# EDGAR Filing Document

**Accession Number:** 0001659326
**File Stem:** 0001193125-25-193926
**Filing Date:** 2025-9
**Character Count:** 2817260
**Document Hash:** 4891911f9adc9a00c57fc1df0680eeae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-193926.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001193125-25-193926

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 97

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250902

**EFFECTIVENESS DATE**: 20250902

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN TRUST IV
- **CENTRAL INDEX KEY:** 0001659326

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23117
- **FILM NUMBER:** 251284826

**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 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           |

### JPMorgan Preferred and Income Securities Fund (Series ID: S000075349)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234320 | Class R6     | JPDRX           |
| C000234321 | Class A      | JPDAX           |
| C000234322 | Class I      | JPDIX           |
| C000237453 | Class C      | JPDCX           |

### JPMorgan SmartRetirement 2065 Fund (Series ID: S000077902)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000238563 | Class R6     | JSMOX           |
| C000238564 | Class C      | JSMHX           |
| C000238565 | Class I      | JSMJX           |
| C000238566 | Class R2     | JSMKX           |
| C000238567 | Class R3     | JSMPX           |
| C000238568 | Class R4     | JSMLX           |
| C000238569 | Class A      | JSMEX           |
| C000238570 | Class R5     | JSMMX           |

### JPMorgan SmartRetirement Blend 2065 Fund (Series ID: S000077903)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000238571 | Class I      | JSBSX           |
| C000238572 | Class R2     | JSBZX           |
| C000238573 | Class R3     | JSBPX           |
| C000238574 | Class R4     | JSBQX           |
| C000238575 | Class R5     | JSMDX           |
| C000238576 | Class R6     | JSBYX           |

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-23117

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

------

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

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

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

#### Date of fiscal year end:

#### June 30

#### Date of reporting period:

#### June 30, 2025
Item 1. Report to Stockholders.

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

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

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

JPMorgan Equity Premium Income Fund

![FrontCoverImage](g21784images_2523.jpg)

Class A Shares/Ticker: JEPAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Premium Income Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Equity Premium Income Fund<br>(Class A Shares) | $88 | 0.84% |

---

**How did the Fund Perform?**

The JPMorgan Equity Premium Income Fund's Class A Shares, without a sales charge, returned 8.08% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 15.16% and the ICE BofA 3-Month US Treasury Bill Index returned 4.68% for the twelve months ended June 30, 2025.

* The Fund captured 55% of the Index's positive return with 73% of its volatility. 

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

* An overweight allocation in Regeneron Pharmaceuticals and an underweight allocation in Tesla, Inc. were among the top detractors from performance. 

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

* An underweight allocation in Apple Inc. and an overweight in Oracle Corp. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812321.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Equity Premium Income Fund (Class A Shares)** | August 31, 2018 | 2.40% | 9.85% | 7.44% |
| **JPMorgan Equity Premium Income Fund (Class A Shares) - excluding sales charge** |  | 8.08 | 11.04 | 8.29 |
| **S&P 500 Index** |  | 15.16 | 16.64 | 13.62 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.68 | 2.77 | 2.55 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Equity Premium Income Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from August 31, 2018 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the S&P 500 Index and the ICE BofA 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 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 BofA 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 BofA 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.

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

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

The S&P 500 Index ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc., ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6395461 |
| **Total number of portfolio holdings** | 122 |
| **Portfolio turnover rate** | 178% |
| **Total advisory fees paid (000's)** | $15864 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812584.jpg)

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

(a) Equity-Linked Notes that are linked to the S&P 500 Index.

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JEPAX-625

JPMorgan Equity Premium Income Fund - Class A

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

JPMorgan Equity Premium Income Fund

![FrontCoverImage](g21784images_2523.jpg)

Class C Shares/Ticker: JEPCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Premium Income Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Equity Premium Income Fund<br>(Class C Shares) | $139 | 1.34% |

---

**How did the Fund Perform?**

The JPMorgan Equity Premium Income Fund's Class C Shares, without a sales charge, returned 7.55% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 15.16% and the ICE BofA 3-Month US Treasury Bill Index returned 4.68% for the twelve months ended June 30, 2025.

* The Fund captured 55% of the Index's positive return with 73% of its volatility. 

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

* An overweight allocation in Regeneron Pharmaceuticals and an underweight allocation in Tesla, Inc. were among the top detractors from performance. 

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

* An underweight allocation in Apple Inc. and an overweight in Oracle Corp. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812322.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Equity Premium Income Fund (Class C Shares)** | August 31, 2018 | 6.55% | 10.51% | 7.75% |
| **JPMorgan Equity Premium Income Fund (Class C Shares) - excluding sales charge** |  | 7.55 | 10.51 | 7.75 |
| **S&P 500 Index** |  | 15.16 | 16.64 | 13.62 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.68 | 2.77 | 2.55 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Equity Premium Income Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from August 31, 2018 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 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 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 BofA 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 BofA 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.

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

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

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

The S&P 500 Index ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc., ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6395461 |
| **Total number of portfolio holdings** | 122 |
| **Portfolio turnover rate** | 178% |
| **Total advisory fees paid (000's)** | $15864 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812583.jpg)

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

(a) Equity-Linked Notes that are linked to the S&P 500 Index.

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JEPCX-625

JPMorgan Equity Premium Income Fund - Class C

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

JPMorgan Equity Premium Income Fund

![FrontCoverImage](g21784images_2523.jpg)

Class I Shares/Ticker: JEPIX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Premium Income Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Equity Premium Income Fund<br>(Class I Shares) | $62 | 0.59% |

---

**How did the Fund Perform?**

The JPMorgan Equity Premium Income Fund's Class I Shares returned 8.35% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 15.16% and the ICE BofA 3-Month US Treasury Bill Index returned 4.68% for the twelve months ended June 30, 2025.

* The Fund captured 55% of the Index's positive return with 73% of its volatility. 

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

* An overweight allocation in Regeneron Pharmaceuticals and an underweight allocation in Tesla, Inc. were among the top detractors from performance. 

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

* An underweight allocation in Apple Inc. and an overweight in Oracle Corp. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812323.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Equity Premium Income Fund (Class I Shares)** | August 31, 2018 | 8.35% | 11.33% | 8.55% |
| **S&P 500 Index** |  | 15.16 | 16.64 | 13.62 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.68 | 2.77 | 2.55 |

---

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Premium Income Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from August 31, 2018 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 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 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 BofA 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 BofA 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.

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

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

The S&P 500 Index ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc., ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6395461 |
| **Total number of portfolio holdings** | 122 |
| **Portfolio turnover rate** | 178% |
| **Total advisory fees paid (000's)** | $15864 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812594.jpg)

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

(a) Equity-Linked Notes that are linked to the S&P 500 Index.

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JEPIX-625

JPMorgan Equity Premium Income Fund - Class I

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

JPMorgan Equity Premium Income Fund

![FrontCoverImage](g21784images_2523.jpg)

Class R5 Shares/Ticker: JEPSX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Premium Income Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Equity Premium Income Fund<br>(Class R5 Shares) | $47 | 0.45% |

---

**How did the Fund Perform?**

The JPMorgan Equity Premium Income Fund's Class R5 Shares returned 8.42% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 15.16% and the ICE BofA 3-Month US Treasury Bill Index returned 4.68% for the twelve months ended June 30, 2025.

* The Fund captured 55% of the Index's positive return with 73% of its volatility. 

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

* An overweight allocation in Regeneron Pharmaceuticals and an underweight allocation in Tesla, Inc. were among the top detractors from performance. 

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

* An underweight allocation in Apple Inc. and an overweight in Oracle Corp. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812313.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Equity Premium Income Fund (Class R5 Shares)** | August 31, 2018 | 8.42% | 11.48% | 8.70% |
| **S&P 500 Index** |  | 15.16 | 16.64 | 13.62 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.68 | 2.77 | 2.55 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Equity Premium Income Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from August 31, 2018 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 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 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 BofA 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 BofA 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.

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

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

The S&P 500 Index ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc., ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6395461 |
| **Total number of portfolio holdings** | 122 |
| **Portfolio turnover rate** | 178% |
| **Total advisory fees paid (000's)** | $15864 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812593.jpg)

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

(a) Equity-Linked Notes that are linked to the S&P 500 Index.

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JEPSX-625

JPMorgan Equity Premium Income Fund - Class R5

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

JPMorgan Equity Premium Income Fund

![FrontCoverImage](g21784images_2523.jpg)

Class R6 Shares/Ticker: JEPRX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Premium Income Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Equity Premium Income Fund<br>(Class R6 Shares) | $35 | 0.34% |

---

**How did the Fund Perform?**

The JPMorgan Equity Premium Income Fund's Class R6 Shares returned 8.62% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 15.16% and the ICE BofA 3-Month US Treasury Bill Index returned 4.68% for the twelve months ended June 30, 2025.

* The Fund captured 55% of the Index's positive return with 73% of its volatility. 

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

* An overweight allocation in Regeneron Pharmaceuticals and an underweight allocation in Tesla, Inc. were among the top detractors from performance. 

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

* An underweight allocation in Apple Inc. and an overweight in Oracle Corp. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812324.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Equity Premium Income Fund (Class R6 Shares)** | August 31, 2018 | 8.62% | 11.61% | 8.81% |
| **S&P 500 Index** |  | 15.16 | 16.64 | 13.62 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.68 | 2.77 | 2.55 |

---

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

The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Equity Premium Income Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from August 31, 2018 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 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 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 BofA 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 BofA 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.

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

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

The S&P 500 Index ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc., ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6395461 |
| **Total number of portfolio holdings** | 122 |
| **Portfolio turnover rate** | 178% |
| **Total advisory fees paid (000's)** | $15864 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812592.jpg)

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

(a) Equity-Linked Notes that are linked to the S&P 500 Index.

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JEPRX-625

JPMorgan Equity Premium Income Fund - Class R6

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

JPMorgan Hedged Equity 2 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class A Shares/Ticker: JHDAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Hedged Equity 2 Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Hedged Equity 2 Fund<br>(Class A Shares) | $87 | 0.84% |

---

**How did the Fund Perform?**

The JPMorgan Hedged Equity 2 Fund's Class A Shares, without a sales charge, returned 7.93% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 14.70% and the ICE BofA 3-Month US Treasury Bill Index returned 4.68% for the twelve months ended June 30, 2025.

* The Fund captured 54% of the Index's positive return with 57% of its volatility. 

* The Fund's security selection in the industrial, cyclical and health services & systems sectors detracted from performance. 

* Underweight allocations in Netflix Inc. and Broadcom Inc. were among the top detractors from performance. 

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

* An overweight allocation in Howmet Aerospace and an underweight allocation in Adobe Inc. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812314.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Hedged Equity 2 Fund (Class A Shares)** | February 26, 2021 | 2.27% | 6.02% |
| **JPMorgan Hedged Equity 2 Fund (Class A Shares) - excluding sales charge** |  | 7.93 | 7.34 |
| **S&P 500 Index** |  | 14.70 | 13.07 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.68 | 3.13 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Hedged Equity 2 Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from February 26, 2021 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the S&P 500 Index and the ICE BofA 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 BofA 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 BofA 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.

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

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

The S&P 500 Index ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc., ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5189018 |
| **Total number of portfolio holdings** | 154 |
| **Portfolio turnover rate** | 42% |
| **Total advisory fees paid (000's)** | $12944 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812590.jpg)

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

(a) Put Options Purchased

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JHDAX-625

JPMorgan Hedged Equity 2 Fund - Class A

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

JPMorgan Hedged Equity 2 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class C Shares/Ticker: JHDCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Hedged Equity 2 Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Hedged Equity 2 Fund<br>(Class C Shares) | $139 | 1.34% |

---

**How did the Fund Perform?**

The JPMorgan Hedged Equity 2 Fund's Class C Shares, without a sales charge, returned 7.44% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 14.70% and the ICE BofA 3-Month US Treasury Bill Index returned 4.68% for the twelve months ended June 30, 2025.

* The Fund captured 54% of the Index's positive return with 57% of its volatility. 

* The Fund's security selection in the industrial, cyclical and health services & systems sectors detracted from performance. 

* Underweight allocations in Netflix Inc. and Broadcom Inc. were among the top detractors from performance. 

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

* An overweight allocation in Howmet Aerospace and an underweight allocation in Adobe Inc. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812315.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Hedged Equity 2 Fund (Class C Shares)** | February 26, 2021 | 6.44% | 6.82% |
| **JPMorgan Hedged Equity 2 Fund (Class C Shares) - excluding sales charge** |  | 7.44 | 6.82 |
| **S&P 500 Index** |  | 14.70 | 13.07 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.68 | 3.13 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Hedged Equity 2 Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from February 26, 2021 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 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 BofA 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 BofA 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.

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

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

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

The S&P 500 Index ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc., ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5189018 |
| **Total number of portfolio holdings** | 154 |
| **Portfolio turnover rate** | 42% |
| **Total advisory fees paid (000's)** | $12944 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812591.jpg)

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

(a) Put Options Purchased

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JHDCX-625

JPMorgan Hedged Equity 2 Fund - Class C

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

JPMorgan Hedged Equity 2 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class I Shares/Ticker: JHQDX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Hedged Equity 2 Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Hedged Equity 2 Fund<br>(Class I Shares) | $61 | 0.59% |

---

**How did the Fund Perform?**

The JPMorgan Hedged Equity 2 Fund's Class I Shares returned 8.20% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 14.70% and the ICE BofA 3-Month US Treasury Bill Index returned 4.68% for the twelve months ended June 30, 2025.

* The Fund captured 54% of the Index's positive return with 57% of its volatility. 

* The Fund's security selection in the industrial, cyclical and health services & systems sectors detracted from performance. 

* Underweight allocations in Netflix Inc. and Broadcom Inc. were among the top detractors from performance. 

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

* An overweight allocation in Howmet Aerospace and an underweight allocation in Adobe Inc. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812316.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Hedged Equity 2 Fund (Class I Shares)** | February 26, 2021 | 8.20% | 7.61% |
| **S&P 500 Index** |  | 14.70 | 13.07 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.68 | 3.13 |

---

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity 2 Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from February 26, 2021 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 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 BofA 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 BofA 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.

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

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

The S&P 500 Index ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc., ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5189018 |
| **Total number of portfolio holdings** | 154 |
| **Portfolio turnover rate** | 42% |
| **Total advisory fees paid (000's)** | $12944 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812600.jpg)

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

(a) Put Options Purchased

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JHQDX-625

JPMorgan Hedged Equity 2 Fund - Class I

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

JPMorgan Hedged Equity 2 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class R5 Shares/Ticker: JHDFX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Hedged Equity 2 Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Hedged Equity 2 Fund<br>(Class R5 Shares) | $46 | 0.45% |

---

**How did the Fund Perform?**

The JPMorgan Hedged Equity 2 Fund's Class R5 Shares returned 8.40% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 14.70% and the ICE BofA 3-Month US Treasury Bill Index returned 4.68% for the twelve months ended June 30, 2025.

* The Fund captured 54% of the Index's positive return with 57% of its volatility. 

* The Fund's security selection in the industrial, cyclical and health services & systems sectors detracted from performance. 

* Underweight allocations in Netflix Inc. and Broadcom Inc. were among the top detractors from performance. 

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

* An overweight allocation in Howmet Aerospace and an underweight allocation in Adobe Inc. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812318.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Hedged Equity 2 Fund (Class R5 Shares)** | February 26, 2021 | 8.40% | 7.77% |
| **S&P 500 Index** |  | 14.70 | 13.07 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.68 | 3.13 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Hedged Equity 2 Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from February 26, 2021 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 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 BofA 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 BofA 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.

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

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

The S&P 500 Index ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc., ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5189018 |
| **Total number of portfolio holdings** | 154 |
| **Portfolio turnover rate** | 42% |
| **Total advisory fees paid (000's)** | $12944 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812589.jpg)

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

(a) Put Options Purchased

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JHDFX-625

JPMorgan Hedged Equity 2 Fund - Class R5

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

JPMorgan Hedged Equity 2 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class R6 Shares/Ticker: JHDRX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Hedged Equity 2 Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Hedged Equity 2 Fund<br>(Class R6 Shares) | $35 | 0.34% |

---

**How did the Fund Perform?**

The JPMorgan Hedged Equity 2 Fund's Class R6 Shares returned 8.52% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 14.70% and the ICE BofA 3-Month US Treasury Bill Index returned 4.68% for the twelve months ended June 30, 2025.

* The Fund captured 54% of the Index's positive return with 57% of its volatility. 

* The Fund's security selection in the industrial, cyclical and health services & systems sectors detracted from performance. 

* Underweight allocations in Netflix Inc. and Broadcom Inc. were among the top detractors from performance. 

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

* An overweight allocation in Howmet Aerospace and an underweight allocation in Adobe Inc. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812317.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Hedged Equity 2 Fund (Class R6 Shares)** | February 26, 2021 | 8.52% | 7.89% |
| **S&P 500 Index** |  | 14.70 | 13.07 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.68 | 3.13 |

---

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

The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Hedged Equity 2 Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from February 26, 2021 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 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 BofA 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 BofA 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.

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

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

The S&P 500 Index ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc., ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5189018 |
| **Total number of portfolio holdings** | 154 |
| **Portfolio turnover rate** | 42% |
| **Total advisory fees paid (000's)** | $12944 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812599.jpg)

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

(a) Put Options Purchased

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JHDRX-625

JPMorgan Hedged Equity 2 Fund - Class R6

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

JPMorgan Hedged Equity 3 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class A Shares/Ticker: JHTAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Hedged Equity 3 Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Hedged Equity 3 Fund<br>(Class A Shares) | $87 | 0.84% |

---

**How did the Fund Perform?**

The JPMorgan Hedged Equity 3 Fund's Class A Shares, without a sales charge, returned 7.83% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 14.70% and the ICE BofA 3-Month US Treasury Bill Index returned 4.68% for the twelve months ended June 30, 2025.

* The Fund captured 53% of the Index's positive return with 64% of its volatility. 

* The Fund's security selection in the industrial cyclical and health services & systems subsectors detracted from performance. 

* Underweights in Netflix Inc. and Broadcom Inc. were among the top detractors from performance. 

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

* An overweight allocation in Howmet Aerospace and an underweight allocation in Adobe Inc. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812307.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Hedged Equity 3 Fund (Class A Shares)** | February 26, 2021 | 2.18% | 5.89% |
| **JPMorgan Hedged Equity 3 Fund (Class A Shares) - excluding sales charge** |  | 7.83 | 7.21 |
| **S&P 500 Index** |  | 14.70 | 13.07 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.68 | 3.13 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Hedged Equity 3 Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from February 26, 2021 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the S&P 500 Index and the ICE BofA 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 BofA 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 BofA 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.

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

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

The S&P 500 Index ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc., ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3223591 |
| **Total number of portfolio holdings** | 154 |
| **Portfolio turnover rate** | 44% |
| **Total advisory fees paid (000's)** | $7593 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812598.jpg)

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

(a) Put Options Purchased

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JHTAX-625

JPMorgan Hedged Equity 3 Fund - Class A

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

JPMorgan Hedged Equity 3 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class C Shares/Ticker: JHTCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Hedged Equity 3 Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Hedged Equity 3 Fund<br>(Class C Shares) | $139 | 1.34% |

---

**How did the Fund Perform?**

The JPMorgan Hedged Equity 3 Fund's Class C Shares, without a sales charge, returned 7.24% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 14.70% and the ICE BofA 3-Month US Treasury Bill Index returned 4.68% for the twelve months ended June 30, 2025.

* The Fund captured 53% of the Index's positive return with 64% of its volatility. 

* The Fund's security selection in the industrial cyclical and health services & systems subsectors detracted from performance. 

* Underweights in Netflix Inc. and Broadcom Inc. were among the top detractors from performance. 

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

* An overweight allocation in Howmet Aerospace and an underweight allocation in Adobe Inc. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812308.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Hedged Equity 3 Fund (Class C Shares)** | February 26, 2021 | 6.24% | 6.68% |
| **JPMorgan Hedged Equity 3 Fund (Class C Shares) - excluding sales charge** |  | 7.24 | 6.68 |
| **S&P 500 Index** |  | 14.70 | 13.07 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.68 | 3.13 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Hedged Equity 3 Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from February 26, 2021 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 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 BofA 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 BofA 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.

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

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

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

The S&P 500 Index ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc., ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3223591 |
| **Total number of portfolio holdings** | 154 |
| **Portfolio turnover rate** | 44% |
| **Total advisory fees paid (000's)** | $7593 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812597.jpg)

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

(a) Put Options Purchased

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JHTCX-625

JPMorgan Hedged Equity 3 Fund - Class C

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

JPMorgan Hedged Equity 3 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class I Shares/Ticker: JHQTX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Hedged Equity 3 Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Hedged Equity 3 Fund<br>(Class I Shares) | $61 | 0.59% |

---

**How did the Fund Perform?**

The JPMorgan Hedged Equity 3 Fund's Class I Shares returned 8.09% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 14.70% and the ICE BofA 3-Month US Treasury Bill Index returned 4.68% for the twelve months ended June 30, 2025.

* The Fund captured 53% of the Index's positive return with 64% of its volatility. 

* The Fund's security selection in the industrial cyclical and health services & systems subsectors detracted from performance. 

* Underweights in Netflix Inc. and Broadcom Inc. were among the top detractors from performance. 

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

* An overweight allocation in Howmet Aerospace and an underweight allocation in Adobe Inc. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812310.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Hedged Equity 3 Fund (Class I Shares)** | February 26, 2021 | 8.09% | 7.48% |
| **S&P 500 Index** |  | 14.70 | 13.07 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.68 | 3.13 |

---

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity 3 Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from February 26, 2021 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 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 BofA 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 BofA 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.

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

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

The S&P 500 Index ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc., ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3223591 |
| **Total number of portfolio holdings** | 154 |
| **Portfolio turnover rate** | 44% |
| **Total advisory fees paid (000's)** | $7593 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812595.jpg)

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

(a) Put Options Purchased

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JHQTX-625

JPMorgan Hedged Equity 3 Fund - Class I

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

JPMorgan Hedged Equity 3 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class R5 Shares/Ticker: JHTGX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Hedged Equity 3 Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Hedged Equity 3 Fund<br>(Class R5 Shares) | $46 | 0.44% |

---

**How did the Fund Perform?**

The JPMorgan Hedged Equity 3 Fund's Class R5 Shares returned 8.24% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 14.70% and the ICE BofA 3-Month US Treasury Bill Index returned 4.68% for the twelve months ended June 30, 2025.

* The Fund captured 53% of the Index's positive return with 64% of its volatility. 

* The Fund's security selection in the industrial cyclical and health services & systems subsectors detracted from performance. 

* Underweights in Netflix Inc. and Broadcom Inc. were among the top detractors from performance. 

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

* An overweight allocation in Howmet Aerospace and an underweight allocation in Adobe Inc. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812309.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Hedged Equity 3 Fund (Class R5 Shares)** | February 26, 2021 | 8.24% | 7.64% |
| **S&P 500 Index** |  | 14.70 | 13.07 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.68 | 3.13 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Hedged Equity 3 Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from February 26, 2021 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 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 BofA 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 BofA 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.

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

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

The S&P 500 Index ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc., ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3223591 |
| **Total number of portfolio holdings** | 154 |
| **Portfolio turnover rate** | 44% |
| **Total advisory fees paid (000's)** | $7593 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812596.jpg)

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

(a) Put Options Purchased

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JHTGX-625

JPMorgan Hedged Equity 3 Fund - Class R5

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

JPMorgan Hedged Equity 3 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class R6 Shares/Ticker: JHTRX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Hedged Equity 3 Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Hedged Equity 3 Fund<br>(Class R6 Shares) | $35 | 0.34% |

---

**How did the Fund Perform?**

The JPMorgan Hedged Equity 3 Fund's Class R6 Shares returned 8.34% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 14.70% and the ICE BofA 3-Month US Treasury Bill Index returned 4.68% for the twelve months ended June 30, 2025.

* The Fund captured 53% of the Index's positive return with 64% of its volatility. 

* The Fund's security selection in the industrial cyclical and health services & systems subsectors detracted from performance. 

* Underweights in Netflix Inc. and Broadcom Inc. were among the top detractors from performance. 

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

* An overweight allocation in Howmet Aerospace and an underweight allocation in Adobe Inc. were among the top contributors to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812311.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Hedged Equity 3 Fund (Class R6 Shares)** | February 26, 2021 | 8.34% | 7.75% |
| **S&P 500 Index** |  | 14.70 | 13.07 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.68 | 3.13 |

---

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

The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Hedged Equity 3 Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from February 26, 2021 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 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 BofA 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 BofA 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.

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

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

The S&P 500 Index ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc., ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3223591 |
| **Total number of portfolio holdings** | 154 |
| **Portfolio turnover rate** | 44% |
| **Total advisory fees paid (000's)** | $7593 |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812606.jpg)

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

(a) Put Options Purchased

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JHTRX-625

JPMorgan Hedged Equity 3 Fund - Class R6

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

JPMorgan Preferred and Income Securities Fund

![FrontCoverImage](g21784images_2523.jpg)

Class A Shares/Ticker: JPDAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Preferred and Income Securities Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Preferred and Income Securities Fund<br>(Class A Shares) | $88 | 0.85% |

---

**How did the Fund Perform?**

The JPMorgan Preferred and Income Securities Fund's Class A Shares, without a sales charge, returned 8.81% for the twelve months ended June 30, 2025. The Bloomberg U.S. Aggregate Index returned 6.08%, the ICE BofA US All Capital Securities Index (the "Index") returned 6.87% and the Preferred and Income Securities Composite Benchmark returned 8.01% for the twelve months ended June 30, 2025.

* The Fund's overweight allocation to hybrid debt and bank capital securities, which generally have higher credit risk relative to other debt securities, was the leading contributor to relative performance. 

* The Fund's shorter overall duration was the leading detractor to relative performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812312.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Preferred and Income Securities Fund (Class A Shares)** | March 31, 2022 | 4.71% | 3.05% |
| **JPMorgan Preferred and Income Securities Fund (Class A Shares) - excluding sales charge** |  | 8.81 | 4.27 |
| **Bloomberg U.S. Aggregate Index** |  | 6.08 | 0.85 |
| **ICE BofA US All Capital Securities Index** |  | 6.87 | 3.46 |
| **Preferred and Income Securities Composite Benchmark** |  | 8.01 | 3.56 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Preferred and Income Securities Fund, the Bloomberg U.S. Aggregate Index, the ICE BofA US All Capital Securities Index and the Preferred and Income Securities Composite Benchmark from March 31, 2022 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Bloomberg U.S. Aggregate Index, the ICE BofA US All Capital Securities Index, and the Preferred and Income Securities Composite Benchmark 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 Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The ICE BofA US All Capital Securities Index is a subset of the ICE BofA Merrill Lynch U.S. Corporate Index including all fixed-to-floating rate, perpetual callable and capital securities. The ICE BofA Merrill Lynch Corporate Index tracks the performance of U.S. dollar denominated investment grade corporate debt publicly issued in the U.S. domestic market. The Preferred and Income Securities Composite Benchmark is a customized blend of unmanaged indices that includes 75% ICE BofA US All Capital Securities Index and 25% Bloomberg Developed Market USD Contingent Capital Index. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Bloomberg U.S. Aggregate Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and an additional supplemental index.

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

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

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

*Source: ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1369703 |
| **Total number of portfolio holdings** | 145 |
| **Portfolio turnover rate** | 32% |
| **Total advisory fees paid (000's)** | $5568 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812604.jpg)

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPDAX-625

JPMorgan Preferred and Income Securities Fund - Class A

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

JPMorgan Preferred and Income Securities Fund

![FrontCoverImage](g21784images_2523.jpg)

Class C Shares/Ticker: JPDCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Preferred and Income Securities Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Preferred and Income Securities Fund<br>(Class C Shares) | $140 | 1.35% |

---

**How did the Fund Perform?**

The JPMorgan Preferred and Income Securities Fund's Class C Shares, without a sales charge, returned 8.28% for the twelve months ended June 30, 2025. The Bloomberg U.S. Aggregate Index returned 6.08%, the ICE BofA US All Capital Securities Index (the "Index") returned 6.87% and the Preferred and Income Securities Composite Benchmark returned 8.01% for the twelve months ended June 30, 2025.

* The Fund's overweight allocation to hybrid debt and bank capital securities, which generally have higher credit risk relative to other debt securities, was the leading contributor to relative performance. 

* The Fund's shorter overall duration was the leading detractor to relative performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812302.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Preferred and Income Securities Fund (Class C Shares)** | August 1, 2022 | 7.28% | 3.71% |
| **JPMorgan Preferred and Income Securities Fund (Class C Shares) - excluding sales charge** |  | 8.28 | 3.71 |
| **Bloomberg U.S. Aggregate Index** |  | 6.08 | 0.85 |
| **ICE BofA US All Capital Securities Index** |  | 6.87 | 3.46 |
| **Preferred and Income Securities Composite Benchmark** |  | 8.01 | 3.56 |

---

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

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

The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Preferred and Income Securities Fund, the Bloomberg U.S. Aggregate Index, the ICE BofA US All Capital Securities Index and the Preferred and Income Securities Composite Benchmark from March 31, 2022 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index, the ICE BofA US All Capital Securities Index, and the Preferred and Income Securities Composite Benchmark 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 Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The ICE BofA US All Capital Securities Index is a subset of the ICE BofA Merrill Lynch U.S. Corporate Index including all fixed-to-floating rate, perpetual callable and capital securities. The ICE BofA Merrill Lynch Corporate Index tracks the performance of U.S. dollar denominated investment grade corporate debt publicly issued in the U.S. domestic market. The Preferred and Income Securities Composite Benchmark is a customized blend of unmanaged indices that includes 75% ICE BofA US All Capital Securities Index and 25% Bloomberg Developed Market USD Contingent Capital Index. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Bloomberg U.S. Aggregate Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and an additional supplemental index.

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

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

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

*Source: ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1369703 |
| **Total number of portfolio holdings** | 145 |
| **Portfolio turnover rate** | 32% |
| **Total advisory fees paid (000's)** | $5568 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812603.jpg)

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPDCX-625

JPMorgan Preferred and Income Securities Fund - Class C

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

JPMorgan Preferred and Income Securities Fund

![FrontCoverImage](g21784images_2523.jpg)

Class I Shares/Ticker: JPDIX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Preferred and Income Securities Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Preferred and Income Securities Fund<br>(Class I Shares) | $62 | 0.60% |

---

**How did the Fund Perform?**

The JPMorgan Preferred and Income Securities Fund's Class I Shares returned 8.96% for the twelve months ended June 30, 2025. The Bloomberg U.S. Aggregate Index returned 6.08%, the ICE BofA US All Capital Securities Index (the "Index") returned 6.87% and the Preferred and Income Securities Composite Benchmark returned 8.01% for the twelve months ended June 30, 2025.

* The Fund's overweight allocation to hybrid debt and bank capital securities, which generally have higher credit risk relative to other debt securities, was the leading contributor to relative performance. 

