbsp;&nbsp; (4872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38799 | &nbsp;&nbsp; 6678 | &nbsp;&nbsp;&nbsp;&nbsp; 1893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 109508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19346 | &nbsp;&nbsp;&nbsp;&nbsp; (3804) | &nbsp;&nbsp;&nbsp;&nbsp; (34187) | &nbsp;&nbsp;&nbsp;&nbsp; 106028 | &nbsp;&nbsp; 6749 | &nbsp;&nbsp;&nbsp;&nbsp; 2909 | &nbsp;&nbsp; 2783 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 169

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2025 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2025 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2025 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2025 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2025 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2025 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2025 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2025 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2025 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2025 Fund** (continued) |
| **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2021**<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> **2022**<br>| **Shares at**<br> **June 30,**<br> **2022**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Strategic Debt <br> Fund Class R6 Shares (a)<br>| $37384  | $1452  | $32511  | $(6067) | $(258) | $—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $1451  | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Index Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 329195 | &nbsp;&nbsp;&nbsp;&nbsp; 203894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp; (58213) | &nbsp;&nbsp;&nbsp;&nbsp; 405439 | &nbsp;&nbsp; 7134 | &nbsp;&nbsp;&nbsp;&nbsp; 5673 | &nbsp;&nbsp; 5508 |
| &nbsp;&nbsp;&nbsp; JPMorgan Floating Rate Income Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19355 | &nbsp;&nbsp; 2346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (324) | &nbsp;&nbsp;&nbsp;&nbsp; (12983) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83677 | 13606 | &nbsp;&nbsp;&nbsp;&nbsp; 3190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Research Enhanced <br> ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65259 | &nbsp;&nbsp;&nbsp;&nbsp; (4871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2565) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7993 | &nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp; 2762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Income Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44182 | &nbsp;&nbsp;&nbsp;&nbsp; (1622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (511) | &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; 1209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Inflation Managed Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71818 | &nbsp;&nbsp; 1487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Inflation Managed Bond Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1989) | &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; 1254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Managed Income Fund Class L <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 822 | &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; 822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &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; JPMorgan Short Duration Core Plus Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 175229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6779 | &nbsp;&nbsp;&nbsp;&nbsp; 173573 | &nbsp;&nbsp;&nbsp;&nbsp; (5616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2819) | &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; 2086 | &nbsp;&nbsp;&nbsp;&nbsp; 404 |
| JPMorgan U.S. Aggregate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 130046 | &nbsp;&nbsp;&nbsp;&nbsp; 112062 | &nbsp;&nbsp;&nbsp;&nbsp; 104616 | &nbsp;&nbsp;&nbsp;&nbsp; (2907) | &nbsp;&nbsp;&nbsp;&nbsp; (13345) | &nbsp;&nbsp;&nbsp;&nbsp; 121240 | &nbsp;&nbsp; 2528 | &nbsp;&nbsp;&nbsp;&nbsp; 1955 | &nbsp;&nbsp;&nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 1.38% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67712 | &nbsp;&nbsp;&nbsp;&nbsp; 636595 | &nbsp;&nbsp;&nbsp;&nbsp; 618036 | &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; 86271 | 86271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan U.S. Value Factor ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 112506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 113726 | &nbsp;&nbsp;&nbsp;&nbsp; 4434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3214) | &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; 364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total** | $1777847 | $1448075 | $1509728 | $(18118) | $(246425) | $1451651 |  | $41689 | $8842 |

---

&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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2030 Fund**  | **JPMorgan SmartRetirement® Blend 2030 Fund**  | **JPMorgan SmartRetirement® Blend 2030 Fund**  | **JPMorgan SmartRetirement® Blend 2030 Fund**  | **JPMorgan SmartRetirement® Blend 2030 Fund**  | **JPMorgan SmartRetirement® Blend 2030 Fund**  | **JPMorgan SmartRetirement® Blend 2030 Fund**  | **JPMorgan SmartRetirement® Blend 2030 Fund**  | **JPMorgan SmartRetirement® Blend 2030 Fund**  | **JPMorgan SmartRetirement® Blend 2030 Fund**  |
| **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $—  | $11785  | $11414  | $(371) | $—  | $—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $—  | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 477892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38570 | &nbsp;&nbsp;&nbsp;&nbsp; 102184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp;&nbsp; (89385) | &nbsp;&nbsp;&nbsp;&nbsp; 325358 | &nbsp;&nbsp; 6880 | &nbsp;&nbsp; 17432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47528 | &nbsp;&nbsp;&nbsp;&nbsp; 8079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54675 | &nbsp;&nbsp;&nbsp;&nbsp; 623 | &nbsp;&nbsp;&nbsp;&nbsp; 1787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 697 | &nbsp;&nbsp;&nbsp;&nbsp; (21831) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78640 | &nbsp;&nbsp; 1127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Small Cap <br> Equity ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp; (19350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67478 | &nbsp;&nbsp; 1340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 178226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8755) | &nbsp;&nbsp;&nbsp;&nbsp; 158071 | 21218 | &nbsp;&nbsp;&nbsp;&nbsp; 1274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17408 | &nbsp;&nbsp;&nbsp;&nbsp; (5413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31678 | &nbsp;&nbsp; 5452 | &nbsp;&nbsp;&nbsp;&nbsp; 1877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 157979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23777 | &nbsp;&nbsp;&nbsp;&nbsp; (4396) | &nbsp;&nbsp;&nbsp;&nbsp; (51607) | &nbsp;&nbsp;&nbsp;&nbsp; 164683 | 10483 | &nbsp;&nbsp;&nbsp;&nbsp; 4225 | &nbsp;&nbsp;&nbsp;&nbsp; 4041 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

170 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2030 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2030 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2030 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2030 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2030 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2030 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2030 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2030 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2030 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2030 Fund** (continued) |
| **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2021**<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> **2022**<br>| **Shares at**<br> **June 30,**<br> **2022**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Strategic Debt <br> Fund Class R6 Shares (a)<br>| $37151  | $1412  | $32596  | $(5536) | $(431) | $—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $1411  | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Index Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 527015 | &nbsp;&nbsp;&nbsp;&nbsp; 294040 | &nbsp;&nbsp;&nbsp;&nbsp; 107196 | &nbsp;&nbsp;&nbsp;&nbsp; 2523 | &nbsp;&nbsp;&nbsp;&nbsp; (91576) | &nbsp;&nbsp;&nbsp;&nbsp; 624806 | 10994 | &nbsp;&nbsp;&nbsp;&nbsp; 8600 | &nbsp;&nbsp;&nbsp;&nbsp; 8242 |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; (13677) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91217 | 14832 | &nbsp;&nbsp;&nbsp;&nbsp; 3141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Research Enhanced <br> ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70689 | &nbsp;&nbsp;&nbsp;&nbsp; (5701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 2736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Income Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44281 | &nbsp;&nbsp;&nbsp;&nbsp; (1915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (338) | &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; 1256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Inflation Managed Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14566 | &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; (672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13894 | &nbsp;&nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Inflation Managed Bond Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9655 | &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; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Managed Income Fund Class L <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 776 | &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; 776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &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; JPMorgan Short Duration Core Plus Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 164294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14799 | &nbsp;&nbsp;&nbsp;&nbsp; 171021 | &nbsp;&nbsp;&nbsp;&nbsp; (5540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2532) | &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; 1990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383 |
| JPMorgan U.S. Aggregate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 125591 | &nbsp;&nbsp;&nbsp;&nbsp; 113064 | &nbsp;&nbsp;&nbsp;&nbsp; 104813 | &nbsp;&nbsp;&nbsp;&nbsp; (2391) | &nbsp;&nbsp;&nbsp;&nbsp; (12649) | &nbsp;&nbsp;&nbsp;&nbsp; 118802 | &nbsp;&nbsp; 2476 | &nbsp;&nbsp;&nbsp;&nbsp; 1792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 1.38% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62602 | &nbsp;&nbsp;&nbsp;&nbsp; 706935 | &nbsp;&nbsp;&nbsp;&nbsp; 691389 | &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; 78148 | 78148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan U.S. Value Factor ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 129003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130379 | &nbsp;&nbsp;&nbsp;&nbsp; 5025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3649) | &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; 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total** | $2145002 | $1625626 | $1609475 | $(15142) | $(334412) | $1811599 |  | $49947 | $12796 |

---

&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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2035 Fund**  | **JPMorgan SmartRetirement® Blend 2035 Fund**  | **JPMorgan SmartRetirement® Blend 2035 Fund**  | **JPMorgan SmartRetirement® Blend 2035 Fund**  | **JPMorgan SmartRetirement® Blend 2035 Fund**  | **JPMorgan SmartRetirement® Blend 2035 Fund**  | **JPMorgan SmartRetirement® Blend 2035 Fund**  | **JPMorgan SmartRetirement® Blend 2035 Fund**  | **JPMorgan SmartRetirement® Blend 2035 Fund**  | **JPMorgan SmartRetirement® Blend 2035 Fund**  |
| **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $—  | $13065  | $12653  | $(412) | $—  | $—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $—  | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 519020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99385 | &nbsp;&nbsp;&nbsp;&nbsp; (2092) | &nbsp;&nbsp;&nbsp;&nbsp; (98101) | &nbsp;&nbsp;&nbsp;&nbsp; 364580 | &nbsp;&nbsp; 7709 | &nbsp;&nbsp; 19418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 104627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50708 | &nbsp;&nbsp;&nbsp;&nbsp; 8212 | &nbsp;&nbsp;&nbsp;&nbsp; (10195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60874 | &nbsp;&nbsp;&nbsp;&nbsp; 693 | &nbsp;&nbsp;&nbsp;&nbsp; 1936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 105721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp; (24582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89372 | &nbsp;&nbsp; 1281 | &nbsp;&nbsp;&nbsp;&nbsp; 1073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Small Cap <br> Equity ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75817 | &nbsp;&nbsp; 1506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 311843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75243 | &nbsp;&nbsp;&nbsp;&nbsp; (4774) | &nbsp;&nbsp;&nbsp;&nbsp; (35043) | &nbsp;&nbsp;&nbsp;&nbsp; 243406 | 32672 | &nbsp;&nbsp;&nbsp;&nbsp; 7889 | &nbsp;&nbsp;&nbsp;&nbsp; 2089 |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16175 | &nbsp;&nbsp;&nbsp;&nbsp; (4899) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3012) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14663 | &nbsp;&nbsp; 2523 | &nbsp;&nbsp;&nbsp;&nbsp; 1219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 172471 | &nbsp;&nbsp;&nbsp;&nbsp; 101916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28355 | &nbsp;&nbsp;&nbsp;&nbsp; (5143) | &nbsp;&nbsp;&nbsp;&nbsp; (56933) | &nbsp;&nbsp;&nbsp;&nbsp; 183956 | 11710 | &nbsp;&nbsp;&nbsp;&nbsp; 4769 | &nbsp;&nbsp;&nbsp;&nbsp; 4562 |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Strategic Debt <br> Fund Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20770 | &nbsp;&nbsp;&nbsp;&nbsp; (3616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 | &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; 887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 171

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2035 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2035 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2035 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2035 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2035 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2035 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2035 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2035 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2035 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2035 Fund** (continued) |
| **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2021**<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> **2022**<br>| **Shares at**<br> **June 30,**<br> **2022**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Index Fund Class R6 <br> Shares (a)<br>| $601666 | $292213 | $85323 | $43 | $(101730) | $706869 | 12438 | $9700 | $9463 |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21275 | &nbsp;&nbsp;&nbsp;&nbsp; (2059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7056) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40939 | &nbsp;&nbsp; 6657 | &nbsp;&nbsp;&nbsp;&nbsp; 2237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Research Enhanced <br> ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43472 | &nbsp;&nbsp;&nbsp;&nbsp; (2495) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14454 | &nbsp;&nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp;&nbsp; 2136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Income Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (99) | &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; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Managed Income Fund Class L <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607 | &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; 607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &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; — |
| JPMorgan U.S. Aggregate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28221 | &nbsp;&nbsp;&nbsp;&nbsp; (1552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81298 | &nbsp;&nbsp; 1695 | &nbsp;&nbsp;&nbsp;&nbsp; 1083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 1.38% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42915 | &nbsp;&nbsp;&nbsp;&nbsp; 592980 | &nbsp;&nbsp;&nbsp;&nbsp; 549659 | &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; 86236 | 86236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan U.S. Value Factor ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 120078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121268 | &nbsp;&nbsp;&nbsp;&nbsp; 4451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3261) | &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; 389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total** | $2275692 | $1255747 | $1182438 | $(14422) | $(372115) | $1962464 |  | $54175 | $16196 |