* The Fund's shorter overall duration was the leading detractor to relative performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812301.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Preferred and Income Securities Fund (Class I Shares)** | March 31, 2022 | 8.96% | 4.49% |
| **Bloomberg U.S. Aggregate Index** |  | 6.08 | 0.85 |
| **ICE BofA US All Capital Securities Index** |  | 6.87 | 3.46 |
| **Preferred and Income Securities Composite Benchmark** |  | 8.01 | 3.56 |

---

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Preferred and Income Securities Fund, the Bloomberg U.S. Aggregate Index, the ICE BofA US All Capital Securities Index and the Preferred and Income Securities Composite Benchmark from March 31, 2022 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index, the ICE BofA US All Capital Securities Index, and the Preferred and Income Securities Composite Benchmark 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 Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The ICE BofA US All Capital Securities Index is a subset of the ICE BofA Merrill Lynch U.S. Corporate Index including all fixed-to-floating rate, perpetual callable and capital securities. The ICE BofA Merrill Lynch Corporate Index tracks the performance of U.S. dollar denominated investment grade corporate debt publicly issued in the U.S. domestic market. The Preferred and Income Securities Composite Benchmark is a customized blend of unmanaged indices that includes 75% ICE BofA US All Capital Securities Index and 25% Bloomberg Developed Market USD Contingent Capital Index. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Bloomberg U.S. Aggregate Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and an additional supplemental index.

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

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

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

*Source: ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1369703 |
| **Total number of portfolio holdings** | 145 |
| **Portfolio turnover rate** | 32% |
| **Total advisory fees paid (000's)** | $5568 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812605.jpg)

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPDIX-625

JPMorgan Preferred and Income Securities Fund - Class I

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

JPMorgan Preferred and Income Securities Fund

![FrontCoverImage](g21784images_2523.jpg)

Class R6 Shares/Ticker: JPDRX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Preferred and Income Securities Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Preferred and Income Securities Fund<br>(Class R6 Shares) | $57 | 0.55% |

---

**How did the Fund Perform?**

The JPMorgan Preferred and Income Securities Fund's Class R6 Shares returned 9.13% for the twelve months ended June 30, 2025. The Bloomberg U.S. Aggregate Index returned 6.08%, the ICE BofA US All Capital Securities Index (the "Index") returned 6.87% and the Preferred and Income Securities Composite Benchmark returned 8.01% for the twelve months ended June 30, 2025.

* The Fund's overweight allocation to hybrid debt and bank capital securities, which generally have higher credit risk relative to other debt securities, was the leading contributor to relative performance. 

* The Fund's shorter overall duration was the leading detractor to relative performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812303.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Preferred and Income Securities Fund (Class R6 Shares)** | March 31, 2022 | 9.13% | 4.58% |
| **Bloomberg U.S. Aggregate Index** |  | 6.08 | 0.85 |
| **ICE BofA US All Capital Securities Index** |  | 6.87 | 3.46 |
| **Preferred and Income Securities Composite Benchmark** |  | 8.01 | 3.56 |

---

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

The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Preferred and Income Securities Fund, the Bloomberg U.S. Aggregate Index, the ICE BofA US All Capital Securities Index and the Preferred and Income Securities Composite Benchmark from March 31, 2022 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index, the ICE BofA US All Capital Securities Index, and the Preferred and Income Securities Composite Benchmark 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 Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The ICE BofA US All Capital Securities Index is a subset of the ICE BofA Merrill Lynch U.S. Corporate Index including all fixed-to-floating rate, perpetual callable and capital securities. The ICE BofA Merrill Lynch Corporate Index tracks the performance of U.S. dollar denominated investment grade corporate debt publicly issued in the U.S. domestic market. The Preferred and Income Securities Composite Benchmark is a customized blend of unmanaged indices that includes 75% ICE BofA US All Capital Securities Index and 25% Bloomberg Developed Market USD Contingent Capital Index. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Bloomberg U.S. Aggregate Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and an additional supplemental index.

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

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

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

*Source: ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1369703 |
| **Total number of portfolio holdings** | 145 |
| **Portfolio turnover rate** | 32% |
| **Total advisory fees paid (000's)** | $5568 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812602.jpg)

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPDRX-625

JPMorgan Preferred and Income Securities Fund - Class R6

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class I Shares/Ticker: JSBSX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund<br>(Class I Shares) | $34 | 0.32% |

---

**How did the Fund Perform?**

The JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund's Class I Shares returned 13.83% for the twelve months ended June 30, 2025. The MSCI ACWI Index (net total return) returned 16.26%, the S&P Target Date 2065+ Index (the "Index") returned 14.56% and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark returned 14.47% for the twelve months ended June 30, 2025.

* Relative to the Index, holding more U.S. large cap was additive. Conversely, holding less developed international relative to the S&P Target Date Indices detracted due to a weakening U.S. dollar, which boosted the returns of international indices. 

* Manager selection detracted from relative performance over the year. The U.S. core fixed income platform contributed to relative performance with both underlying funds; the JPMorgan Core Bond Fund and the JPMorgan Core Plus Bond Fund, adding value. Conversely, the JPMorgan Emerging Market Research Enhanced Equity Fund detracted from relative performance. 

* Active asset allocation was neutral over the year. In early April, we initiated an overweight to high yield to capitalize on valuation opportunities. Our high yield overweight, funded primarily from core fixed income, was additive. However, cash-flow-related volatility offset the gains. We did not have any other active asset allocation positions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812300.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund (Class I Shares)** | November 1, 2022 | 13.83% | 17.16% |
| **MSCI ACWI Index (net total return)** |  | 16.26 | 20.57 |
| **S&P Target Date 2065+ Index** |  | 14.56 | 17.94 |
| **JPMorgan SmartRetirement Blend 2065 Composite Benchmark** |  | 14.47 | 18.27 |

---

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund, the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index, and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark 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 MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. 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 2065+ 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 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ 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. The JPMorgan SmartRetirement Blend 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. For periods prior to February 1, 2020, the composite benchmark was a weighted average of the benchmarks associated with the underlying funds in which the Fund invested in. Investors cannot directly invest in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the MSCI ACWI Index (net total return), a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and an additional supplemental index.

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

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

The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index ("Indexes") are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information(collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

*Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P.Morgan Chase & Co. All rights reserved.

The JPMorgan SmartRetirement Blend Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement Blend Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group") or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the "Index") vest in FTSE and Nareit. "FTSE<sup>®</sup>" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT<sup>®</sup>" is a trademark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the JPMorgan SmartRetirement Blend Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement Blend Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $83677 |
| **Total number of portfolio holdings** | 16 |
| **Portfolio turnover rate** | 29% |
| **Total advisory fees paid (000's)** | $0 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812617.jpg)

**Material changes to the Fund during the period**

Effective November 1, 2024, the Fund's Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding 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 Funds and ETFs and acquired fund fees incurred by any Underlying Funds and ETFs) exceed 0.44% of the Fund's Class I Shares average daily net assets to 0.42% of the Fund's Class I Shares average daily net assets.

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

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JSBSX-625

JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund - Class I

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class R2 Shares/Ticker: JSBZX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund<br>(Class R2 Shares) | $87 | 0.82% |

---

**How did the Fund Perform?**

The JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund's Class R2 Shares returned 13.20% for the twelve months ended June 30, 2025. The MSCI ACWI Index (net total return) returned 16.26%, the S&P Target Date 2065+ Index (the "Index") returned 14.56% and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark returned 14.47% for the twelve months ended June 30, 2025.

* Relative to the Index, holding more U.S. large cap was additive. Conversely, holding less developed international relative to the S&P Target Date Indices detracted due to a weakening U.S. dollar, which boosted the returns of international indices. 

* Manager selection detracted from relative performance over the year. The U.S. core fixed income platform contributed to relative performance with both underlying funds; the JPMorgan Core Bond Fund and the JPMorgan Core Plus Bond Fund, adding value. Conversely, the JPMorgan Emerging Market Research Enhanced Equity Fund detracted from relative performance. 

* Active asset allocation was neutral over the year. In early April, we initiated an overweight to high yield to capitalize on valuation opportunities. Our high yield overweight, funded primarily from core fixed income, was additive. However, cash-flow-related volatility offset the gains. We did not have any other active asset allocation positions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812291.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund (Class R2 Shares)** | November 1, 2022 | 13.20% | 16.57% |
| **MSCI ACWI Index (net total return)** |  | 16.26 | 20.57 |
| **S&P Target Date 2065+ Index** |  | 14.56 | 17.94 |
| **JPMorgan SmartRetirement Blend 2065 Composite Benchmark** |  | 14.47 | 18.27 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class R2 Shares of the JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund, the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index, and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark 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 MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. 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 2065+ 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 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ 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. The JPMorgan SmartRetirement Blend 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. For periods prior to February 1, 2020, the composite benchmark was a weighted average of the benchmarks associated with the underlying funds in which the Fund invested in. Investors cannot directly invest in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the MSCI ACWI Index (net total return), a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and an additional supplemental index.

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

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

The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index ("Indexes") are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information(collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

*Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P.Morgan Chase & Co. All rights reserved.

The JPMorgan SmartRetirement Blend Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement Blend Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group") or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the "Index") vest in FTSE and Nareit. "FTSE<sup>®</sup>" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT<sup>®</sup>" is a trademark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the JPMorgan SmartRetirement Blend Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement Blend Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $83677 |
| **Total number of portfolio holdings** | 16 |
| **Portfolio turnover rate** | 29% |
| **Total advisory fees paid (000's)** | $0 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812614.jpg)

**Material changes to the Fund during the period**

Effective November 1, 2024, the Fund's Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding 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 Funds and ETFs and acquired fund fees incurred by any Underlying Funds and ETFs) exceed 0.94% of the Fund's Class R2 Shares average daily net assets to 0.92% of the Fund's Class R2 Shares average daily net assets.

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

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JSBZX-625

JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund - Class R2

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class R3 Shares/Ticker: JSBPX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund<br>(Class R3 Shares) | $60 | 0.56% |

---

**How did the Fund Perform?**

The JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund's Class R3 Shares returned 13.48% for the twelve months ended June 30, 2025. The MSCI ACWI Index (net total return) returned 16.26%, the S&P Target Date 2065+ Index (the "Index") returned 14.56% and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark returned 14.47% for the twelve months ended June 30, 2025.

* Relative to the Index, holding more U.S. large cap was additive. Conversely, holding less developed international relative to the S&P Target Date Indices detracted due to a weakening U.S. dollar, which boosted the returns of international indices. 

* Manager selection detracted from relative performance over the year. The U.S. core fixed income platform contributed to relative performance with both underlying funds; the JPMorgan Core Bond Fund and the JPMorgan Core Plus Bond Fund, adding value. Conversely, the JPMorgan Emerging Market Research Enhanced Equity Fund detracted from relative performance. 

* Active asset allocation was neutral over the year. In early April, we initiated an overweight to high yield to capitalize on valuation opportunities. Our high yield overweight, funded primarily from core fixed income, was additive. However, cash-flow-related volatility offset the gains. We did not have any other active asset allocation positions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812292.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund (Class R3 Shares)** | November 1, 2022 | 13.48% | 16.87% |
| **MSCI ACWI Index (net total return)** |  | 16.26 | 20.57 |
| **S&P Target Date 2065+ Index** |  | 14.56 | 17.94 |
| **JPMorgan SmartRetirement Blend 2065 Composite Benchmark** |  | 14.47 | 18.27 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class R3 Shares of the JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund, the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index, and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark 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 MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. 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 2065+ 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 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ 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. The JPMorgan SmartRetirement Blend 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. For periods prior to February 1, 2020, the composite benchmark was a weighted average of the benchmarks associated with the underlying funds in which the Fund invested in. Investors cannot directly invest in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the MSCI ACWI Index (net total return), a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and an additional supplemental index.

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

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

The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index ("Indexes") are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information(collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

*Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P.Morgan Chase & Co. All rights reserved.

The JPMorgan SmartRetirement Blend Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement Blend Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group") or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the "Index") vest in FTSE and Nareit. "FTSE<sup>®</sup>" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT<sup>®</sup>" is a trademark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the JPMorgan SmartRetirement Blend Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement Blend Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $83677 |
| **Total number of portfolio holdings** | 16 |
| **Portfolio turnover rate** | 29% |
| **Total advisory fees paid (000's)** | $0 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812613.jpg)

**Material changes to the Fund during the period**

Effective November 1, 2024, the Fund's Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding 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 Funds and ETFs and acquired fund fees incurred by any Underlying Funds and ETFs) exceed 0.69% of the Fund's Class R3 Shares average daily net assets to 0.67% of the Fund's Class R3 Shares average daily net assets.

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

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JSBPX-625

JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund - Class R3

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class R4 Shares/Ticker: JSBQX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund<br>(Class R4 Shares) | $34 | 0.32% |

---

**How did the Fund Perform?**

The JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund's Class R4 Shares returned 13.82% for the twelve months ended June 30, 2025. The MSCI ACWI Index (net total return) returned 16.26%, the S&P Target Date 2065+ Index (the "Index") returned 14.56% and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark returned 14.47% for the twelve months ended June 30, 2025.

* Relative to the Index, holding more U.S. large cap was additive. Conversely, holding less developed international relative to the S&P Target Date Indices detracted due to a weakening U.S. dollar, which boosted the returns of international indices. 

* Manager selection detracted from relative performance over the year. The U.S. core fixed income platform contributed to relative performance with both underlying funds; the JPMorgan Core Bond Fund and the JPMorgan Core Plus Bond Fund, adding value. Conversely, the JPMorgan Emerging Market Research Enhanced Equity Fund detracted from relative performance. 

* Active asset allocation was neutral over the year. In early April, we initiated an overweight to high yield to capitalize on valuation opportunities. Our high yield overweight, funded primarily from core fixed income, was additive. However, cash-flow-related volatility offset the gains. We did not have any other active asset allocation positions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812293.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund (Class R4 Shares)** | November 1, 2022 | 13.82% | 17.16% |
| **MSCI ACWI Index (net total return)** |  | 16.26 | 20.57 |
| **S&P Target Date 2065+ Index** |  | 14.56 | 17.94 |
| **JPMorgan SmartRetirement Blend 2065 Composite Benchmark** |  | 14.47 | 18.27 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class R4 Shares of the JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund, the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index, and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark 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 MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. 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 2065+ 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 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ 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. The JPMorgan SmartRetirement Blend 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. For periods prior to February 1, 2020, the composite benchmark was a weighted average of the benchmarks associated with the underlying funds in which the Fund invested in. Investors cannot directly invest in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the MSCI ACWI Index (net total return), a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and an additional supplemental index.

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

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

The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index ("Indexes") are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information(collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

*Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P.Morgan Chase & Co. All rights reserved.

The JPMorgan SmartRetirement Blend Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement Blend Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group") or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the "Index") vest in FTSE and Nareit. "FTSE<sup>®</sup>" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT<sup>®</sup>" is a trademark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the JPMorgan SmartRetirement Blend Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement Blend Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $83677 |
| **Total number of portfolio holdings** | 16 |
| **Portfolio turnover rate** | 29% |
| **Total advisory fees paid (000's)** | $0 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812624.jpg)

**Material changes to the Fund during the period**

Effective November 1, 2024, the Fund's Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding 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 Funds and ETFs and acquired fund fees incurred by any Underlying Funds and ETFs) exceed 0.44% of the Fund's Class R4 Shares average daily net assets to 0.42% of the Fund's Class R4 Shares average daily net assets.

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

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JSBQX-625

JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund - Class R4

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class R5 Shares/Ticker: JSMDX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund<br>(Class R5 Shares) | $18 | 0.17% |

---

**How did the Fund Perform?**

The JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund's Class R5 Shares returned 13.98% for the twelve months ended June 30, 2025. The MSCI ACWI Index (net total return) returned 16.26%, the S&P Target Date 2065+ Index (the "Index") returned 14.56% and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark returned 14.47% for the twelve months ended June 30, 2025.

* Relative to the Index, holding more U.S. large cap was additive. Conversely, holding less developed international relative to the S&P Target Date Indices detracted due to a weakening U.S. dollar, which boosted the returns of international indices. 

* Manager selection detracted from relative performance over the year. The U.S. core fixed income platform contributed to relative performance with both underlying funds; the JPMorgan Core Bond Fund and the JPMorgan Core Plus Bond Fund, adding value. Conversely, the JPMorgan Emerging Market Research Enhanced Equity Fund detracted from relative performance. 

* Active asset allocation was neutral over the year. In early April, we initiated an overweight to high yield to capitalize on valuation opportunities. Our high yield overweight, funded primarily from core fixed income, was additive. However, cash-flow-related volatility offset the gains. We did not have any other active asset allocation positions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812289.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund (Class R5 Shares)** | November 1, 2022 | 13.98% | 17.34% |
| **MSCI ACWI Index (net total return)** |  | 16.26 | 20.57 |
| **S&P Target Date 2065+ Index** |  | 14.56 | 17.94 |
| **JPMorgan SmartRetirement Blend 2065 Composite Benchmark** |  | 14.47 | 18.27 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund, the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index, and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark 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 MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. 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 2065+ 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 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ 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. The JPMorgan SmartRetirement Blend 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. For periods prior to February 1, 2020, the composite benchmark was a weighted average of the benchmarks associated with the underlying funds in which the Fund invested in. Investors cannot directly invest in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the MSCI ACWI Index (net total return), a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and an additional supplemental index.

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

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

The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index ("Indexes") are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information(collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

*Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P.Morgan Chase & Co. All rights reserved.

The JPMorgan SmartRetirement Blend Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement Blend Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group") or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the "Index") vest in FTSE and Nareit. "FTSE<sup>®</sup>" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT<sup>®</sup>" is a trademark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the JPMorgan SmartRetirement Blend Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement Blend Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $83677 |
| **Total number of portfolio holdings** | 16 |
| **Portfolio turnover rate** | 29% |
| **Total advisory fees paid (000's)** | $0 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812616.jpg)

**Material changes to the Fund during the period**

Effective November 1, 2024, the Fund's Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding 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 Funds and ETFs and acquired fund fees incurred by any Underlying Funds and ETFs) exceed 0.29% of the Fund's Class R5 Shares average daily net assets to 0.27% of the Fund's Class R5 Shares average daily net assets.

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

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JSMDX-625

JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund - Class R5

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class R6 Shares/Ticker: JSBYX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund<br>(Class R6 Shares) | $7 | 0.07% |

---

**How did the Fund Perform?**

The JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund's Class R6 Shares returned 14.12% for the twelve months ended June 30, 2025. The MSCI ACWI Index (net total return) returned 16.26%, the S&P Target Date 2065+ Index (the "Index") returned 14.56% and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark returned 14.47% for the twelve months ended June 30, 2025.

* Relative to the Index, holding more U.S. large cap was additive. Conversely, holding less developed international relative to the S&P Target Date Indices detracted due to a weakening U.S. dollar, which boosted the returns of international indices. 

* Manager selection detracted from relative performance over the year. The U.S. core fixed income platform contributed to relative performance with both underlying funds; the JPMorgan Core Bond Fund and the JPMorgan Core Plus Bond Fund, adding value. Conversely, the JPMorgan Emerging Market Research Enhanced Equity Fund detracted from relative performance. 

* Active asset allocation was neutral over the year. In early April, we initiated an overweight to high yield to capitalize on valuation opportunities. Our high yield overweight, funded primarily from core fixed income, was additive. However, cash-flow-related volatility offset the gains. We did not have any other active asset allocation positions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812290.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund (Class R6 Shares)** | November 1, 2022 | 14.12% | 17.46% |
| **MSCI ACWI Index (net total return)** |  | 16.26 | 20.57 |
| **S&P Target Date 2065+ Index** |  | 14.56 | 17.94 |
| **JPMorgan SmartRetirement Blend 2065 Composite Benchmark** |  | 14.47 | 18.27 |

---

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

The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund, the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index, and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark 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 MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. 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 2065+ 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 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ 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. The JPMorgan SmartRetirement Blend 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. For periods prior to February 1, 2020, the composite benchmark was a weighted average of the benchmarks associated with the underlying funds in which the Fund invested in. Investors cannot directly invest in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the MSCI ACWI Index (net total return), a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and an additional supplemental index.

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

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

The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index ("Indexes") are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information(collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

*Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P.Morgan Chase & Co. All rights reserved.

The JPMorgan SmartRetirement Blend Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement Blend Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group") or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the "Index") vest in FTSE and Nareit. "FTSE<sup>®</sup>" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT<sup>®</sup>" is a trademark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the JPMorgan SmartRetirement Blend Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement Blend Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $83677 |
| **Total number of portfolio holdings** | 16 |
| **Portfolio turnover rate** | 29% |
| **Total advisory fees paid (000's)** | $0 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812615.jpg)

**Material changes to the Fund during the period**

Effective November 1, 2024, the Fund's Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding 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 Funds and ETFs and acquired fund fees incurred by any Underlying Funds and ETFs) exceed 0.19% of the Fund's Class R6 Shares average daily net assets to 0.17% of the Fund's Class R6 Shares average daily net assets.

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

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JSBYX-625

JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund - Class R6

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

JPMorgan SmartRetirement<sup>®</sup> 2065 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class A Shares/Ticker: JSMEX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan SmartRetirement<sup>®</sup> 2065 Fund<br>(Class A Shares) | $47 | 0.44% |

---

**How did the Fund Perform?**

The JPMorgan SmartRetirement<sup>®</sup> 2065 Fund's Class A Shares, without a sales charge, returned 12.66% for the twelve months ended June 30, 2025. The MSCI ACWI Index (net total return) returned 16.26%, the S&P Target Date 2065+ Index (the "Index") returned 14.56% and the JPMorgan SmartRetirement 2065 Composite Benchmark returned 14.56% for the twelve months ended June 30, 2025.

* Relative to the Index, holding more U.S. large cap was additive. Conversely, holding less developed international relative to the S&P Target Date Indices detracted due to a weakening U.S. dollar, which boosted the returns of international indices. 

* Manager selection detracted from relative performance over the year. The U.S. core fixed income platform added value. The JPMorgan Value Advantage Fund within the U.S. multi-cap platform also added value. Conversely, the JPMorgan Growth Advantage Fund within the U.S. multi-cap platform detracted. The U.S. Large Cap platform and the JPMorgan Global Select Equity ETF also detracted. 

* Active asset allocation was additive over the year. In early April, we initiated an overweight to high yield to capitalize on valuation opportunities. Our high yield overweight, funded primarily from core fixed income, was additive. We did not have any other active asset allocation positions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812304.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan SmartRetirement<sup>®</sup> 2065 Fund (Class A Shares)** | November 1, 2022 | 7.61% | 15.30% |
| **JPMorgan SmartRetirement<sup>®</sup> 2065 Fund (Class A Shares) - excluding sales charge** |  | 12.66 | 17.32 |
| **MSCI ACWI Index (net total return)** |  | 16.26 | 20.57 |
| **S&P Target Date 2065+ Index** |  | 14.56 | 17.94 |
| **JPMorgan SmartRetirement 2065 Composite Benchmark** |  | 14.56 | 17.94 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund, the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement 2065 Composite Benchmark from November 1, 2022 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index, and the JPMorgan SmartRetirement 2065 Composite Benchmark do not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2065+ Index was previously adjusted to remove the impact of ETF fees) 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 MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The S&P Target Date 2065+ 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 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ 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. The JPMorgan SmartRetirement 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. For periods prior to February 1, 2020, the composite benchmark was a weighted average of the benchmarks associated with the underlying funds in which the Fund invested in. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot directly invest in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the MSCI ACWI Index (net total return), a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and an additional supplemental index.

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

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

The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index ("Indexes") are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

*Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.

The JPMorgan SmartRetirement Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings(collectively, the "LSE Group") or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the "Index") vest in FTSE and Nareit. "FTSE<sup>®</sup>" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT<sup>®</sup>" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the JPMorgan SmartRetirement Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $90392 |
| **Total number of portfolio holdings** | 24 |
| **Portfolio turnover rate** | 19% |
| **Total advisory fees paid (000's)** | $0 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812601.jpg)

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JSMEX-625

JPMorgan SmartRetirement<sup>®</sup> 2065 Fund - Class A

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

JPMorgan SmartRetirement<sup>®</sup> 2065 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class C Shares/Ticker: JSMHX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan SmartRetirement<sup>®</sup> 2065 Fund<br>(Class C Shares) | $106 | 1.00% |

---

**How did the Fund Perform?**

The JPMorgan SmartRetirement<sup>®</sup> 2065 Fund's Class C Shares, without a sales charge, returned 12.03% for the twelve months ended June 30, 2025. The MSCI ACWI Index (net total return) returned 16.26%, the S&P Target Date 2065+ Index (the "Index") returned 14.56% and the JPMorgan SmartRetirement 2065 Composite Benchmark returned 14.56% for the twelve months ended June 30, 2025.

* Relative to the Index, holding more U.S. large cap was additive. Conversely, holding less developed international relative to the S&P Target Date Indices detracted due to a weakening U.S. dollar, which boosted the returns of international indices. 

* Manager selection detracted from relative performance over the year. The U.S. core fixed income platform added value. The JPMorgan Value Advantage Fund within the U.S. multi-cap platform also added value. Conversely, the JPMorgan Growth Advantage Fund within the U.S. multi-cap platform detracted. The U.S. Large Cap platform and the JPMorgan Global Select Equity ETF also detracted. 

* Active asset allocation was additive over the year. In early April, we initiated an overweight to high yield to capitalize on valuation opportunities. Our high yield overweight, funded primarily from core fixed income, was additive. We did not have any other active asset allocation positions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812306.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan SmartRetirement<sup>®</sup> 2065 Fund (Class C Shares)** | November 1, 2022 | 11.03% | 16.66% |
| **JPMorgan SmartRetirement<sup>®</sup> 2065 Fund (Class C Shares) - excluding sales charge** |  | 12.03 | 16.66 |
| **MSCI ACWI Index (net total return)** |  | 16.26 | 20.57 |
| **S&P Target Date 2065+ Index** |  | 14.56 | 17.94 |
| **JPMorgan SmartRetirement 2065 Composite Benchmark** |  | 14.56 | 17.94 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund, the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement 2065 Composite Benchmark from November 1, 2022 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index, and the JPMorgan SmartRetirement 2065 Composite Benchmark do not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2065+ Index was previously adjusted to remove the impact of ETF fees) 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 MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The S&P Target Date 2065+ 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 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ 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. The JPMorgan SmartRetirement 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. For periods prior to February 1, 2020, the composite benchmark was a weighted average of the benchmarks associated with the underlying funds in which the Fund invested in. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot directly invest in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the MSCI ACWI Index (net total return), a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and an additional supplemental index.

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

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

The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index ("Indexes") are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

*Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.

The JPMorgan SmartRetirement Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings(collectively, the "LSE Group") or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the "Index") vest in FTSE and Nareit. "FTSE<sup>®</sup>" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT<sup>®</sup>" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the JPMorgan SmartRetirement Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $90392 |
| **Total number of portfolio holdings** | 24 |
| **Portfolio turnover rate** | 19% |
| **Total advisory fees paid (000's)** | $0 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812611.jpg)

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JSMHX-625

JPMorgan SmartRetirement<sup>®</sup> 2065 Fund - Class C

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

JPMorgan SmartRetirement<sup>®</sup> 2065 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class I Shares/Ticker: JSMJX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan SmartRetirement<sup>®</sup> 2065 Fund<br>(Class I Shares) | $27 | 0.25% |

---

**How did the Fund Perform?**

The JPMorgan SmartRetirement<sup>®</sup> 2065 Fund's Class I Shares returned 12.86% for the twelve months ended June 30, 2025. The MSCI ACWI Index (net total return) returned 16.26%, the S&P Target Date 2065+ Index (the "Index") returned 14.56% and the JPMorgan SmartRetirement 2065 Composite Benchmark returned 14.56% for the twelve months ended June 30, 2025.

* Relative to the Index, holding more U.S. large cap was additive. Conversely, holding less developed international relative to the S&P Target Date Indices detracted due to a weakening U.S. dollar, which boosted the returns of international indices. 

* Manager selection detracted from relative performance over the year. The U.S. core fixed income platform added value. The JPMorgan Value Advantage Fund within the U.S. multi-cap platform also added value. Conversely, the JPMorgan Growth Advantage Fund within the U.S. multi-cap platform detracted. The U.S. Large Cap platform and the JPMorgan Global Select Equity ETF also detracted. 

* Active asset allocation was additive over the year. In early April, we initiated an overweight to high yield to capitalize on valuation opportunities. Our high yield overweight, funded primarily from core fixed income, was additive. We did not have any other active asset allocation positions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812305.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan SmartRetirement<sup>®</sup> 2065 Fund (Class I Shares)** | November 1, 2022 | 12.86% | 17.54% |
| **MSCI ACWI Index (net total return)** |  | 16.26 | 20.57 |
| **S&P Target Date 2065+ Index** |  | 14.56 | 17.94 |
| **JPMorgan SmartRetirement 2065 Composite Benchmark** |  | 14.56 | 17.94 |

---

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund, the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement 2065 Composite Benchmark from November 1, 2022 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index, and the JPMorgan SmartRetirement 2065 Composite Benchmark do not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2065+ Index was previously adjusted to remove the impact of ETF fees) 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 MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The S&P Target Date 2065+ 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 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ 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. The JPMorgan SmartRetirement 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. For periods prior to February 1, 2020, the composite benchmark was a weighted average of the benchmarks associated with the underlying funds in which the Fund invested in. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot directly invest in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the MSCI ACWI Index (net total return), a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and an additional supplemental index.

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

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

The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index ("Indexes") are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

*Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.

The JPMorgan SmartRetirement Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings(collectively, the "LSE Group") or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the "Index") vest in FTSE and Nareit. "FTSE<sup>®</sup>" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT<sup>®</sup>" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the JPMorgan SmartRetirement Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $90392 |
| **Total number of portfolio holdings** | 24 |
| **Portfolio turnover rate** | 19% |
| **Total advisory fees paid (000's)** | $0 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812612.jpg)

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JSMJX-625

JPMorgan SmartRetirement<sup>®</sup> 2065 Fund - Class I

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

JPMorgan SmartRetirement<sup>®</sup> 2065 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class R2 Shares/Ticker: JSMKX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan SmartRetirement<sup>®</sup> 2065 Fund<br>(Class R2 Shares) | $80 | 0.75% |

---

**How did the Fund Perform?**

The JPMorgan SmartRetirement<sup>®</sup> 2065 Fund's Class R2 Shares returned 12.32% for the twelve months ended June 30, 2025. The MSCI ACWI Index (net total return) returned 16.26%, the S&P Target Date 2065+ Index (the "Index") returned 14.56% and the JPMorgan SmartRetirement 2065 Composite Benchmark returned 14.56% for the twelve months ended June 30, 2025.

* Relative to the Index, holding more U.S. large cap was additive. Conversely, holding less developed international relative to the S&P Target Date Indices detracted due to a weakening U.S. dollar, which boosted the returns of international indices. 

* Manager selection detracted from relative performance over the year. The U.S. core fixed income platform added value. The JPMorgan Value Advantage Fund within the U.S. multi-cap platform also added value. Conversely, the JPMorgan Growth Advantage Fund within the U.S. multi-cap platform detracted. The U.S. Large Cap platform and the JPMorgan Global Select Equity ETF also detracted. 

* Active asset allocation was additive over the year. In early April, we initiated an overweight to high yield to capitalize on valuation opportunities. Our high yield overweight, funded primarily from core fixed income, was additive. We did not have any other active asset allocation positions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812297.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan SmartRetirement<sup>®</sup> 2065 Fund (Class R2 Shares)** | November 1, 2022 | 12.32% | 16.96% |
| **MSCI ACWI Index (net total return)** |  | 16.26 | 20.57 |
| **S&P Target Date 2065+ Index** |  | 14.56 | 17.94 |
| **JPMorgan SmartRetirement 2065 Composite Benchmark** |  | 14.56 | 17.94 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class R2 Shares of the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund, the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement 2065 Composite Benchmark from November 1, 2022 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index, and the JPMorgan SmartRetirement 2065 Composite Benchmark do not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2065+ Index was previously adjusted to remove the impact of ETF fees) 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 MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The S&P Target Date 2065+ 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 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ 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. The JPMorgan SmartRetirement 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. For periods prior to February 1, 2020, the composite benchmark was a weighted average of the benchmarks associated with the underlying funds in which the Fund invested in. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot directly invest in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the MSCI ACWI Index (net total return), a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and an additional supplemental index.

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

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

The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index ("Indexes") are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

*Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.

The JPMorgan SmartRetirement Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings(collectively, the "LSE Group") or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the "Index") vest in FTSE and Nareit. "FTSE<sup>®</sup>" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT<sup>®</sup>" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the JPMorgan SmartRetirement Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $90392 |
| **Total number of portfolio holdings** | 24 |
| **Portfolio turnover rate** | 19% |
| **Total advisory fees paid (000's)** | $0 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812608.jpg)

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JSMKX-625

JPMorgan SmartRetirement<sup>®</sup> 2065 Fund - Class R2

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

JPMorgan SmartRetirement<sup>®</sup> 2065 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class R3 Shares/Ticker: JSMPX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan SmartRetirement<sup>®</sup> 2065 Fund<br>(Class R3 Shares) | $53 | 0.50% |

---

**How did the Fund Perform?**

The JPMorgan SmartRetirement<sup>®</sup> 2065 Fund's Class R3 Shares returned 12.57% for the twelve months ended June 30, 2025. The MSCI ACWI Index (net total return) returned 16.26%, the S&P Target Date 2065+ Index (the "Index") returned 14.56% and the JPMorgan SmartRetirement 2065 Composite Benchmark returned 14.56% for the twelve months ended June 30, 2025.

* Relative to the Index, holding more U.S. large cap was additive. Conversely, holding less developed international relative to the S&P Target Date Indices detracted due to a weakening U.S. dollar, which boosted the returns of international indices. 

* Manager selection detracted from relative performance over the year. The U.S. core fixed income platform added value. The JPMorgan Value Advantage Fund within the U.S. multi-cap platform also added value. Conversely, the JPMorgan Growth Advantage Fund within the U.S. multi-cap platform detracted. The U.S. Large Cap platform and the JPMorgan Global Select Equity ETF also detracted. 

* Active asset allocation was additive over the year. In early April, we initiated an overweight to high yield to capitalize on valuation opportunities. Our high yield overweight, funded primarily from core fixed income, was additive. We did not have any other active asset allocation positions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812298.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan SmartRetirement<sup>®</sup> 2065 Fund (Class R3 Shares)** | November 1, 2022 | 12.57% | 17.24% |
| **MSCI ACWI Index (net total return)** |  | 16.26 | 20.57 |
| **S&P Target Date 2065+ Index** |  | 14.56 | 17.94 |
| **JPMorgan SmartRetirement 2065 Composite Benchmark** |  | 14.56 | 17.94 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class R3 Shares of the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund, the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement 2065 Composite Benchmark from November 1, 2022 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index, and the JPMorgan SmartRetirement 2065 Composite Benchmark do not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2065+ Index was previously adjusted to remove the impact of ETF fees) 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 MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The S&P Target Date 2065+ 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 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ 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. The JPMorgan SmartRetirement 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. For periods prior to February 1, 2020, the composite benchmark was a weighted average of the benchmarks associated with the underlying funds in which the Fund invested in. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot directly invest in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the MSCI ACWI Index (net total return), a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and an additional supplemental index.

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

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

The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index ("Indexes") are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

*Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.

The JPMorgan SmartRetirement Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings(collectively, the "LSE Group") or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the "Index") vest in FTSE and Nareit. "FTSE<sup>®</sup>" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT<sup>®</sup>" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the JPMorgan SmartRetirement Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $90392 |
| **Total number of portfolio holdings** | 24 |
| **Portfolio turnover rate** | 19% |
| **Total advisory fees paid (000's)** | $0 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812618.jpg)

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JSMPX-625

JPMorgan SmartRetirement<sup>®</sup> 2065 Fund - Class R3

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

JPMorgan SmartRetirement<sup>®</sup> 2065 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class R4 Shares/Ticker: JSMLX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan SmartRetirement<sup>®</sup> 2065 Fund<br>(Class R4 Shares) | $27 | 0.25% |

---

**How did the Fund Perform?**

The JPMorgan SmartRetirement<sup>®</sup> 2065 Fund's Class R4 Shares returned 12.87% for the twelve months ended June 30, 2025. The MSCI ACWI Index (net total return) returned 16.26%, the S&P Target Date 2065+ Index (the "Index") returned 14.56% and the JPMorgan SmartRetirement 2065 Composite Benchmark returned 14.56% for the twelve months ended June 30, 2025.

* Relative to the Index, holding more U.S. large cap was additive. Conversely, holding less developed international relative to the S&P Target Date Indices detracted due to a weakening U.S. dollar, which boosted the returns of international indices. 

* Manager selection detracted from relative performance over the year. The U.S. core fixed income platform added value. The JPMorgan Value Advantage Fund within the U.S. multi-cap platform also added value. Conversely, the JPMorgan Growth Advantage Fund within the U.S. multi-cap platform detracted. The U.S. Large Cap platform and the JPMorgan Global Select Equity ETF also detracted. 

* Active asset allocation was additive over the year. In early April, we initiated an overweight to high yield to capitalize on valuation opportunities. Our high yield overweight, funded primarily from core fixed income, was additive. We did not have any other active asset allocation positions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812299.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan SmartRetirement<sup>®</sup> 2065 Fund (Class R4 Shares)** | November 1, 2022 | 12.87% | 17.53% |
| **MSCI ACWI Index (net total return)** |  | 16.26 | 20.57 |
| **S&P Target Date 2065+ Index** |  | 14.56 | 17.94 |
| **JPMorgan SmartRetirement 2065 Composite Benchmark** |  | 14.56 | 17.94 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class R4 Shares of the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund, the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement 2065 Composite Benchmark from November 1, 2022 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index, and the JPMorgan SmartRetirement 2065 Composite Benchmark do not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2065+ Index was previously adjusted to remove the impact of ETF fees) 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 MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The S&P Target Date 2065+ 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 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ 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. The JPMorgan SmartRetirement 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. For periods prior to February 1, 2020, the composite benchmark was a weighted average of the benchmarks associated with the underlying funds in which the Fund invested in. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot directly invest in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the MSCI ACWI Index (net total return), a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and an additional supplemental index.

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

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

The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index ("Indexes") are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

*Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.

The JPMorgan SmartRetirement Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings(collectively, the "LSE Group") or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the "Index") vest in FTSE and Nareit. "FTSE<sup>®</sup>" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT<sup>®</sup>" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the JPMorgan SmartRetirement Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $90392 |
| **Total number of portfolio holdings** | 24 |
| **Portfolio turnover rate** | 19% |
| **Total advisory fees paid (000's)** | $0 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812607.jpg)

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JSMLX-625

JPMorgan SmartRetirement<sup>®</sup> 2065 Fund - Class R4

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

JPMorgan SmartRetirement<sup>®</sup> 2065 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class R5 Shares/Ticker: JSMMX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan SmartRetirement<sup>®</sup> 2065 Fund<br>(Class R5 Shares) | $11 | 0.10% |

---

**How did the Fund Perform?**

The JPMorgan SmartRetirement<sup>®</sup> 2065 Fund's Class R5 Shares returned 13.01% for the twelve months ended June 30, 2025. The MSCI ACWI Index (net total return) returned 16.26%, the S&P Target Date 2065+ Index (the "Index") returned 14.56% and the JPMorgan SmartRetirement 2065 Composite Benchmark returned 14.56% for the twelve months ended June 30, 2025.

* Relative to the Index, holding more U.S. large cap was additive. Conversely, holding less developed international relative to the S&P Target Date Indices detracted due to a weakening U.S. dollar, which boosted the returns of international indices. 

* Manager selection detracted from relative performance over the year. The U.S. core fixed income platform added value. The JPMorgan Value Advantage Fund within the U.S. multi-cap platform also added value. Conversely, the JPMorgan Growth Advantage Fund within the U.S. multi-cap platform detracted. The U.S. Large Cap platform and the JPMorgan Global Select Equity ETF also detracted. 

* Active asset allocation was additive over the year. In early April, we initiated an overweight to high yield to capitalize on valuation opportunities. Our high yield overweight, funded primarily from core fixed income, was additive. We did not have any other active asset allocation positions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812295.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan SmartRetirement<sup>®</sup> 2065 Fund (Class R5 Shares)** | November 1, 2022 | 13.01% | 17.71% |
| **MSCI ACWI Index (net total return)** |  | 16.26 | 20.57 |
| **S&P Target Date 2065+ Index** |  | 14.56 | 17.94 |
| **JPMorgan SmartRetirement 2065 Composite Benchmark** |  | 14.56 | 17.94 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund, the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement 2065 Composite Benchmark from November 1, 2022 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index, and the JPMorgan SmartRetirement 2065 Composite Benchmark do not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2065+ Index was previously adjusted to remove the impact of ETF fees) 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 MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The S&P Target Date 2065+ 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 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ 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. The JPMorgan SmartRetirement 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. For periods prior to February 1, 2020, the composite benchmark was a weighted average of the benchmarks associated with the underlying funds in which the Fund invested in. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot directly invest in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the MSCI ACWI Index (net total return), a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and an additional supplemental index.

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

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

The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index ("Indexes") are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

*Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.

The JPMorgan SmartRetirement Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings(collectively, the "LSE Group") or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the "Index") vest in FTSE and Nareit. "FTSE<sup>®</sup>" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT<sup>®</sup>" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the JPMorgan SmartRetirement Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $90392 |
| **Total number of portfolio holdings** | 24 |
| **Portfolio turnover rate** | 19% |
| **Total advisory fees paid (000's)** | $0 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812610.jpg)

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JSMMX-625

JPMorgan SmartRetirement<sup>®</sup> 2065 Fund - Class R5

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

JPMorgan SmartRetirement<sup>®</sup> 2065 Fund

![FrontCoverImage](g21784images_2523.jpg)

Class R6 Shares/Ticker: JSMOX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund (the "Fund") for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan SmartRetirement<sup>®</sup> 2065 Fund<br>(Class R6 Shares) | $0 | 0.00% |

---

**How did the Fund Perform?**

The JPMorgan SmartRetirement<sup>®</sup> 2065 Fund's Class R6 Shares returned 13.12% for the twelve months ended June 30, 2025. The MSCI ACWI Index (net total return) returned 16.26%, the S&P Target Date 2065+ Index (the "Index") returned 14.56% and the JPMorgan SmartRetirement 2065 Composite Benchmark returned 14.56% for the twelve months ended June 30, 2025.

* Relative to the Index, holding more U.S. large cap was additive. Conversely, holding less developed international relative to the S&P Target Date Indices detracted due to a weakening U.S. dollar, which boosted the returns of international indices. 

* Manager selection detracted from relative performance over the year. The U.S. core fixed income platform added value. The JPMorgan Value Advantage Fund within the U.S. multi-cap platform also added value. Conversely, the JPMorgan Growth Advantage Fund within the U.S. multi-cap platform detracted. The U.S. Large Cap platform and the JPMorgan Global Select Equity ETF also detracted. 

* Active asset allocation was additive over the year. In early April, we initiated an overweight to high yield to capitalize on valuation opportunities. Our high yield overweight, funded primarily from core fixed income, was additive. We did not have any other active asset allocation positions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g21784chartimages_4812296.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan SmartRetirement<sup>®</sup> 2065 Fund (Class R6 Shares)** | November 1, 2022 | 13.12% | 17.81% |
| **MSCI ACWI Index (net total return)** |  | 16.26 | 20.57 |
| **S&P Target Date 2065+ Index** |  | 14.56 | 17.94 |
| **JPMorgan SmartRetirement 2065 Composite Benchmark** |  | 14.56 | 17.94 |

---

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

The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund, the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement 2065 Composite Benchmark from November 1, 2022 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index, and the JPMorgan SmartRetirement 2065 Composite Benchmark do not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2065+ Index was previously adjusted to remove the impact of ETF fees) 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 MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The S&P Target Date 2065+ 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 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ 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. The JPMorgan SmartRetirement 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement<sup>®</sup> 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. For periods prior to February 1, 2020, the composite benchmark was a weighted average of the benchmarks associated with the underlying funds in which the Fund invested in. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot directly invest in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the MSCI ACWI Index (net total return), a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and an additional supplemental index.

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

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

The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index ("Indexes") are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright© 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)*

*Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.

The JPMorgan SmartRetirement Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings(collectively, the "LSE Group") or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the "Index") vest in FTSE and Nareit. "FTSE<sup>®</sup>" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT<sup>®</sup>" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the JPMorgan SmartRetirement Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $90392 |
| **Total number of portfolio holdings** | 24 |
| **Portfolio turnover rate** | 19% |
| **Total advisory fees paid (000's)** | $0 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g21784chartimages_4812609.jpg)

**Availability of Additional Information**

![QRCode](g21784images_2525.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JSMOX-625

JPMorgan SmartRetirement<sup>®</sup> 2065 Fund - Class R6

------

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

**The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.** 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant's board of directors has determined that the registrant either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Has at least one audit committee financial expert serving on its audit committee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Does not have an audit committee financial expert serving on its audit committee.

**The Registrant's Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is "independent." In order to be considered "independent" for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 experts are Gary L. French, Kathleen M. Gallagher, Raymond Kanner and Lawrence R. Maffia, each of whom is not an "interested person" of the Registrant and is also "independent" as defined by the U.S. Securities and Exchange Commission for the purposes of the audit committee financial expert determination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

**Not applicable**.

------

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

#### AUDIT FEES

#### 2025 – $307,249

#### 2024 – $306,565
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

#### AUDIT-RELATED FEES

#### 2025 – $43,221

#### 2024 – $42,373
**Audit-related fees consists of security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant's fiscal year**.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

#### TAX FEES

#### 2025 – $90,246

#### 2024 – $98,963
**The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended June 30, 2025 and 2024, respectively.** 

#### For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

#### ALL OTHER FEES

#### 2025 – Not applicable

#### 2024 – Not applicable
(e) (1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

**Pursuant to the Registrant's Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the "Pre-approval Policy"), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant's independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor's engagement for non-audit services with the Registrant's investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the** 

------

 **"Pre-approval List"). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.** 

**One or more members of the Audit Committee may be appointed as the Committee's delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee's responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

#### 2025 – 0.0%

#### 2024 – 0.0%
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

#### Not applicable - Less than 50%.
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

**The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:** 

#### 2024 - $40.6 million

#### 2023 - $35.0 million
(h) Disclose whether the registrant's audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

**The Registrant's Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm's independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.** 

(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form NCSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.

#### Not applicable.
(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities. A registrant must disclose:

------

(1) That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant;

(2) The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized;

(3) Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant;

(4) The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant; and

(5) Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included in the financial statements filed under Item 7 of this Form.

#### Included in Item 7.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

------

Annual Financial Statements

J.P. Morgan SmartRetirement® Funds

June 30, 2025

---

| |
|:---|
| JPMorgan SmartRetirement® Income Fund |
| JPMorgan SmartRetirement® 2025 Fund |
| JPMorgan SmartRetirement® 2030 Fund |
| JPMorgan SmartRetirement® 2035 Fund |
| JPMorgan SmartRetirement® 2040 Fund |
| JPMorgan SmartRetirement® 2045 Fund |
| JPMorgan SmartRetirement® 2050 Fund |
| JPMorgan SmartRetirement® 2055 Fund |
| JPMorgan SmartRetirement® 2060 Fund |
| JPMorgan SmartRetirement® 2065 Fund |

---

![](g73645img9fe129dd1.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_9dfff55b-5227-4612-8c0f-619f90a76cb7_SOI-TOC-ScheduleofInvestments-772_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_9dfff55b-5227-4612-8c0f-619f90a76cb7_FS-TOC-FinancialStatement-772_1) | &nbsp;&nbsp; **19** |
| [Financial Highlights](#xx_9dfff55b-5227-4612-8c0f-619f90a76cb7_FIHI-TOC-FinancialHighlights-772_2) | &nbsp;&nbsp; **52** |
| [Notes to Financial Statements](#xx_9dfff55b-5227-4612-8c0f-619f90a76cb7_NTF-NTFRunningFooter-772_1) | &nbsp;&nbsp; **72** |
| [Report of Independent Registered Public Accounting Firm](#xx_9dfff55b-5227-4612-8c0f-619f90a76cb7_AUD-TOC-AuditorsReport-772_1) | &nbsp;&nbsp; **97** |
| [Tax Letter](#xx_9dfff55b-5227-4612-8c0f-619f90a76cb7_TL-TAXLETTERCC-772_1) | &nbsp;&nbsp; **98** |

---

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

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

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

------

JPMorgan SmartRetirement® Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 75.3%** | **Investment Companies — 75.3%** | **Investment Companies — 75.3%** |
| **Fixed Income — 50.3%** | **Fixed Income — 50.3%** | **Fixed Income — 50.3%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 63927 | 661001 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 30400 | 220093 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 6111 | 38562 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 23206 | 152001 |
| Total Fixed Income |  | 1071657 |
| **International Equity — 4.9%** | **International Equity — 4.9%** | **International Equity — 4.9%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 446 | 15871 |
| JPMorgan Emerging Markets Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 1264 | 23696 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 2939 | 65824 |
| Total International Equity |  | 105391 |
| **U.S. Equity — 20.1%** | **U.S. Equity — 20.1%** | **U.S. Equity — 20.1%** |
| JPMorgan Small Cap Equity Fund Class R6 Shares (a) | 210 | 11204 |
| JPMorgan Small Cap Growth Fund Class R6 Shares (a) | 505 | 10970 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 412 | 10955 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 7528 | 197010 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 4317 | 196952 |
| Total U.S. Equity |  | 427091 |
| Total Investment Companies <br>(Cost $1,362,597)<br>|  | 1604139 |
| **Exchange-Traded Funds — 20.3%** | **Exchange-Traded Funds — 20.3%** | **Exchange-Traded Funds — 20.3%** |
| **Alternative Assets — 0.8%** | **Alternative Assets — 0.8%** | **Alternative Assets — 0.8%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 46 | 4226 |
| JPMorgan Realty Income ETF (a) | 273 | 12988 |
| Total Alternative Assets |  | 17214 |
| **Fixed Income — 5.1%** | **Fixed Income — 5.1%** | **Fixed Income — 5.1%** |
| JPMorgan Inflation Managed Bond ETF (a) | 2222 | 107223 |
| **International Equity — 11.6%** | **International Equity — 11.6%** | **International Equity — 11.6%** |
| JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF (a)<br>| 916 | 39442 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **International Equity — continued** | **International Equity — continued** | **International Equity — continued** |
| JPMorgan Global Select Equity ETF (a) | 1330 | 85566 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 1727 | 122223 |
| Total International Equity |  | 247231 |
| **U.S. Equity — 2.8%** | **U.S. Equity — 2.8%** | **U.S. Equity — 2.8%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 615 | 59921 |
| Total Exchange-Traded Funds <br>(Cost $338,107)<br>|  | 431589 |
| **Short-Term Investments — 4.6%** | **Short-Term Investments — 4.6%** | **Short-Term Investments — 4.6%** |
| **Investment Companies — 4.6%** | **Investment Companies — 4.6%** | **Investment Companies — 4.6%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b) <br>(Cost $97,583)<br>| 97583 | 97583 |
| **Total Investments — 100.2%** <br>**(Cost $1,798,287)**<br>|  | **2133311** |
| **Liabilities in Excess of Other Assets — (0.2)%** |  | **(3798)**<br>|
| **NET ASSETS — 100.0%** |  | **2129513** |

---

&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) The rate shown is the current yield as of June 30, 2025.

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 1

------

JPMorgan SmartRetirement® 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 76.1%** | **Investment Companies — 76.1%** | **Investment Companies — 76.1%** |
| **Fixed Income — 49.4%** | **Fixed Income — 49.4%** | **Fixed Income — 49.4%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 74803 | 773467 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 35571 | 257537 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 6975 | 44011 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 26484 | 173468 |
| Total Fixed Income |  | 1248483 |
| **International Equity — 5.3%** | **International Equity — 5.3%** | **International Equity — 5.3%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 567 | 20150 |
| JPMorgan Emerging Markets Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 1605 | 30083 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 3727 | 83492 |
| Total International Equity |  | 133725 |
| **U.S. Equity — 21.4%** | **U.S. Equity — 21.4%** | **U.S. Equity — 21.4%** |
| JPMorgan Small Cap Equity Fund Class R6 Shares (a) | 267 | 14218 |
| JPMorgan Small Cap Growth Fund Class R6 Shares (a) | 640 | 13923 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 521 | 13850 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 9555 | 250055 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 5480 | 249989 |
| Total U.S. Equity |  | 542035 |
| Total Investment Companies <br>(Cost $1,678,902)<br>|  | 1924243 |
| **Exchange-Traded Funds — 20.8%** | **Exchange-Traded Funds — 20.8%** | **Exchange-Traded Funds — 20.8%** |
| **Alternative Assets — 0.9%** | **Alternative Assets — 0.9%** | **Alternative Assets — 0.9%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 58 | 5331 |
| JPMorgan Realty Income ETF (a) | 345 | 16437 |
| Total Alternative Assets |  | 21768 |
| **Fixed Income — 4.5%** | **Fixed Income — 4.5%** | **Fixed Income — 4.5%** |
| JPMorgan Inflation Managed Bond ETF (a) | 2383 | 115008 |
| **International Equity — 12.4%** | **International Equity — 12.4%** | **International Equity — 12.4%** |
| JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF (a)<br>| 1163 | 50072 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **International Equity — continued** | **International Equity — continued** | **International Equity — continued** |
| JPMorgan Global Select Equity ETF (a) | 1687 | 108557 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 2191 | 155029 |
| Total International Equity |  | 313658 |
| **U.S. Equity — 3.0%** | **U.S. Equity — 3.0%** | **U.S. Equity — 3.0%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 780 | 75991 |
| Total Exchange-Traded Funds <br>(Cost $406,941)<br>|  | 526425 |
| **Short-Term Investments — 2.6%** | **Short-Term Investments — 2.6%** | **Short-Term Investments — 2.6%** |
| **Investment Companies — 2.6%** | **Investment Companies — 2.6%** | **Investment Companies — 2.6%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b) <br>(Cost $65,557)<br>| 65557 | 65557 |
| **Total Investments — 99.5%** <br>**(Cost $2,151,400)**<br>|  | **2516225** |
| **Other Assets in Excess of Liabilities — 0.5%** |  | **13234** |
| **NET ASSETS — 100.0%** |  | **2529459** |

---

&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) The rate shown is the current yield as of June 30, 2025.

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

2 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

JPMorgan SmartRetirement® 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 76.4%** | **Investment Companies — 76.4%** | **Investment Companies — 76.4%** |
| **Fixed Income — 41.6%** | **Fixed Income — 41.6%** | **Fixed Income — 41.6%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 106903 | 1105376 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 50837 | 368059 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 8563 | 54034 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 33714 | 220824 |
| Total Fixed Income |  | 1748293 |
| **International Equity — 6.3%** | **International Equity — 6.3%** | **International Equity — 6.3%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 359 | 12762 |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 3541 | 66357 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 8254 | 184899 |
| Total International Equity |  | 264018 |
| **U.S. Equity — 28.5%** | **U.S. Equity — 28.5%** | **U.S. Equity — 28.5%** |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 585 | 31181 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 1399 | 30409 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 1143 | 30412 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 21148 | 553447 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 12128 | 553310 |
| Total U.S. Equity |  | 1198759 |
| Total Investment Companies <br>(Cost $2,663,443)<br>|  | 3211070 |
| **Exchange-Traded Funds — 22.4%** | **Exchange-Traded Funds — 22.4%** | **Exchange-Traded Funds — 22.4%** |
| **Alternative Assets — 1.1%** | **Alternative Assets — 1.1%** | **Alternative Assets — 1.1%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 130 | 11998 |
| JPMorgan Realty Income ETF (a) | 755 | 35952 |
| Total Alternative Assets |  | 47950 |
| **Fixed Income — 1.8%** | **Fixed Income — 1.8%** | **Fixed Income — 1.8%** |
| JPMorgan Inflation Managed Bond ETF (a) | 1534 | 74008 |
| **International Equity — 15.5%** | **International Equity — 15.5%** | **International Equity — 15.5%** |
| JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF (a)<br>| 1600 | 68876 |
| JPMorgan Global Select Equity ETF (a) | 3732 | 240126 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 4851 | 343325 |
| Total International Equity |  | 652327 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Equity — 4.0%** | **U.S. Equity — 4.0%** | **U.S. Equity — 4.0%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 1719 | 167486 |
| Total Exchange-Traded Funds <br>(Cost $711,214)<br>|  | 941771 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Notes <br>4.25%, 1/31/2026 (b) (Cost $3,379)<br>| 3377 | 3377 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 1.2%** | **Short-Term Investments — 1.2%** | **Short-Term Investments — 1.2%** |
| **Investment Companies — 1.2%** | **Investment Companies — 1.2%** | **Investment Companies — 1.2%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (c) <br>(Cost $51,631)<br>| 51631 | 51631 |
| **Total Investments — 100.1%** <br>**(Cost $3,429,667)**<br>|  | **4207849** |
| **Liabilities in Excess of Other Assets — (0.1)%** |  | **(4449)**<br>|
| **NET ASSETS — 100.0%** |  | **4203400** |

---

&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, 2025.

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 3

------

JPMorgan SmartRetirement® 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 1198 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 73881 | &nbsp;&nbsp;&nbsp;&nbsp; 2448 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

4 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

JPMorgan SmartRetirement® 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 75.3%** | **Investment Companies — 75.3%** | **Investment Companies — 75.3%** |
| **Fixed Income — 30.9%** | **Fixed Income — 30.9%** | **Fixed Income — 30.9%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 25363 | 262255 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 108552 | 785919 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 5817 | 36706 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 24008 | 157251 |
| Total Fixed Income |  | 1242131 |
| **International Equity — 7.8%** | **International Equity — 7.8%** | **International Equity — 7.8%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 607 | 21572 |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 4132 | 77442 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 9651 | 216174 |
| Total International Equity |  | 315188 |
| **U.S. Equity — 36.6%** | **U.S. Equity — 36.6%** | **U.S. Equity — 36.6%** |
| JPMorgan Growth Advantage Fund Class R6 <br> Shares (a)<br>| 7566 | 344339 |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 413 | 22008 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 993 | 21592 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 810 | 21564 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 13739 | 359546 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 7879 | 359441 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 8855 | 343463 |
| Total U.S. Equity |  | 1471953 |
| Total Investment Companies <br>(Cost $2,208,442)<br>|  | 3029272 |
| **Exchange-Traded Funds — 23.5%** | **Exchange-Traded Funds — 23.5%** | **Exchange-Traded Funds — 23.5%** |
| **Alternative Assets — 1.4%** | **Alternative Assets — 1.4%** | **Alternative Assets — 1.4%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 152 | 14022 |
| JPMorgan Realty Income ETF (a) | 881 | 41966 |
| Total Alternative Assets |  | 55988 |
| **International Equity — 19.1%** | **International Equity — 19.1%** | **International Equity — 19.1%** |
| JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF (a)<br>| 2071 | 89154 |
| JPMorgan Global Select Equity ETF (a) | 4352 | 280022 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 5672 | 401401 |
| Total International Equity |  | 770577 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Equity — 3.0%** | **U.S. Equity — 3.0%** | **U.S. Equity — 3.0%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 1234 | 120287 |
| Total Exchange-Traded Funds <br>(Cost $729,633)<br>|  | 946852 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Notes <br>4.25%, 1/31/2026 (b) (Cost $3,165)<br>| 3164 | 3164 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** |
| **Investment Companies — 1.6%** | **Investment Companies — 1.6%** | **Investment Companies — 1.6%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (c) <br>(Cost $64,111)<br>| 64111 | 64111 |
| **Total Investments — 100.5%** <br>**(Cost $3,005,351)**<br>|  | **4043399** |
| **Liabilities in Excess of Other Assets — (0.5)%** |  | **(19061)**<br>|
| **NET ASSETS — 100.0%** |  | **4024338** |

---

&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, 2025.