---

&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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2040 Fund**  | **JPMorgan SmartRetirement® Blend 2040 Fund**  | **JPMorgan SmartRetirement® Blend 2040 Fund**  | **JPMorgan SmartRetirement® Blend 2040 Fund**  | **JPMorgan SmartRetirement® Blend 2040 Fund**  | **JPMorgan SmartRetirement® Blend 2040 Fund**  | **JPMorgan SmartRetirement® Blend 2040 Fund**  | **JPMorgan SmartRetirement® Blend 2040 Fund**  | **JPMorgan SmartRetirement® Blend 2040 Fund**  | **JPMorgan SmartRetirement® Blend 2040 Fund**  |
| **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $—  | $13126  | $12713  | $(413) | $—  | $—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $—  | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 522197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44667 | &nbsp;&nbsp;&nbsp;&nbsp; 101428 | &nbsp;&nbsp; (1921) | &nbsp;&nbsp;&nbsp;&nbsp; (98957) | &nbsp;&nbsp;&nbsp;&nbsp; 364558 | &nbsp;&nbsp; 7709 | &nbsp;&nbsp; 19525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 106795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52235 | &nbsp;&nbsp;&nbsp; 8693 | &nbsp;&nbsp;&nbsp;&nbsp; (10597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61370 | &nbsp;&nbsp;&nbsp;&nbsp; 699 | &nbsp;&nbsp;&nbsp;&nbsp; 1989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 106020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp;&nbsp; (24580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88917 | &nbsp;&nbsp; 1274 | &nbsp;&nbsp;&nbsp;&nbsp; 1083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Small Cap <br> Equity ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12769 | &nbsp;&nbsp;&nbsp;&nbsp; (357) | &nbsp;&nbsp;&nbsp;&nbsp; (21229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75843 | &nbsp;&nbsp; 1507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14636 | &nbsp;&nbsp; (1555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43506 | &nbsp;&nbsp; 4108 | &nbsp;&nbsp;&nbsp;&nbsp; 1225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444 |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 145846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40726 | &nbsp;&nbsp; (2694) | &nbsp;&nbsp;&nbsp;&nbsp; (17980) | &nbsp;&nbsp;&nbsp;&nbsp; 130365 | 17499 | &nbsp;&nbsp;&nbsp;&nbsp; 3885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 978 |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1080 | &nbsp;&nbsp;&nbsp;&nbsp; (287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16383 | &nbsp;&nbsp; 2820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 173746 | &nbsp;&nbsp;&nbsp;&nbsp; 105249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32192 | &nbsp;&nbsp; (5735) | &nbsp;&nbsp;&nbsp;&nbsp; (56986) | &nbsp;&nbsp;&nbsp;&nbsp; 184082 | 11717 | &nbsp;&nbsp;&nbsp;&nbsp; 4754 | &nbsp;&nbsp;&nbsp;&nbsp; 4547 |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Strategic Debt <br> Fund Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13795 | &nbsp;&nbsp; (2593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 | &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; 593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Index Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 619710 | &nbsp;&nbsp;&nbsp;&nbsp; 297470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 559 | &nbsp;&nbsp; (102392) | &nbsp;&nbsp;&nbsp;&nbsp; 717743 | 12630 | &nbsp;&nbsp;&nbsp;&nbsp; 9872 | &nbsp;&nbsp;&nbsp;&nbsp; 9522 |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12997 | &nbsp;&nbsp;&nbsp;&nbsp; (368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30708 | &nbsp;&nbsp; 4993 | &nbsp;&nbsp;&nbsp;&nbsp; 1582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

172 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2040 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2040 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2040 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2040 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2040 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2040 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2040 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2040 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2040 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2040 Fund** (continued) |
| **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2021**<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> **2022**<br>| **Shares at**<br> **June 30,**<br> **2022**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Research Enhanced <br> ETF (a)<br>| $46309  | $—  | $34803  | $(2085)  | $(1798) | $7623  | &nbsp;&nbsp;&nbsp;&nbsp; 175 | $1588  | $— |
| JPMorgan Income Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15124 | &nbsp;&nbsp;&nbsp;&nbsp; (681) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89) | &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; 429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Managed Income Fund Class L <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &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; — |
| JPMorgan U.S. Aggregate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35441 | &nbsp;&nbsp; (2412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43542 | &nbsp;&nbsp;&nbsp;&nbsp; 907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 1.38% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40077 | &nbsp;&nbsp;&nbsp;&nbsp; 505761 | &nbsp;&nbsp;&nbsp;&nbsp; 507120 | &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; 38718 | 38718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan U.S. Value Factor ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 107568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 108692 | &nbsp;&nbsp;&nbsp; 4024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2900) | &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; 346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total** | $2127290 | $1143753 | $1103288 | $(7356) | $(357041) | $1803358 |  | $49477 | $15564 |

---

&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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2045 Fund**  | **JPMorgan SmartRetirement® Blend 2045 Fund**  | **JPMorgan SmartRetirement® Blend 2045 Fund**  | **JPMorgan SmartRetirement® Blend 2045 Fund**  | **JPMorgan SmartRetirement® Blend 2045 Fund**  | **JPMorgan SmartRetirement® Blend 2045 Fund**  | **JPMorgan SmartRetirement® Blend 2045 Fund**  | **JPMorgan SmartRetirement® Blend 2045 Fund**  | **JPMorgan SmartRetirement® Blend 2045 Fund**  | **JPMorgan SmartRetirement® Blend 2045 Fund**  |
| **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan ActiveBuilders Emerging Markets <br> Equity ETF <br>| $—  | $11617  | $11252  | $(365) | $—  | $—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $—  | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 457332 | &nbsp;&nbsp;&nbsp;&nbsp; 48082 | &nbsp;&nbsp;&nbsp;&nbsp; 94949 | &nbsp;&nbsp; (3322) | &nbsp;&nbsp;&nbsp;&nbsp; (86813) | &nbsp;&nbsp;&nbsp;&nbsp; 320330 | &nbsp;&nbsp; 6774 | &nbsp;&nbsp; 17358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90216 | &nbsp;&nbsp;&nbsp;&nbsp; 13419 | &nbsp;&nbsp;&nbsp;&nbsp; 48169 | &nbsp;&nbsp;&nbsp; 6992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8847) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53611 | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp;&nbsp; 1746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92164 | &nbsp;&nbsp;&nbsp;&nbsp; 15540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426 | &nbsp;&nbsp;&nbsp;&nbsp; (21936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78306 | &nbsp;&nbsp; 1122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Small Cap <br> Equity ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62041 | &nbsp;&nbsp;&nbsp;&nbsp; 26664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; (19313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66587 | &nbsp;&nbsp; 1323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5076 | &nbsp;&nbsp;&nbsp;&nbsp; (560) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17588 | &nbsp;&nbsp; 1661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48544 | &nbsp;&nbsp;&nbsp;&nbsp; 18899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6875 | &nbsp;&nbsp;&nbsp;&nbsp; (711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52701 | &nbsp;&nbsp; 7074 | &nbsp;&nbsp;&nbsp;&nbsp; 1456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2697 | &nbsp;&nbsp;&nbsp;&nbsp; (690) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6464 | &nbsp;&nbsp; 1112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 153541 | &nbsp;&nbsp;&nbsp;&nbsp; 91799 | &nbsp;&nbsp;&nbsp;&nbsp; 28016 | &nbsp;&nbsp; (5382) | &nbsp;&nbsp;&nbsp;&nbsp; (50394) | &nbsp;&nbsp;&nbsp;&nbsp; 161548 | 10283 | &nbsp;&nbsp;&nbsp;&nbsp; 4318 | &nbsp;&nbsp;&nbsp;&nbsp; 4130 |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Strategic Debt <br> Fund Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6741 | &nbsp;&nbsp; (1298) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &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; 299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Index Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 556933 | &nbsp;&nbsp; 243715 | &nbsp;&nbsp;&nbsp;&nbsp; 77172 | &nbsp;&nbsp;&nbsp;&nbsp; (678) | &nbsp;&nbsp;&nbsp;&nbsp; (90975) | &nbsp;&nbsp;&nbsp;&nbsp; 631823 | 11118 | &nbsp;&nbsp;&nbsp;&nbsp; 8827 | &nbsp;&nbsp;&nbsp;&nbsp; 8669 |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9453 | &nbsp;&nbsp;&nbsp;&nbsp; (301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7812 | &nbsp;&nbsp; 1270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Research Enhanced <br> ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18546 | &nbsp;&nbsp; (1181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7810 | &nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp; 1060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Income Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp;&nbsp; 11838 | &nbsp;&nbsp;&nbsp;&nbsp; (532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69) | &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; 336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Managed Income Fund Class L <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &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; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 173

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2045 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2045 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2045 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2045 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2045 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2045 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2045 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2045 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2045 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2045 Fund** (continued) |
| **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2021**<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> **2022**<br>| **Shares at**<br> **June 30,**<br> **2022**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| JPMorgan U.S. Aggregate Bond ETF (a) | $1291 | $19898 | $2479 | $(118) | $(991) | $17601 | &nbsp;&nbsp;&nbsp;&nbsp; 367 | $102 | $2 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 1.38% (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31718 | &nbsp;&nbsp; 435390 | &nbsp;&nbsp; 430939 | &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; 36169 | 36169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan U.S. Value Factor ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86181 | &nbsp;&nbsp;&nbsp; 3161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2278) | &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; 279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total** | $1675362 | $935195 | $851512 | $(4546) | $(296149) | $1458350 |  | $39242 | $13355 |

---

&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) Amount rounds to less than one thousand.

(c) The rate shown is the current yield as of June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2050 Fund**  | **JPMorgan SmartRetirement® Blend 2050 Fund**  | **JPMorgan SmartRetirement® Blend 2050 Fund**  | **JPMorgan SmartRetirement® Blend 2050 Fund**  | **JPMorgan SmartRetirement® Blend 2050 Fund**  | **JPMorgan SmartRetirement® Blend 2050 Fund**  | **JPMorgan SmartRetirement® Blend 2050 Fund**  | **JPMorgan SmartRetirement® Blend 2050 Fund**  | **JPMorgan SmartRetirement® Blend 2050 Fund**  | **JPMorgan SmartRetirement® Blend 2050 Fund**  |
| **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan ActiveBuilders Emerging Markets <br> Equity ETF <br>| $—  | $8979  | $8696  | $(283) | $—  | $—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $—  | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 351512 | &nbsp;&nbsp;&nbsp;&nbsp; 50185 | &nbsp;&nbsp;&nbsp;&nbsp; 86303 | &nbsp;&nbsp; (2430) | &nbsp;&nbsp;&nbsp;&nbsp; (66430) | &nbsp;&nbsp;&nbsp;&nbsp; 246534 | &nbsp;&nbsp; 5213 | &nbsp;&nbsp; 13346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9619 | &nbsp;&nbsp;&nbsp;&nbsp; 37986 | &nbsp;&nbsp;&nbsp; 5482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6906) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41183 | &nbsp;&nbsp;&nbsp;&nbsp; 469 | &nbsp;&nbsp;&nbsp;&nbsp; 1347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp; (16830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60280 | &nbsp;&nbsp;&nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Small Cap <br> Equity ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47771 | &nbsp;&nbsp;&nbsp;&nbsp; 26474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8172 | &nbsp;&nbsp;&nbsp;&nbsp; (280) | &nbsp;&nbsp;&nbsp;&nbsp; (14589) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51204 | &nbsp;&nbsp; 1017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6640 | &nbsp;&nbsp;&nbsp;&nbsp; (690) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10809 | &nbsp;&nbsp; 1021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37453 | &nbsp;&nbsp;&nbsp;&nbsp; 10009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9504 | &nbsp;&nbsp; (1040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32389 | &nbsp;&nbsp; 4347 | &nbsp;&nbsp;&nbsp;&nbsp; 1061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289 |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3351 | &nbsp;&nbsp;&nbsp;&nbsp; (705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (899) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3897 | &nbsp;&nbsp;&nbsp;&nbsp; 671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 117034 | &nbsp;&nbsp;&nbsp;&nbsp; 76471 | &nbsp;&nbsp;&nbsp;&nbsp; 26731 | &nbsp;&nbsp; (4212) | &nbsp;&nbsp;&nbsp;&nbsp; (38275) | &nbsp;&nbsp;&nbsp;&nbsp; 124287 | &nbsp;&nbsp; 7911 | &nbsp;&nbsp;&nbsp;&nbsp; 3310 | &nbsp;&nbsp;&nbsp;&nbsp; 3166 |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Strategic Debt <br> Fund Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5191 | &nbsp;&nbsp;&nbsp;&nbsp; (998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &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; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Index Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 427884 | &nbsp;&nbsp; 199765 | &nbsp;&nbsp;&nbsp;&nbsp; 69653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp; (69939) | &nbsp;&nbsp;&nbsp;&nbsp; 488211 | &nbsp;&nbsp; 8591 | &nbsp;&nbsp;&nbsp;&nbsp; 6784 | &nbsp;&nbsp;&nbsp;&nbsp; 6596 |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8888 | &nbsp;&nbsp;&nbsp;&nbsp; (186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4833 | &nbsp;&nbsp;&nbsp;&nbsp; 786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Research Enhanced <br> ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15622 | &nbsp;&nbsp; (1080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1091) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4835 | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Income Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9149 | &nbsp;&nbsp;&nbsp;&nbsp; (412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54) | &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; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Managed Income Fund Class L <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &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; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan U.S. Aggregate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 996 | &nbsp;&nbsp;&nbsp;&nbsp; 13115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2564 | &nbsp;&nbsp;&nbsp;&nbsp; (116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10817 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