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 5

------

JPMorgan SmartRetirement® 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 1149 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 70859 | &nbsp;&nbsp;&nbsp;&nbsp; 2348 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

6 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

JPMorgan SmartRetirement® 2040 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 71.5%** | **Investment Companies — 71.5%** | **Investment Companies — 71.5%** |
| **Fixed Income — 20.7%** | **Fixed Income — 20.7%** | **Fixed Income — 20.7%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 17212 | 177972 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 73667 | 533345 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 4113 | 25954 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 17540 | 114887 |
| Total Fixed Income |  | 852158 |
| **International Equity — 9.0%** | **International Equity — 9.0%** | **International Equity — 9.0%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 837 | 29788 |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 4843 | 90749 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 11299 | 253108 |
| Total International Equity |  | 373645 |
| **U.S. Equity — 41.8%** | **U.S. Equity — 41.8%** | **U.S. Equity — 41.8%** |
| JPMorgan Growth Advantage Fund Class R6 <br> Shares (a)<br>| 8865 | 403452 |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 493 | 26270 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 1177 | 25590 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 961 | 25561 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 16052 | 420082 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 9207 | 420017 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 10373 | 402381 |
| Total U.S. Equity |  | 1723353 |
| Total Investment Companies <br>(Cost $1,915,362)<br>|  | 2949156 |
| **Exchange-Traded Funds — 27.1%** | **Exchange-Traded Funds — 27.1%** | **Exchange-Traded Funds — 27.1%** |
| **Alternative Assets — 1.6%** | **Alternative Assets — 1.6%** | **Alternative Assets — 1.6%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 178 | 16419 |
| JPMorgan Realty Income ETF (a) | 1043 | 49690 |
| Total Alternative Assets |  | 66109 |
| **International Equity — 22.1%** | **International Equity — 22.1%** | **International Equity — 22.1%** |
| JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF (a)<br>| 2568 | 110546 |
| JPMorgan Global Select Equity ETF (a) | 5099 | 328050 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 6641 | 469983 |
| Total International Equity |  | 908579 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Equity — 3.4%** | **U.S. Equity — 3.4%** | **U.S. Equity — 3.4%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 1455 | 141807 |
| Total Exchange-Traded Funds <br>(Cost $859,432)<br>|  | 1116495 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Notes <br>4.25%, 1/31/2026 (b) (Cost $3,202)<br>| 3200 | 3200 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| **Investment Companies — 1.3%** | **Investment Companies — 1.3%** | **Investment Companies — 1.3%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (c) <br>(Cost $55,457)<br>| 55457 | 55457 |
| **Total Investments — 100.0%** <br>**(Cost $2,833,453)**<br>|  | **4124308** |
| **Liabilities in Excess of Other Assets — (0.0)% ^** |  | **(1904)**<br>|
| **NET ASSETS — 100.0%** |  | **4122404** |

---

&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;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (b) | 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 current yield as of June 30, <br> 2025.<br>|

---

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 7

------

JPMorgan SmartRetirement® 2040 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 1173 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 72339 | &nbsp;&nbsp;&nbsp;&nbsp; 2397 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

8 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

JPMorgan SmartRetirement® 2045 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 68.8%** | **Investment Companies — 68.8%** | **Investment Companies — 68.8%** |
| **Fixed Income — 12.9%** | **Fixed Income — 12.9%** | **Fixed Income — 12.9%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 8369 | 86535 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 35819 | 259328 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 2010 | 12682 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 9631 | 63086 |
| Total Fixed Income |  | 421631 |
| **International Equity — 10.0%** | **International Equity — 10.0%** | **International Equity — 10.0%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 787 | 28007 |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 4185 | 78417 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 9788 | 219252 |
| Total International Equity |  | 325676 |
| **U.S. Equity — 45.9%** | **U.S. Equity — 45.9%** | **U.S. Equity — 45.9%** |
| JPMorgan Growth Advantage Fund Class R6 <br> Shares (a)<br>| 7685 | 349769 |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 423 | 22544 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 1013 | 22029 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 826 | 21967 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 13939 | 364795 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 7993 | 364632 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 8993 | 348842 |
| Total U.S. Equity |  | 1494578 |
| Total Investment Companies <br>(Cost $1,460,019)<br>|  | 2241885 |
| **Exchange-Traded Funds — 29.8%** | **Exchange-Traded Funds — 29.8%** | **Exchange-Traded Funds — 29.8%** |
| **Alternative Assets — 1.7%** | **Alternative Assets — 1.7%** | **Alternative Assets — 1.7%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 155 | 14302 |
| JPMorgan Realty Income ETF (a) | 901 | 42920 |
| Total Alternative Assets |  | 57222 |
| **International Equity — 24.3%** | **International Equity — 24.3%** | **International Equity — 24.3%** |
| JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF (a)<br>| 2290 | 98578 |
| JPMorgan Global Select Equity ETF (a) | 4419 | 284304 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 5752 | 407117 |
| Total International Equity |  | 789999 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Equity — 3.8%** | **U.S. Equity — 3.8%** | **U.S. Equity — 3.8%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 1260 | 122730 |
| Total Exchange-Traded Funds <br>(Cost $754,143)<br>|  | 969951 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Notes <br>4.25%, 1/31/2026 (b) (Cost $2,522)<br>| 2521 | 2521 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** |
| **Investment Companies — 1.8%** | **Investment Companies — 1.8%** | **Investment Companies — 1.8%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (c) <br>(Cost $58,575)<br>| 58575 | 58575 |
| **Total Investments — 100.5%** <br>**(Cost $2,275,259)**<br>|  | **3272932** |
| **Liabilities in Excess of Other Assets — (0.5)%** |  | **(17259)**<br>|
| **NET ASSETS — 100.0%** |  | **3255673** |

---

&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, 2025.

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 9

------

JPMorgan SmartRetirement® 2045 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 927 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 57168 | &nbsp;&nbsp;&nbsp;&nbsp; 1895 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

10 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

JPMorgan SmartRetirement® 2050 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 67.1%** | **Investment Companies — 67.1%** | **Investment Companies — 67.1%** |
| **Fixed Income — 8.0%** | **Fixed Income — 8.0%** | **Fixed Income — 8.0%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 4621 | 47781 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 19777 | 143185 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 1177 | 7429 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 6438 | 42165 |
| Total Fixed Income |  | 240560 |
| **International Equity — 10.6%** | **International Equity — 10.6%** | **International Equity — 10.6%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 800 | 28447 |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 4064 | 76168 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 9510 | 213024 |
| Total International Equity |  | 317639 |
| **U.S. Equity — 48.5%** | **U.S. Equity — 48.5%** | **U.S. Equity — 48.5%** |
| JPMorgan Growth Advantage Fund Class R6 <br> Shares (a)<br>| 7463 | 339644 |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 411 | 21908 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 977 | 21244 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 796 | 21185 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 13555 | 354736 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 7774 | 354639 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 8734 | 338811 |
| Total U.S. Equity |  | 1452167 |
| Total Investment Companies <br>(Cost $1,261,968)<br>|  | 2010366 |
| **Exchange-Traded Funds — 31.6%** | **Exchange-Traded Funds — 31.6%** | **Exchange-Traded Funds — 31.6%** |
| **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 150 | 13839 |
| JPMorgan Realty Income ETF (a) | 876 | 41722 |
| Total Alternative Assets |  | 55561 |
| **International Equity — 25.7%** | **International Equity — 25.7%** | **International Equity — 25.7%** |
| JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF (a)<br>| 2263 | 97425 |
| JPMorgan Global Select Equity ETF (a) | 4294 | 276238 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 5589 | 395555 |
| Total International Equity |  | 769218 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Equity — 4.0%** | **U.S. Equity — 4.0%** | **U.S. Equity — 4.0%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 1226 | 119483 |
| Total Exchange-Traded Funds <br>(Cost $734,546)<br>|  | 944262 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Notes <br>4.25%, 1/31/2026 (b) (Cost $2,284)<br>| 2283 | 2283 |
|  | **SHARES** <br>**(000)**<br>|  |
| **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%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (c) <br>(Cost $45,608)<br>| 45608 | 45608 |
| **Total Investments — 100.3%** <br>**(Cost $2,044,406)**<br>|  | **3002519** |
| **Liabilities in Excess of Other Assets — (0.3)%** |  | **(7489)**<br>|
| **NET ASSETS — 100.0%** |  | **2995030** |

---

&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, 2025.

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 11

------

JPMorgan SmartRetirement® 2050 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 852 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 52543 | &nbsp;&nbsp;&nbsp;&nbsp; 1741 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

12 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

JPMorgan SmartRetirement® 2055 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 67.5%** | **Investment Companies — 67.5%** | **Investment Companies — 67.5%** |
| **Fixed Income — 8.1%** | **Fixed Income — 8.1%** | **Fixed Income — 8.1%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 3068 | 31728 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 13133 | 95080 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 780 | 4921 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 4272 | 27984 |
| Total Fixed Income |  | 159713 |
| **International Equity — 10.7%** | **International Equity — 10.7%** | **International Equity — 10.7%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 531 | 18878 |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 2699 | 50580 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 6315 | 141456 |
| Total International Equity |  | 210914 |
| **U.S. Equity — 48.7%** | **U.S. Equity — 48.7%** | **U.S. Equity — 48.7%** |
| JPMorgan Growth Advantage Fund Class R6 <br> Shares (a)<br>| 4957 | 225609 |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 272 | 14481 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 649 | 14098 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 528 | 14060 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 8996 | 235434 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 5164 | 235577 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 5800 | 224981 |
| Total U.S. Equity |  | 964240 |
| Total Investment Companies <br>(Cost $914,303)<br>|  | 1334867 |
| **Exchange-Traded Funds — 31.7%** | **Exchange-Traded Funds — 31.7%** | **Exchange-Traded Funds — 31.7%** |
| **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 100 | 9168 |
| JPMorgan Realty Income ETF (a) | 585 | 27890 |
| Total Alternative Assets |  | 37058 |
| **International Equity — 25.8%** | **International Equity — 25.8%** | **International Equity — 25.8%** |
| JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF (a)<br>| 1503 | 64694 |
| JPMorgan Global Select Equity ETF (a) | 2851 | 183433 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 3712 | 262664 |
| Total International Equity |  | 510791 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Equity — 4.0%** | **U.S. Equity — 4.0%** | **U.S. Equity — 4.0%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 814 | 79342 |
| Total Exchange-Traded Funds <br>(Cost $490,687)<br>|  | 627191 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Notes <br>4.25%, 1/31/2026 (b) (Cost $1,574)<br>| 1574 | 1574 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** |
| **Investment Companies — 1.8%** | **Investment Companies — 1.8%** | **Investment Companies — 1.8%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (c) <br>(Cost $35,090)<br>| 35090 | 35090 |
| **Total Investments — 101.1%** <br>**(Cost $1,441,654)**<br>|  | **1998722** |
| **Liabilities in Excess of Other Assets — (1.1)%** |  | **(21295)**<br>|
| **NET ASSETS — 100.0%** |  | **1977427** |

---

&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, 2025.

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 13

------

JPMorgan SmartRetirement® 2055 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 566 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 34905 | &nbsp;&nbsp;&nbsp;&nbsp; 1157 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

14 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

JPMorgan SmartRetirement® 2060 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 66.9%** | **Investment Companies — 66.9%** | **Investment Companies — 66.9%** |
| **Fixed Income — 8.0%** | **Fixed Income — 8.0%** | **Fixed Income — 8.0%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 1372 | 14181 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 5870 | 42498 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 359 | 2268 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 1909 | 12504 |
| Total Fixed Income |  | 71451 |
| **International Equity — 10.6%** | **International Equity — 10.6%** | **International Equity — 10.6%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 237 | 8450 |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 1206 | 22609 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 2823 | 63228 |
| Total International Equity |  | 94287 |
| **U.S. Equity — 48.3%** | **U.S. Equity — 48.3%** | **U.S. Equity — 48.3%** |
| JPMorgan Growth Advantage Fund Class R6 Shares (a) | 2215 | 100795 |
| JPMorgan Small Cap Equity Fund Class R6 Shares (a) | 122 | 6500 |
| JPMorgan Small Cap Growth Fund Class R6 Shares (a) | 289 | 6293 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 237 | 6315 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 4021 | 105228 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 2307 | 105237 |
| JPMorgan Value Advantage Fund Class R6 Shares (a) | 2593 | 100566 |
| Total U.S. Equity |  | 430934 |
| Total Investment Companies <br>(Cost $463,893)<br>|  | 596672 |
| **Exchange-Traded Funds — 31.4%** | **Exchange-Traded Funds — 31.4%** | **Exchange-Traded Funds — 31.4%** |
| **Alternative Assets — 1.8%** | **Alternative Assets — 1.8%** | **Alternative Assets — 1.8%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 45 | 4171 |
| JPMorgan Realty Income ETF (a) | 262 | 12462 |
| Total Alternative Assets |  | 16633 |
| **International Equity — 25.6%** | **International Equity — 25.6%** | **International Equity — 25.6%** |
| JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF (a)<br>| 672 | 28917 |
| JPMorgan Global Select Equity ETF (a) | 1274 | 81991 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 1659 | 117406 |
| Total International Equity |  | 228314 |
| **U.S. Equity — 4.0%** | **U.S. Equity — 4.0%** | **U.S. Equity — 4.0%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 364 | 35464 |
| Total Exchange-Traded Funds <br>(Cost $224,706)<br>|  | 280411 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Notes <br>4.25%, 1/31/2026 (b) (Cost $696)<br>| 696 | 696 |
|  | **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%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (c) <br>(Cost $19,726)<br>| 19726 | 19726 |
| **Total Investments — 100.6%** <br>**(Cost $709,021)**<br>|  | **897505** |
| **Liabilities in Excess of Other Assets — (0.6)%** |  | **(5033)**<br>|
| **NET ASSETS — 100.0%** |  | **892472** |

---

&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, 2025.

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 15

------

JPMorgan SmartRetirement® 2060 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 15603 | &nbsp;&nbsp;&nbsp;&nbsp; 517 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

16 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

JPMorgan SmartRetirement® 2065 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 66.6%** | **Investment Companies — 66.6%** | **Investment Companies — 66.6%** |
| **Fixed Income — 8.0%** | **Fixed Income — 8.0%** | **Fixed Income — 8.0%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 138 | 1431 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 593 | 4290 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 35 | 223 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 192 | 1260 |
| Total Fixed Income |  | 7204 |
| **International Equity — 10.5%** | **International Equity — 10.5%** | **International Equity — 10.5%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 24 | 849 |
| JPMorgan Emerging Markets Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 122 | 2283 |
| JPMorgan International Equity Fund Class R6 Shares (a) | 285 | 6383 |
| Total International Equity |  | 9515 |
| **U.S. Equity — 48.1%** | **U.S. Equity — 48.1%** | **U.S. Equity — 48.1%** |
| JPMorgan Growth Advantage Fund Class R6 Shares (a) | 224 | 10176 |
| JPMorgan Small Cap Equity Fund Class R6 Shares (a) | 12 | 659 |
| JPMorgan Small Cap Growth Fund Class R6 Shares (a) | 29 | 638 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 24 | 638 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 406 | 10627 |
| JPMorgan U.S. Research Enhanced Equity Fund Class R6 <br> Shares (a)<br>| 233 | 10626 |
| JPMorgan Value Advantage Fund Class R6 Shares (a) | 262 | 10152 |
| Total U.S. Equity |  | 43516 |
| Total Investment Companies <br>(Cost $55,031)<br>|  | 60235 |
| **Exchange-Traded Funds — 31.3%** | **Exchange-Traded Funds — 31.3%** | **Exchange-Traded Funds — 31.3%** |
| **Alternative Assets — 1.8%** | **Alternative Assets — 1.8%** | **Alternative Assets — 1.8%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 5 | 417 |
| JPMorgan Realty Income ETF (a) | 26 | 1254 |
| Total Alternative Assets |  | 1671 |
| **International Equity — 25.5%** | **International Equity — 25.5%** | **International Equity — 25.5%** |
| JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF (a)<br>| 68 | 2919 |
| JPMorgan Global Select Equity ETF (a) | 129 | 8277 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 167 | 11853 |
| Total International Equity |  | 23049 |
| **U.S. Equity — 4.0%** | **U.S. Equity — 4.0%** | **U.S. Equity — 4.0%** |
| SPDR S&P MidCap 400 ETF Trust | 6 | 3575 |
| Total Exchange-Traded Funds <br>(Cost $25,334)<br>|  | 28295 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Notes <br>4.25%, 1/31/2026 (b) (Cost $116)<br>| 117 | 117 |
|  | **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%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (c) <br>(Cost $2,147)<br>| 2147 | 2147 |
| **Total Investments — 100.4%** <br>**(Cost $82,628)**<br>|  | **90794** |
| **Liabilities in Excess of Other Assets — (0.4)%** |  | **(402)**<br>|
| **NET ASSETS — 100.0%** |  | **90392** |

---

&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 |
| SPDR | Standard & Poor's Depositary Receipt |

---

&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, 2025.

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 17

------

JPMorgan SmartRetirement® 2065 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1603 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| S&P 500 Micro E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 57 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

18 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025

(Amounts in thousands, except per share amounts)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Income Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2025 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2030 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2035 Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3377 | &nbsp;&nbsp;&nbsp; $3164 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 2133311 | &nbsp;&nbsp;&nbsp; 2516225 | &nbsp;&nbsp;&nbsp; 4204472 | &nbsp;&nbsp;&nbsp; 4040235 |
| Cash | &nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; 184 |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 20500 | &nbsp;&nbsp;&nbsp; 40852 | &nbsp;&nbsp;&nbsp; 57935 | &nbsp;&nbsp;&nbsp; 42159 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 467 | &nbsp;&nbsp;&nbsp; 752 | &nbsp;&nbsp;&nbsp; 2694 | &nbsp;&nbsp;&nbsp; 2339 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 56 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 7 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp; 135 |
| Due from adviser | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 46 |
| Total Assets | &nbsp;&nbsp;&nbsp; 2154600 | &nbsp;&nbsp;&nbsp; 2558131 | &nbsp;&nbsp;&nbsp; 4268910 | &nbsp;&nbsp;&nbsp; 4088325 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 11817 | &nbsp;&nbsp;&nbsp; 5219 | &nbsp;&nbsp;&nbsp; 39543 | &nbsp;&nbsp;&nbsp; 38707 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 12925 | &nbsp;&nbsp;&nbsp; 23070 | &nbsp;&nbsp;&nbsp; 25415 | &nbsp;&nbsp;&nbsp; 24770 |
| Accrued liabilities: |  |  |  |  |
| Distribution fees | &nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp; 207 |
| Service fees | &nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp; 218 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 19 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 66 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 25087 | &nbsp;&nbsp;&nbsp; 28672 | &nbsp;&nbsp;&nbsp; 65510 | &nbsp;&nbsp;&nbsp; 63987 |
| Net Assets | &nbsp;&nbsp;&nbsp; $2129513 | &nbsp;&nbsp;&nbsp; $2529459 | &nbsp;&nbsp;&nbsp; $4203400 | &nbsp;&nbsp;&nbsp; $4024338 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 19

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025 (continued)

(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Income Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2025 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2030 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br>**2035 Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $1838294 | &nbsp;&nbsp;&nbsp; $2164868 | &nbsp;&nbsp;&nbsp; $3420557 | &nbsp;&nbsp;&nbsp; $2932685 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 291219 | &nbsp;&nbsp;&nbsp; 364591 | &nbsp;&nbsp;&nbsp; 782843 | &nbsp;&nbsp;&nbsp; 1091653 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $2129513 | &nbsp;&nbsp;&nbsp; $2529459 | &nbsp;&nbsp;&nbsp; $4203400 | &nbsp;&nbsp;&nbsp; $4024338 |
| Net Assets: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $548925 | &nbsp;&nbsp;&nbsp; $463062 | &nbsp;&nbsp;&nbsp; $675376 | &nbsp;&nbsp;&nbsp; $637606 |
| Class C | &nbsp;&nbsp;&nbsp; 5789 | &nbsp;&nbsp;&nbsp; 7755 | &nbsp;&nbsp;&nbsp; 9277 | &nbsp;&nbsp;&nbsp; 6721 |
| Class I | &nbsp;&nbsp;&nbsp; 116633 | &nbsp;&nbsp;&nbsp; 93077 | &nbsp;&nbsp;&nbsp; 201641 | &nbsp;&nbsp;&nbsp; 132698 |
| Class R2 | &nbsp;&nbsp;&nbsp; 106183 | &nbsp;&nbsp;&nbsp; 95673 | &nbsp;&nbsp;&nbsp; 172782 | &nbsp;&nbsp;&nbsp; 168844 |
| Class R3 | &nbsp;&nbsp;&nbsp; 9300 | &nbsp;&nbsp;&nbsp; 13810 | &nbsp;&nbsp;&nbsp; 20377 | &nbsp;&nbsp;&nbsp; 26275 |
| Class R4 | &nbsp;&nbsp;&nbsp; 14637 | &nbsp;&nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 38946 | &nbsp;&nbsp;&nbsp; 4382 |
| Class R5 | &nbsp;&nbsp;&nbsp; 446567 | &nbsp;&nbsp;&nbsp; 493867 | &nbsp;&nbsp;&nbsp; 949215 | &nbsp;&nbsp;&nbsp; 751709 |
| Class R6 | &nbsp;&nbsp;&nbsp; 881479 | &nbsp;&nbsp;&nbsp; 1359315 | &nbsp;&nbsp;&nbsp; 2135786 | &nbsp;&nbsp;&nbsp; 2296103 |
| Total | &nbsp;&nbsp;&nbsp; $2129513 | &nbsp;&nbsp;&nbsp; $2529459 | &nbsp;&nbsp;&nbsp; $4203400 | &nbsp;&nbsp;&nbsp; $4024338 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares <br> authorized):<br>|  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 33810 | &nbsp;&nbsp;&nbsp; 26296 | &nbsp;&nbsp;&nbsp; 34556 | &nbsp;&nbsp;&nbsp; 30254 |
| Class C | &nbsp;&nbsp;&nbsp; 358 | &nbsp;&nbsp;&nbsp; 443 | &nbsp;&nbsp;&nbsp; 482 | &nbsp;&nbsp;&nbsp; 324 |
| Class I | &nbsp;&nbsp;&nbsp; 7159 | &nbsp;&nbsp;&nbsp; 5259 | &nbsp;&nbsp;&nbsp; 10264 | &nbsp;&nbsp;&nbsp; 6238 |
| Class R2 | &nbsp;&nbsp;&nbsp; 6571 | &nbsp;&nbsp;&nbsp; 5470 | &nbsp;&nbsp;&nbsp; 8910 | &nbsp;&nbsp;&nbsp; 8071 |
| Class R3 | &nbsp;&nbsp;&nbsp; 574 | &nbsp;&nbsp;&nbsp; 788 | &nbsp;&nbsp;&nbsp; 1044 | &nbsp;&nbsp;&nbsp; 1255 |
| Class R4 | &nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp; 1992 | &nbsp;&nbsp;&nbsp; 206 |
| Class R5 | &nbsp;&nbsp;&nbsp; 27335 | &nbsp;&nbsp;&nbsp; 27879 | &nbsp;&nbsp;&nbsp; 48109 | &nbsp;&nbsp;&nbsp; 35290 |
| Class R6 | &nbsp;&nbsp;&nbsp; 53965 | &nbsp;&nbsp;&nbsp; 76705 | &nbsp;&nbsp;&nbsp; 108260 | &nbsp;&nbsp;&nbsp; 107754 |
| Net Asset Value (a): |  |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $16.24 | &nbsp;&nbsp;&nbsp; $17.61 | &nbsp;&nbsp;&nbsp; $19.54 | &nbsp;&nbsp;&nbsp; $21.07 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;16.20 | &nbsp;&nbsp;&nbsp;&nbsp;17.52 | &nbsp;&nbsp;&nbsp;&nbsp;19.23 | &nbsp;&nbsp;&nbsp;&nbsp;20.72 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;16.29 | &nbsp;&nbsp;&nbsp;&nbsp;17.70 | &nbsp;&nbsp;&nbsp;&nbsp;19.65 | &nbsp;&nbsp;&nbsp;&nbsp;21.27 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;16.16 | &nbsp;&nbsp;&nbsp;&nbsp;17.49 | &nbsp;&nbsp;&nbsp;&nbsp;19.39 | &nbsp;&nbsp;&nbsp;&nbsp;20.92 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;16.19 | &nbsp;&nbsp;&nbsp;&nbsp;17.51 | &nbsp;&nbsp;&nbsp;&nbsp;19.53 | &nbsp;&nbsp;&nbsp;&nbsp;20.93 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;16.28 | &nbsp;&nbsp;&nbsp;&nbsp;17.67 | &nbsp;&nbsp;&nbsp;&nbsp;19.56 | &nbsp;&nbsp;&nbsp;&nbsp;21.29 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;16.34 | &nbsp;&nbsp;&nbsp;&nbsp;17.71 | &nbsp;&nbsp;&nbsp;&nbsp;19.73 | &nbsp;&nbsp;&nbsp;&nbsp;21.30 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;16.33 | &nbsp;&nbsp;&nbsp;&nbsp;17.72 | &nbsp;&nbsp;&nbsp;&nbsp;19.73 | &nbsp;&nbsp;&nbsp;&nbsp;21.31 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales <br> charge)]<br>| &nbsp;&nbsp;&nbsp; $17.01 | &nbsp;&nbsp;&nbsp; $18.44 | &nbsp;&nbsp;&nbsp; $20.46 | &nbsp;&nbsp;&nbsp; $22.06 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3379 | &nbsp;&nbsp;&nbsp; $3165 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 1798287 | &nbsp;&nbsp;&nbsp; 2151400 | &nbsp;&nbsp;&nbsp; 3426288 | &nbsp;&nbsp;&nbsp; 3002186 |

---

------

(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;

20 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2040 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2045 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2050 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2055 Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $3200 | &nbsp;&nbsp;&nbsp; $2521 | &nbsp;&nbsp;&nbsp; $2283 | &nbsp;&nbsp;&nbsp; $1574 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 4121108 | &nbsp;&nbsp;&nbsp; 3270411 | &nbsp;&nbsp;&nbsp; 3000236 | &nbsp;&nbsp;&nbsp; 1997148 |
| Cash | &nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; 101 |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 49571 | &nbsp;&nbsp;&nbsp; 30510 | &nbsp;&nbsp;&nbsp; 24435 | &nbsp;&nbsp;&nbsp; 13379 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 1746 | &nbsp;&nbsp;&nbsp; 2053 | &nbsp;&nbsp;&nbsp; 2567 | &nbsp;&nbsp;&nbsp; 2122 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 28 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 4 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 66 |
| Due from adviser | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 31 |
| Total Assets | &nbsp;&nbsp;&nbsp; 4176057 | &nbsp;&nbsp;&nbsp; 3305863 | &nbsp;&nbsp;&nbsp; 3029849 | &nbsp;&nbsp;&nbsp; 2014453 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 35872 | &nbsp;&nbsp;&nbsp; 34301 | &nbsp;&nbsp;&nbsp; 19684 | &nbsp;&nbsp;&nbsp; 15177 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 17253 | &nbsp;&nbsp;&nbsp; 15466 | &nbsp;&nbsp;&nbsp; 14719 | &nbsp;&nbsp;&nbsp; 21556 |
| Accrued liabilities: |  |  |  |  |
| Distribution fees | &nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp; 107 |
| Service fees | &nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp; 117 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 10 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 59 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 53653 | &nbsp;&nbsp;&nbsp; 50190 | &nbsp;&nbsp;&nbsp; 34819 | &nbsp;&nbsp;&nbsp; 37026 |
| Net Assets | &nbsp;&nbsp;&nbsp; $4122404 | &nbsp;&nbsp;&nbsp; $3255673 | &nbsp;&nbsp;&nbsp; $2995030 | &nbsp;&nbsp;&nbsp; $1977427 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 21

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025 (continued)

(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2040 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2045 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2050 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br>**2055 Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $2759217 | &nbsp;&nbsp;&nbsp; $2194984 | &nbsp;&nbsp;&nbsp; $1975747 | &nbsp;&nbsp;&nbsp; $1394719 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 1363187 | &nbsp;&nbsp;&nbsp; 1060689 | &nbsp;&nbsp;&nbsp; 1019283 | &nbsp;&nbsp;&nbsp; 582708 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $4122404 | &nbsp;&nbsp;&nbsp; $3255673 | &nbsp;&nbsp;&nbsp; $2995030 | &nbsp;&nbsp;&nbsp; $1977427 |
| Net Assets: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $626197 | &nbsp;&nbsp;&nbsp; $520491 | &nbsp;&nbsp;&nbsp; $452902 | &nbsp;&nbsp;&nbsp; $292359 |
| Class C | &nbsp;&nbsp;&nbsp; 10994 | &nbsp;&nbsp;&nbsp; 6252 | &nbsp;&nbsp;&nbsp; 8182 | &nbsp;&nbsp;&nbsp; 5382 |
| Class I | &nbsp;&nbsp;&nbsp; 188535 | &nbsp;&nbsp;&nbsp; 103571 | &nbsp;&nbsp;&nbsp; 148154 | &nbsp;&nbsp;&nbsp; 58282 |
| Class R2 | &nbsp;&nbsp;&nbsp; 154715 | &nbsp;&nbsp;&nbsp; 136925 | &nbsp;&nbsp;&nbsp; 127426 | &nbsp;&nbsp;&nbsp; 108152 |
| Class R3 | &nbsp;&nbsp;&nbsp; 19700 | &nbsp;&nbsp;&nbsp; 19971 | &nbsp;&nbsp;&nbsp; 18798 | &nbsp;&nbsp;&nbsp; 10095 |
| Class R4 | &nbsp;&nbsp;&nbsp; 49735 | &nbsp;&nbsp;&nbsp; 3038 | &nbsp;&nbsp;&nbsp; 11723 | &nbsp;&nbsp;&nbsp; 1577 |
| Class R5 | &nbsp;&nbsp;&nbsp; 931089 | &nbsp;&nbsp;&nbsp; 624326 | &nbsp;&nbsp;&nbsp; 716681 | &nbsp;&nbsp;&nbsp; 479375 |
| Class R6 | &nbsp;&nbsp;&nbsp; 2141439 | &nbsp;&nbsp;&nbsp; 1841099 | &nbsp;&nbsp;&nbsp; 1511164 | &nbsp;&nbsp;&nbsp; 1022205 |
| Total | &nbsp;&nbsp;&nbsp; $4122404 | &nbsp;&nbsp;&nbsp; $3255673 | &nbsp;&nbsp;&nbsp; $2995030 | &nbsp;&nbsp;&nbsp; $1977427 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares <br> authorized):<br>|  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 27046 | &nbsp;&nbsp;&nbsp; 22159 | &nbsp;&nbsp;&nbsp; 18570 | &nbsp;&nbsp;&nbsp; 9903 |
| Class C | &nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp; 186 |
| Class I | &nbsp;&nbsp;&nbsp; 8092 | &nbsp;&nbsp;&nbsp; 4376 | &nbsp;&nbsp;&nbsp; 6027 | &nbsp;&nbsp;&nbsp; 1964 |
| Class R2 | &nbsp;&nbsp;&nbsp; 6764 | &nbsp;&nbsp;&nbsp; 5904 | &nbsp;&nbsp;&nbsp; 5291 | &nbsp;&nbsp;&nbsp; 3696 |
| Class R3 | &nbsp;&nbsp;&nbsp; 851 | &nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp;&nbsp; 774 | &nbsp;&nbsp;&nbsp; 343 |
| Class R4 | &nbsp;&nbsp;&nbsp; 2146 | &nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 479 | &nbsp;&nbsp;&nbsp; 53 |
| Class R5 | &nbsp;&nbsp;&nbsp; 39780 | &nbsp;&nbsp;&nbsp; 26312 | &nbsp;&nbsp;&nbsp; 29063 | &nbsp;&nbsp;&nbsp; 16126 |
| Class R6 | &nbsp;&nbsp;&nbsp; 91487 | &nbsp;&nbsp;&nbsp; 77593 | &nbsp;&nbsp;&nbsp; 61223 | &nbsp;&nbsp;&nbsp; 34354 |
| Net Asset Value (a): |  |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $23.15 | &nbsp;&nbsp;&nbsp; $23.49 | &nbsp;&nbsp;&nbsp; $24.39 | &nbsp;&nbsp;&nbsp; $29.52 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;22.43 | &nbsp;&nbsp;&nbsp;&nbsp;22.85 | &nbsp;&nbsp;&nbsp;&nbsp;23.69 | &nbsp;&nbsp;&nbsp;&nbsp;28.95 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;23.30 | &nbsp;&nbsp;&nbsp;&nbsp;23.67 | &nbsp;&nbsp;&nbsp;&nbsp;24.58 | &nbsp;&nbsp;&nbsp;&nbsp;29.68 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;22.87 | &nbsp;&nbsp;&nbsp;&nbsp;23.20 | &nbsp;&nbsp;&nbsp;&nbsp;24.08 | &nbsp;&nbsp;&nbsp;&nbsp;29.26 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;23.16 | &nbsp;&nbsp;&nbsp;&nbsp;23.35 | &nbsp;&nbsp;&nbsp;&nbsp;24.27 | &nbsp;&nbsp;&nbsp;&nbsp;29.40 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;23.18 | &nbsp;&nbsp;&nbsp;&nbsp;23.63 | &nbsp;&nbsp;&nbsp;&nbsp;24.50 | &nbsp;&nbsp;&nbsp;&nbsp;29.69 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;23.41 | &nbsp;&nbsp;&nbsp;&nbsp;23.73 | &nbsp;&nbsp;&nbsp;&nbsp;24.66 | &nbsp;&nbsp;&nbsp;&nbsp;29.72 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;23.41 | &nbsp;&nbsp;&nbsp;&nbsp;23.73 | &nbsp;&nbsp;&nbsp;&nbsp;24.68 | &nbsp;&nbsp;&nbsp;&nbsp;29.76 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales <br> charge)]<br>| &nbsp;&nbsp;&nbsp; $24.24 | &nbsp;&nbsp;&nbsp; $24.60 | &nbsp;&nbsp;&nbsp; $25.54 | &nbsp;&nbsp;&nbsp; $30.91 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $3202 | &nbsp;&nbsp;&nbsp; $2522 | &nbsp;&nbsp;&nbsp; $2284 | &nbsp;&nbsp;&nbsp; $1574 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 2830251 | &nbsp;&nbsp;&nbsp; 2272737 | &nbsp;&nbsp;&nbsp; 2042122 | &nbsp;&nbsp;&nbsp; 1440080 |