174 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2050 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2050 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2050 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2050 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2050 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2050 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2050 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2050 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2050 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2050 Fund** (continued) |
| **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2021**<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> **2022**<br>| **Shares at**<br> **June 30,**<br> **2022**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 1.38% (a) (b)<br>| $22235  | $388006 | $383450 | $—  | $—  | $26791  | 26791 | $43 | $— |
| JPMorgan U.S. Value Factor ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65590 | &nbsp;&nbsp;&nbsp; 2471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1757) | &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; 202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total** | $1289278 | $799919 | $754761 | $(3947) | $(224419) | $1106070 |  | $30024 | $10192 |

---

&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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2055 Fund**  | **JPMorgan SmartRetirement® Blend 2055 Fund**  | **JPMorgan SmartRetirement® Blend 2055 Fund**  | **JPMorgan SmartRetirement® Blend 2055 Fund**  | **JPMorgan SmartRetirement® Blend 2055 Fund**  | **JPMorgan SmartRetirement® Blend 2055 Fund**  | **JPMorgan SmartRetirement® Blend 2055 Fund**  | **JPMorgan SmartRetirement® Blend 2055 Fund**  | **JPMorgan SmartRetirement® Blend 2055 Fund**  | **JPMorgan SmartRetirement® Blend 2055 Fund**  |
| **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan ActiveBuilders Emerging Markets <br> Equity ETF <br>| $—  | $4881  | $4728  | $(153) | $—  | $—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $—  | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders International Equity ETF <br> (a)<br>| &nbsp;&nbsp; 186456 | &nbsp;&nbsp;&nbsp;&nbsp; 35072 | &nbsp;&nbsp;&nbsp;&nbsp; 43504 | &nbsp;&nbsp; (1831) | &nbsp;&nbsp;&nbsp;&nbsp; (35970) | &nbsp;&nbsp; 140223 | &nbsp;&nbsp; 2965 | &nbsp;&nbsp;&nbsp;&nbsp; 7253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 37141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5512 | &nbsp;&nbsp;&nbsp;&nbsp; 19029 | &nbsp;&nbsp;&nbsp; 2730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3565) | &nbsp;&nbsp;&nbsp;&nbsp; 22789 | &nbsp;&nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Mid Cap Equity ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9040) | &nbsp;&nbsp;&nbsp;&nbsp; 34714 | &nbsp;&nbsp;&nbsp;&nbsp; 497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25251 | &nbsp;&nbsp;&nbsp;&nbsp; 14745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3728 | &nbsp;&nbsp;&nbsp;&nbsp; (230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7813) | &nbsp;&nbsp;&nbsp;&nbsp; 28225 | &nbsp;&nbsp;&nbsp;&nbsp; 561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Core Bond Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4556 | &nbsp;&nbsp;&nbsp;&nbsp; (393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6020 | &nbsp;&nbsp;&nbsp;&nbsp; 569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5005 | &nbsp;&nbsp;&nbsp;&nbsp; (461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2496) | &nbsp;&nbsp;&nbsp;&nbsp; 18039 | &nbsp;&nbsp; 2421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2409 | &nbsp;&nbsp;&nbsp;&nbsp; (524) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2147 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 62868 | &nbsp;&nbsp;&nbsp;&nbsp; 41867 | &nbsp;&nbsp;&nbsp;&nbsp; 12930 | &nbsp;&nbsp; (1911) | &nbsp;&nbsp;&nbsp;&nbsp; (21108) | &nbsp;&nbsp;&nbsp;&nbsp; 68786 | &nbsp;&nbsp; 4378 | &nbsp;&nbsp;&nbsp;&nbsp; 1785 | &nbsp;&nbsp; 1707 |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Strategic Debt <br> Fund Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2759 | &nbsp;&nbsp;&nbsp;&nbsp; (507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &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; 122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Index Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp; 227047 | &nbsp;&nbsp; 120300 | &nbsp;&nbsp;&nbsp;&nbsp; 40113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; (38372) | &nbsp;&nbsp; 268949 | &nbsp;&nbsp; 4733 | &nbsp;&nbsp;&nbsp;&nbsp; 3687 | &nbsp;&nbsp; 3544 |
| JPMorgan High Yield Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (693) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2665 | &nbsp;&nbsp;&nbsp;&nbsp; 433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Research Enhanced ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9124 | &nbsp;&nbsp;&nbsp;&nbsp; (629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Income Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5956 | &nbsp;&nbsp;&nbsp;&nbsp; (224) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28) | &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; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Managed Income Fund Class L Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &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; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan U.S. Aggregate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6025 | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13254 | &nbsp;&nbsp; 227077 | &nbsp;&nbsp; 225324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15007 | 15007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan U.S. Value Factor ETF  | &nbsp;&nbsp;&nbsp;&nbsp; 34311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34630 | &nbsp;&nbsp;&nbsp; 1273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (954) | &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; 96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total** | $683931 | $479986 | $422672 | $(2824) | $(122167) | $616254 |  | $16276 | $5480 |

---

&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) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 175

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the current yield as of June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2060 Fund**  | **JPMorgan SmartRetirement® Blend 2060 Fund**  | **JPMorgan SmartRetirement® Blend 2060 Fund**  | **JPMorgan SmartRetirement® Blend 2060 Fund**  | **JPMorgan SmartRetirement® Blend 2060 Fund**  | **JPMorgan SmartRetirement® Blend 2060 Fund**  | **JPMorgan SmartRetirement® Blend 2060 Fund**  | **JPMorgan SmartRetirement® Blend 2060 Fund**  | **JPMorgan SmartRetirement® Blend 2060 Fund**  | **JPMorgan SmartRetirement® Blend 2060 Fund**  |
| **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** | **For the year ended June 30, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2021**<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>**2022**<br>| **Shares at** <br>**June 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan ActiveBuilders Emerging Markets <br> Equity ETF <br>| $—  | $1637  | $1585  | $(52) | $—  | $—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $—  | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders International Equity ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 53499 | &nbsp;&nbsp;&nbsp;&nbsp; 23096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8841 | &nbsp;&nbsp;&nbsp;&nbsp; (745) | &nbsp;&nbsp; (12509) | &nbsp;&nbsp;&nbsp;&nbsp; 54500 | &nbsp;&nbsp; 1152 | &nbsp;&nbsp; 2458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (997) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Mid Cap Equity ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9) | &nbsp;&nbsp;&nbsp;&nbsp; (3163) | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Small Cap Equity ETF <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2772) | &nbsp;&nbsp;&nbsp;&nbsp; 11295 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Core Bond Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2309 | &nbsp;&nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6887 | &nbsp;&nbsp;&nbsp;&nbsp; 924 | &nbsp;&nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp;&nbsp; (129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 776 | &nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17805 | &nbsp;&nbsp;&nbsp;&nbsp; 17963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2586 | &nbsp;&nbsp;&nbsp;&nbsp; (474) | &nbsp;&nbsp;&nbsp;&nbsp; (7004) | &nbsp;&nbsp;&nbsp;&nbsp; 25704 | &nbsp;&nbsp; 1636 | &nbsp;&nbsp;&nbsp;&nbsp; 566 | &nbsp;&nbsp;&nbsp;&nbsp; 533 |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Strategic Debt Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp;&nbsp; (159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &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; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Equity Index Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 65217 | &nbsp;&nbsp;&nbsp;&nbsp; 54728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp; (14757) | &nbsp;&nbsp; 100069 | &nbsp;&nbsp; 1761 | &nbsp;&nbsp; 1239 | &nbsp;&nbsp; 1126 |
| JPMorgan High Yield Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 963 | &nbsp;&nbsp;&nbsp;&nbsp; 157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan High Yield Research Enhanced ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2581 | &nbsp;&nbsp;&nbsp;&nbsp; (178) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Income Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) | &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; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Managed Income Fund Class L Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan U.S. Aggregate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 1.38% (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3949 | &nbsp;&nbsp; 106526 | &nbsp;&nbsp;&nbsp;&nbsp; 98519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11956 | 11956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan U.S. Value Factor ETF  | &nbsp;&nbsp;&nbsp;&nbsp; 10073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (263) | &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; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total** | $196341 | $229503 | $141934 | $(1076) | $(43445) | $239389 |  | $5403 | $1731 |

---

&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) Amount rounds to less than one thousand.

(c) The rate shown is the current yield as of June 30, 2022.

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

176 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**F. Futures Contracts**— The Funds used index and treasury futures contracts to manage and hedge interest rate and equity price risks associated with portfolio investments. 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 and interest rate risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

The table below discloses the volume of the Funds' futures contracts activity during the year ended June 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend Income** <br>**Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2015** <br>**Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2020** <br>**Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2025** <br>**Fund** <br>|
| **Futures Contracts:** |  |  |  |  |
| Average Notional Balance Long | $37894 | $2220 | $68539 | $154793 |
| Average Notional Balance Short | &nbsp;&nbsp; (10237) | &nbsp;&nbsp;&nbsp; (503) | &nbsp;&nbsp; (19827) | &nbsp;&nbsp;&nbsp; (28633) |
| Ending Notional Balance Long | &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; 26762 |
| Ending Notional Balance Short | &nbsp;&nbsp; (18075) | &nbsp;&nbsp;&nbsp; (494) | &nbsp;&nbsp; (30325) | &nbsp;&nbsp;&nbsp; (28080) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2030** <br>**Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2035** <br>**Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2040** <br>**Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2045** <br>**Fund** <br>|
| **Futures Contracts:** |  |  |  |  |
| Average Notional Balance Long | $169387 | $101865 | $91437 | $71321 |
| Average Notional Balance Short | &nbsp;&nbsp;&nbsp; (35432) | &nbsp;&nbsp;&nbsp; (43043) | &nbsp;&nbsp; (40423) | &nbsp;&nbsp; (32117) |
| Ending Notional Balance Long | &nbsp;&nbsp;&nbsp;&nbsp; 32076 | &nbsp;&nbsp;&nbsp;&nbsp; 30178 | &nbsp;&nbsp;&nbsp; 22396 | &nbsp;&nbsp;&nbsp; 18031 |
| Ending Notional Balance Short | &nbsp;&nbsp;&nbsp; (33447) | &nbsp;&nbsp;&nbsp; (29592) | &nbsp;&nbsp; (36714) | &nbsp;&nbsp; (29451) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2050** <br>**Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2055** <br>**Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2060** <br>**Fund** <br>|
| **Futures Contracts:** |  |  |  |
| Average Notional Balance Long | $55667 | $30991 | $9799 |
| Average Notional Balance Short | &nbsp;&nbsp; (25028) | &nbsp;&nbsp; (13464) | &nbsp;&nbsp; (3904) |
| Ending Notional Balance Long | &nbsp;&nbsp;&nbsp; 13666 | &nbsp;&nbsp;&nbsp;&nbsp; 7592 | &nbsp;&nbsp;&nbsp; 6453 |
| Ending Notional Balance Short | &nbsp;&nbsp; (22372) | &nbsp;&nbsp; (12246) | &nbsp;&nbsp; (3634) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 177

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**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**G. Summary of Derivatives Information** — The following tables present the value of derivatives held as of June 30, 2022, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend Income** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2015** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2020** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2025** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2030** <br>**Fund**<br>|
| **Equity Risk Exposure:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unrealized Appreciation on Futures <br> Contracts \*<br>| $91 | $—<sup>\*\*</sup> <br>| $220 | $11 | $13 |
| &nbsp;&nbsp;&nbsp; Unrealized Depreciation on Futures <br> Contracts \*<br>| &nbsp;&nbsp; (90) | &nbsp;&nbsp; (5) | &nbsp;&nbsp; (199) | &nbsp;&nbsp; (1144) | &nbsp;&nbsp; (1372) |
| **Net Fair Value of Derivative** <br> **Contracts:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unrealized Appreciation <br> (Depreciation) on Futures <br> Contracts \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; (5) | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp; (1133) | &nbsp;&nbsp; (1359) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2035** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2040** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2045** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2050** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2055** <br>**Fund**<br>|
| **Equity Risk Exposure:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unrealized Appreciation on Futures <br> Contracts \*<br>| $15 | $36 | $29 | $22 | $12 |
| &nbsp;&nbsp;&nbsp; Unrealized Depreciation on Futures <br> Contracts \*<br>| &nbsp;&nbsp; (1290) | &nbsp;&nbsp; (1257) | &nbsp;&nbsp; (1008) | &nbsp;&nbsp; (763) | &nbsp;&nbsp; (421) |
| **Net Fair Value of Derivative** <br> **Contracts:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unrealized Appreciation <br> (Depreciation) on Futures <br> Contracts \*<br>| &nbsp;&nbsp; (1275) | &nbsp;&nbsp; (1221) | &nbsp;&nbsp;&nbsp;&nbsp; (979) | &nbsp;&nbsp; (741) | &nbsp;&nbsp; (409) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2060** <br>**Fund**<br>|
| **Equity Risk Exposure:** |  |
| Unrealized Appreciation on Futures Contracts \* | $5 |
| Unrealized Depreciation on Futures Contracts \* | &nbsp;&nbsp; (123) |
| **Net Fair Value of Derivative Contracts:** |  |
| Unrealized Appreciation (Depreciation) on Futures Contracts \* | &nbsp;&nbsp; (118) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day's variation margin is reported within the Statements of Assets and Liabilities. 