---

------

(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;

22 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2060 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2065 Fund**  |
| **ASSETS:** |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $696 | &nbsp;&nbsp;&nbsp; $3692 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 896809 | &nbsp;&nbsp;&nbsp; 87102 |
| Cash | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 6 |
| Receivables: |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 3539 | &nbsp;&nbsp;&nbsp; 164 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 955 | &nbsp;&nbsp;&nbsp; 399 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 2 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 4 |
| Due from adviser | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 9 |
| Total Assets | &nbsp;&nbsp;&nbsp; 902122 | &nbsp;&nbsp;&nbsp; 91389 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 8481 | &nbsp;&nbsp;&nbsp; 870 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 1027 | &nbsp;&nbsp;&nbsp; 98 |
| Accrued liabilities: |  |  |
| Distribution fees | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 2 |
| Service fees | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 3 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 5 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 19 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 9650 | &nbsp;&nbsp;&nbsp; 997 |
| Net Assets | &nbsp;&nbsp;&nbsp; $892472 | &nbsp;&nbsp;&nbsp; $90392 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 23

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025 (continued)

(Amounts in thousands, except per share amounts)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2060 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br>**2065 Fund**  |
| **NET ASSETS:** |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $705237 | &nbsp;&nbsp;&nbsp; $80854 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 187235 | &nbsp;&nbsp;&nbsp; 9538 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $892472 | &nbsp;&nbsp;&nbsp; $90392 |
| Net Assets: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $81991 | &nbsp;&nbsp;&nbsp; $9783 |
| Class C | &nbsp;&nbsp;&nbsp; 3564 | &nbsp;&nbsp;&nbsp; 132 |
| Class I | &nbsp;&nbsp;&nbsp; 41778 | &nbsp;&nbsp;&nbsp; 1173 |
| Class R2 | &nbsp;&nbsp;&nbsp; 15979 | &nbsp;&nbsp;&nbsp; 187 |
| Class R3 | &nbsp;&nbsp;&nbsp; 8799 | &nbsp;&nbsp;&nbsp; 32 |
| Class R4 | &nbsp;&nbsp;&nbsp; 7413 | &nbsp;&nbsp;&nbsp; 34 |
| Class R5 | &nbsp;&nbsp;&nbsp; 198899 | &nbsp;&nbsp;&nbsp; 20306 |
| Class R6 | &nbsp;&nbsp;&nbsp; 534049 | &nbsp;&nbsp;&nbsp; 58745 |
| Total | &nbsp;&nbsp;&nbsp; $892472 | &nbsp;&nbsp;&nbsp; $90392 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |
| Class A | &nbsp;&nbsp;&nbsp; 3303 | &nbsp;&nbsp;&nbsp; 448 |
| Class C | &nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp; 6 |
| Class I | &nbsp;&nbsp;&nbsp; 1676 | &nbsp;&nbsp;&nbsp; 53 |
| Class R2 | &nbsp;&nbsp;&nbsp; 648 | &nbsp;&nbsp;&nbsp; 8 |
| Class R3 | &nbsp;&nbsp;&nbsp; 354 | &nbsp;&nbsp;&nbsp; 1 |
| Class R4 | &nbsp;&nbsp;&nbsp; 298 | &nbsp;&nbsp;&nbsp; 2 |
| Class R5 | &nbsp;&nbsp;&nbsp; 7974 | &nbsp;&nbsp;&nbsp; 923 |
| Class R6 | &nbsp;&nbsp;&nbsp; 21354 | &nbsp;&nbsp;&nbsp; 2668 |
| Net Asset Value (a): |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $24.82 | &nbsp;&nbsp;&nbsp; $21.88 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;24.41 | &nbsp;&nbsp;&nbsp;&nbsp;21.83 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;24.93 | &nbsp;&nbsp;&nbsp;&nbsp;21.95 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;24.63 | &nbsp;&nbsp;&nbsp;&nbsp;21.91 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;24.82 | &nbsp;&nbsp;&nbsp;&nbsp;21.97 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;24.86 | &nbsp;&nbsp;&nbsp;&nbsp;21.99 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;24.95 | &nbsp;&nbsp;&nbsp;&nbsp;21.99 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;25.01 | &nbsp;&nbsp;&nbsp;&nbsp;22.02 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $25.99 | &nbsp;&nbsp;&nbsp; $22.91 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $696 | &nbsp;&nbsp;&nbsp; $3506 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 708325 | &nbsp;&nbsp;&nbsp; 79122 |

---

------

(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;

24 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Income Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2025 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2030 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2035 Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $7 | &nbsp;&nbsp;&nbsp; $31 | &nbsp;&nbsp;&nbsp; $172 | &nbsp;&nbsp;&nbsp; $176 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 43564 | &nbsp;&nbsp;&nbsp; 86104 | &nbsp;&nbsp;&nbsp; 120302 | &nbsp;&nbsp;&nbsp; 100088 |
| Total investment income | &nbsp;&nbsp;&nbsp; 43571 | &nbsp;&nbsp;&nbsp; 86135 | &nbsp;&nbsp;&nbsp; 120474 | &nbsp;&nbsp;&nbsp; 100264 |
| **EXPENSES:** |  |  |  |  |
| Distribution fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 878 | &nbsp;&nbsp;&nbsp; 1234 | &nbsp;&nbsp;&nbsp; 1735 | &nbsp;&nbsp;&nbsp; 1570 |
| Class C | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 58 |
| Class R2 | &nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp; 502 | &nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 856 |
| Class R3 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 60 |
| Service fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 878 | &nbsp;&nbsp;&nbsp; 1234 | &nbsp;&nbsp;&nbsp; 1735 | &nbsp;&nbsp;&nbsp; 1570 |
| Class C | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 20 |
| Class I | &nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp; 527 | &nbsp;&nbsp;&nbsp; 333 |
| Class R2 | &nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 428 |
| Class R3 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 60 |
| Class R4 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; 8 |
| Class R5 | &nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp; 547 | &nbsp;&nbsp;&nbsp; 971 | &nbsp;&nbsp;&nbsp; 749 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; 106 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 3 |
| Professional fees | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 48 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 35 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 47 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp; 167 |
| Transfer agency fees (See Note 2.H.) | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp; 113 |
| Other | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 66 |
| Total expenses | &nbsp;&nbsp;&nbsp; 3066 | &nbsp;&nbsp;&nbsp; 4675 | &nbsp;&nbsp;&nbsp; 7210 | &nbsp;&nbsp;&nbsp; 6297 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (625)<br>| &nbsp;&nbsp;&nbsp; (370)<br>| &nbsp;&nbsp;&nbsp; (512)<br>| &nbsp;&nbsp;&nbsp; (464)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (284)<br>| &nbsp;&nbsp;&nbsp; (407)<br>| &nbsp;&nbsp;&nbsp; (473)<br>| &nbsp;&nbsp;&nbsp; (473)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 2157 | &nbsp;&nbsp;&nbsp; 3898 | &nbsp;&nbsp;&nbsp; 6225 | &nbsp;&nbsp;&nbsp; 5360 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 41414 | &nbsp;&nbsp;&nbsp; 82237 | &nbsp;&nbsp;&nbsp; 114249 | &nbsp;&nbsp;&nbsp; 94904 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 25

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025 (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Income Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2025 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2030 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br>**2035 Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $11 | &nbsp;&nbsp;&nbsp; $7 | &nbsp;&nbsp;&nbsp; $11 | &nbsp;&nbsp;&nbsp; $9 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 15136 | &nbsp;&nbsp;&nbsp; 41454 | &nbsp;&nbsp;&nbsp; 40244 | &nbsp;&nbsp;&nbsp; 34356 |
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4977 | &nbsp;&nbsp;&nbsp; 4673 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 15147 | &nbsp;&nbsp;&nbsp; 41461 | &nbsp;&nbsp;&nbsp; 45232 | &nbsp;&nbsp;&nbsp; 39038 |
| Distribution of capital gains received from investment <br> company affiliates<br>| &nbsp;&nbsp;&nbsp; 10829 | &nbsp;&nbsp;&nbsp; 31456 | &nbsp;&nbsp;&nbsp; 63428 | &nbsp;&nbsp;&nbsp; 84341 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 8 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 84439 | &nbsp;&nbsp;&nbsp; 85918 | &nbsp;&nbsp;&nbsp; 191986 | &nbsp;&nbsp;&nbsp; 207708 |
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2289 | &nbsp;&nbsp;&nbsp; 2208 |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 84450 | &nbsp;&nbsp;&nbsp; 85920 | &nbsp;&nbsp;&nbsp; 194281 | &nbsp;&nbsp;&nbsp; 209924 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 110426 | &nbsp;&nbsp;&nbsp; 158837 | &nbsp;&nbsp;&nbsp; 302941 | &nbsp;&nbsp;&nbsp; 333303 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $151840 | &nbsp;&nbsp;&nbsp; $241074 | &nbsp;&nbsp;&nbsp; $417190 | &nbsp;&nbsp;&nbsp; $428207 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

26 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2040 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2045 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2050 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2055 Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $161 | &nbsp;&nbsp;&nbsp; $126 | &nbsp;&nbsp;&nbsp; $106 | &nbsp;&nbsp;&nbsp; $69 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 88442 | &nbsp;&nbsp;&nbsp; 60449 | &nbsp;&nbsp;&nbsp; 51118 | &nbsp;&nbsp;&nbsp; 33147 |
| Total investment income | &nbsp;&nbsp;&nbsp; 88604 | &nbsp;&nbsp;&nbsp; 60578 | &nbsp;&nbsp;&nbsp; 51224 | &nbsp;&nbsp;&nbsp; 33216 |
| **EXPENSES:** |  |  |  |  |
| Distribution fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1554 | &nbsp;&nbsp;&nbsp; 1267 | &nbsp;&nbsp;&nbsp; 1090 | &nbsp;&nbsp;&nbsp; 675 |
| Class C | &nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 39 |
| Class R2 | &nbsp;&nbsp;&nbsp; 772 | &nbsp;&nbsp;&nbsp; 659 | &nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp;&nbsp; 509 |
| Class R3 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 25 |
| Service fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1554 | &nbsp;&nbsp;&nbsp; 1267 | &nbsp;&nbsp;&nbsp; 1090 | &nbsp;&nbsp;&nbsp; 675 |
| Class C | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 13 |
| Class I | &nbsp;&nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; 148 |
| Class R2 | &nbsp;&nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp; 254 |
| Class R3 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 25 |
| Class R4 | &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 4 |
| Class R5 | &nbsp;&nbsp;&nbsp; 901 | &nbsp;&nbsp;&nbsp; 602 | &nbsp;&nbsp;&nbsp; 686 | &nbsp;&nbsp;&nbsp; 471 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp; 55 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1 |
| Professional fees | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 40 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 30 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 45 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; 114 |
| Transfer agency fees (See Note 2.H.) | &nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp; 60 |
| Other | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 33 |
| Total expenses | &nbsp;&nbsp;&nbsp; 6535 | &nbsp;&nbsp;&nbsp; 5054 | &nbsp;&nbsp;&nbsp; 4862 | &nbsp;&nbsp;&nbsp; 3216 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (465)<br>| &nbsp;&nbsp;&nbsp; (376)<br>| &nbsp;&nbsp;&nbsp; (328)<br>| &nbsp;&nbsp;&nbsp; (203)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (462)<br>| &nbsp;&nbsp;&nbsp; (422)<br>| &nbsp;&nbsp;&nbsp; (403)<br>| &nbsp;&nbsp;&nbsp; (332)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 5608 | &nbsp;&nbsp;&nbsp; 4256 | &nbsp;&nbsp;&nbsp; 4131 | &nbsp;&nbsp;&nbsp; 2681 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 82996 | &nbsp;&nbsp;&nbsp; 56322 | &nbsp;&nbsp;&nbsp; 47093 | &nbsp;&nbsp;&nbsp; 30535 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 27

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025 (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2040 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2045 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2050 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br>**2055 Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp;&nbsp; $6 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 38292 | &nbsp;&nbsp;&nbsp; 21353 | &nbsp;&nbsp;&nbsp; 15085 | &nbsp;&nbsp;&nbsp; 3288 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 4703 | &nbsp;&nbsp;&nbsp; 3706 | &nbsp;&nbsp;&nbsp; 3391 | &nbsp;&nbsp;&nbsp; 2165 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 43005 | &nbsp;&nbsp;&nbsp; 25069 | &nbsp;&nbsp;&nbsp; 18486 | &nbsp;&nbsp;&nbsp; 5459 |
| Distribution of capital gains received from investment <br> company affiliates<br>| &nbsp;&nbsp;&nbsp; 98413 | &nbsp;&nbsp;&nbsp; 83583 | &nbsp;&nbsp;&nbsp; 80344 | &nbsp;&nbsp;&nbsp; 51840 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 3 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 234133 | &nbsp;&nbsp;&nbsp; 203807 | &nbsp;&nbsp;&nbsp; 200880 | &nbsp;&nbsp;&nbsp; 138195 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 2256 | &nbsp;&nbsp;&nbsp; 1785 | &nbsp;&nbsp;&nbsp; 1640 | &nbsp;&nbsp;&nbsp; 1093 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 236394 | &nbsp;&nbsp;&nbsp; 205597 | &nbsp;&nbsp;&nbsp; 202524 | &nbsp;&nbsp;&nbsp; 139291 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 377812 | &nbsp;&nbsp;&nbsp; 314249 | &nbsp;&nbsp;&nbsp; 301354 | &nbsp;&nbsp;&nbsp; 196590 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $460808 | &nbsp;&nbsp;&nbsp; $370571 | &nbsp;&nbsp;&nbsp; $348447 | &nbsp;&nbsp;&nbsp; $227125 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

28 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2060 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2065 Fund**  |
| **INVESTMENT INCOME:** |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $34 | &nbsp;&nbsp;&nbsp; $4 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 30 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 14057 | &nbsp;&nbsp;&nbsp; 979 |
| Total investment income | &nbsp;&nbsp;&nbsp; 14091 | &nbsp;&nbsp;&nbsp; 1013 |
| **EXPENSES:** |  |  |
| Distribution fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp; 14 |
| Class C | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 1 |
| Class R2 | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 1 |
| Class R3 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Service fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp; 14 |
| Class C | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class I | &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 2 |
| Class R2 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp; 15 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 28 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Professional fees | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 33 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 25 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 25 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp; 141 |
| Transfer agency fees (See Note 2.H.) | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 10 |
| Other | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 17 |
| Total expenses | &nbsp;&nbsp;&nbsp; 1163 | &nbsp;&nbsp;&nbsp; 326 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp; (7)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (304)<br>| &nbsp;&nbsp;&nbsp; (276)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 794 | &nbsp;&nbsp;&nbsp; 43 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 13297 | &nbsp;&nbsp;&nbsp; 970 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 29

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025 (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2060 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br>**2065 Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |
| Net realized gain (loss) on transactions from: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $(11)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (349)<br>| &nbsp;&nbsp;&nbsp; (236)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 890 | &nbsp;&nbsp;&nbsp; 153 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp; (94)<br>|
| Distribution of capital gains received from investment company affiliates | &nbsp;&nbsp;&nbsp; 21703 | &nbsp;&nbsp;&nbsp; 1498 |
| Change in net unrealized appreciation/depreciation on: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 121 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 62393 | &nbsp;&nbsp;&nbsp; 5320 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp; 56 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 62887 | &nbsp;&nbsp;&nbsp; 5497 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 85132 | &nbsp;&nbsp;&nbsp; 6901 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $98429 | &nbsp;&nbsp;&nbsp; $7871 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

30 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® Income Fund**  | **JPMorgan SmartRetirement® Income Fund**  | **JPMorgan SmartRetirement® 2025 Fund**  | **JPMorgan SmartRetirement® 2025 Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $41414 | &nbsp;&nbsp;&nbsp; $34897 | &nbsp;&nbsp;&nbsp; $82237 | &nbsp;&nbsp;&nbsp; $87800 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 15147 | &nbsp;&nbsp;&nbsp; 12699 | &nbsp;&nbsp;&nbsp; 41461 | &nbsp;&nbsp;&nbsp; 42560 |
| Distributions of capital gains received from investment <br> company affiliates <br>| &nbsp;&nbsp;&nbsp; 10829 | &nbsp;&nbsp;&nbsp; 1713 | &nbsp;&nbsp;&nbsp; 31456 | &nbsp;&nbsp;&nbsp; 5484 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 84450 | &nbsp;&nbsp;&nbsp; 52113 | &nbsp;&nbsp;&nbsp; 85920 | &nbsp;&nbsp;&nbsp; 156478 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 151840 | &nbsp;&nbsp;&nbsp; 101422 | &nbsp;&nbsp;&nbsp; 241074 | &nbsp;&nbsp;&nbsp; 292322 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (10815)<br>| &nbsp;&nbsp;&nbsp; (10051)<br>| &nbsp;&nbsp;&nbsp; (21096)<br>| &nbsp;&nbsp;&nbsp; (14772)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (72)<br>| &nbsp;&nbsp;&nbsp; (104)<br>| &nbsp;&nbsp;&nbsp; (345)<br>| &nbsp;&nbsp;&nbsp; (228)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (1995)<br>| &nbsp;&nbsp;&nbsp; (2157)<br>| &nbsp;&nbsp;&nbsp; (4141)<br>| &nbsp;&nbsp;&nbsp; (4110)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (1413)<br>| &nbsp;&nbsp;&nbsp; (1248)<br>| &nbsp;&nbsp;&nbsp; (4031)<br>| &nbsp;&nbsp;&nbsp; (2617)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (131)<br>| &nbsp;&nbsp;&nbsp; (142)<br>| &nbsp;&nbsp;&nbsp; (588)<br>| &nbsp;&nbsp;&nbsp; (494)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (89)<br>| &nbsp;&nbsp;&nbsp; (73)<br>| &nbsp;&nbsp;&nbsp; (118)<br>| &nbsp;&nbsp;&nbsp; (61)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (8798)<br>| &nbsp;&nbsp;&nbsp; (9230)<br>| &nbsp;&nbsp;&nbsp; (25677)<br>| &nbsp;&nbsp;&nbsp; (21915)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (14463)<br>| &nbsp;&nbsp;&nbsp; (12954)<br>| &nbsp;&nbsp;&nbsp; (64686)<br>| &nbsp;&nbsp;&nbsp; (45726)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (37776)<br>| &nbsp;&nbsp;&nbsp; (35959)<br>| &nbsp;&nbsp;&nbsp; (120682)<br>| &nbsp;&nbsp;&nbsp; (89923)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 959080 | &nbsp;&nbsp;&nbsp; (222076)<br>| &nbsp;&nbsp;&nbsp; (329000)<br>| &nbsp;&nbsp;&nbsp; (751497)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 1073144 | &nbsp;&nbsp;&nbsp; (156613)<br>| &nbsp;&nbsp;&nbsp; (208608)<br>| &nbsp;&nbsp;&nbsp; (549098)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 1056369 | &nbsp;&nbsp;&nbsp; 1212982 | &nbsp;&nbsp;&nbsp; 2738067 | &nbsp;&nbsp;&nbsp; 3287165 |
| End of period | &nbsp;&nbsp;&nbsp; $2129513 | &nbsp;&nbsp;&nbsp; $1056369 | &nbsp;&nbsp;&nbsp; $2529459 | &nbsp;&nbsp;&nbsp; $2738067 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 31

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2030 Fund**  | **JPMorgan SmartRetirement® 2030 Fund**  | **JPMorgan SmartRetirement® 2035 Fund**  | **JPMorgan SmartRetirement® 2035 Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $114249 | &nbsp;&nbsp;&nbsp; $113528 | &nbsp;&nbsp;&nbsp; $94904 | &nbsp;&nbsp;&nbsp; $87373 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 45232 | &nbsp;&nbsp;&nbsp; 84906 | &nbsp;&nbsp;&nbsp; 39038 | &nbsp;&nbsp;&nbsp; 112978 |
| Distributions of capital gains received from investment company <br> affiliates <br>| &nbsp;&nbsp;&nbsp; 63428 | &nbsp;&nbsp;&nbsp; 9827 | &nbsp;&nbsp;&nbsp; 84341 | &nbsp;&nbsp;&nbsp; 27054 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 194281 | &nbsp;&nbsp;&nbsp; 286191 | &nbsp;&nbsp;&nbsp; 209924 | &nbsp;&nbsp;&nbsp; 275885 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 417190 | &nbsp;&nbsp;&nbsp; 494452 | &nbsp;&nbsp;&nbsp; 428207 | &nbsp;&nbsp;&nbsp; 503290 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (35071)<br>| &nbsp;&nbsp;&nbsp; (17174)<br>| &nbsp;&nbsp;&nbsp; (27968)<br>| &nbsp;&nbsp;&nbsp; (12132)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (459)<br>| &nbsp;&nbsp;&nbsp; (241)<br>| &nbsp;&nbsp;&nbsp; (317)<br>| &nbsp;&nbsp;&nbsp; (115)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (10638)<br>| &nbsp;&nbsp;&nbsp; (5818)<br>| &nbsp;&nbsp;&nbsp; (5815)<br>| &nbsp;&nbsp;&nbsp; (2972)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (8645)<br>| &nbsp;&nbsp;&nbsp; (3815)<br>| &nbsp;&nbsp;&nbsp; (7145)<br>| &nbsp;&nbsp;&nbsp; (2874)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (960)<br>| &nbsp;&nbsp;&nbsp; (543)<br>| &nbsp;&nbsp;&nbsp; (1040)<br>| &nbsp;&nbsp;&nbsp; (495)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (1986)<br>| &nbsp;&nbsp;&nbsp; (876)<br>| &nbsp;&nbsp;&nbsp; (134)<br>| &nbsp;&nbsp;&nbsp; (47)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (52919)<br>| &nbsp;&nbsp;&nbsp; (30324)<br>| &nbsp;&nbsp;&nbsp; (36333)<br>| &nbsp;&nbsp;&nbsp; (19148)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (110897)<br>| &nbsp;&nbsp;&nbsp; (54753)<br>| &nbsp;&nbsp;&nbsp; (103152)<br>| &nbsp;&nbsp;&nbsp; (46277)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (221575)<br>| &nbsp;&nbsp;&nbsp; (113544)<br>| &nbsp;&nbsp;&nbsp; (181904)<br>| &nbsp;&nbsp;&nbsp; (84060)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (137420)<br>| &nbsp;&nbsp;&nbsp; (760901)<br>| &nbsp;&nbsp;&nbsp; 35293 | &nbsp;&nbsp;&nbsp; (564673)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 58195 | &nbsp;&nbsp;&nbsp; (379993)<br>| &nbsp;&nbsp;&nbsp; 281596 | &nbsp;&nbsp;&nbsp; (145443)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 4145205 | &nbsp;&nbsp;&nbsp; 4525198 | &nbsp;&nbsp;&nbsp; 3742742 | &nbsp;&nbsp;&nbsp; 3888185 |
| End of period | &nbsp;&nbsp;&nbsp; $4203400 | &nbsp;&nbsp;&nbsp; $4145205 | &nbsp;&nbsp;&nbsp; $4024338 | &nbsp;&nbsp;&nbsp; $3742742 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

32 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2040 Fund**  | **JPMorgan SmartRetirement® 2040 Fund**  | **JPMorgan SmartRetirement® 2045 Fund**  | **JPMorgan SmartRetirement® 2045 Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $82996 | &nbsp;&nbsp;&nbsp; $77651 | &nbsp;&nbsp;&nbsp; $56322 | &nbsp;&nbsp;&nbsp; $52686 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 43005 | &nbsp;&nbsp;&nbsp; 144948 | &nbsp;&nbsp;&nbsp; 25069 | &nbsp;&nbsp;&nbsp; 101691 |
| Distributions of capital gains received from investment <br> company affiliates <br>| &nbsp;&nbsp;&nbsp; 98413 | &nbsp;&nbsp;&nbsp; 31291 | &nbsp;&nbsp;&nbsp; 83583 | &nbsp;&nbsp;&nbsp; 26040 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 236394 | &nbsp;&nbsp;&nbsp; 303691 | &nbsp;&nbsp;&nbsp; 205597 | &nbsp;&nbsp;&nbsp; 271386 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 460808 | &nbsp;&nbsp;&nbsp; 557581 | &nbsp;&nbsp;&nbsp; 370571 | &nbsp;&nbsp;&nbsp; 451803 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (27985)<br>| &nbsp;&nbsp;&nbsp; (10808)<br>| &nbsp;&nbsp;&nbsp; (20807)<br>| &nbsp;&nbsp;&nbsp; (7273)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (454)<br>| &nbsp;&nbsp;&nbsp; (135)<br>| &nbsp;&nbsp;&nbsp; (223)<br>| &nbsp;&nbsp;&nbsp; (66)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (8565)<br>| &nbsp;&nbsp;&nbsp; (3558)<br>| &nbsp;&nbsp;&nbsp; (4096)<br>| &nbsp;&nbsp;&nbsp; (1847)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (6571)<br>| &nbsp;&nbsp;&nbsp; (2281)<br>| &nbsp;&nbsp;&nbsp; (5125)<br>| &nbsp;&nbsp;&nbsp; (1581)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (833)<br>| &nbsp;&nbsp;&nbsp; (338)<br>| &nbsp;&nbsp;&nbsp; (711)<br>| &nbsp;&nbsp;&nbsp; (262)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (2185)<br>| &nbsp;&nbsp;&nbsp; (754)<br>| &nbsp;&nbsp;&nbsp; (115)<br>| &nbsp;&nbsp;&nbsp; (34)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (43681)<br>| &nbsp;&nbsp;&nbsp; (19750)<br>| &nbsp;&nbsp;&nbsp; (26685)<br>| &nbsp;&nbsp;&nbsp; (12521)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (96303)<br>| &nbsp;&nbsp;&nbsp; (38566)<br>| &nbsp;&nbsp;&nbsp; (74707)<br>| &nbsp;&nbsp;&nbsp; (28324)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (186577)<br>| &nbsp;&nbsp;&nbsp; (76190)<br>| &nbsp;&nbsp;&nbsp; (132469)<br>| &nbsp;&nbsp;&nbsp; (51908)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 27433 | &nbsp;&nbsp;&nbsp; (624676)<br>| &nbsp;&nbsp;&nbsp; 88247 | &nbsp;&nbsp;&nbsp; (507832)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 301664 | &nbsp;&nbsp;&nbsp; (143285)<br>| &nbsp;&nbsp;&nbsp; 326349 | &nbsp;&nbsp;&nbsp; (107937)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 3820740 | &nbsp;&nbsp;&nbsp; 3964025 | &nbsp;&nbsp;&nbsp; 2929324 | &nbsp;&nbsp;&nbsp; 3037261 |
| End of period | &nbsp;&nbsp;&nbsp; $4122404 | &nbsp;&nbsp;&nbsp; $3820740 | &nbsp;&nbsp;&nbsp; $3255673 | &nbsp;&nbsp;&nbsp; $2929324 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 33