\*\* Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

178 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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The following tables present the effect of derivatives on the Statements of Operations for the year ended June 30, 2022, by primary underlying risk exposure:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend Income** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2015** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2020** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2025** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2030** <br>**Fund**<br>|
| **Realized Gain (Loss) on** <br> **Derivatives Recognized as a** <br> **Result From Operations:**<br>|  |  |  |  |  |
| **Equity Risk Exposure:** |  |  |  |  |  |
| Futures Contracts | $(864) | $(129)  | $(1410)  | $(4929)  | $(5984) |
| **Interest Rate Risk Exposure:** |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (2888) | &nbsp;&nbsp; (153) | &nbsp;&nbsp; (5327) | &nbsp;&nbsp; (8678) | &nbsp;&nbsp; (9538) |
| **Net Change in Unrealized** <br> **Appreciation (Depreciation) on** <br> **Derivatives Recognized as a** <br> **Result of Operations:**<br>|  |  |  |  |  |
| **Equity Risk Exposure:** |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; (1366) | &nbsp;&nbsp; (1676) |
| **Interest Rate Risk Exposure:** |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 917 | &nbsp;&nbsp;&nbsp; 1163 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2035** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2040** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2045** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2050** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2055** <br>**Fund**<br>|
| **Realized Gain (Loss) on** <br> **Derivatives Recognized as a** <br> **Result From Operations:**<br>|  |  |  |  |  |
| **Equity Risk Exposure:** |  |  |  |  |  |
| Futures Contracts | $(5747)  | $(4455)  | $(3581)  | $(2637)  | $(1722) |
| **Interest Rate Risk Exposure:** |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (2876) | &nbsp;&nbsp; (2556) | &nbsp;&nbsp; (2097) | &nbsp;&nbsp; (1619) | &nbsp;&nbsp;&nbsp;&nbsp; (860) |
| **Net Change in Unrealized** <br> **Appreciation (Depreciation) on** <br> **Derivatives Recognized as a** <br> **Result of Operations:**<br>|  |  |  |  |  |
| **Equity Risk Exposure:** |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (1537) | &nbsp;&nbsp; (1461) | &nbsp;&nbsp; (1164) | &nbsp;&nbsp;&nbsp;&nbsp; (906) | &nbsp;&nbsp;&nbsp;&nbsp; (485) |
| **Interest Rate Risk Exposure:** |  |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp; 1225 | &nbsp;&nbsp;&nbsp; 1072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2060** <br>**Fund**<br>|
| **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** |  |
| **Equity Risk Exposure:** |  |
| Futures Contracts | $(702) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 179

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

---

| | |
|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2060**<br> **Fund**<br>|
| **Interest Rate Risk Exposure:** |  |
| Futures Contracts | $(229) |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** |  |
| **Equity Risk Exposure:** |  |
| Futures Contracts | &nbsp;&nbsp; (139) |
| **Interest Rate Risk Exposure:** |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 99 |

---

**H. 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 and distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, 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.

**I. 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, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** | **Total** |
| **JPMorgan SmartRetirement® Blend Income Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp; n/a | $—(a) | $—(a) | $—(a) | $—(a) | $1 | $9 | $10 |
| **JPMorgan SmartRetirement® Blend 2015 Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | $—(a) | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| **JPMorgan SmartRetirement® Blend 2020 Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp; n/a | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 14 |
| **JPMorgan SmartRetirement® Blend 2025 Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp; n/a | &nbsp;&nbsp; 1 | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 23 |
| **JPMorgan SmartRetirement® Blend 2030 Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp; n/a | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 25 |
| **JPMorgan SmartRetirement® Blend 2035 Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp; n/a | &nbsp;&nbsp; 1 | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 23 |
| **JPMorgan SmartRetirement® Blend 2040 Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp; n/a | &nbsp;&nbsp; 1 | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 30 |
| **JPMorgan SmartRetirement® Blend 2045 Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp; n/a | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 19 |
| **JPMorgan SmartRetirement® Blend 2050 Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp; n/a | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

180 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** | **Total** |
| **JPMorgan SmartRetirement® Blend 2055 Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp; n/a | $—(a) | $—(a) | $—(a) | $—(a) | $1 | $11 | $12 |
| **JPMorgan SmartRetirement® Blend 2060 Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agency fees  | &nbsp;&nbsp; n/a | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

The Funds invested in Underlying Funds and ETFs and, as a result, bear a portion of the expenses incurred by these Underlying Funds and ETFs. These expenses are not reflected in the expenses shown on the Statements of Operations and are not included in the ratios to average net assets shown in the Financial Highlights. Certain expenses of affiliated Underlying Funds and ETFs are waived as described in Note 3.F.

**J. 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, 2022, 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.

**K. 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. Prior to January 1, 2022, distributions from net investment income, if any, were generally declared and paid at least quarterly and were 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>|
| JPMorgan SmartRetirement® Blend Income Fund | $— | $484  | $(484) |
| JPMorgan SmartRetirement® Blend 2015 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12) |
| JPMorgan SmartRetirement® Blend 2020 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 857 | &nbsp;&nbsp;&nbsp;&nbsp; (857) |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 2412 | &nbsp;&nbsp; (2412) |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 3907 | &nbsp;&nbsp; (3907) |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 4938 | &nbsp;&nbsp; (4938) |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 5075 | &nbsp;&nbsp; (5075) |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 4718 | &nbsp;&nbsp; (4718) |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 3590 | &nbsp;&nbsp; (3590) |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 1935 | &nbsp;&nbsp; (1935) |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 632 | &nbsp;&nbsp;&nbsp;&nbsp; (632) |

---

The reclassifications for the Funds relate primarily to tax reclassifications on certain investments and foreign currency gains or losses.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee —** Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.15% of each Fund's respective average daily net assets.

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 181

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(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. 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, 2022, 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 Board has adopted a Distribution Plan (the "Distribution Plan") for Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

---

| | |
|:---|:---|
| **Class R2** | **Class R3** |
| 0.50% | 0.25% |

---

**D. Service Fees** — The Trust, 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 I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** |
| 0.25% | 0.25% | 0.25% | 0.25% | 0.10% |

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**E. Custodian and Accounting Fees** — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

**F. Waivers and Reimbursements**— The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding 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 incurred by the Funds and any Underlying Fund and ETFs and acquired fund fees incurred by an Underlying Fund and ETFs) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| 0.44% | 0.94% | 0.69% | 0.44% | 0.29% | 0.19% |

---

The expense limitation agreements were in effect for the year ended June 30, 2022 and are in place until at least March 31, 2023.

The Underlying Funds and ETFs may impose separate advisory and service fees. To avoid charging a service fee at an effective rate above 0.25% for Class I, Class R2, Class R3 and Class R4 Shares and above 0.10% for Class R5 Shares, JPMDS will waive service fees with respect to the Funds in an amount equal to the weighted average pro-rata amount of service fees charged by the affiliated Underlying Funds and ETFs. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

182 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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For the year ended June 30, 2022, 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>|
| JPMorgan SmartRetirement® Blend Income Fund | $1036 | $191 | $1  | $1228 | $381 |
| JPMorgan SmartRetirement® Blend 2015 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp; 189 |
| JPMorgan SmartRetirement® Blend 2020 Fund | &nbsp;&nbsp; 1918 | &nbsp;&nbsp; 302 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2221 | &nbsp;&nbsp; 614 |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp; 3201 | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3644 | &nbsp;&nbsp; 573 |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp; 3744 | &nbsp;&nbsp; 511 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 4257 | &nbsp;&nbsp; 193 |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp; 3472 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3948 | &nbsp;&nbsp; 696 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp; 3115 | &nbsp;&nbsp; 434 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3551 | &nbsp;&nbsp; 414 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp; 2498 | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2871 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp; 1914 | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2218 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1234 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 461 | &nbsp;&nbsp; 127 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

Effective January 1, 2022, JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the period January 1, 2022 through June 30, 2022 the amount of these waivers were as follows:

---

| | |
|:---|:---|
| JPMorgan SmartRetirement® Blend Income Fund | $1 |
| JPMorgan SmartRetirement® Blend 2015 Fund | &nbsp;&nbsp; 1 |
| JPMorgan SmartRetirement® Blend 2020 Fund | &nbsp;&nbsp; 1 |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp; 1 |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp; 1 |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp; 1 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp; 1 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp; 1 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp; 1 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp; 1 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp; 1 |

---

**G. Other** — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statements of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the year ended June 30, 2022, JPMorgan SmartRetirement® Blend Income Fund, JPMorgan SmartRetirement® Blend 2015 Fund, JPMorgan SmartRetirement® Blend 2020 Fund, JPMorgan SmartRetirement® Blend 2025 Fund, JPMorgan SmartRetirement® Blend 2030 Fund and JPMorgan SmartRetirement® Blend 2035 Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 183

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(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, 2022, 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>| **Purchases** <br>**of U.S.** <br>**Government**<br>| **Sales** <br>**of U.S.** <br>**Government**<br>|
| JPMorgan SmartRetirement® Blend Income Fund | $322782  | $418505  | $29628 | $44925 |
| JPMorgan SmartRetirement® Blend 2015 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15285 | &nbsp;&nbsp;&nbsp;&nbsp; 1631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2251 |
| JPMorgan SmartRetirement® Blend 2020 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 614755 | &nbsp;&nbsp;&nbsp;&nbsp; 847993 | &nbsp;&nbsp; 62932 | &nbsp;&nbsp; 104393 |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 958243 | &nbsp;&nbsp; 1105218 | &nbsp;&nbsp; 78639 | &nbsp;&nbsp; 125331 |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp; 1117826 | &nbsp;&nbsp; 1173669 | &nbsp;&nbsp; 81651 | &nbsp;&nbsp; 114783 |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 712299 | &nbsp;&nbsp;&nbsp;&nbsp; 685316 | &nbsp;&nbsp; 25704 | &nbsp;&nbsp;&nbsp;&nbsp; 34967 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 637992 | &nbsp;&nbsp;&nbsp;&nbsp; 596167 | &nbsp;&nbsp;&nbsp;&nbsp; 8278 | &nbsp;&nbsp;&nbsp;&nbsp; 10434 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 499805 | &nbsp;&nbsp;&nbsp;&nbsp; 420573 | &nbsp;&nbsp;&nbsp;&nbsp; 6267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7704 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 411913 | &nbsp;&nbsp;&nbsp;&nbsp; 371310 | &nbsp;&nbsp;&nbsp;&nbsp; 4951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5980 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 252909 | &nbsp;&nbsp;&nbsp;&nbsp; 197348 | &nbsp;&nbsp;&nbsp;&nbsp; 2796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3316 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 122976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43414 | &nbsp;&nbsp;&nbsp;&nbsp; 1068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1224 |

---

**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, 2022 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>|
| JPMorgan SmartRetirement® Blend Income Fund | $593060  | $12108 | $36504  | $(24396) |
| JPMorgan SmartRetirement® Blend 2015 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1809 | &nbsp;&nbsp;&nbsp;&nbsp; (1598) |
| JPMorgan SmartRetirement® Blend 2020 Fund | &nbsp;&nbsp; 1070396 | &nbsp;&nbsp; 23725 | &nbsp;&nbsp;&nbsp;&nbsp; 66086 | &nbsp;&nbsp; (42361) |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp; 1865413 | &nbsp;&nbsp; 65512 | &nbsp;&nbsp; 114169 | &nbsp;&nbsp; (48657) |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp; 2192888 | &nbsp;&nbsp; 97012 | &nbsp;&nbsp; 118318 | &nbsp;&nbsp; (21306) |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp; 2066773 | &nbsp;&nbsp; 93471 | &nbsp;&nbsp; 112551 | &nbsp;&nbsp; (19080) |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp; 1789901 | &nbsp;&nbsp; 99099 | &nbsp;&nbsp;&nbsp;&nbsp; 81983 | &nbsp;&nbsp;&nbsp; 17116 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp; 1440959 | &nbsp;&nbsp; 81844 | &nbsp;&nbsp;&nbsp;&nbsp; 61450 | &nbsp;&nbsp;&nbsp; 20394 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp; 1086068 | &nbsp;&nbsp; 63993 | &nbsp;&nbsp;&nbsp;&nbsp; 41642 | &nbsp;&nbsp;&nbsp; 22351 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 608517 | &nbsp;&nbsp; 32287 | &nbsp;&nbsp;&nbsp;&nbsp; 23114 | &nbsp;&nbsp;&nbsp;&nbsp; 9173 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 251684 | &nbsp;&nbsp;&nbsp;&nbsp; 2720 | &nbsp;&nbsp;&nbsp;&nbsp; 14351 | &nbsp;&nbsp; (11631) |

---

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to tax adjustments on certain derivatives and wash sale loss deferrals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

184 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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The tax character of distributions paid during the year ended June 30, 2022 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>|
| JPMorgan SmartRetirement® Blend Income Fund | $15071 | $14104 | $29175 |
| JPMorgan SmartRetirement® Blend 2015 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1747 |
| JPMorgan SmartRetirement® Blend 2020 Fund | &nbsp;&nbsp; 28873 | &nbsp;&nbsp; 35583 | &nbsp;&nbsp;&nbsp;&nbsp; 64456 |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp; 57774 | &nbsp;&nbsp; 37926 | &nbsp;&nbsp;&nbsp;&nbsp; 95700 |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp; 66515 | &nbsp;&nbsp; 46835 | &nbsp;&nbsp; 113350 |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp; 66877 | &nbsp;&nbsp; 45771 | &nbsp;&nbsp; 112648 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp; 59484 | &nbsp;&nbsp; 44429 | &nbsp;&nbsp; 103913 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp; 47804 | &nbsp;&nbsp; 28674 | &nbsp;&nbsp;&nbsp;&nbsp; 76478 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp; 33950 | &nbsp;&nbsp; 25829 | &nbsp;&nbsp;&nbsp;&nbsp; 59779 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp; 19998 | &nbsp;&nbsp; 12743 | &nbsp;&nbsp;&nbsp;&nbsp; 32741 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5630 | &nbsp;&nbsp;&nbsp;&nbsp; 3072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8702 |

---

&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, 2021 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>|
| JPMorgan SmartRetirement® Blend Income Fund | $14363 | $15542 | $29905 |
| JPMorgan SmartRetirement® Blend 2015 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 |
| JPMorgan SmartRetirement® Blend 2020 Fund | &nbsp;&nbsp; 27919 | &nbsp;&nbsp; 29235 | &nbsp;&nbsp; 57154 |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp; 38693 | &nbsp;&nbsp; 33244 | &nbsp;&nbsp; 71937 |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp; 41859 | &nbsp;&nbsp; 22445 | &nbsp;&nbsp; 64304 |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp; 39591 | &nbsp;&nbsp;&nbsp;&nbsp; 1475 | &nbsp;&nbsp; 41066 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp; 33972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 33972 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp; 24897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 24897 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp; 19445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 19445 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp; 10154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 10154 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 2664 |

---

&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, 2022 JPMorgan SmartRetirement® Blend Funds 185

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

As of June 30, 2022, 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; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| JPMorgan SmartRetirement® Blend Income Fund | $6949  | $(24753) |
| JPMorgan SmartRetirement® Blend 2015 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp;&nbsp; (1837) |
| JPMorgan SmartRetirement® Blend 2020 Fund | &nbsp;&nbsp; 12686 | &nbsp;&nbsp; (42972) |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp; 20884 | &nbsp;&nbsp; (49408) |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp; 23392 | &nbsp;&nbsp; (22151) |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp; 22016 | &nbsp;&nbsp; (19685) |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp; 18803 | &nbsp;&nbsp;&nbsp; 16219 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp; 14348 | &nbsp;&nbsp;&nbsp; 19695 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp; 10872 | &nbsp;&nbsp;&nbsp; 21836 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 6003 | &nbsp;&nbsp;&nbsp;&nbsp; 8884 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2207 | &nbsp;&nbsp; (11705) |

---

The cumulative timing differences primarily consist of tax adjustments on certain derivatives, post-October capital loss deferrals, specified ordinary loss deferrals, straddle loss deferrals and wash sale loss deferrals.

As of June 30, 2022, the Funds did not have any net capital loss carryforwards.

Net capital losses (gains) and specified ordinary losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended June 30, 2022, the following Funds deferred to July 1, 2022 the following net capital losses (gains) and specified ordinary losses of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Capital Losses (Gains)**  | **Net Capital Losses (Gains)**  | &nbsp;&nbsp;&nbsp; **Specified** <br>**Ordinary Losses** |
|  | **Short-Term** | **Long-Term** | &nbsp;&nbsp;&nbsp; **Specified** <br>**Ordinary Losses** |
| JPMorgan SmartRetirement® Blend Income Fund | $3685  | $10191 | $23 |
| JPMorgan SmartRetirement® Blend 2015 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 427 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| JPMorgan SmartRetirement® Blend 2020 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 6572 | &nbsp;&nbsp; 19155 | &nbsp;&nbsp; 31 |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp; 11654 | &nbsp;&nbsp; 30945 | &nbsp;&nbsp; 80 |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp; 12431 | &nbsp;&nbsp; 29315 | &nbsp;&nbsp; 40 |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp; 10762 | &nbsp;&nbsp; 10473 | &nbsp;&nbsp; 32 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7089 | &nbsp;&nbsp;&nbsp;&nbsp; 2980 | &nbsp;&nbsp; 57 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7096 | &nbsp;&nbsp;&nbsp; (1317) | &nbsp;&nbsp; 64 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5451 | &nbsp;&nbsp;&nbsp;&nbsp; (766) | &nbsp;&nbsp; 44 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3573 | &nbsp;&nbsp;&nbsp;&nbsp; (749) | &nbsp;&nbsp; 23 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45) | &nbsp;&nbsp; 15 |

---

**6. Borrowings** 

The Funds rely upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended June 30, 2022.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

186 JPMorgan SmartRetirement® Blend Funds June 30, 2022

------

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 Funds' borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 31, 2022.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2022.

The Trust, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion ("Credit Facility") with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% (the "Applicable Margin"), plus the greater of the federal funds effective rate or one month London Interbank Offered Rate ("LIBOR"). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 9, 2022, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a change in the interest associated with any borrowing to the higher, on the day of the borrowing, of (a) the federal funds effective rate, or (b) the one-month Adjusted SOFR Rate plus the Applicable Margin.

The Funds did not utilize the Credit Facility during the year ended June 30, 2022.

**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, 2022, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &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** |
| JPMorgan SmartRetirement® Blend Income Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; —% | 2 | 54.6% |
| JPMorgan SmartRetirement® Blend 2015 Fund | 1 | 96.5 |  | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan SmartRetirement® Blend 2020 Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 2 | 60.7 |
| JPMorgan SmartRetirement® Blend 2025 Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 2 | 59.4 |
| JPMorgan SmartRetirement® Blend 2030 Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 2 | 58.8 |
| JPMorgan SmartRetirement® Blend 2035 Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 2 | 63.0 |
| JPMorgan SmartRetirement® Blend 2040 Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 2 | 63.2 |
| JPMorgan SmartRetirement® Blend 2045 Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 2 | 63.9 |
| JPMorgan SmartRetirement® Blend 2050 Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 2 | 61.8 |
| JPMorgan SmartRetirement® Blend 2055 Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 2 | 58.4 |
| JPMorgan SmartRetirement® Blend 2060 Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 2 | 49.5 |

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Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 187

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**NOTES TO FINANCIAL STATEMENTS** <br>AS OF June 30, 2022 (continued) <br>(Dollar values in thousands)

As of June 30, 2022, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds and ETFs:

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| | |
|:---|:---|
|  | **% of Net Assets** |
| JPMorgan BetaBuilders U.S. Small Cap Equity ETF | 99.1% |
| JPMorgan BetaBuilders International Equity ETF | 82.2 |
| JPMorgan Equity Index Fund | 58.6 |
| JPMorgan U.S. Aggregate Bond ETF | 46.6 |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | 39.1 |
| JPMorgan Emerging Markets Research Enhanced Equity Fund | 38.0 |
| JPMorgan BetaBuilders MSCI US REIT ETF | 32.6 |
| JPMorgan Inflation Managed Bond ETF | 19.8 |
| JPMorgan Emerging Markets Debt Fund | 16.5 |
| JPMorgan High Yield Research Enhanced ETF | 13.8 |

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The Funds are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market's perception of the issuers and changes in interest rates.

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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority ("FCA") publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA's consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. In addition, certain regulated entities ceased entering into most new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance, unavailability or replacement, all of which may affect the value, volatility, liquidity or return on certain of a Fund's loans, notes, derivatives and other instruments or investments comprising some or all of a Fund's investments and

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188 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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result in costs incurred in connection with changing reference rates used for positions closing out positions and entering into new trades. Certain of a Fund's investments may transition from LIBOR prior to the dates announced by the FCA. The transition from LIBOR to alternative reference rates may result in operational issues for a Fund or its investments. No assurances can be given as to the impact of the LIBOR transition (and the timing of any such impact) on a Fund and its investments.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19 has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including among other things, reduced consumer demand and economic output, supply chain disruptions and increased government spending may continue to have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund's investment performance. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long-term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.

**8. Subsequent Event**

Subsequent to June 30, 2022, JPMorgan SmartRetirement® Blend 2015 Fund had net redemptions of $6,129, which represented 23% of the Fund's net assets as of June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 189

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan SmartRetirement Blend Income Fund, JPMorgan SmartRetirement Blend 2015 Fund, JPMorgan SmartRetirement Blend 2020 Fund, JPMorgan SmartRetirement Blend 2025 Fund, JPMorgan SmartRetirement Blend 2030 Fund, JPMorgan SmartRetirement Blend 2035 Fund, JPMorgan SmartRetirement Blend 2040 Fund, JPMorgan SmartRetirement Blend 2045 Fund, JPMorgan SmartRetirement Blend 2050 Fund, JPMorgan SmartRetirement Blend 2055 Fund and JPMorgan SmartRetirement Blend 2060 Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan SmartRetirement Blend Income Fund, JPMorgan SmartRetirement Blend 2015 Fund (formerly known as JPMorgan SmartSpending 2015 Fund), JPMorgan SmartRetirement Blend 2020 Fund, JPMorgan SmartRetirement Blend 2025 Fund, JPMorgan SmartRetirement Blend 2030 Fund, JPMorgan SmartRetirement Blend 2035 Fund, JPMorgan SmartRetirement Blend 2040 Fund, JPMorgan SmartRetirement Blend 2045 Fund, JPMorgan SmartRetirement Blend 2050 Fund, JPMorgan SmartRetirement Blend 2055 Fund and JPMorgan SmartRetirement Blend 2060 Fund (eleven of the funds constituting JPMorgan Trust I, hereafter collectively referred to as the "Funds") as of June 30, 2022, the related statements of operations for the year ended June 30, 2022, the statements of changes in net assets for each of the two years in the period ended June 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2022 (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, 2022, 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, 2022 and each of the financial highlights for each of the five years in the period ended June 30, 2022 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, 2022 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 29, 2022

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

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190 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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**TRUSTEES** <br>(Unaudited)

The Funds' Statement of Additional Information includes additional information about the Funds' Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds' website at www.jpmorganfunds.com.

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| | | | |
|:---|:---|:---|:---|
| **Name (Year of Birth);** <br>**Positions With** <br>**the Funds (1)**<br>| &nbsp;&nbsp;&nbsp; **Principal Occupation** <br>**During Past 5 Years**<br>| &nbsp;&nbsp;&nbsp; **Number of** <br>**Funds in Fund** <br>**Complex Overseen** <br>**by Trustee (2)**<br>| &nbsp;&nbsp;&nbsp; **Other Directorships Held** <br>**During the Past 5 Years**<br>|
| **Independent Trustees** |  |  |  |
| John F. Finn (1947); Chair <br>since 2020; Trustee since <br> 1998.<br>| &nbsp;&nbsp;&nbsp; Chairman, Gardner, Inc. (supply chain <br> management company serving industrial and <br> consumer markets) (serving in various roles <br> 1974-present).<br>| 167 | &nbsp;&nbsp;&nbsp; Director, Greif, Inc. (GEF) (industrial <br> package products and services) <br> (2007-present); Trustee, Columbus <br> Association for the Performing Arts <br> (1988-present)<br>|
| Stephen P. Fisher (1959); <br>Trustee since 2018.<br>| &nbsp;&nbsp;&nbsp; Retired; Chairman and Chief Executive Officer, <br> NYLIFE Distributors LLC (registered <br> brokerdealer) (serving in various roles <br> 2008-2013); Chairman, NYLIM Service <br> Company LLC (transfer agent) (2008-2017); <br> New York Life Investment Management LLC <br> (registered investment adviser) (serving in <br> various roles 2005-2017); Chairman, IndexIQ <br> Advisors LLC (registered investment adviser <br> for ETFs) (2014-2017); President, MainStay VP <br> Funds Trust (2007-2017), MainStay <br> DefinedTerm Municipal Opportunities Fund <br> (2011-2017) and MainStay Funds Trust <br> (2007-2017) (registered investment <br> companies).<br>| 167 | &nbsp;&nbsp;&nbsp; Honors Program Advisory Board <br> Member, The Zicklin School of Business, <br> Baruch College, The City University of <br> New York (2017-present).<br>|
| Gary L. French (1951); <br>Trustee since 2014.<br>| &nbsp;&nbsp;&nbsp; Real Estate Investor (2011-2020); Investment <br> management industry Consultant and Expert <br> Witness (2011-present); Senior Consultant for <br> The Regulatory Fundamentals Group LLC <br> (2011-2017).<br>| 167 | &nbsp;&nbsp;&nbsp; Independent Trustee, The China Fund, <br> Inc. (2013-2019); Exchange Traded <br> Concepts Trust II (2012-2014); Exchange <br> Traded Concepts Trust I (2011-2014).<br>|
| Kathleen M. Gallagher (1958); <br>Trustee since 2018.<br>| &nbsp;&nbsp;&nbsp; Retired; Chief Investment Officer — Benefit <br> Plans, Ford Motor Company (serving in various <br> roles 1985-2016).<br>| 167 | &nbsp;&nbsp;&nbsp; Non- Executive Director, Legal & <br> General Investment Management <br> &nbsp;&nbsp;&nbsp;&nbsp;(Holdings) (2018-present); <br> Non-Executive Director, Legal & <br> General Investment Management <br> America U.S. Holdings (financial <br> services and insurance) (2017-present); <br> Advisory Board Member, State Street <br> Global Advisors Total Portfolio <br> Solutions (2017-present); Member, <br> Client Advisory Council, Financial <br> Engines, LLC (registered investment <br> adviser) (2011-2016); Director, Ford <br> Pension Funds Investment <br> Management Ltd. (2007-2016).<br>|
| Robert J. Grassi (1957); <br>Trustee since 2014.<br>| &nbsp;&nbsp;&nbsp; Sole Proprietor, Academy Hills Advisors LLC <br> (2012-present); Pension Director, Corning <br> Incorporated (2002-2012).<br>| 167 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 191