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2050 Fund**  | **JPMorgan SmartRetirement® 2050 Fund**  | **JPMorgan SmartRetirement® 2055 Fund**  | **JPMorgan SmartRetirement® 2055 Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $47093 | &nbsp;&nbsp;&nbsp; $43707 | &nbsp;&nbsp;&nbsp; $30535 | &nbsp;&nbsp;&nbsp; $27301 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 18486 | &nbsp;&nbsp;&nbsp; 81250 | &nbsp;&nbsp;&nbsp; 5459 | &nbsp;&nbsp;&nbsp; 22111 |
| Distributions of capital gains received from investment company <br> affiliates <br>| &nbsp;&nbsp;&nbsp; 80344 | &nbsp;&nbsp;&nbsp; 23714 | &nbsp;&nbsp;&nbsp; 51840 | &nbsp;&nbsp;&nbsp; 14804 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 202524 | &nbsp;&nbsp;&nbsp; 270096 | &nbsp;&nbsp;&nbsp; 139291 | &nbsp;&nbsp;&nbsp; 200108 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 348447 | &nbsp;&nbsp;&nbsp; 418767 | &nbsp;&nbsp;&nbsp; 227125 | &nbsp;&nbsp;&nbsp; 264324 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (10236)<br>| &nbsp;&nbsp;&nbsp; (5894)<br>| &nbsp;&nbsp;&nbsp; (5655)<br>| &nbsp;&nbsp;&nbsp; (3445)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (152)<br>| &nbsp;&nbsp;&nbsp; (74)<br>| &nbsp;&nbsp;&nbsp; (77)<br>| &nbsp;&nbsp;&nbsp; (54)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (3621)<br>| &nbsp;&nbsp;&nbsp; (2291)<br>| &nbsp;&nbsp;&nbsp; (1238)<br>| &nbsp;&nbsp;&nbsp; (1120)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (2561)<br>| &nbsp;&nbsp;&nbsp; (1434)<br>| &nbsp;&nbsp;&nbsp; (1838)<br>| &nbsp;&nbsp;&nbsp; (1099)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (405)<br>| &nbsp;&nbsp;&nbsp; (316)<br>| &nbsp;&nbsp;&nbsp; (187)<br>| &nbsp;&nbsp;&nbsp; (159)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (259)<br>| &nbsp;&nbsp;&nbsp; (135)<br>| &nbsp;&nbsp;&nbsp; (32)<br>| &nbsp;&nbsp;&nbsp; (14)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (18466)<br>| &nbsp;&nbsp;&nbsp; (12257)<br>| &nbsp;&nbsp;&nbsp; (11624)<br>| &nbsp;&nbsp;&nbsp; (7883)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (37137)<br>| &nbsp;&nbsp;&nbsp; (21359)<br>| &nbsp;&nbsp;&nbsp; (22271)<br>| &nbsp;&nbsp;&nbsp; (13509)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (72837)<br>| &nbsp;&nbsp;&nbsp; (43760)<br>| &nbsp;&nbsp;&nbsp; (42922)<br>| &nbsp;&nbsp;&nbsp; (27283)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 44934 | &nbsp;&nbsp;&nbsp; (400215)<br>| &nbsp;&nbsp;&nbsp; 94398 | &nbsp;&nbsp;&nbsp; (225756)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 320544 | &nbsp;&nbsp;&nbsp; (25208)<br>| &nbsp;&nbsp;&nbsp; 278601 | &nbsp;&nbsp;&nbsp; 11285 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 2674486 | &nbsp;&nbsp;&nbsp; 2699694 | &nbsp;&nbsp;&nbsp; 1698826 | &nbsp;&nbsp;&nbsp; 1687541 |
| End of period | &nbsp;&nbsp;&nbsp; $2995030 | &nbsp;&nbsp;&nbsp; $2674486 | &nbsp;&nbsp;&nbsp; $1977427 | &nbsp;&nbsp;&nbsp; $1698826 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

34 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2060 Fund**  | **JPMorgan SmartRetirement® 2060 Fund**  | **JPMorgan SmartRetirement® 2065 Fund**  | **JPMorgan SmartRetirement® 2065 Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| **Year Ended** <br>**June 30, 2024** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $13297 | &nbsp;&nbsp;&nbsp; $10334 | &nbsp;&nbsp;&nbsp; $970 | &nbsp;&nbsp;&nbsp; $208 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp; (508)<br>| &nbsp;&nbsp;&nbsp; (94)<br>| &nbsp;&nbsp;&nbsp; (51)<br>|
| Distributions of capital gains received from investment <br> company affiliates <br>| &nbsp;&nbsp;&nbsp; 21703 | &nbsp;&nbsp;&nbsp; 5329 | &nbsp;&nbsp;&nbsp; 1498 | &nbsp;&nbsp;&nbsp; 79 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 62887 | &nbsp;&nbsp;&nbsp; 85696 | &nbsp;&nbsp;&nbsp; 5497 | &nbsp;&nbsp;&nbsp; 2471 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 98429 | &nbsp;&nbsp;&nbsp; 100851 | &nbsp;&nbsp;&nbsp; 7871 | &nbsp;&nbsp;&nbsp; 2707 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1912)<br>| &nbsp;&nbsp;&nbsp; (770)<br>| &nbsp;&nbsp;&nbsp; (95)<br>| &nbsp;&nbsp;&nbsp; (21)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (75)<br>| &nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (1026)<br>| &nbsp;&nbsp;&nbsp; (383)<br>| &nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; (2)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (354)<br>| &nbsp;&nbsp;&nbsp; (140)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (206)<br>| &nbsp;&nbsp;&nbsp; (106)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (179)<br>| &nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (5625)<br>| &nbsp;&nbsp;&nbsp; (2939)<br>| &nbsp;&nbsp;&nbsp; (301)<br>| &nbsp;&nbsp;&nbsp; (9)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (13380)<br>| &nbsp;&nbsp;&nbsp; (5751)<br>| &nbsp;&nbsp;&nbsp; (748)<br>| &nbsp;&nbsp;&nbsp; (138)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (22757)<br>| &nbsp;&nbsp;&nbsp; (10186)<br>| &nbsp;&nbsp;&nbsp; (1157)<br>| &nbsp;&nbsp;&nbsp; (171)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 134996 | &nbsp;&nbsp;&nbsp; (15011)<br>| &nbsp;&nbsp;&nbsp; 53647 | &nbsp;&nbsp;&nbsp; 23379 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 210668 | &nbsp;&nbsp;&nbsp; 75654 | &nbsp;&nbsp;&nbsp; 60361 | &nbsp;&nbsp;&nbsp; 25915 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 681804 | &nbsp;&nbsp;&nbsp; 606150 | &nbsp;&nbsp;&nbsp; 30031 | &nbsp;&nbsp;&nbsp; 4116 |
| End of period | &nbsp;&nbsp;&nbsp; $892472 | &nbsp;&nbsp;&nbsp; $681804 | &nbsp;&nbsp;&nbsp; $90392 | &nbsp;&nbsp;&nbsp; $30031 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 35

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® Income Fund** | **JPMorgan SmartRetirement® Income Fund** | **JPMorgan SmartRetirement® 2025 Fund** | **JPMorgan SmartRetirement® 2025 Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $44421 | &nbsp;&nbsp;&nbsp; $21388 | &nbsp;&nbsp;&nbsp; $47514 | &nbsp;&nbsp;&nbsp; $56941 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; 242569 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 10528 | &nbsp;&nbsp;&nbsp; 9715 | &nbsp;&nbsp;&nbsp; 20200 | &nbsp;&nbsp;&nbsp; 14007 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (96253)<br>| &nbsp;&nbsp;&nbsp; (90563)<br>| &nbsp;&nbsp;&nbsp; (154617)<br>| &nbsp;&nbsp;&nbsp; (187765)<br>|
| Change in net assets resulting from Class A capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 201265 | &nbsp;&nbsp;&nbsp; (59460)<br>| &nbsp;&nbsp;&nbsp; (86903)<br>| &nbsp;&nbsp;&nbsp; (116817)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 839 | &nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 790 | &nbsp;&nbsp;&nbsp; 780 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; 3283 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; 339 | &nbsp;&nbsp;&nbsp; 221 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2317)<br>| &nbsp;&nbsp;&nbsp; (2359)<br>| &nbsp;&nbsp;&nbsp; (4408)<br>| &nbsp;&nbsp;&nbsp; (5946)<br>|
| Change in net assets resulting from Class C capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 1877 | &nbsp;&nbsp;&nbsp; (2065)<br>| &nbsp;&nbsp;&nbsp; (3279)<br>| &nbsp;&nbsp;&nbsp; (4945)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 6948 | &nbsp;&nbsp;&nbsp; 7415 | &nbsp;&nbsp;&nbsp; 10832 | &nbsp;&nbsp;&nbsp; 16958 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; 58642 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1973 | &nbsp;&nbsp;&nbsp; 2138 | &nbsp;&nbsp;&nbsp; 4112 | &nbsp;&nbsp;&nbsp; 4087 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (21358)<br>| &nbsp;&nbsp;&nbsp; (21784)<br>| &nbsp;&nbsp;&nbsp; (54608)<br>| &nbsp;&nbsp;&nbsp; (68869)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 46205 | &nbsp;&nbsp;&nbsp; (12231)<br>| &nbsp;&nbsp;&nbsp; (39664)<br>| &nbsp;&nbsp;&nbsp; (47824)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 42114 | &nbsp;&nbsp;&nbsp; 8536 | &nbsp;&nbsp;&nbsp; 12376 | &nbsp;&nbsp;&nbsp; 13919 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; 58537 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1392 | &nbsp;&nbsp;&nbsp; 1232 | &nbsp;&nbsp;&nbsp; 3983 | &nbsp;&nbsp;&nbsp; 2595 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (49921)<br>| &nbsp;&nbsp;&nbsp; (12347)<br>| &nbsp;&nbsp;&nbsp; (32499)<br>| &nbsp;&nbsp;&nbsp; (38327)<br>|
| Change in net assets resulting from Class R2 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 52122 | &nbsp;&nbsp;&nbsp; (2579)<br>| &nbsp;&nbsp;&nbsp; (16140)<br>| &nbsp;&nbsp;&nbsp; (21813)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1089 | &nbsp;&nbsp;&nbsp; 1061 | &nbsp;&nbsp;&nbsp; 1738 | &nbsp;&nbsp;&nbsp; 4775 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; 5206 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; 491 | &nbsp;&nbsp;&nbsp; 423 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2814)<br>| &nbsp;&nbsp;&nbsp; (1988)<br>| &nbsp;&nbsp;&nbsp; (7622)<br>| &nbsp;&nbsp;&nbsp; (6943)<br>|
| Change in net assets resulting from Class R3 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 3567 | &nbsp;&nbsp;&nbsp; (826)<br>| &nbsp;&nbsp;&nbsp; (5393)<br>| &nbsp;&nbsp;&nbsp; (1745)<br>|
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp; 364 | &nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp; 213 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; 11613 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; 61 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (518)<br>| &nbsp;&nbsp;&nbsp; (3138)<br>| &nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp; (2163)<br>|
| Change in net assets resulting from Class R4 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 11372 | &nbsp;&nbsp;&nbsp; (2701)<br>| &nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp; (1889)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

36 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® Income** <br> **Fund** | **JPMorgan SmartRetirement® Income** <br> **Fund** | **JPMorgan SmartRetirement® 2025 Fund** | **JPMorgan SmartRetirement® 2025 Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $39535 | &nbsp;&nbsp;&nbsp; $38397 | &nbsp;&nbsp;&nbsp; $59743 | &nbsp;&nbsp;&nbsp; $69631 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; 218237 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 8763 | &nbsp;&nbsp;&nbsp; 9202 | &nbsp;&nbsp;&nbsp; 25635 | &nbsp;&nbsp;&nbsp; 21834 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (87429)<br>| &nbsp;&nbsp;&nbsp; (114751)<br>| &nbsp;&nbsp;&nbsp; (178200)<br>| &nbsp;&nbsp;&nbsp; (328433)<br>|
| Change in net assets resulting from Class R5 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 179106 | &nbsp;&nbsp;&nbsp; (67152)<br>| &nbsp;&nbsp;&nbsp; (92822)<br>| &nbsp;&nbsp;&nbsp; (236968)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 121739 | &nbsp;&nbsp;&nbsp; 75520 | &nbsp;&nbsp;&nbsp; 275458 | &nbsp;&nbsp;&nbsp; 249913 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; 482433 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 13786 | &nbsp;&nbsp;&nbsp; 12361 | &nbsp;&nbsp;&nbsp; 62611 | &nbsp;&nbsp;&nbsp; 43895 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (154392)<br>| &nbsp;&nbsp;&nbsp; (162943)<br>| &nbsp;&nbsp;&nbsp; (423124)<br>| &nbsp;&nbsp;&nbsp; (613304)<br>|
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 463566 | &nbsp;&nbsp;&nbsp; (75062)<br>| &nbsp;&nbsp;&nbsp; (85055)<br>| &nbsp;&nbsp;&nbsp; (319496)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $959080 | &nbsp;&nbsp;&nbsp; $(222076)<br>| &nbsp;&nbsp;&nbsp; $(329000)<br>| &nbsp;&nbsp;&nbsp; $(751497)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2851 | &nbsp;&nbsp;&nbsp; 1470 | &nbsp;&nbsp;&nbsp; 2781 | &nbsp;&nbsp;&nbsp; 3572 |
| Shares issued in connection with Fund <br> reorganization (See Note 8)<br>| &nbsp;&nbsp;&nbsp; 15745 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 688 | &nbsp;&nbsp;&nbsp; 661 | &nbsp;&nbsp;&nbsp; 1203 | &nbsp;&nbsp;&nbsp; 875 |
| Redeemed | &nbsp;&nbsp;&nbsp; (6135)<br>| &nbsp;&nbsp;&nbsp; (6221)<br>| &nbsp;&nbsp;&nbsp; (9006)<br>| &nbsp;&nbsp;&nbsp; (11893)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 13149 | &nbsp;&nbsp;&nbsp; (4090)<br>| &nbsp;&nbsp;&nbsp; (5022)<br>| &nbsp;&nbsp;&nbsp; (7446)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 49 |
| Shares issued in connection with Fund <br> reorganization (See Note 8)<br>| &nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 14 |
| Redeemed | &nbsp;&nbsp;&nbsp; (148)<br>| &nbsp;&nbsp;&nbsp; (162)<br>| &nbsp;&nbsp;&nbsp; (260)<br>| &nbsp;&nbsp;&nbsp; (379)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; (142)<br>| &nbsp;&nbsp;&nbsp; (193)<br>| &nbsp;&nbsp;&nbsp; (316)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 441 | &nbsp;&nbsp;&nbsp; 498 | &nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp; 1054 |
| Shares issued in connection with Fund <br> reorganization (See Note 8)<br>| &nbsp;&nbsp;&nbsp; 3794 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp; 254 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1349)<br>| &nbsp;&nbsp;&nbsp; (1472)<br>| &nbsp;&nbsp;&nbsp; (3149)<br>| &nbsp;&nbsp;&nbsp; (4286)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 3014 | &nbsp;&nbsp;&nbsp; (829)<br>| &nbsp;&nbsp;&nbsp; (2275)<br>| &nbsp;&nbsp;&nbsp; (2978)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 37

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® Income** <br> **Fund** | **JPMorgan SmartRetirement® Income** <br> **Fund** | **JPMorgan SmartRetirement® 2025 Fund** | **JPMorgan SmartRetirement® 2025 Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2730 | &nbsp;&nbsp;&nbsp; 579 | &nbsp;&nbsp;&nbsp; 727 | &nbsp;&nbsp;&nbsp; 877 |
| Shares issued in connection with Fund <br> reorganization (See Note 8)<br>| &nbsp;&nbsp;&nbsp; 3815 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp; 163 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3224)<br>| &nbsp;&nbsp;&nbsp; (848)<br>| &nbsp;&nbsp;&nbsp; (1911)<br>| &nbsp;&nbsp;&nbsp; (2438)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 3412 | &nbsp;&nbsp;&nbsp; (185)<br>| &nbsp;&nbsp;&nbsp; (945)<br>| &nbsp;&nbsp;&nbsp; (1398)<br>|
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 302 |
| Shares issued in connection with Fund <br> reorganization (See Note 8)<br>| &nbsp;&nbsp;&nbsp; 339 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 26 |
| Redeemed | &nbsp;&nbsp;&nbsp; (180)<br>| &nbsp;&nbsp;&nbsp; (137)<br>| &nbsp;&nbsp;&nbsp; (449)<br>| &nbsp;&nbsp;&nbsp; (435)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp; (57)<br>| &nbsp;&nbsp;&nbsp; (318)<br>| &nbsp;&nbsp;&nbsp; (107)<br>|
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 13 |
| Shares issued in connection with Fund <br> reorganization (See Note 8)<br>| &nbsp;&nbsp;&nbsp; 752 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 4 |
| Redeemed | &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; (221)<br>| &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (139)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 739 | &nbsp;&nbsp;&nbsp; (191)<br>| &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; (122)<br>|
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2528 | &nbsp;&nbsp;&nbsp; 2640 | &nbsp;&nbsp;&nbsp; 3465 | &nbsp;&nbsp;&nbsp; 4339 |
| Shares issued in connection with Fund <br> reorganization (See Note 8)<br>| &nbsp;&nbsp;&nbsp; 14084 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp; 622 | &nbsp;&nbsp;&nbsp; 1521 | &nbsp;&nbsp;&nbsp; 1358 |
| Redeemed | &nbsp;&nbsp;&nbsp; (5506)<br>| &nbsp;&nbsp;&nbsp; (7808)<br>| &nbsp;&nbsp;&nbsp; (10350)<br>| &nbsp;&nbsp;&nbsp; (20559)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 11676 | &nbsp;&nbsp;&nbsp; (4546)<br>| &nbsp;&nbsp;&nbsp; (5364)<br>| &nbsp;&nbsp;&nbsp; (14862)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 7701 | &nbsp;&nbsp;&nbsp; 5119 | &nbsp;&nbsp;&nbsp; 15955 | &nbsp;&nbsp;&nbsp; 15607 |
| Shares issued in connection with Fund <br> reorganization (See Note 8)<br>| &nbsp;&nbsp;&nbsp; 31144 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 897 | &nbsp;&nbsp;&nbsp; 836 | &nbsp;&nbsp;&nbsp; 3714 | &nbsp;&nbsp;&nbsp; 2730 |
| Redeemed | &nbsp;&nbsp;&nbsp; (9746)<br>| &nbsp;&nbsp;&nbsp; (11038)<br>| &nbsp;&nbsp;&nbsp; (24554)<br>| &nbsp;&nbsp;&nbsp; (38120)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 29996 | &nbsp;&nbsp;&nbsp; (5083)<br>| &nbsp;&nbsp;&nbsp; (4885)<br>| &nbsp;&nbsp;&nbsp; (19783)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

38 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2030 Fund** | **JPMorgan SmartRetirement® 2030 Fund** | **JPMorgan SmartRetirement® 2035 Fund** | **JPMorgan SmartRetirement® 2035 Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $77597 | &nbsp;&nbsp;&nbsp; $82391 | &nbsp;&nbsp;&nbsp; $74172 | &nbsp;&nbsp;&nbsp; $85907 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 34053 | &nbsp;&nbsp;&nbsp; 16471 | &nbsp;&nbsp;&nbsp; 26976 | &nbsp;&nbsp;&nbsp; 11553 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (191760)<br>| &nbsp;&nbsp;&nbsp; (229080)<br>| &nbsp;&nbsp;&nbsp; (145296)<br>| &nbsp;&nbsp;&nbsp; (170834)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (80110)<br>| &nbsp;&nbsp;&nbsp; (130218)<br>| &nbsp;&nbsp;&nbsp; (44148)<br>| &nbsp;&nbsp;&nbsp; (73374)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1063 | &nbsp;&nbsp;&nbsp; 1441 | &nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp;&nbsp; 1096 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp; 110 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4153)<br>| &nbsp;&nbsp;&nbsp; (5433)<br>| &nbsp;&nbsp;&nbsp; (3131)<br>| &nbsp;&nbsp;&nbsp; (2866)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (2639)<br>| &nbsp;&nbsp;&nbsp; (3759)<br>| &nbsp;&nbsp;&nbsp; (2046)<br>| &nbsp;&nbsp;&nbsp; (1660)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 24811 | &nbsp;&nbsp;&nbsp; 39942 | &nbsp;&nbsp;&nbsp; 21874 | &nbsp;&nbsp;&nbsp; 33333 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 10522 | &nbsp;&nbsp;&nbsp; 5769 | &nbsp;&nbsp;&nbsp; 5791 | &nbsp;&nbsp;&nbsp; 2966 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (76607)<br>| &nbsp;&nbsp;&nbsp; (86137)<br>| &nbsp;&nbsp;&nbsp; (53967)<br>| &nbsp;&nbsp;&nbsp; (57093)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (41274)<br>| &nbsp;&nbsp;&nbsp; (40426)<br>| &nbsp;&nbsp;&nbsp; (26302)<br>| &nbsp;&nbsp;&nbsp; (20794)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 26209 | &nbsp;&nbsp;&nbsp; 25548 | &nbsp;&nbsp;&nbsp; 22296 | &nbsp;&nbsp;&nbsp; 29155 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 8587 | &nbsp;&nbsp;&nbsp; 3794 | &nbsp;&nbsp;&nbsp; 7068 | &nbsp;&nbsp;&nbsp; 2851 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (59490)<br>| &nbsp;&nbsp;&nbsp; (49988)<br>| &nbsp;&nbsp;&nbsp; (48029)<br>| &nbsp;&nbsp;&nbsp; (48174)<br>|
| Change in net assets resulting from Class R2 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (24694)<br>| &nbsp;&nbsp;&nbsp; (20646)<br>| &nbsp;&nbsp;&nbsp; (18665)<br>| &nbsp;&nbsp;&nbsp; (16168)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 4722 | &nbsp;&nbsp;&nbsp; 8579 | &nbsp;&nbsp;&nbsp; 5755 | &nbsp;&nbsp;&nbsp; 6641 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 747 | &nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp; 923 | &nbsp;&nbsp;&nbsp; 434 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (10871)<br>| &nbsp;&nbsp;&nbsp; (9180)<br>| &nbsp;&nbsp;&nbsp; (8819)<br>| &nbsp;&nbsp;&nbsp; (11470)<br>|
| Change in net assets resulting from Class R3 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (5402)<br>| &nbsp;&nbsp;&nbsp; (166)<br>| &nbsp;&nbsp;&nbsp; (2141)<br>| &nbsp;&nbsp;&nbsp; (4395)<br>|
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2957 | &nbsp;&nbsp;&nbsp; 2072 | &nbsp;&nbsp;&nbsp; 1455 | &nbsp;&nbsp;&nbsp; 936 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1986 | &nbsp;&nbsp;&nbsp; 876 | &nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp; 47 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3806)<br>| &nbsp;&nbsp;&nbsp; (6841)<br>| &nbsp;&nbsp;&nbsp; (539)<br>| &nbsp;&nbsp;&nbsp; (2495)<br>|
| Change in net assets resulting from Class R4 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 1137 | &nbsp;&nbsp;&nbsp; (3893)<br>| &nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp; (1512)<br>|
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 116081 | &nbsp;&nbsp;&nbsp; 122864 | &nbsp;&nbsp;&nbsp; 92437 | &nbsp;&nbsp;&nbsp; 108854 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 52810 | &nbsp;&nbsp;&nbsp; 30221 | &nbsp;&nbsp;&nbsp; 36229 | &nbsp;&nbsp;&nbsp; 19085 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (231386)<br>| &nbsp;&nbsp;&nbsp; (393419)<br>| &nbsp;&nbsp;&nbsp; (153187)<br>| &nbsp;&nbsp;&nbsp; (287855)<br>|
| Change in net assets resulting from Class R5 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (62495)<br>| &nbsp;&nbsp;&nbsp; (240334)<br>| &nbsp;&nbsp;&nbsp; (24521)<br>| &nbsp;&nbsp;&nbsp; (159916)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 39

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2030** <br> **Fund** | **JPMorgan SmartRetirement® 2030** <br> **Fund** | **JPMorgan SmartRetirement® 2035 Fund** | **JPMorgan SmartRetirement® 2035 Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $437428 | &nbsp;&nbsp;&nbsp; $369403 | &nbsp;&nbsp;&nbsp; $473210 | &nbsp;&nbsp;&nbsp; $363974 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 106870 | &nbsp;&nbsp;&nbsp; 52613 | &nbsp;&nbsp;&nbsp; 99955 | &nbsp;&nbsp;&nbsp; 44591 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (466241)<br>| &nbsp;&nbsp;&nbsp; (743475)<br>| &nbsp;&nbsp;&nbsp; (421099)<br>| &nbsp;&nbsp;&nbsp; (695419)<br>|
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 78057 | &nbsp;&nbsp;&nbsp; (321459)<br>| &nbsp;&nbsp;&nbsp; 152066 | &nbsp;&nbsp;&nbsp; (286854)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $(137420)<br>| &nbsp;&nbsp;&nbsp; $(760901)<br>| &nbsp;&nbsp;&nbsp; $35293 | &nbsp;&nbsp;&nbsp; $(564673)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4112 | &nbsp;&nbsp;&nbsp; 4729 | &nbsp;&nbsp;&nbsp; 3674 | &nbsp;&nbsp;&nbsp; 4690 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1823 | &nbsp;&nbsp;&nbsp; 939 | &nbsp;&nbsp;&nbsp; 1347 | &nbsp;&nbsp;&nbsp; 629 |
| Redeemed | &nbsp;&nbsp;&nbsp; (10101)<br>| &nbsp;&nbsp;&nbsp; (13303)<br>| &nbsp;&nbsp;&nbsp; (7170)<br>| &nbsp;&nbsp;&nbsp; (9509)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (4166)<br>| &nbsp;&nbsp;&nbsp; (7635)<br>| &nbsp;&nbsp;&nbsp; (2149)<br>| &nbsp;&nbsp;&nbsp; (4190)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 61 |
| Reinvested | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 6 |
| Redeemed | &nbsp;&nbsp;&nbsp; (223)<br>| &nbsp;&nbsp;&nbsp; (314)<br>| &nbsp;&nbsp;&nbsp; (158)<br>| &nbsp;&nbsp;&nbsp; (161)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (142)<br>| &nbsp;&nbsp;&nbsp; (215)<br>| &nbsp;&nbsp;&nbsp; (103)<br>| &nbsp;&nbsp;&nbsp; (94)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1306 | &nbsp;&nbsp;&nbsp; 2251 | &nbsp;&nbsp;&nbsp; 1074 | &nbsp;&nbsp;&nbsp; 1780 |
| Reinvested | &nbsp;&nbsp;&nbsp; 561 | &nbsp;&nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp; 160 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3991)<br>| &nbsp;&nbsp;&nbsp; (4909)<br>| &nbsp;&nbsp;&nbsp; (2635)<br>| &nbsp;&nbsp;&nbsp; (3111)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (2124)<br>| &nbsp;&nbsp;&nbsp; (2330)<br>| &nbsp;&nbsp;&nbsp; (1274)<br>| &nbsp;&nbsp;&nbsp; (1171)<br>|
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1389 | &nbsp;&nbsp;&nbsp; 1470 | &nbsp;&nbsp;&nbsp; 1112 | &nbsp;&nbsp;&nbsp; 1596 |
| Reinvested | &nbsp;&nbsp;&nbsp; 463 | &nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp; 156 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3158)<br>| &nbsp;&nbsp;&nbsp; (2892)<br>| &nbsp;&nbsp;&nbsp; (2387)<br>| &nbsp;&nbsp;&nbsp; (2664)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (1306)<br>| &nbsp;&nbsp;&nbsp; (1204)<br>| &nbsp;&nbsp;&nbsp; (920)<br>| &nbsp;&nbsp;&nbsp; (912)<br>|
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 491 | &nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp; 366 |
| Reinvested | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 24 |
| Redeemed | &nbsp;&nbsp;&nbsp; (574)<br>| &nbsp;&nbsp;&nbsp; (525)<br>| &nbsp;&nbsp;&nbsp; (441)<br>| &nbsp;&nbsp;&nbsp; (634)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; (284)<br>| &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; (105)<br>| &nbsp;&nbsp;&nbsp; (244)<br>|
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 50 |
| Reinvested | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 3 |
| Redeemed | &nbsp;&nbsp;&nbsp; (204)<br>| &nbsp;&nbsp;&nbsp; (400)<br>| &nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp; (143)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; (232)<br>| &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; (90)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

40 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2030** <br> **Fund** | **JPMorgan SmartRetirement® 2030** <br> **Fund** | **JPMorgan SmartRetirement® 2035 Fund** | **JPMorgan SmartRetirement® 2035 Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6067 | &nbsp;&nbsp;&nbsp; 6967 | &nbsp;&nbsp;&nbsp; 4536 | &nbsp;&nbsp;&nbsp; 5883 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2804 | &nbsp;&nbsp;&nbsp; 1709 | &nbsp;&nbsp;&nbsp; 1794 | &nbsp;&nbsp;&nbsp; 1031 |
| Redeemed | &nbsp;&nbsp;&nbsp; (12123)<br>| &nbsp;&nbsp;&nbsp; (22436)<br>| &nbsp;&nbsp;&nbsp; (7492)<br>| &nbsp;&nbsp;&nbsp; (15710)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (3252)<br>| &nbsp;&nbsp;&nbsp; (13760)<br>| &nbsp;&nbsp;&nbsp; (1162)<br>| &nbsp;&nbsp;&nbsp; (8796)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 22844 | &nbsp;&nbsp;&nbsp; 21043 | &nbsp;&nbsp;&nbsp; 23084 | &nbsp;&nbsp;&nbsp; 19681 |
| Reinvested | &nbsp;&nbsp;&nbsp; 5681 | &nbsp;&nbsp;&nbsp; 2979 | &nbsp;&nbsp;&nbsp; 4950 | &nbsp;&nbsp;&nbsp; 2409 |
| Redeemed | &nbsp;&nbsp;&nbsp; (24416)<br>| &nbsp;&nbsp;&nbsp; (42112)<br>| &nbsp;&nbsp;&nbsp; (20634)<br>| &nbsp;&nbsp;&nbsp; (37613)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 4109 | &nbsp;&nbsp;&nbsp; (18090)<br>| &nbsp;&nbsp;&nbsp; 7400 | &nbsp;&nbsp;&nbsp; (15523)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 41