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**TRUSTEES** <br>(Unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| **Name (Year of Birth);**<br> **Positions With**<br> **the Funds (1)**<br>| &nbsp;&nbsp;&nbsp; **Principal Occupation**<br> **During Past 5 Years**<br>| &nbsp;&nbsp;&nbsp; **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee (2)**<br>| &nbsp;&nbsp;&nbsp; **Other Directorships Held**<br> **During the Past 5 Years**<br>|
| Frankie D. Hughes (1952); <br>Trustee since 2008.<br>| &nbsp;&nbsp;&nbsp; President, Ashland Hughes Properties <br> (property management) (2014-present); <br> President and Chief Investment Officer, <br> Hughes Capital Management, Inc. (fixed <br> income asset management) (1993-2014).<br>| 167 |  |
| Raymond Kanner (1953); <br>Trustee since 2017.<br>| &nbsp;&nbsp;&nbsp; Retired; Managing Director & Chief Investment <br> Officer, IBM Retirement Funds (2007-2016).<br>| 167 | &nbsp;&nbsp;&nbsp; Advisory Board Member, Penso <br> Advisors LLC (2020-present); Advisory <br> Board Member, Los Angeles Capital <br> (2018-present); Advisory Board <br> Member, State Street Global Advisors <br> Total Portfolio Solutions (2017- <br> present); Acting Executive Director, <br> Committee on Investment of Employee <br> Benefit Assets (CIEBA) (2016-2017); <br> Advisory Board Member, Betterment <br> for Business (robo advisor) (2016- <br> 2017); Advisory Board Member, <br> BlueStar Indexes (index creator) <br> (2013-2017); Director, Emerging <br> Markets Growth Fund (registered <br> investment company) (1997-2016); <br> Member, Russell Index Client Advisory <br> Board (2001-2015).<br>|
| Thomas P. Lemke (1954); <br>Trustee since 2014.<br>| Retired since 2013. | 167 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(1) Independent Trustee of Advisors' <br> Inner Circle III fund platform, consisting <br> of the following: (i) the Advisors' Inner <br> Circle Fund III, (ii) the Gallery Trust, (iii) <br> the Schroder Series Trust, (iv) the <br> Delaware Wilshire Private Markets Fund <br> (since 2020), (v) Chiron Capital <br> Allocation Fund Ltd., and (vi) formerly <br> the Winton Diversified Opportunities <br> Fund (2014-2018); and (2) Independent <br> Trustee of the Symmetry Panoramic <br> Trust (since 2018).<br>|
| Lawrence R. Maffia (1950); <br>Trustee since 2014.<br>| &nbsp;&nbsp;&nbsp; Retired; Director and President, ICI Mutual <br> Insurance Company (2006-2013).<br>| 167 | &nbsp;&nbsp;&nbsp; Director, ICI Mutual Insurance Company <br> (1999-2013).<br>|
| Mary E. Martinez (1960); Vice <br>Chair since 2021; Trustee <br> since 2013.<br>| &nbsp;&nbsp;&nbsp; Associate, Special Properties, a Christie's <br> International Real Estate Affiliate <br> (2010-present); Managing Director, Bank of <br> America (asset management) (2007-2008); <br> Chief Operating Officer, U.S. Trust Asset <br> Management, U.S. Trust Company (asset <br> management) (2003-2007); President, <br> Excelsior Funds (registered investment <br> companies) (2004-2005).<br>| 167 |  |
| Marilyn McCoy (1948); <br> Trustee since 2005.<br>| &nbsp;&nbsp;&nbsp; Vice President of Administration and Planning, <br> Northwestern University (1985-present).<br>| 167 |  |

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192 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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| | | | |
|:---|:---|:---|:---|
| **Name (Year of Birth);**<br> **Positions With**<br> **the Funds (1)**<br>| &nbsp;&nbsp;&nbsp; **Principal Occupation**<br> **During Past 5 Years**<br>| &nbsp;&nbsp;&nbsp; **Number of**<br> **Funds in Fund**<br> **Complex Overseen**<br> **by Trustee (2)**<br>| &nbsp;&nbsp;&nbsp; **Other Directorships Held**<br> **During the Past 5 Years**<br>|
| Dr. Robert A. Oden, Jr. <br> (1946); Trustee since 2005.<br>| &nbsp;&nbsp;&nbsp; Retired; President, Carleton College <br> (2002-2010); President, Kenyon College <br> (1995-2002).<br>| 167 | &nbsp;&nbsp;&nbsp; Trustee, The Coldwater Conservation <br> Fund (2017-present); Trustee, American <br> Museum of Fly Fishing (2013-present); <br> Trustee and Vice Chair, Trout Unlimited <br> (2017-2021);Trustee, Dartmouth-<br> Hitchcock MedicalCenter (2011-2020).<br>|
| Marian U. Pardo\* (1946); <br>Trustee since 2013.<br>| &nbsp;&nbsp;&nbsp; Managing Director and Founder, Virtual <br> Capital Management LLC (investment <br> consulting) (2007-present); Managing Director, <br> Credit Suisse Asset Management (portfolio <br> manager) (2003-2006).<br>| 167 | &nbsp;&nbsp;&nbsp; Board Chair and Member, Board of <br> Governors, Columbus Citizens <br> Foundation (not-for-profit supporting <br> philanthropic and cultural programs) <br> (2006-present).<br>|
| Emily A. Youssouf (1951); <br>Trustee since 2022.<br>| &nbsp;&nbsp;&nbsp; Adjunct Professor (2011-present) and Clinical <br> Professor (2009-2011), NYU Schack Institute of <br> Real Estate; Board Member and Member of the <br> Audit Committee (2013–present), Chair of <br> Finance Committee (2019-present), Member of <br> Related Parties Committee (2013-2018) and <br> Member of the Enterprise Risk Committee <br> (2015-2018), PennyMac Financial Services, Inc.; <br> Board Member (2005-2018), Chair of Capital <br> Committee (2006-2016), Chair of Audit <br> Committee (2005-2018), Member of Finance <br> Committee (2005-2018) and Chair of IT <br> Committee (2016-2018), NYC Health and <br> Hospitals Corporation.<br>| 167 | &nbsp;&nbsp;&nbsp; Trustee, NYC School Construction <br> Authority (2009-present); Board <br> Member, NYS Job Development <br> Authority (2008-present); Trustee and <br> Chair of the Audit Committee of the <br> Transit Center Foundation (2015-2019).<br>|
| **Interested Trustees** |  |  |  |
| Robert F. Deutsch\*\* (1957); <br>Trustee since 2014.<br>| &nbsp;&nbsp;&nbsp; Retired; Head of the Global ETF Business for <br> JPMorgan Asset Management (2013-2017); <br> Head of the Global Liquidity Business for <br> JPMorgan Asset Management (2003-2013).<br>| 167 | &nbsp;&nbsp;&nbsp; Treasurer and Director of the JUST <br> Capital Foundation (2017-present).<br>|
| Nina O. Shenker\*\* (1957); <br>Trustee since 2022.<br>| &nbsp;&nbsp;&nbsp; Vice Chair (2017-2021), General Counsel and <br> Managing Director (2008-2016), Associate <br> General Counsel and Managing Director <br> (2004-2008), J.P. Morgan Asset & Wealth <br> Management.<br>| 167 | &nbsp;&nbsp;&nbsp; Director and Member of Legal and <br> Human Resources Subcommittees, <br> American Jewish Joint Distribution <br> Committee(2018-present).<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(1) The year shown is the first year in which a Trustee became a member of any of the following: the Mutual Fund Board, the ETF Board, the heritage J.P. Morgan Funds or the heritage One Group Mutual Funds. Trustees serve an indefinite term, until resignation, retirement, removal or death. The Board's current retirement policy sets retirement at the end of the calendar year in which the Trustee attains the age of 75, provided that any Board member who was a member of the Mutual Fund Board prior to January 1, 2022 and was born prior to January 1, 1950 shall retire from the Board at the end of the calendar year in which the Trustee attains the age of 78. 

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes nine registered investment companies (167 J.P. Morgan Funds). 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 193

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**TRUSTEES** <br>(Unaudited) (continued)

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| | |
|:---|:---|
| \* | In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from <br> JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and <br> deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January <br> 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.<br>|
| \*\* | Designation as an "Interested Trustee" is based on prior employment by the Adviser or an affiliate of the Adviser or interests in a <br> control person of the Adviser.<br>|
|  | The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172. |

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194 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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**OFFICERS** <br>(Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Name (Year of Birth),** <br>**Positions Held with** <br>**the Trust (Since)**<br>| **Principal Occupations During Past 5 Years** |
| Brian S. Shlissel (1964), <br>President and Principal Executive <br>Officer (2016)\*<br>| &nbsp;&nbsp;&nbsp; Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment <br> Management Inc. since 2014.<br>|
| Timothy J. Clemens (1975), <br>Treasurer and Principal Financial <br>Officer (2018)<br>| &nbsp;&nbsp;&nbsp; Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with <br> J.P. Morgan Investment Management Inc. since 2013.<br>|
| Gregory S. Samuels (1980), <br>Secretary (2019) (formerly <br> Assistant <br>Secretary 2010-2019)\*\*<br>| &nbsp;&nbsp;&nbsp; Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan <br> Chase since 2010.<br>|
| Stephen M. Ungerman (1953), <br>Chief Compliance Officer (2005)<br>| Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. |
| Kiesha Astwood-Smith (1973), <br>Assistant Secretary (2021)\*\*<br>| &nbsp;&nbsp;&nbsp; Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Senior Director and Counsel, <br> Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from <br> September 2015 to June 2021.<br>|
| Matthew Beck (1988), <br>Assistant Secretary (2021)\*\*\*<br>| &nbsp;&nbsp;&nbsp; Vice President and Assistant General Counsel, JPMorgan Chase since May 2021; Senior Legal Counsel, Ultimus <br> Fund Solutions from May 2018 through May 2021; General Counsel, The Nottingham Company from April 2014 <br> through May 2018.<br>|
| Elizabeth A. Davin (1964), <br>Assistant Secretary (2005)\*\*\*<br>| &nbsp;&nbsp;&nbsp; Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase <br> (formerly Bank One Corporation) since 2004.<br>|
| Jessica K. Ditullio (1962), <br>Assistant Secretary (2005)\*\*\*<br>| &nbsp;&nbsp;&nbsp; Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan <br> Chase (formerly Bank One Corporation) since 1990.<br>|
| Anthony Geron (1971), <br>Assistant Secretary (2018)\*\*<br>| &nbsp;&nbsp;&nbsp; Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and <br> Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA <br> Equitable Life Insurance Company from 2014 to 2015.<br>|
| Carmine Lekstutis (1980), <br>Assistant Secretary (2011)\*\*<br>| &nbsp;&nbsp;&nbsp; Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan <br> Chase since 2011.<br>|
| Max Vogel (1990), <br>Assistant Secretary (2021)\*\*<br>| &nbsp;&nbsp;&nbsp; Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Associate, Proskauer Rose <br> LLP (law firm) from March 2017 to June 2021; Associate, Stroock & Stroock & Lavan LLP (law firm) from <br> October 2015 to March 2017.<br>|
| Zachary E. Vonnegut-Gabovitch <br>(1986), <br>Assistant Secretary (2017)\*\*<br>| Vice President and Assistant General Counsel, JPMorgan Chase since September 2016. |
| Michael M. D'Ambrosio (1969), <br>Assistant Treasurer (2012)<br>| &nbsp;&nbsp;&nbsp; Managing Director, J.P. Morgan Investment Management Inc. Mr. D'Ambrosio has been with J.P. Morgan <br> Investment Management Inc. since 2012.<br>|
| Aleksandr Fleytekh (1972), <br>Assistant Treasurer (2019)<br>| Vice President, J.P. Morgan Investment Management Inc. since February 2012. |
| Shannon Gaines (1977), <br>Assistant Treasurer (2018)\*\*\*<br>| Vice President, J.P. Morgan Investment Management Inc. since January 2014. |
| Jeffrey D. House (1972), <br>Assistant Treasurer (2017)\*\*\*<br>| Vice President, J.P. Morgan Investment Management Inc. since July 2006. |
| Michael Mannarino (1985), <br>Assistant Treasurer (2020)<br>| Vice President, J.P. Morgan Investment Management Inc. since 2014. |
| Joseph Parascondola (1963), <br>Assistant Treasurer (2011)\*<br>| &nbsp;&nbsp;&nbsp; Executive Director, J.P. Morgan Investment Management, Inc. Mr. Parascondola has been with J.P. Morgan <br> Investment Management Inc. since 2006.<br>|
| Gillian I. Sands (1969), <br>Assistant Treasurer (2012)<br>| &nbsp;&nbsp;&nbsp; Executive Director, J.P. Morgan Investment Management Inc. Ms. Sands has been with J.P. Morgan Investment <br> Management Inc. since 2012.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 195

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**OFFICERS** <br>(Unaudited) (continued)

---

| | |
|:---|:---|
| The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172. | The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172. |
| \* | The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310. |
| \*\* | The contact address for the officer is 4 New York Plaza, New York, NY 10004. |
| \*\*\* | The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

196 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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**SCHEDULE OF SHAREHOLDER EXPENSES** <br>(Unaudited) <br>Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying Funds and ETFs) and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2022, and continued to hold your shares at the end of the reporting period, June 30, 2022.

**Actual Expenses**

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), or redemption fees, and expenses of the Underlying Funds and ETFs. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning** <br>**Account Value** <br>**January 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending** <br>**Account Value** <br>**June 30, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses** <br>**Paid During** <br>**the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized** <br>**Expense** <br>**Ratio**<br>|
| **JPMorgan SmartRetirement® Blend Income Fund** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $861.00  | $1.20 | 0.26% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.51 | &nbsp;&nbsp; 1.30 | 0.26 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 858.70 | &nbsp;&nbsp; 3.59 | 0.78 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.93 | &nbsp;&nbsp; 3.91 | 0.78 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 859.90 | &nbsp;&nbsp; 2.44 | 0.53 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.17 | &nbsp;&nbsp; 2.66 | 0.53 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 860.50 | &nbsp;&nbsp; 1.29 | 0.28 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.41 | &nbsp;&nbsp; 1.40 | 0.28 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 861.50 | &nbsp;&nbsp; 0.60 | 0.13 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.15 | &nbsp;&nbsp; 0.65 | 0.13 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 861.60 | &nbsp;&nbsp; 0.14 | 0.03 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.65 | &nbsp;&nbsp; 0.15 | 0.03 |
| **JPMorgan SmartRetirement® Blend 2015 Fund (formerly known as** <br> **JPMorgan SmartSpending**<sup>SM</sup> **2015 Fund)**<br>|  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 860.40 | &nbsp;&nbsp; 1.25 | 0.27 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.46 | &nbsp;&nbsp; 1.35 | 0.27 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 858.40 | &nbsp;&nbsp; 3.55 | 0.77 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.98 | &nbsp;&nbsp; 3.86 | 0.77 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 197

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**SCHEDULE OF SHAREHOLDER EXPENSES** <br>(Unaudited) (continued) <br>Hypothetical $1,000 Investment

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **January 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **June 30, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan SmartRetirement® Blend 2015 Fund (formerly known as** <br> **JPMorgan SmartSpending**<sup>SM</sup> **2015 Fund) (continued)** <br>|  |  |  |  |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $859.60 | $2.40 | 0.52% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.22 | &nbsp;&nbsp; 2.61 | 0.52 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 861.00 | &nbsp;&nbsp; 1.25 | 0.27 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.46 | &nbsp;&nbsp; 1.35 | 0.27 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 861.10 | &nbsp;&nbsp; 0.55 | 0.12 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.20 | &nbsp;&nbsp; 0.60 | 0.12 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 861.70 | &nbsp;&nbsp; 0.09 | 0.02 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.70 | &nbsp;&nbsp; 0.10 | 0.02 |
| **JPMorgan SmartRetirement® Blend 2020 Fund** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 860.50 | &nbsp;&nbsp; 1.29 | 0.28 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.41 | &nbsp;&nbsp; 1.40 | 0.28 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 858.50 | &nbsp;&nbsp; 3.59 | 0.78 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.93 | &nbsp;&nbsp; 3.91 | 0.78 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 859.40 | &nbsp;&nbsp; 2.44 | 0.53 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.17 | &nbsp;&nbsp; 2.66 | 0.53 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 860.60 | &nbsp;&nbsp; 1.29 | 0.28 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.41 | &nbsp;&nbsp; 1.40 | 0.28 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 861.00 | &nbsp;&nbsp; 0.60 | 0.13 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.15 | &nbsp;&nbsp; 0.65 | 0.13 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 861.50 | &nbsp;&nbsp; 0.14 | 0.03 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.65 | &nbsp;&nbsp; 0.15 | 0.03 |
| **JPMorgan SmartRetirement® Blend 2025 Fund** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 842.80 | &nbsp;&nbsp; 1.37 | 0.30 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.31 | &nbsp;&nbsp; 1.51 | 0.30 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 840.60 | &nbsp;&nbsp; 3.65 | 0.80 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.83 | &nbsp;&nbsp; 4.01 | 0.80 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 841.70 | &nbsp;&nbsp; 2.51 | 0.55 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.07 | &nbsp;&nbsp; 2.76 | 0.55 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 842.90 | &nbsp;&nbsp; 1.37 | 0.30 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.31 | &nbsp;&nbsp; 1.51 | 0.30 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 843.20 | &nbsp;&nbsp; 0.64 | 0.14 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.10 | &nbsp;&nbsp; 0.70 | 0.14 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 843.70 | &nbsp;&nbsp; 0.18 | 0.04 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.60 | &nbsp;&nbsp; 0.20 | 0.04 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

198 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **January 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **June 30, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan SmartRetirement® Blend 2030 Fund** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $829.30  | $1.41 | 0.31% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.26 | &nbsp;&nbsp; 1.56 | 0.31 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 827.40 | &nbsp;&nbsp; 3.67 | 0.81 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.78 | &nbsp;&nbsp; 4.06 | 0.81 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 828.40 | &nbsp;&nbsp; 2.58 | 0.57 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.97 | &nbsp;&nbsp; 2.86 | 0.57 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 829.40 | &nbsp;&nbsp; 1.41 | 0.31 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.26 | &nbsp;&nbsp; 1.56 | 0.31 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 830.00 | &nbsp;&nbsp; 0.73 | 0.16 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.00 | &nbsp;&nbsp; 0.80 | 0.16 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 830.80 | &nbsp;&nbsp; 0.27 | 0.06 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.50 | &nbsp;&nbsp; 0.30 | 0.06 |
| **JPMorgan SmartRetirement® Blend 2035 Fund** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 819.10 | &nbsp;&nbsp; 1.31 | 0.29 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.36 | &nbsp;&nbsp; 1.45 | 0.29 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 817.50 | &nbsp;&nbsp; 3.56 | 0.79 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.88 | &nbsp;&nbsp; 3.96 | 0.79 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 818.40 | &nbsp;&nbsp; 2.48 | 0.55 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.07 | &nbsp;&nbsp; 2.76 | 0.55 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 819.20 | &nbsp;&nbsp; 1.31 | 0.29 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.36 | &nbsp;&nbsp; 1.45 | 0.29 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 819.90 | &nbsp;&nbsp; 0.63 | 0.14 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.10 | &nbsp;&nbsp; 0.70 | 0.14 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 820.30 | &nbsp;&nbsp; 0.18 | 0.04 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.60 | &nbsp;&nbsp; 0.20 | 0.04 |
| **JPMorgan SmartRetirement® Blend 2040 Fund** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 811.30 | &nbsp;&nbsp; 1.39 | 0.31 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.26 | &nbsp;&nbsp; 1.56 | 0.31 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 809.30 | &nbsp;&nbsp; 3.59 | 0.80 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.83 | &nbsp;&nbsp; 4.01 | 0.80 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 810.40 | &nbsp;&nbsp; 2.51 | 0.56 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.02 | &nbsp;&nbsp; 2.81 | 0.56 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 811.20 | &nbsp;&nbsp; 1.39 | 0.31 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.26 | &nbsp;&nbsp; 1.56 | 0.31 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 199

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**SCHEDULE OF SHAREHOLDER EXPENSES** <br>(Unaudited) (continued) <br>Hypothetical $1,000 Investment

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **January 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **June 30, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan SmartRetirement® Blend 2040 Fund (continued)**  |  |  |  |  |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $812.00  | $0.67 | 0.15% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.05 | &nbsp;&nbsp; 0.75 | 0.15 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 812.30 | &nbsp;&nbsp; 0.27 | 0.06 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.50 | &nbsp;&nbsp; 0.30 | 0.06 |
| **JPMorgan SmartRetirement® Blend 2045 Fund** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 804.60 | &nbsp;&nbsp; 1.48 | 0.33 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.16 | &nbsp;&nbsp; 1.66 | 0.33 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 802.90 | &nbsp;&nbsp; 3.71 | 0.83 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.68 | &nbsp;&nbsp; 4.16 | 0.83 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 803.70 | &nbsp;&nbsp; 2.59 | 0.58 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.92 | &nbsp;&nbsp; 2.91 | 0.58 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 804.60 | &nbsp;&nbsp; 1.48 | 0.33 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.16 | &nbsp;&nbsp; 1.66 | 0.33 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 805.30 | &nbsp;&nbsp; 0.81 | 0.18 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.90 | &nbsp;&nbsp; 0.90 | 0.18 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 805.80 | &nbsp;&nbsp; 0.36 | 0.08 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.40 | &nbsp;&nbsp; 0.40 | 0.08 |
| **JPMorgan SmartRetirement® Blend 2050 Fund** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 804.00 | &nbsp;&nbsp; 1.48 | 0.33 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.16 | &nbsp;&nbsp; 1.66 | 0.33 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 802.20 | &nbsp;&nbsp; 3.71 | 0.83 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.68 | &nbsp;&nbsp; 4.16 | 0.83 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 803.00 | &nbsp;&nbsp; 2.59 | 0.58 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.92 | &nbsp;&nbsp; 2.91 | 0.58 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 804.20 | &nbsp;&nbsp; 1.48 | 0.33 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.16 | &nbsp;&nbsp; 1.66 | 0.33 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 804.80 | &nbsp;&nbsp; 0.81 | 0.18 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.90 | &nbsp;&nbsp; 0.90 | 0.18 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 805.30 | &nbsp;&nbsp; 0.36 | 0.08 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.40 | &nbsp;&nbsp; 0.40 | 0.08 |
| **JPMorgan SmartRetirement® Blend 2055 Fund** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 804.90 | &nbsp;&nbsp; 1.48 | 0.33 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.16 | &nbsp;&nbsp; 1.66 | 0.33 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 802.90 | &nbsp;&nbsp; 3.71 | 0.83 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.68 | &nbsp;&nbsp; 4.16 | 0.83 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

200 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **January 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **June 30, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan SmartRetirement® Blend 2055 Fund (continued)**  |  |  |  |  |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $803.70 | $2.59 | 0.58% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.92 | &nbsp;&nbsp; 2.91 | 0.58 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 805.00 | &nbsp;&nbsp; 1.48 | 0.33 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.16 | &nbsp;&nbsp; 1.66 | 0.33 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 805.50 | &nbsp;&nbsp; 0.81 | 0.18 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.90 | &nbsp;&nbsp; 0.90 | 0.18 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 805.70 | &nbsp;&nbsp; 0.36 | 0.08 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.40 | &nbsp;&nbsp; 0.40 | 0.08 |
| **JPMorgan SmartRetirement® Blend 2060 Fund** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 805.70 | &nbsp;&nbsp; 1.52 | 0.34 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.11 | &nbsp;&nbsp; 1.71 | 0.34 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 803.30 | &nbsp;&nbsp; 3.71 | 0.83 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.68 | &nbsp;&nbsp; 4.16 | 0.83 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 804.40 | &nbsp;&nbsp; 2.59 | 0.58 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.92 | &nbsp;&nbsp; 2.91 | 0.58 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 805.50 | &nbsp;&nbsp; 1.48 | 0.33 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.16 | &nbsp;&nbsp; 1.66 | 0.33 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 805.90 | &nbsp;&nbsp; 0.81 | 0.18 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.90 | &nbsp;&nbsp; 0.90 | 0.18 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 806.40 | &nbsp;&nbsp; 0.36 | 0.08 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.40 | &nbsp;&nbsp; 0.40 | 0.08 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Expenses are equal to each Class' respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 201

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**LIQUIDITY RISK MANAGEMENT PROGRAM** <br>(Unaudited)