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2040 Fund** | **JPMorgan SmartRetirement® 2040 Fund** | **JPMorgan SmartRetirement® 2045 Fund** | **JPMorgan SmartRetirement® 2045 Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $76013 | &nbsp;&nbsp;&nbsp; $76052 | &nbsp;&nbsp;&nbsp; $68145 | &nbsp;&nbsp;&nbsp; $71128 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 27128 | &nbsp;&nbsp;&nbsp; 10335 | &nbsp;&nbsp;&nbsp; 19991 | &nbsp;&nbsp;&nbsp; 6892 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (157721)<br>| &nbsp;&nbsp;&nbsp; (183764)<br>| &nbsp;&nbsp;&nbsp; (117727)<br>| &nbsp;&nbsp;&nbsp; (143674)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (54580)<br>| &nbsp;&nbsp;&nbsp; (97377)<br>| &nbsp;&nbsp;&nbsp; (29591)<br>| &nbsp;&nbsp;&nbsp; (65654)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1582 | &nbsp;&nbsp;&nbsp; 1861 | &nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp; 1275 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp; 65 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3263)<br>| &nbsp;&nbsp;&nbsp; (3301)<br>| &nbsp;&nbsp;&nbsp; (1780)<br>| &nbsp;&nbsp;&nbsp; (1968)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (1231)<br>| &nbsp;&nbsp;&nbsp; (1306)<br>| &nbsp;&nbsp;&nbsp; (709)<br>| &nbsp;&nbsp;&nbsp; (628)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 23962 | &nbsp;&nbsp;&nbsp; 33475 | &nbsp;&nbsp;&nbsp; 15583 | &nbsp;&nbsp;&nbsp; 25283 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 8518 | &nbsp;&nbsp;&nbsp; 3544 | &nbsp;&nbsp;&nbsp; 4078 | &nbsp;&nbsp;&nbsp; 1840 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (59705)<br>| &nbsp;&nbsp;&nbsp; (71373)<br>| &nbsp;&nbsp;&nbsp; (42062)<br>| &nbsp;&nbsp;&nbsp; (44483)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (27225)<br>| &nbsp;&nbsp;&nbsp; (34354)<br>| &nbsp;&nbsp;&nbsp; (22401)<br>| &nbsp;&nbsp;&nbsp; (17360)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 18900 | &nbsp;&nbsp;&nbsp; 28256 | &nbsp;&nbsp;&nbsp; 19242 | &nbsp;&nbsp;&nbsp; 21059 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 6510 | &nbsp;&nbsp;&nbsp; 2265 | &nbsp;&nbsp;&nbsp; 5007 | &nbsp;&nbsp;&nbsp; 1553 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (42237)<br>| &nbsp;&nbsp;&nbsp; (47229)<br>| &nbsp;&nbsp;&nbsp; (29627)<br>| &nbsp;&nbsp;&nbsp; (33159)<br>|
| Change in net assets resulting from Class R2 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (16827)<br>| &nbsp;&nbsp;&nbsp; (16708)<br>| &nbsp;&nbsp;&nbsp; (5378)<br>| &nbsp;&nbsp;&nbsp; (10547)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 4654 | &nbsp;&nbsp;&nbsp; 6673 | &nbsp;&nbsp;&nbsp; 4083 | &nbsp;&nbsp;&nbsp; 6461 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 692 | &nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp; 624 | &nbsp;&nbsp;&nbsp; 236 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (8046)<br>| &nbsp;&nbsp;&nbsp; (9124)<br>| &nbsp;&nbsp;&nbsp; (5872)<br>| &nbsp;&nbsp;&nbsp; (9874)<br>|
| Change in net assets resulting from Class R3 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (2700)<br>| &nbsp;&nbsp;&nbsp; (2171)<br>| &nbsp;&nbsp;&nbsp; (1165)<br>| &nbsp;&nbsp;&nbsp; (3177)<br>|
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 5058 | &nbsp;&nbsp;&nbsp; 2568 | &nbsp;&nbsp;&nbsp; 427 | &nbsp;&nbsp;&nbsp; 394 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2185 | &nbsp;&nbsp;&nbsp; 754 | &nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp; 34 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3883)<br>| &nbsp;&nbsp;&nbsp; (1601)<br>| &nbsp;&nbsp;&nbsp; (219)<br>| &nbsp;&nbsp;&nbsp; (896)<br>|
| Change in net assets resulting from Class R4 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 3360 | &nbsp;&nbsp;&nbsp; 1721 | &nbsp;&nbsp;&nbsp; 322 | &nbsp;&nbsp;&nbsp; (468)<br>|
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 104473 | &nbsp;&nbsp;&nbsp; 111268 | &nbsp;&nbsp;&nbsp; 91108 | &nbsp;&nbsp;&nbsp; 94561 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 43553 | &nbsp;&nbsp;&nbsp; 19674 | &nbsp;&nbsp;&nbsp; 26590 | &nbsp;&nbsp;&nbsp; 12472 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (150561)<br>| &nbsp;&nbsp;&nbsp; (307950)<br>| &nbsp;&nbsp;&nbsp; (118856)<br>| &nbsp;&nbsp;&nbsp; (263467)<br>|
| Change in net assets resulting from Class R5 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (2535)<br>| &nbsp;&nbsp;&nbsp; (177008)<br>| &nbsp;&nbsp;&nbsp; (1158)<br>| &nbsp;&nbsp;&nbsp; (156434)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

42 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2040** <br> **Fund** | **JPMorgan SmartRetirement® 2040** <br> **Fund** | **JPMorgan SmartRetirement® 2045 Fund** | **JPMorgan SmartRetirement® 2045 Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $421963 | &nbsp;&nbsp;&nbsp; $339380 | &nbsp;&nbsp;&nbsp; $407068 | &nbsp;&nbsp;&nbsp; $314438 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 92999 | &nbsp;&nbsp;&nbsp; 37055 | &nbsp;&nbsp;&nbsp; 72427 | &nbsp;&nbsp;&nbsp; 27250 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (385791)<br>| &nbsp;&nbsp;&nbsp; (673908)<br>| &nbsp;&nbsp;&nbsp; (331168)<br>| &nbsp;&nbsp;&nbsp; (595252)<br>|
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 129171 | &nbsp;&nbsp;&nbsp; (297473)<br>| &nbsp;&nbsp;&nbsp; 148327 | &nbsp;&nbsp;&nbsp; (253564)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $27433 | &nbsp;&nbsp;&nbsp; $(624676)<br>| &nbsp;&nbsp;&nbsp; $88247 | &nbsp;&nbsp;&nbsp; $(507832)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3442 | &nbsp;&nbsp;&nbsp; 3856 | &nbsp;&nbsp;&nbsp; 3054 | &nbsp;&nbsp;&nbsp; 3608 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1235 | &nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 347 |
| Redeemed | &nbsp;&nbsp;&nbsp; (7116)<br>| &nbsp;&nbsp;&nbsp; (9472)<br>| &nbsp;&nbsp;&nbsp; (5267)<br>| &nbsp;&nbsp;&nbsp; (7464)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (2439)<br>| &nbsp;&nbsp;&nbsp; (5096)<br>| &nbsp;&nbsp;&nbsp; (1313)<br>| &nbsp;&nbsp;&nbsp; (3509)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 68 |
| Reinvested | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 3 |
| Redeemed | &nbsp;&nbsp;&nbsp; (152)<br>| &nbsp;&nbsp;&nbsp; (173)<br>| &nbsp;&nbsp;&nbsp; (82)<br>| &nbsp;&nbsp;&nbsp; (103)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (57)<br>| &nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp; (32)<br>| &nbsp;&nbsp;&nbsp; (32)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1082 | &nbsp;&nbsp;&nbsp; 1649 | &nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp; 1270 |
| Reinvested | &nbsp;&nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp; 92 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2685)<br>| &nbsp;&nbsp;&nbsp; (3627)<br>| &nbsp;&nbsp;&nbsp; (1879)<br>| &nbsp;&nbsp;&nbsp; (2256)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (1217)<br>| &nbsp;&nbsp;&nbsp; (1800)<br>| &nbsp;&nbsp;&nbsp; (1002)<br>| &nbsp;&nbsp;&nbsp; (894)<br>|
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 868 | &nbsp;&nbsp;&nbsp; 1441 | &nbsp;&nbsp;&nbsp; 873 | &nbsp;&nbsp;&nbsp; 1078 |
| Reinvested | &nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp; 79 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1936)<br>| &nbsp;&nbsp;&nbsp; (2410)<br>| &nbsp;&nbsp;&nbsp; (1350)<br>| &nbsp;&nbsp;&nbsp; (1697)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (769)<br>| &nbsp;&nbsp;&nbsp; (854)<br>| &nbsp;&nbsp;&nbsp; (249)<br>| &nbsp;&nbsp;&nbsp; (540)<br>|
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp; 341 | &nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp; 334 |
| Reinvested | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 12 |
| Redeemed | &nbsp;&nbsp;&nbsp; (363)<br>| &nbsp;&nbsp;&nbsp; (462)<br>| &nbsp;&nbsp;&nbsp; (266)<br>| &nbsp;&nbsp;&nbsp; (506)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; (122)<br>| &nbsp;&nbsp;&nbsp; (107)<br>| &nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp; (160)<br>|
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 20 |
| Reinvested | &nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 2 |
| Redeemed | &nbsp;&nbsp;&nbsp; (174)<br>| &nbsp;&nbsp;&nbsp; (80)<br>| &nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp; (48)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; (26)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 43

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2040** <br> **Fund** | **JPMorgan SmartRetirement® 2040** <br> **Fund** | **JPMorgan SmartRetirement® 2045 Fund** | **JPMorgan SmartRetirement® 2045 Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4686 | &nbsp;&nbsp;&nbsp; 5530 | &nbsp;&nbsp;&nbsp; 4052 | &nbsp;&nbsp;&nbsp; 4718 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1966 | &nbsp;&nbsp;&nbsp; 982 | &nbsp;&nbsp;&nbsp; 1188 | &nbsp;&nbsp;&nbsp; 624 |
| Redeemed | &nbsp;&nbsp;&nbsp; (6752)<br>| &nbsp;&nbsp;&nbsp; (15534)<br>| &nbsp;&nbsp;&nbsp; (5264)<br>| &nbsp;&nbsp;&nbsp; (13337)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (100)<br>| &nbsp;&nbsp;&nbsp; (9022)<br>| &nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp; (7995)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 18859 | &nbsp;&nbsp;&nbsp; 16966 | &nbsp;&nbsp;&nbsp; 18014 | &nbsp;&nbsp;&nbsp; 15711 |
| Reinvested | &nbsp;&nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp; 1850 | &nbsp;&nbsp;&nbsp; 3237 | &nbsp;&nbsp;&nbsp; 1363 |
| Redeemed | &nbsp;&nbsp;&nbsp; (17286)<br>| &nbsp;&nbsp;&nbsp; (33740)<br>| &nbsp;&nbsp;&nbsp; (14725)<br>| &nbsp;&nbsp;&nbsp; (29865)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 5773 | &nbsp;&nbsp;&nbsp; (14924)<br>| &nbsp;&nbsp;&nbsp; 6526 | &nbsp;&nbsp;&nbsp; (12791)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

44 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2050 Fund** | **JPMorgan SmartRetirement® 2050 Fund** | **JPMorgan SmartRetirement® 2055 Fund** | **JPMorgan SmartRetirement® 2055 Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $67446 | &nbsp;&nbsp;&nbsp; $72431 | &nbsp;&nbsp;&nbsp; $66090 | &nbsp;&nbsp;&nbsp; $64247 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 9892 | &nbsp;&nbsp;&nbsp; 5597 | &nbsp;&nbsp;&nbsp; 5489 | &nbsp;&nbsp;&nbsp; 3250 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (104569)<br>| &nbsp;&nbsp;&nbsp; (116077)<br>| &nbsp;&nbsp;&nbsp; (67083)<br>| &nbsp;&nbsp;&nbsp; (79240)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (27231)<br>| &nbsp;&nbsp;&nbsp; (38049)<br>| &nbsp;&nbsp;&nbsp; 4496 | &nbsp;&nbsp;&nbsp; (11743)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1297 | &nbsp;&nbsp;&nbsp; 1272 | &nbsp;&nbsp;&nbsp; 793 | &nbsp;&nbsp;&nbsp; 530 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 53 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2166)<br>| &nbsp;&nbsp;&nbsp; (2322)<br>| &nbsp;&nbsp;&nbsp; (1560)<br>| &nbsp;&nbsp;&nbsp; (1591)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (719)<br>| &nbsp;&nbsp;&nbsp; (978)<br>| &nbsp;&nbsp;&nbsp; (691)<br>| &nbsp;&nbsp;&nbsp; (1008)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 22085 | &nbsp;&nbsp;&nbsp; 30831 | &nbsp;&nbsp;&nbsp; 11363 | &nbsp;&nbsp;&nbsp; 17600 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 3615 | &nbsp;&nbsp;&nbsp; 2289 | &nbsp;&nbsp;&nbsp; 1235 | &nbsp;&nbsp;&nbsp; 1120 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (51951)<br>| &nbsp;&nbsp;&nbsp; (59585)<br>| &nbsp;&nbsp;&nbsp; (31096)<br>| &nbsp;&nbsp;&nbsp; (34169)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (26251)<br>| &nbsp;&nbsp;&nbsp; (26465)<br>| &nbsp;&nbsp;&nbsp; (18498)<br>| &nbsp;&nbsp;&nbsp; (15449)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 19329 | &nbsp;&nbsp;&nbsp; 24578 | &nbsp;&nbsp;&nbsp; 20508 | &nbsp;&nbsp;&nbsp; 20950 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2533 | &nbsp;&nbsp;&nbsp; 1424 | &nbsp;&nbsp;&nbsp; 1799 | &nbsp;&nbsp;&nbsp; 1079 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (35833)<br>| &nbsp;&nbsp;&nbsp; (35833)<br>| &nbsp;&nbsp;&nbsp; (26268)<br>| &nbsp;&nbsp;&nbsp; (27327)<br>|
| Change in net assets resulting from Class R2 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (13971)<br>| &nbsp;&nbsp;&nbsp; (9831)<br>| &nbsp;&nbsp;&nbsp; (3961)<br>| &nbsp;&nbsp;&nbsp; (5298)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 3466 | &nbsp;&nbsp;&nbsp; 6029 | &nbsp;&nbsp;&nbsp; 3403 | &nbsp;&nbsp;&nbsp; 4077 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp; 140 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (11568)<br>| &nbsp;&nbsp;&nbsp; (8220)<br>| &nbsp;&nbsp;&nbsp; (6506)<br>| &nbsp;&nbsp;&nbsp; (5643)<br>|
| Change in net assets resulting from Class R3 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (7766)<br>| &nbsp;&nbsp;&nbsp; (1911)<br>| &nbsp;&nbsp;&nbsp; (2944)<br>| &nbsp;&nbsp;&nbsp; (1426)<br>|
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1916 | &nbsp;&nbsp;&nbsp; 1545 | &nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp; 247 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 14 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1251)<br>| &nbsp;&nbsp;&nbsp; (1070)<br>| &nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp; (1335)<br>|
| Change in net assets resulting from Class R4 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 924 | &nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp; (1074)<br>|
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 100478 | &nbsp;&nbsp;&nbsp; 111883 | &nbsp;&nbsp;&nbsp; 96587 | &nbsp;&nbsp;&nbsp; 103434 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 18436 | &nbsp;&nbsp;&nbsp; 12210 | &nbsp;&nbsp;&nbsp; 11594 | &nbsp;&nbsp;&nbsp; 7800 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (116745)<br>| &nbsp;&nbsp;&nbsp; (229617)<br>| &nbsp;&nbsp;&nbsp; (121130)<br>| &nbsp;&nbsp;&nbsp; (138346)<br>|
| Change in net assets resulting from Class R5 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 2169 | &nbsp;&nbsp;&nbsp; (105524)<br>| &nbsp;&nbsp;&nbsp; (12949)<br>| &nbsp;&nbsp;&nbsp; (27112)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 45

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2050 Fund** | **JPMorgan SmartRetirement® 2050 Fund** | **JPMorgan SmartRetirement® 2055** <br> **Fund** | **JPMorgan SmartRetirement® 2055** <br> **Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $364640 | &nbsp;&nbsp;&nbsp; $294670 | &nbsp;&nbsp;&nbsp; $301973 | &nbsp;&nbsp;&nbsp; $234052 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 35602 | &nbsp;&nbsp;&nbsp; 20333 | &nbsp;&nbsp;&nbsp; 21358 | &nbsp;&nbsp;&nbsp; 12904 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (282463)<br>| &nbsp;&nbsp;&nbsp; (533070)<br>| &nbsp;&nbsp;&nbsp; (194571)<br>| &nbsp;&nbsp;&nbsp; (409602)<br>|
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 117779 | &nbsp;&nbsp;&nbsp; (218067)<br>| &nbsp;&nbsp;&nbsp; 128760 | &nbsp;&nbsp;&nbsp; (162646)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $44934 | &nbsp;&nbsp;&nbsp; $(400215)<br>| &nbsp;&nbsp;&nbsp; $94398 | &nbsp;&nbsp;&nbsp; $(225756)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2944 | &nbsp;&nbsp;&nbsp; 3613 | &nbsp;&nbsp;&nbsp; 2384 | &nbsp;&nbsp;&nbsp; 2653 |
| Reinvested | &nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp; 134 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4550)<br>| &nbsp;&nbsp;&nbsp; (5877)<br>| &nbsp;&nbsp;&nbsp; (2413)<br>| &nbsp;&nbsp;&nbsp; (3316)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (1169)<br>| &nbsp;&nbsp;&nbsp; (1986)<br>| &nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp; (529)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 23 |
| Reinvested | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 2 |
| Redeemed | &nbsp;&nbsp;&nbsp; (97)<br>| &nbsp;&nbsp;&nbsp; (119)<br>| &nbsp;&nbsp;&nbsp; (57)<br>| &nbsp;&nbsp;&nbsp; (65)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (32)<br>| &nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; (40)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 957 | &nbsp;&nbsp;&nbsp; 1510 | &nbsp;&nbsp;&nbsp; 407 | &nbsp;&nbsp;&nbsp; 721 |
| Reinvested | &nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 46 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2269)<br>| &nbsp;&nbsp;&nbsp; (3015)<br>| &nbsp;&nbsp;&nbsp; (1137)<br>| &nbsp;&nbsp;&nbsp; (1414)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (1153)<br>| &nbsp;&nbsp;&nbsp; (1392)<br>| &nbsp;&nbsp;&nbsp; (685)<br>| &nbsp;&nbsp;&nbsp; (647)<br>|
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp;&nbsp; 1241 | &nbsp;&nbsp;&nbsp; 748 | &nbsp;&nbsp;&nbsp; 876 |
| Reinvested | &nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 45 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1584)<br>| &nbsp;&nbsp;&nbsp; (1809)<br>| &nbsp;&nbsp;&nbsp; (958)<br>| &nbsp;&nbsp;&nbsp; (1139)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (616)<br>| &nbsp;&nbsp;&nbsp; (497)<br>| &nbsp;&nbsp;&nbsp; (144)<br>| &nbsp;&nbsp;&nbsp; (218)<br>|
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp; 169 |
| Reinvested | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 6 |
| Redeemed | &nbsp;&nbsp;&nbsp; (512)<br>| &nbsp;&nbsp;&nbsp; (408)<br>| &nbsp;&nbsp;&nbsp; (236)<br>| &nbsp;&nbsp;&nbsp; (231)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; (345)<br>| &nbsp;&nbsp;&nbsp; (91)<br>| &nbsp;&nbsp;&nbsp; (107)<br>| &nbsp;&nbsp;&nbsp; (56)<br>|
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 9 |
| Reinvested | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp; (55)<br>| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (59)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; (49)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

46 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2050 Fund** | **JPMorgan SmartRetirement® 2050 Fund** | **JPMorgan SmartRetirement® 2055** <br> **Fund** | **JPMorgan SmartRetirement® 2055** <br> **Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4355 | &nbsp;&nbsp;&nbsp; 5502 | &nbsp;&nbsp;&nbsp; 3465 | &nbsp;&nbsp;&nbsp; 4226 |
| Reinvested | &nbsp;&nbsp;&nbsp; 807 | &nbsp;&nbsp;&nbsp; 601 | &nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp; 319 |
| Redeemed | &nbsp;&nbsp;&nbsp; (5019)<br>| &nbsp;&nbsp;&nbsp; (11455)<br>| &nbsp;&nbsp;&nbsp; (4307)<br>| &nbsp;&nbsp;&nbsp; (5717)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp; (5352)<br>| &nbsp;&nbsp;&nbsp; (419)<br>| &nbsp;&nbsp;&nbsp; (1172)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 15697 | &nbsp;&nbsp;&nbsp; 14459 | &nbsp;&nbsp;&nbsp; 10789 | &nbsp;&nbsp;&nbsp; 9562 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1558 | &nbsp;&nbsp;&nbsp; 1002 | &nbsp;&nbsp;&nbsp; 779 | &nbsp;&nbsp;&nbsp; 528 |
| Redeemed | &nbsp;&nbsp;&nbsp; (12184)<br>| &nbsp;&nbsp;&nbsp; (26382)<br>| &nbsp;&nbsp;&nbsp; (6964)<br>| &nbsp;&nbsp;&nbsp; (16878)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 5071 | &nbsp;&nbsp;&nbsp; (10921)<br>| &nbsp;&nbsp;&nbsp; 4604 | &nbsp;&nbsp;&nbsp; (6788)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 47

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2060 Fund** | **JPMorgan SmartRetirement® 2060 Fund** | **JPMorgan SmartRetirement® 2065 Fund** | **JPMorgan SmartRetirement® 2065 Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $29141 | &nbsp;&nbsp;&nbsp; $27302 | &nbsp;&nbsp;&nbsp; $7463 | &nbsp;&nbsp;&nbsp; $2887 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1879 | &nbsp;&nbsp;&nbsp; 759 | &nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; 21 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (21323)<br>| &nbsp;&nbsp;&nbsp; (18881)<br>| &nbsp;&nbsp;&nbsp; (1473)<br>| &nbsp;&nbsp;&nbsp; (425)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 9697 | &nbsp;&nbsp;&nbsp; 9180 | &nbsp;&nbsp;&nbsp; 6085 | &nbsp;&nbsp;&nbsp; 2483 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 717 | &nbsp;&nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 63 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (789)<br>| &nbsp;&nbsp;&nbsp; (415)<br>| &nbsp;&nbsp;&nbsp; (62)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; 567 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 64 |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 15145 | &nbsp;&nbsp;&nbsp; 13733 | &nbsp;&nbsp;&nbsp; 1042 | &nbsp;&nbsp;&nbsp; 238 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1026 | &nbsp;&nbsp;&nbsp; 382 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 2 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (11224)<br>| &nbsp;&nbsp;&nbsp; (12547)<br>| &nbsp;&nbsp;&nbsp; (279)<br>| &nbsp;&nbsp;&nbsp; (14)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 4947 | &nbsp;&nbsp;&nbsp; 1568 | &nbsp;&nbsp;&nbsp; 774 | &nbsp;&nbsp;&nbsp; 226 |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 4456 | &nbsp;&nbsp;&nbsp; 3980 | &nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp; 19 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 354 | &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3726)<br>| &nbsp;&nbsp;&nbsp; (2675)<br>| &nbsp;&nbsp;&nbsp; (38)<br>| &nbsp;&nbsp;&nbsp; (2)<br>|
| Change in net assets resulting from Class R2 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 1084 | &nbsp;&nbsp;&nbsp; 1445 | &nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp; 17 |
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 3078 | &nbsp;&nbsp;&nbsp; 4010 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 28 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4097)<br>| &nbsp;&nbsp;&nbsp; (3968)<br>| &nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp; (4)<br>|
| Change in net assets resulting from Class R3 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (827)<br>| &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; 24 |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1543 | &nbsp;&nbsp;&nbsp; 1724 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (537)<br>| &nbsp;&nbsp;&nbsp; (427)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R4 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 1185 | &nbsp;&nbsp;&nbsp; 1368 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 55784 | &nbsp;&nbsp;&nbsp; 63694 | &nbsp;&nbsp;&nbsp; 11684 | &nbsp;&nbsp;&nbsp; 10343 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 5623 | &nbsp;&nbsp;&nbsp; 2938 | &nbsp;&nbsp;&nbsp; 301 | &nbsp;&nbsp;&nbsp; 9 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (47349)<br>| &nbsp;&nbsp;&nbsp; (66460)<br>| &nbsp;&nbsp;&nbsp; (3860)<br>| &nbsp;&nbsp;&nbsp; (606)<br>|
| Change in net assets resulting from Class R5 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 14058 | &nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp; 8125 | &nbsp;&nbsp;&nbsp; 9746 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

48 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2060 Fund** | **JPMorgan SmartRetirement® 2060 Fund** | **JPMorgan SmartRetirement® 2065** <br> **Fund** | **JPMorgan SmartRetirement® 2065** <br> **Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $224567 | &nbsp;&nbsp;&nbsp; $165247 | &nbsp;&nbsp;&nbsp; $54448 | &nbsp;&nbsp;&nbsp; $13286 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 12976 | &nbsp;&nbsp;&nbsp; 5507 | &nbsp;&nbsp;&nbsp; 746 | &nbsp;&nbsp;&nbsp; 138 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (132679)<br>| &nbsp;&nbsp;&nbsp; (200205)<br>| &nbsp;&nbsp;&nbsp; (16656)<br>| &nbsp;&nbsp;&nbsp; (2605)<br>|
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 104864 | &nbsp;&nbsp;&nbsp; (29451)<br>| &nbsp;&nbsp;&nbsp; 38538 | &nbsp;&nbsp;&nbsp; 10819 |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $134996 | &nbsp;&nbsp;&nbsp; $(15011)<br>| &nbsp;&nbsp;&nbsp; $53647 | &nbsp;&nbsp;&nbsp; $23379 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1244 | &nbsp;&nbsp;&nbsp; 1331 | &nbsp;&nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp; 160 |
| Reinvested | &nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (908)<br>| &nbsp;&nbsp;&nbsp; (934)<br>| &nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp; (23)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 417 | &nbsp;&nbsp;&nbsp; 434 | &nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp; 138 |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 4 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 4 |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 647 | &nbsp;&nbsp;&nbsp; 657 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 14 |
| Reinvested | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (475)<br>| &nbsp;&nbsp;&nbsp; (625)<br>| &nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 13 |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 1 |
| Reinvested | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (160)<br>| &nbsp;&nbsp;&nbsp; (130)<br>| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 1 |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Reinvested | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (176)<br>| &nbsp;&nbsp;&nbsp; (194)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; 1 |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Reinvested | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|

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(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 49

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**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2060 Fund** | **JPMorgan SmartRetirement® 2060 Fund** | **JPMorgan SmartRetirement® 2065** <br> **Fund** | **JPMorgan SmartRetirement® 2065** <br> **Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2378 | &nbsp;&nbsp;&nbsp; 3100 | &nbsp;&nbsp;&nbsp; 568 | &nbsp;&nbsp;&nbsp; 553 |
| Reinvested | &nbsp;&nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2010)<br>| &nbsp;&nbsp;&nbsp; (3241)<br>| &nbsp;&nbsp;&nbsp; (187)<br>| &nbsp;&nbsp;&nbsp; (31)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp; 523 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 9524 | &nbsp;&nbsp;&nbsp; 7968 | &nbsp;&nbsp;&nbsp; 2625 | &nbsp;&nbsp;&nbsp; 722 |
| Reinvested | &nbsp;&nbsp;&nbsp; 558 | &nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 8 |
| Redeemed | &nbsp;&nbsp;&nbsp; (5630)<br>| &nbsp;&nbsp;&nbsp; (9787)<br>| &nbsp;&nbsp;&nbsp; (798)<br>| &nbsp;&nbsp;&nbsp; (139)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 4452 | &nbsp;&nbsp;&nbsp; (1552)<br>| &nbsp;&nbsp;&nbsp; 1864 | &nbsp;&nbsp;&nbsp; 591 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

50 J.P. Morgan SmartRetirement® Funds June 30, 2025

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THIS PAGE IS INTENTIONALLY LEFT BLANK

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

51 <br>

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**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Income Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $15.41 | &nbsp;&nbsp; $0.50 | &nbsp;&nbsp; $0.89 | &nbsp;&nbsp; $1.39 | &nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.56)<br>|
| Year Ended June 30, 2024 | 14.48 | 0.44 | 0.95 | 1.39 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.46)<br>|
| Year Ended June 30, 2023 | 14.17 | 0.36 | 0.53 | 0.89 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.58)<br>|
| Year Ended June 30, 2022 | 17.87 | 0.32 | &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.69)<br>|
| Year Ended June 30, 2021 | 16.21 | 0.30 | 2.14 | 2.44 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.78)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 15.33 | 0.40 | 0.89 | 1.29 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2024 | 14.39 | 0.34 | 0.94 | 1.28 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2023 | 14.06 | 0.27 | 0.53 | 0.80 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.47)<br>|
| Year Ended June 30, 2022 | 17.79 | 0.21 | &nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.63)<br>|
| Year Ended June 30, 2021 | 16.13 | 0.19 | 2.13 | 2.32 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.66)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 15.46 | 0.52 | 0.89 | 1.41 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>|
| Year Ended June 30, 2024 | 14.53 | 0.46 | 0.95 | 1.41 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>|
| Year Ended June 30, 2023 | 14.21 | 0.38 | 0.54 | 0.92 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.60)<br>|
| Year Ended June 30, 2022 | 17.91 | 0.34 | &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.70)<br>|
| Year Ended June 30, 2021 | 16.24 | 0.32 | 2.15 | 2.47 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.80)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 15.33 | 0.44 | 0.89 | 1.33 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2024 | 14.42 | 0.38 | 0.93 | 1.31 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| Year Ended June 30, 2023 | 14.10 | 0.31 | 0.54 | 0.85 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.53)<br>|
| Year Ended June 30, 2022 | 17.82 | 0.25 | &nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.65)<br>|
| Year Ended June 30, 2021 | 16.17 | 0.23 | 2.12 | 2.35 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.70)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 15.35 | 0.48 | 0.89 | 1.37 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.53)<br>|
| Year Ended June 30, 2024 | 14.43 | 0.41 | 0.94 | 1.35 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended June 30, 2023 | 14.08 | 0.33 | 0.55 | 0.88 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.53)<br>|
| Year Ended June 30, 2022 | 17.78 | 0.29 | &nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.67)<br>|
| Year Ended June 30, 2021 | 16.14 | 0.28 | 2.11 | 2.39 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.75)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 15.45 | 0.56 | 0.85 | 1.41 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>|
| Year Ended June 30, 2024 | 14.49 | 0.44 | 0.97 | 1.41 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2023 | 14.19 | 0.39 | 0.52 | 0.91 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.61)<br>|
| Year Ended June 30, 2022 | 17.89 | 0.33 | &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.70)<br>|
| Year Ended June 30, 2021 | 16.21 | 0.31 | 2.15 | 2.46 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.78)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 15.50 | 0.54 | 0.90 | 1.44 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.60)<br>|
| Year Ended June 30, 2024 | 14.57 | 0.48 | 0.95 | 1.43 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2023 | 14.25 | 0.40 | 0.54 | 0.94 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.62)<br>|
| Year Ended June 30, 2022 | 17.94 | 0.36 | &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.71)<br>|
| Year Ended June 30, 2021 | 16.28 | 0.35 | 2.13 | 2.48 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.82)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 15.50 | 0.57 | 0.88 | 1.45 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.62)<br>|
| Year Ended June 30, 2024 | 14.57 | 0.50 | 0.95 | 1.45 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2023 | 14.26 | 0.41 | 0.54 | 0.95 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.64)<br>|
| Year Ended June 30, 2022 | 17.94 | 0.38 | &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.72)<br>|
| Year Ended June 30, 2021 | 16.28 | 0.36 | 2.14 | 2.50 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.84)<br>|

---

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

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

52 J.P. Morgan SmartRetirement® Funds June 30, 2025

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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; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $548925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 881479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 734126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 53