Each of the Funds covered in this report have adopted the J.P. Morgan Funds and J.P. Morgan Exchange-Traded Funds Amended and Restated Liquidity Risk Management Program (the "Program") under Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"). The Program seeks to assess, manage and review each Fund's Liquidity Risk. "Liquidity Risk" is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors' interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the "Board") on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum ("HLIM"), where applicable, and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management's Liquidity Risk Forum to be the program administrator for the Program (the "Program Administrator"). In addition to regular reporting at each of its quarterly meetings, on February 8, 2022, the Board reviewed the Program Administrator's annual written report (the "Report") concerning the operation of the Program for the period from January 1, 2021 through December 31, 2021 (the "Program Reporting Period"). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund's HLIM. During the Program Reporting Period, the Program was amended, pursuant to an exemptive order from the Securities and Exchange Commission, to permit the Funds to use liquidity definitions and classification methodologies that differ from the requirements under the Liquidity Rule in some respects. The

Report discussed the implementation of these changes. No other material changes were made to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund's Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying the investments of a Fund into one of the required liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions; (3) whether a Fund invested primarily in "Highly Liquid Investments" (as defined or modified under the Program), as well as whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (4) whether a Fund invested more than 15% of its assets in "Illiquid Investments" (as defined or modified under the Program) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period. The Report further summarized the conditions of the exemptive order.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund's Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

202 JPMorgan SmartRetirement® Blend Funds June 30, 2022

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**TAX LETTER** <br>(Unaudited) <br>(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, 2022. 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, 2022. The information necessary to complete your income tax returns for the calendar year ending December 31, 2022 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, 2022:

---

| | |
|:---|:---|
|  | **Dividends** <br>**Received** <br>**Deduction**<br>|
| JPMorgan SmartRetirement® Blend Income Fund | &nbsp;&nbsp; 7.11% |
| JPMorgan SmartRetirement® Blend 2020 Fund | &nbsp;&nbsp; 7.07 |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp; 8.35 |
| JPMorgan SmartRetirement® Blend 2030 Fund | 10.86 |
| JPMorgan SmartRetirement® Blend 2035 Fund | 12.22 |
| JPMorgan SmartRetirement® Blend 2040 Fund | 13.99 |
| JPMorgan SmartRetirement® Blend 2045 Fund | 15.85 |
| JPMorgan SmartRetirement® Blend 2050 Fund | 16.78 |
| JPMorgan SmartRetirement® Blend 2055 Fund | 15.47 |
| JPMorgan SmartRetirement® Blend 2060 Fund | 16.71 |

---

**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, 2022:

---

| | |
|:---|:---|
|  | **Long-Term** <br>**Capital Gain** <br>**Distribution**<br>|
| JPMorgan SmartRetirement® Blend Income Fund | $14104 |
| JPMorgan SmartRetirement® Blend 2015 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 994 |
| JPMorgan SmartRetirement® Blend 2020 Fund | &nbsp;&nbsp; 35583 |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp; 37926 |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp; 46835 |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp; 45771 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp; 44429 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp; 28674 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp; 25829 |

---

---

| | |
|:---|:---|
|  | **Long-Term**<br> **Capital Gain**<br> **Distribution**<br>|
| JPMorgan SmartRetirement® Blend 2055 Fund | $12743 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3072 |

---

**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, 2022:

---

| | |
|:---|:---|
|  | **Qualified** <br>**Dividend** <br>**Income**<br>|
| JPMorgan SmartRetirement® Blend Income Fund | $3479 |
| JPMorgan SmartRetirement® Blend 2015 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| JPMorgan SmartRetirement® Blend 2020 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 6359 |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp; 13794 |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp; 20185 |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp; 23850 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp; 24428 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp; 21631 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp; 17329 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 8816 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3080 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2022 JPMorgan SmartRetirement® Blend Funds 203

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![](g456119imgf9b48d2b15.gif)

Rev. January 2011

---

| | |
|:---|:---|
| **FACTS** | **WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Why?** | &nbsp;&nbsp; Financial companies choose how they share your personal information. Federal law gives <br> consumers the right to limit some but not all sharing. Federal law also requires us to tell you how <br> we collect, share, and protect your personal information. Please read this notice carefully to <br> understand what we do.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **What?** | &nbsp;&nbsp; The types of personal information we collect and share depend on the product or service you <br> have with us. This information can include:<br>|
|  | <sup>◾</sup>Social Security number and account balances |
|  | <sup>◾</sup>transaction history and account transactions |
|  | <sup>◾</sup>checking account information and wire transfer instructions |
|  | &nbsp;&nbsp; When you are no longer our customer, we continue to share your information as described in this <br> notice.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **How?** | &nbsp;&nbsp; All financial companies need to share customers' personal information to run their everyday <br> business. In the section below, we list the reasons financial companies can share their customers' <br> personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit <br> this sharing.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Reasons we can share your personal information** | **Does J.P. Morgan** <br>**Funds share?**<br>| **Can you limit this** <br>**sharing?**<br>|
| **For our everyday business purposes** — <br>such as to process your transactions, maintain your <br> account(s),respond to court orders and legal investigations, or <br> report to credit bureaus<br>| Yes | No |
| **For marketing purposes** — <br>to offer our products and services to you<br>| Yes | No |
| **For joint marketing with other financial companies** | No | We don't share |
| **For our affiliates' everyday business purposes** — <br>information about your transactions and experiences<br>| No | We don't share |
| **For our affiliates' everyday business purposes** — <br>information about your creditworthiness<br>| No | We don't share |
| **For nonaffiliates to market to you** | No | We don't share |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Questions?** | Call 1-800-480-4111 or go to www.jpmorganfunds.com |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Page 2**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Who we are** | **Who we are** |
| **Who is providing this notice?** | J.P. Morgan Funds |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **What we do** | **What we do** |
| **How does J.P. Morgan Funds** <br> **protect my personal** <br> **information?**<br>| &nbsp;&nbsp; To protect your personal information from unauthorized access and use, we use <br> security measures that comply with federal law. These measures include <br> computer safeguards and secured files and buildings. We authorize our <br> employees to access your information only when they need it to do their work <br> and we require companies that work for us to protect your information.<br>|
| **How does J.P. Morgan Funds** <br> **protect my personal** <br> **information?** | We collect your personal information, for example, when you: |
| **How does J.P. Morgan Funds** <br> **protect my personal** <br> **information?** | <sup>◾</sup>open an account or provide contact information |
| **How does J.P. Morgan Funds** <br> **protect my personal** <br> **information?** | <sup>◾</sup>give us your account information or pay us by check |
| **How does J.P. Morgan Funds** <br> **protect my personal** <br> **information?** | <sup>◾</sup>make a wire transfer |
| **How does J.P. Morgan Funds** <br> **protect my personal** <br> **information?** | &nbsp;&nbsp; We also collect your personal information from others, such as credit bureaus, <br> affiliates and other companies.<br>|
| **Why can't I limit all sharing?** | Federal law gives you the right to limit only |
| **Why can't I limit all sharing?** | &nbsp;&nbsp;&nbsp; <sup>◾</sup>sharing for affiliates' everyday business purposes – information about your <br> creditworthiness<br>|
| **Why can't I limit all sharing?** | <sup>◾</sup>affiliates from using your information to market to you |
| **Why can't I limit all sharing?** | <sup>◾</sup>sharing for nonaffiliates to market to you |
| **Why can't I limit all sharing?** | &nbsp;&nbsp; State laws and individual companies may give you additional rights to limit <br> sharing.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Definitions** | **Definitions** |
| **Affiliates** | &nbsp;&nbsp; Companies related by common ownership or control. They can be financial and <br> nonfinancial companies.<br>|
|  | <sup>◾</sup>J.P. Morgan Funds does not share with our affiliates. |
| **Nonaffiliates** | &nbsp;&nbsp; Companies not related by common ownership or control. They can be financial <br> and nonfinancial companies.<br>|
|  | <sup>◾</sup>J.P. Morgan Funds does not share with nonaffiliates so they can market to you. |
| **Joint Marketing** | &nbsp;&nbsp; A formal agreement between nonaffiliated financial companies that together <br> market financial products or services to you.<br>|
|  | <sup>◾</sup>J.P. Morgan Funds doesn't jointly market. |

---

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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 portfolio prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.***

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC's website at http://www.sec.gov. The Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds' website at www.jpmorganfunds.com.

A description of the Portfolio's policies and procedures with respect to the disclosure of each Funds' holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC's website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC's website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

![](g456119imgf9b48d2b15.gif)

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![](g456119img8dfa781c16.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., 2022. All rights reserved. June 2022.

AN-SRB-622

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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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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 expert is Kathleen M. Gallagher. Ms. Gallagher 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**.

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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.

**<u>AUDIT FEES</u>** 

**2022 – $192,545** 

**2021 – $209,835** 

(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.

**<u>AUDIT-RELATED FEES</u>** 

**2022 – $33,641**

**2021 – $23,811** 

**Audit-related fees consists of semi-annual financial statement reviews and 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.

**<u>TAX FEES</u>** 

**2022 – $68,506**

**2021 – $57,998** 

**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, 2022 and 2021, 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.

**<u>ALL OTHER FEES</u>** 

**2022 – Not applicable** 

**2021 – 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.

**2022 – 0.0%** 

**2021 – 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:** 

**2021—$30.6 million** 

**2020—$30.1 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any
charter of the Chinese Communist Party, including the text of any such charter.

**Not applicable**.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

**Not applicable.** 

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

**Included in Item 1.** 

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

**Not applicable**.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

**Not applicable.** 

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

**Not applicable.** 

------

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

**No material changes to report.** 

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

**The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.** 

(b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the 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 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

**Not applicable.** 

ITEM 13. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

**[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.](d436348dex99codeeth.htm)** 

&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), exactly as set forth below:

**[Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.](d436348dex99cert.htm)** 

&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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A separate or combined certification for each principal executive officer and principal officer of the
registrant as required by Rule 30a-2(b) under the Act of 1940.

**[Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.](d436348dex99906cert.htm)** 

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust IV

---

| | |
|:---|:---|
| By: | /s/ Brian S. Shlissel |
|  | Brian S. Shlissel |
|  | President and Principal Executive Officer |
|  | January 31, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Brian S. Shlissel |
|  | Brian S. Shlissel |
|  | President and Principal Executive Officer |
|  | January 31, 2023 |

---

---

| | |
|:---|:---|
| By: | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |
|  | January 31, 2023 |

---

## Ex-99.Code

**EX-99 COD ETH 2** 

**JPMorgan Trust I** 

**JPMorgan Trust II** 

**JPMorgan Trust IV** 

**Undiscovered Managers Funds** 

**JPMorgan Insurance Trust** 

**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:** 

**Brian S. Shlissel Principal Executive Officer** 

**Timothy J. Clemens Principal Financial Officer** 

**1.** **Covered Officers/ Purpose of the Code** 

&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;**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.** 

**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.** 

**3.** **Each Covered Officer must:** 

&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;**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;**c.** **Complete on an annual basis the Funds' Trustee and Officer Questionnaire which requests information regarding other business affiliations and relationships** 

**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;**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;**b.** **The receipt of any gifts in excess of $100;** 

&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;**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;**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.** 

**5.** **Disclosure and Compliance** 

&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;**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;**c.** **It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations;** 

------

**6.** **Reporting and Accountability** 

&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;**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;**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;**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.** 

**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.** 

**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.** 

**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.** 

**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 (B)(1)** 

CERTIFICATIONS

I, Brian S. Shlissel, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Equity
Premium Income Fund, JPMorgan Hedged Equity 2 Fund, JPMorgan Hedged Equity 3 Fund and JPMorgan SmartRetirement Blend 2015 Fund (the "Funds"), each a series of the JPMorgan Trust IV (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;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;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;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;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;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;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Fund's internal control over financial reporting.

Date: January 31, 2023

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| |
|:---|
| /s/ Brian S. Shlissel<u> </u> |
| Brian S. Shlissel |
| 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
Premium Income Fund, JPMorgan Hedged Equity 2 Fund, JPMorgan Hedged Equity 3 Fund, JPMorgan SmartRetirement Blend 2015 Fund (the "Funds"), each a series of the JPMorgan Trust IV (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 Fund and have:

&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;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;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;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 Fund'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;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;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: January 31, 2023

---

| |
|:---|
| /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 JPMorgan Equity Premium Income Fund, JPMorgan Hedged Equity 2 Fund, JPMorgan Hedged Equity 3 Fund, JPMorgan SmartRetirement Blend 2015 Fund (the "Funds"), each a series of the JPMorgan Trust IV (the "Registrant");

I, Brian S. Shlissel, 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/ Brian S. Shlissel |
| Brian S. Shlissel |
| President and Principal Executive Officer |
| January 31, 2023 |

---

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 JPMorgan Equity Premium Income Fund, JPMorgan Hedged Equity 2 Fund, JPMorgan Hedged Equity 3 Fund, JPMorgan SmartRetirement Blend 2015 Fund (the "Funds"), each a series of the JPMorgan Trust IV (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 |

---

January 31, 2023

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.