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2025 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $16.83 | &nbsp;&nbsp; $0.48 | &nbsp;&nbsp; $1.04 | &nbsp;&nbsp; $1.52 | &nbsp;&nbsp; $(0.57)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.74)<br>|
| Year Ended June 30, 2024 | 15.66 | 0.43 | 1.18 | 1.61 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>|
| Year Ended June 30, 2023 | 15.52 | 0.36 | 0.78 | 1.14 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (1.00)<br>|
| Year Ended June 30, 2022 | 20.09 | 0.32 | &nbsp;&nbsp; (2.75)<br>| &nbsp;&nbsp; (2.43)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.14)<br>|
| Year Ended June 30, 2021 | 17.34 | 0.29 | 3.31 | 3.60 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.85)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 16.73 | 0.38 | 1.04 | 1.42 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.63)<br>|
| Year Ended June 30, 2024 | 15.54 | 0.33 | 1.17 | 1.50 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>|
| Year Ended June 30, 2023 | 15.40 | 0.27 | 0.78 | 1.05 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.91)<br>|
| Year Ended June 30, 2022 | 20.01 | 0.22 | &nbsp;&nbsp; (2.75)<br>| &nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.08)<br>|
| Year Ended June 30, 2021 | 17.27 | 0.17 | 3.31 | 3.48 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.74)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 16.90 | 0.51 | 1.05 | 1.56 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.76)<br>|
| Year Ended June 30, 2024 | 15.72 | 0.47 | 1.18 | 1.65 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>|
| Year Ended June 30, 2023 | 15.58 | 0.39 | 0.79 | 1.18 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (1.04)<br>|
| Year Ended June 30, 2022 | 20.15 | 0.36 | &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.16)<br>|
| Year Ended June 30, 2021 | 17.39 | 0.32 | 3.32 | 3.64 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.88)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 16.72 | 0.43 | 1.03 | 1.46 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.69)<br>|
| Year Ended June 30, 2024 | 15.55 | 0.38 | 1.17 | 1.55 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| Year Ended June 30, 2023 | 15.42 | 0.31 | 0.78 | 1.09 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.96)<br>|
| Year Ended June 30, 2022 | 20.01 | 0.26 | &nbsp;&nbsp; (2.74)<br>| &nbsp;&nbsp; (2.48)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.11)<br>|
| Year Ended June 30, 2021 | 17.27 | 0.22 | 3.30 | 3.52 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.78)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 16.73 | 0.46 | 1.04 | 1.50 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.72)<br>|
| Year Ended June 30, 2024 | 15.57 | 0.42 | 1.17 | 1.59 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended June 30, 2023 | 15.44 | 0.35 | 0.78 | 1.13 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (1.00)<br>|
| Year Ended June 30, 2022 | 20.01 | 0.31 | &nbsp;&nbsp; (2.75)<br>| &nbsp;&nbsp; (2.44)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.13)<br>|
| Year Ended June 30, 2021 | 17.27 | 0.27 | 3.30 | 3.57 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.83)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 16.89 | 0.52 | 1.04 | 1.56 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.78)<br>|
| Year Ended June 30, 2024 | 15.68 | 0.43 | 1.22 | 1.65 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>|
| Year Ended June 30, 2023 | 15.54 | 0.39 | 0.79 | 1.18 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (1.04)<br>|
| Year Ended June 30, 2022 | 20.11 | 0.35 | &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.15)<br>|
| Year Ended June 30, 2021 | 17.34 | 0.32 | 3.32 | 3.64 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.87)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 16.93 | 0.55 | 1.03 | 1.58 | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2024 | 15.75 | 0.50 | 1.18 | 1.68 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2023 | 15.61 | 0.41 | 0.79 | 1.20 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (1.06)<br>|
| Year Ended June 30, 2022 | 20.18 | 0.38 | &nbsp;&nbsp; (2.78)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.17)<br>|
| Year Ended June 30, 2021 | 17.41 | 0.35 | 3.33 | 3.68 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.91)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 16.94 | 0.56 | 1.04 | 1.60 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.82)<br>|
| Year Ended June 30, 2024 | 15.76 | 0.51 | 1.18 | 1.69 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>|
| Year Ended June 30, 2023 | 15.62 | 0.43 | 0.79 | 1.22 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (1.08)<br>|
| Year Ended June 30, 2022 | 20.18 | 0.41 | &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.18)<br>|
| Year Ended June 30, 2021 | 17.41 | 0.37 | 3.33 | 3.70 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.93)<br>|

---

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

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

54 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $463062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 606963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1147634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 757815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1077778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1540051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1359315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1381948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1597677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1716156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2237064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 55

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2030 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $18.66 | &nbsp;&nbsp; $0.46 | &nbsp;&nbsp; $1.39 | &nbsp;&nbsp; $1.85 | &nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp; $(0.41)<br>| &nbsp;&nbsp; $(0.97)<br>|
| Year Ended June 30, 2024 | 17.02 | 0.42 | 1.64 | 2.06 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2023 | 16.73 | 0.35 | 1.20 | 1.55 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.26)<br>|
| Year Ended June 30, 2022 | 21.89 | 0.33 | &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (2.35)<br>|
| Year Ended June 30, 2021 | 18.17 | 0.28 | 4.27 | 4.55 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.83)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.36 | 0.35 | 1.36 | 1.71 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.84)<br>|
| Year Ended June 30, 2024 | 16.74 | 0.32 | 1.61 | 1.93 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>|
| Year Ended June 30, 2023 | 16.47 | 0.25 | 1.18 | 1.43 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.16)<br>|
| Year Ended June 30, 2022 | 21.64 | 0.21 | &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (2.88)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (2.29)<br>|
| Year Ended June 30, 2021 | 17.96 | 0.15 | 4.24 | 4.39 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.71)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.75 | 0.50 | 1.40 | 1.90 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.00)<br>|
| Year Ended June 30, 2024 | 17.10 | 0.46 | 1.64 | 2.10 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2023 | 16.81 | 0.39 | 1.19 | 1.58 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.29)<br>|
| Year Ended June 30, 2022 | 21.97 | 0.37 | &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (2.37)<br>|
| Year Ended June 30, 2021 | 18.22 | 0.31 | 4.30 | 4.61 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.86)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.52 | 0.40 | 1.38 | 1.78 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.91)<br>|
| Year Ended June 30, 2024 | 16.90 | 0.36 | 1.62 | 1.98 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended June 30, 2023 | 16.62 | 0.30 | 1.19 | 1.49 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.21)<br>|
| Year Ended June 30, 2022 | 21.80 | 0.26 | &nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp; (2.86)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (2.32)<br>|
| Year Ended June 30, 2021 | 18.09 | 0.21 | 4.26 | 4.47 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.76)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.64 | 0.45 | 1.39 | 1.84 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.95)<br>|
| Year Ended June 30, 2024 | 17.00 | 0.41 | 1.64 | 2.05 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>|
| Year Ended June 30, 2023 | 16.65 | 0.31 | 1.22 | 1.53 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.18)<br>|
| Year Ended June 30, 2022 | 21.80 | 0.32 | &nbsp;&nbsp; (3.13)<br>| &nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (2.34)<br>|
| Year Ended June 30, 2021 | 18.10 | 0.26 | 4.26 | 4.52 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.82)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.68 | 0.50 | 1.39 | 1.89 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.01)<br>|
| Year Ended June 30, 2024 | 17.03 | 0.45 | 1.65 | 2.10 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2023 | 16.77 | 0.43 | 1.15 | 1.58 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.32)<br>|
| Year Ended June 30, 2022 | 21.93 | 0.36 | &nbsp;&nbsp; (3.15)<br>| &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (2.37)<br>|
| Year Ended June 30, 2021 | 18.18 | 0.31 | 4.29 | 4.60 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.85)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.83 | 0.54 | 1.40 | 1.94 | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.04)<br>|
| Year Ended June 30, 2024 | 17.18 | 0.50 | 1.63 | 2.13 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>|
| Year Ended June 30, 2023 | 16.88 | 0.41 | 1.21 | 1.62 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.32)<br>|
| Year Ended June 30, 2022 | 22.04 | 0.40 | &nbsp;&nbsp; (3.17)<br>| &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (2.39)<br>|
| Year Ended June 30, 2021 | 18.28 | 0.34 | 4.32 | 4.66 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.90)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.83 | 0.56 | 1.40 | 1.96 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.06)<br>|
| Year Ended June 30, 2024 | 17.17 | 0.50 | 1.66 | 2.16 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2023 | 16.88 | 0.43 | 1.20 | 1.63 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.34)<br>|
| Year Ended June 30, 2022 | 22.03 | 0.42 | &nbsp;&nbsp; (3.17)<br>| &nbsp;&nbsp; (2.75)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (2.40)<br>|
| Year Ended June 30, 2021 | 18.27 | 0.37 | 4.31 | 4.68 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.92)<br>|

---

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

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

56 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $675376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 866979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1310223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 949215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 967330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1118550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1463012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1978329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2135786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1961446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2099401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2029842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2510192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 57

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2035 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $19.79 | &nbsp;&nbsp; $0.44 | &nbsp;&nbsp; $1.76 | &nbsp;&nbsp; $2.20 | &nbsp;&nbsp; $(0.51)<br>| &nbsp;&nbsp; $(0.41)<br>| &nbsp;&nbsp; $(0.92)<br>|
| Year Ended June 30, 2024 | 17.65 | 0.38 | 2.12 | 2.50 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended June 30, 2023 | 17.15 | 0.31 | 1.56 | 1.87 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (1.37)<br>|
| Year Ended June 30, 2022 | 23.65 | 0.32 | &nbsp;&nbsp; (3.33)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (3.49)<br>|
| Year Ended June 30, 2021 | 18.76 | 0.28 | 5.60 | 5.88 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.99)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.47 | 0.32 | 1.73 | 2.05 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2024 | 17.35 | 0.27 | 2.10 | 2.37 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>|
| Year Ended June 30, 2023 | 16.88 | 0.21 | 1.54 | 1.75 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (1.28)<br>|
| Year Ended June 30, 2022 | 23.41 | 0.20 | &nbsp;&nbsp; (3.29)<br>| &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (3.44)<br>|
| Year Ended June 30, 2021 | 18.59 | 0.15 | 5.54 | 5.69 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.87)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.97 | 0.47 | 1.78 | 2.25 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.95)<br>|
| Year Ended June 30, 2024 | 17.80 | 0.42 | 2.15 | 2.57 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| Year Ended June 30, 2023 | 17.29 | 0.35 | 1.57 | 1.92 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (1.41)<br>|
| Year Ended June 30, 2022 | 23.80 | 0.37 | &nbsp;&nbsp; (3.37)<br>| &nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (3.51)<br>|
| Year Ended June 30, 2021 | 18.87 | 0.32 | 5.63 | 5.95 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.02)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.65 | 0.37 | 1.75 | 2.12 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.85)<br>|
| Year Ended June 30, 2024 | 17.53 | 0.32 | 2.11 | 2.43 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>|
| Year Ended June 30, 2023 | 17.05 | 0.26 | 1.55 | 1.81 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (1.33)<br>|
| Year Ended June 30, 2022 | 23.57 | 0.26 | &nbsp;&nbsp; (3.32)<br>| &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (3.46)<br>|
| Year Ended June 30, 2021 | 18.70 | 0.21 | 5.57 | 5.78 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.91)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.66 | 0.42 | 1.75 | 2.17 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.90)<br>|
| Year Ended June 30, 2024 | 17.52 | 0.36 | 2.13 | 2.49 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended June 30, 2023 | 17.05 | 0.30 | 1.54 | 1.84 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (1.37)<br>|
| Year Ended June 30, 2022 | 23.54 | 0.30 | &nbsp;&nbsp; (3.31)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (3.48)<br>|
| Year Ended June 30, 2021 | 18.68 | 0.27 | 5.56 | 5.83 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.97)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.98 | 0.46 | 1.81 | 2.27 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.96)<br>|
| Year Ended June 30, 2024 | 17.78 | 0.39 | 2.17 | 2.56 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended June 30, 2023 | 17.26 | 0.34 | 1.58 | 1.92 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (1.40)<br>|
| Year Ended June 30, 2022 | 23.75 | 0.35 | &nbsp;&nbsp; (3.33)<br>| &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (3.51)<br>|
| Year Ended June 30, 2021 | 18.83 | 0.33 | 5.60 | 5.93 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.01)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 20.00 | 0.52 | 1.77 | 2.29 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.99)<br>|
| Year Ended June 30, 2024 | 17.83 | 0.46 | 2.14 | 2.60 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended June 30, 2023 | 17.32 | 0.37 | 1.58 | 1.95 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (1.44)<br>|
| Year Ended June 30, 2022 | 23.81 | 0.40 | &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (3.53)<br>|
| Year Ended June 30, 2021 | 18.89 | 0.36 | 5.62 | 5.98 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.06)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 20.01 | 0.53 | 1.78 | 2.31 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.01)<br>|
| Year Ended June 30, 2024 | 17.83 | 0.47 | 2.16 | 2.63 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2023 | 17.33 | 0.40 | 1.56 | 1.96 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (1.46)<br>|
| Year Ended June 30, 2022 | 23.81 | 0.42 | &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (3.54)<br>|
| Year Ended June 30, 2021 | 18.89 | 0.38 | 5.62 | 6.00 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.08)<br>|

---

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

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

58 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $637606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 641357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1107857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 728966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 806622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1087075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1456188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2296103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2007601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2066266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1916064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2319866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 59

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2040 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $21.62 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $2.13 | &nbsp;&nbsp; $2.53 | &nbsp;&nbsp; $(0.49)<br>| &nbsp;&nbsp; $(0.51)<br>| &nbsp;&nbsp; $(1.00)<br>|
| Year Ended June 30, 2024 | 18.99 | 0.35 | 2.63 | 2.98 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended June 30, 2023 | 18.45 | 0.30 | 1.94 | 2.24 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.70)<br>|
| Year Ended June 30, 2022 | 25.76 | 0.33 | &nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp; (3.35)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (3.96)<br>|
| Year Ended June 30, 2021 | 19.90 | 0.28 | 6.68 | 6.96 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.10)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 20.97 | 0.27 | 2.07 | 2.34 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.88)<br>|
| Year Ended June 30, 2024 | 18.43 | 0.24 | 2.54 | 2.78 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24)<br>|
| Year Ended June 30, 2023 | 17.95 | 0.19 | 1.89 | 2.08 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.60)<br>|
| Year Ended June 30, 2022 | 25.26 | 0.19 | &nbsp;&nbsp; (3.58)<br>| &nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (3.92)<br>|
| Year Ended June 30, 2021 | 19.58 | 0.13 | 6.55 | 6.68 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.00)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 21.75 | 0.44 | 2.15 | 2.59 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.04)<br>|
| Year Ended June 30, 2024 | 19.10 | 0.39 | 2.64 | 3.03 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| Year Ended June 30, 2023 | 18.54 | 0.34 | 1.96 | 2.30 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.74)<br>|
| Year Ended June 30, 2022 | 25.85 | 0.37 | &nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp; (3.33)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (3.98)<br>|
| Year Ended June 30, 2021 | 19.97 | 0.31 | 6.71 | 7.02 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.14)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 21.37 | 0.33 | 2.10 | 2.43 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.93)<br>|
| Year Ended June 30, 2024 | 18.78 | 0.29 | 2.59 | 2.88 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| Year Ended June 30, 2023 | 18.26 | 0.24 | 1.93 | 2.17 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.65)<br>|
| Year Ended June 30, 2022 | 25.59 | 0.25 | &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (3.94)<br>|
| Year Ended June 30, 2021 | 19.79 | 0.20 | 6.62 | 6.82 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.02)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 21.62 | 0.39 | 2.13 | 2.52 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2024 | 18.99 | 0.34 | 2.62 | 2.96 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| Year Ended June 30, 2023 | 18.35 | 0.23 | 2.01 | 2.24 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.60)<br>|
| Year Ended June 30, 2022 | 25.66 | 0.31 | &nbsp;&nbsp; (3.67)<br>| &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (3.95)<br>|
| Year Ended June 30, 2021 | 19.83 | 0.27 | 6.64 | 6.91 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.08)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 21.65 | 0.45 | 2.13 | 2.58 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.05)<br>|
| Year Ended June 30, 2024 | 19.02 | 0.40 | 2.62 | 3.02 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|
| Year Ended June 30, 2023 | 18.50 | 0.41 | 1.88 | 2.29 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.77)<br>|
| Year Ended June 30, 2022 | 25.81 | 0.35 | &nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp; (3.33)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (3.98)<br>|
| Year Ended June 30, 2021 | 19.93 | 0.33 | 6.67 | 7.00 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.12)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 21.85 | 0.48 | 2.16 | 2.64 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.08)<br>|
| Year Ended June 30, 2024 | 19.19 | 0.44 | 2.64 | 3.08 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2023 | 18.62 | 0.38 | 1.95 | 2.33 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.76)<br>|
| Year Ended June 30, 2022 | 25.93 | 0.41 | &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.31)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (4.00)<br>|
| Year Ended June 30, 2021 | 20.03 | 0.35 | 6.72 | 7.07 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.17)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 21.85 | 0.50 | 2.16 | 2.66 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.10)<br>|
| Year Ended June 30, 2024 | 19.19 | 0.45 | 2.64 | 3.09 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended June 30, 2023 | 18.63 | 0.39 | 1.96 | 2.35 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.79)<br>|
| Year Ended June 30, 2022 | 25.93 | 0.43 | &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.29)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (4.01)<br>|
| Year Ended June 30, 2021 | 20.03 | 0.38 | 6.72 | 7.10 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.20)<br>|

---

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

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

60 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $626197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 677060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1024243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 931089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 938361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1254341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1668542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2141439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1872827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1931128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1747795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2166737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 61

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2045 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $21.76 | &nbsp;&nbsp; $0.35 | &nbsp;&nbsp; $2.30 | &nbsp;&nbsp; $2.65 | &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp; $(0.47)<br>| &nbsp;&nbsp; $(0.92)<br>|
| Year Ended June 30, 2024 | 18.89 | 0.30 | 2.87 | 3.17 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2023 | 18.35 | 0.26 | 2.15 | 2.41 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.87)<br>|
| Year Ended June 30, 2022 | 25.52 | 0.30 | &nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp; (3.40)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.77)<br>|
| Year Ended June 30, 2021 | 19.19 | 0.24 | 7.07 | 7.31 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.98)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 21.18 | 0.21 | 2.25 | 2.46 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.79)<br>|
| Year Ended June 30, 2024 | 18.41 | 0.20 | 2.77 | 2.97 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 17.93 | 0.16 | 2.09 | 2.25 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.77)<br>|
| Year Ended June 30, 2022 | 25.12 | 0.16 | &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (3.46)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.73)<br>|
| Year Ended June 30, 2021 | 18.96 | 0.10 | 6.98 | 7.08 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.92)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 21.91 | 0.38 | 2.33 | 2.71 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.95)<br>|
| Year Ended June 30, 2024 | 19.02 | 0.35 | 2.88 | 3.23 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2023 | 18.46 | 0.31 | 2.15 | 2.46 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.90)<br>|
| Year Ended June 30, 2022 | 25.63 | 0.34 | &nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.78)<br>|
| Year Ended June 30, 2021 | 19.27 | 0.28 | 7.09 | 7.37 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (1.01)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 21.50 | 0.27 | 2.28 | 2.55 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.85)<br>|
| Year Ended June 30, 2024 | 18.68 | 0.24 | 2.83 | 3.07 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>|
| Year Ended June 30, 2023 | 18.16 | 0.21 | 2.13 | 2.34 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.82)<br>|
| Year Ended June 30, 2022 | 25.37 | 0.22 | &nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp; (3.46)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.75)<br>|
| Year Ended June 30, 2021 | 19.10 | 0.16 | 7.04 | 7.20 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.93)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 21.63 | 0.33 | 2.29 | 2.62 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.90)<br>|
| Year Ended June 30, 2024 | 18.78 | 0.27 | 2.86 | 3.13 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>|
| Year Ended June 30, 2023 | 18.25 | 0.25 | 2.14 | 2.39 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.86)<br>|
| Year Ended June 30, 2022 | 25.42 | 0.28 | &nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp; (3.40)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.77)<br>|
| Year Ended June 30, 2021 | 19.12 | 0.23 | 7.03 | 7.26 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.96)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 21.88 | 0.39 | 2.32 | 2.71 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.96)<br>|
| Year Ended June 30, 2024 | 18.98 | 0.32 | 2.90 | 3.22 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32)<br>|
| Year Ended June 30, 2023 | 18.42 | 0.31 | 2.15 | 2.46 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.90)<br>|
| Year Ended June 30, 2022 | 25.58 | 0.31 | &nbsp;&nbsp; (3.69)<br>| &nbsp;&nbsp; (3.38)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.78)<br>|
| Year Ended June 30, 2021 | 19.22 | 0.29 | 7.07 | 7.36 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (1.00)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 21.97 | 0.43 | 2.33 | 2.76 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (1.00)<br>|
| Year Ended June 30, 2024 | 19.07 | 0.40 | 2.87 | 3.27 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| Year Ended June 30, 2023 | 18.51 | 0.33 | 2.16 | 2.49 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.93)<br>|
| Year Ended June 30, 2022 | 25.66 | 0.38 | &nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.79)<br>|
| Year Ended June 30, 2021 | 19.29 | 0.32 | 7.10 | 7.42 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (1.05)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 21.97 | 0.45 | 2.33 | 2.78 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (1.02)<br>|
| Year Ended June 30, 2024 | 19.07 | 0.40 | 2.89 | 3.29 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|
| Year Ended June 30, 2023 | 18.51 | 0.35 | 2.16 | 2.51 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.95)<br>|
| Year Ended June 30, 2022 | 25.65 | 0.40 | &nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.80)<br>|
| Year Ended June 30, 2021 | 19.28 | 0.34 | 7.10 | 7.44 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (1.07)<br>|

---

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

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

62 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $520491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 793971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 654843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 845697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1103307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1841099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1561270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1599405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1425466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1706379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 63

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2050 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $22.15 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $2.46 | &nbsp;&nbsp; $2.78 | &nbsp;&nbsp; $(0.44)<br>| &nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp; $(0.54)<br>|
| Year Ended June 30, 2024 | 19.12 | 0.29 | 3.03 | 3.32 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| Year Ended June 30, 2023 | 18.45 | 0.25 | 2.23 | 2.48 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.81)<br>|
| Year Ended June 30, 2022 | 25.66 | 0.29 | &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp; (3.48)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.73)<br>|
| Year Ended June 30, 2021 | 19.30 | 0.25 | 7.10 | 7.35 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.99)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 21.53 | 0.19 | 2.39 | 2.58 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2024 | 18.60 | 0.17 | 2.94 | 3.11 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| Year Ended June 30, 2023 | 18.00 | 0.15 | 2.16 | 2.31 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.71)<br>|
| Year Ended June 30, 2022 | 25.22 | 0.17 | &nbsp;&nbsp; (3.69)<br>| &nbsp;&nbsp; (3.52)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.70)<br>|
| Year Ended June 30, 2021 | 19.05 | 0.09 | 7.02 | 7.11 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.94)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 22.31 | 0.36 | 2.49 | 2.85 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.58)<br>|
| Year Ended June 30, 2024 | 19.26 | 0.32 | 3.05 | 3.37 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32)<br>|
| Year Ended June 30, 2023 | 18.57 | 0.30 | 2.23 | 2.53 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.84)<br>|
| Year Ended June 30, 2022 | 25.77 | 0.34 | &nbsp;&nbsp; (3.80)<br>| &nbsp;&nbsp; (3.46)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.74)<br>|
| Year Ended June 30, 2021 | 19.38 | 0.28 | 7.14 | 7.42 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.03)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 21.87 | 0.24 | 2.44 | 2.68 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.47)<br>|
| Year Ended June 30, 2024 | 18.89 | 0.22 | 2.99 | 3.21 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23)<br>|
| Year Ended June 30, 2023 | 18.25 | 0.20 | 2.20 | 2.40 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.76)<br>|
| Year Ended June 30, 2022 | 25.48 | 0.22 | &nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp; (3.52)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.71)<br>|
| Year Ended June 30, 2021 | 19.20 | 0.16 | 7.07 | 7.23 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.95)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 22.02 | 0.30 | 2.45 | 2.75 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2024 | 19.01 | 0.26 | 3.03 | 3.29 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>|
| Year Ended June 30, 2023 | 18.35 | 0.23 | 2.22 | 2.45 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.79)<br>|
| Year Ended June 30, 2022 | 25.55 | 0.28 | &nbsp;&nbsp; (3.75)<br>| &nbsp;&nbsp; (3.47)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.73)<br>|
| Year Ended June 30, 2021 | 19.23 | 0.24 | 7.06 | 7.30 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.98)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 22.25 | 0.37 | 2.47 | 2.84 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.59)<br>|
| Year Ended June 30, 2024 | 19.21 | 0.32 | 3.05 | 3.37 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| Year Ended June 30, 2023 | 18.54 | 0.32 | 2.20 | 2.52 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.85)<br>|
| Year Ended June 30, 2022 | 25.73 | 0.32 | &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.74)<br>|
| Year Ended June 30, 2021 | 19.34 | 0.29 | 7.11 | 7.40 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.01)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 22.39 | 0.41 | 2.48 | 2.89 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.62)<br>|
| Year Ended June 30, 2024 | 19.32 | 0.38 | 3.05 | 3.43 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended June 30, 2023 | 18.63 | 0.35 | 2.21 | 2.56 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.87)<br>|
| Year Ended June 30, 2022 | 25.82 | 0.38 | &nbsp;&nbsp; (3.81)<br>| &nbsp;&nbsp; (3.43)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.76)<br>|
| Year Ended June 30, 2021 | 19.41 | 0.32 | 7.15 | 7.47 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.06)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 22.41 | 0.42 | 2.49 | 2.91 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.64)<br>|
| Year Ended June 30, 2024 | 19.34 | 0.38 | 3.07 | 3.45 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| Year Ended June 30, 2023 | 18.65 | 0.34 | 2.24 | 2.58 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.89)<br>|
| Year Ended June 30, 2022 | 25.83 | 0.40 | &nbsp;&nbsp; (3.81)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.77)<br>|
| Year Ended June 30, 2021 | 19.42 | 0.34 | 7.16 | 7.50 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.09)<br>|

---

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

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

64 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $452902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 622310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 716681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 662293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1208319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1511164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1258120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1297128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1140227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1389666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 65

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2055 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $26.74 | &nbsp;&nbsp; $0.38 | &nbsp;&nbsp; $2.99 | &nbsp;&nbsp; $3.37 | &nbsp;&nbsp; $(0.53)<br>| &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $(0.59)<br>|
| Year Ended June 30, 2024 | 23.10 | 0.35 | 3.64 | 3.99 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended June 30, 2023 | 22.13 | 0.30 | 2.68 | 2.98 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (2.01)<br>|
| Year Ended June 30, 2022 | 29.64 | 0.34 | &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp; (4.18)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (3.33)<br>|
| Year Ended June 30, 2021 | 22.16 | 0.29 | 8.18 | 8.47 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.99)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 26.20 | 0.22 | 2.94 | 3.16 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.41)<br>|
| Year Ended June 30, 2024 | 22.65 | 0.21 | 3.56 | 3.77 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22)<br>|
| Year Ended June 30, 2023 | 21.73 | 0.18 | 2.64 | 2.82 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (1.90)<br>|
| Year Ended June 30, 2022 | 29.29 | 0.19 | &nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp; (4.26)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (3.30)<br>|
| Year Ended June 30, 2021 | 21.99 | 0.12 | 8.11 | 8.23 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.93)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 26.86 | 0.42 | 3.03 | 3.45 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.63)<br>|
| Year Ended June 30, 2024 | 23.19 | 0.40 | 3.66 | 4.06 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|
| Year Ended June 30, 2023 | 22.21 | 0.36 | 2.68 | 3.04 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (2.06)<br>|
| Year Ended June 30, 2022 | 29.70 | 0.39 | &nbsp;&nbsp; (4.53)<br>| &nbsp;&nbsp; (4.14)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (3.35)<br>|
| Year Ended June 30, 2021 | 22.21 | 0.33 | 8.19 | 8.52 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (1.03)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 26.51 | 0.30 | 2.95 | 3.25 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2024 | 22.90 | 0.27 | 3.62 | 3.89 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>|
| Year Ended June 30, 2023 | 21.96 | 0.24 | 2.65 | 2.89 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (1.95)<br>|
| Year Ended June 30, 2022 | 29.51 | 0.25 | &nbsp;&nbsp; (4.49)<br>| &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (3.31)<br>|
| Year Ended June 30, 2021 | 22.11 | 0.19 | 8.15 | 8.34 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.94)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 26.60 | 0.35 | 2.99 | 3.34 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.54)<br>|
| Year Ended June 30, 2024 | 22.97 | 0.31 | 3.65 | 3.96 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| Year Ended June 30, 2023 | 22.03 | 0.30 | 2.65 | 2.95 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (2.01)<br>|
| Year Ended June 30, 2022 | 29.54 | 0.32 | &nbsp;&nbsp; (4.50)<br>| &nbsp;&nbsp; (4.18)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (3.33)<br>|
| Year Ended June 30, 2021 | 22.10 | 0.26 | 8.15 | 8.41 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.97)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 26.89 | 0.44 | 3.01 | 3.45 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.65)<br>|
| Year Ended June 30, 2024 | 23.16 | 0.32 | 3.74 | 4.06 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| Year Ended June 30, 2023 | 22.19 | 0.33 | 2.70 | 3.03 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (2.06)<br>|
| Year Ended June 30, 2022 | 29.68 | 0.35 | &nbsp;&nbsp; (4.49)<br>| &nbsp;&nbsp; (4.14)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (3.35)<br>|
| Year Ended June 30, 2021 | 22.18 | 0.34 | 8.17 | 8.51 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (1.01)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 26.92 | 0.49 | 2.99 | 3.48 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.68)<br>|
| Year Ended June 30, 2024 | 23.24 | 0.45 | 3.66 | 4.11 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended June 30, 2023 | 22.26 | 0.40 | 2.67 | 3.07 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (2.09)<br>|
| Year Ended June 30, 2022 | 29.73 | 0.44 | &nbsp;&nbsp; (4.55)<br>| &nbsp;&nbsp; (4.11)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (3.36)<br>|
| Year Ended June 30, 2021 | 22.23 | 0.37 | 8.20 | 8.57 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (1.07)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 26.94 | 0.51 | 3.02 | 3.53 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.71)<br>|
| Year Ended June 30, 2024 | 23.26 | 0.46 | 3.67 | 4.13 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2023 | 22.28 | 0.41 | 2.69 | 3.10 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (2.12)<br>|
| Year Ended June 30, 2022 | 29.74 | 0.47 | &nbsp;&nbsp; (4.55)<br>| &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (3.38)<br>|
| Year Ended June 30, 2021 | 22.24 | 0.39 | 8.21 | 8.60 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (1.10)<br>|

---

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

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

66 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $292359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1022205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 801577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 849896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 703185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 67

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2060 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $22.62 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $2.51 | &nbsp;&nbsp; $2.83 | &nbsp;&nbsp; $(0.44)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.63)<br>|
| Year Ended June 30, 2024 | 19.54 | 0.29 | 3.09 | 3.38 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2023 | 18.13 | 0.24 | 2.28 | 2.52 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.11)<br>|
| Year Ended June 30, 2022 | 23.51 | 0.29 | &nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp; (3.44)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.94)<br>|
| Year Ended June 30, 2021 | 17.52 | 0.22 | 6.47 | 6.69 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.70)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 22.26 | 0.19 | 2.47 | 2.66 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.51)<br>|
| Year Ended June 30, 2024 | 19.24 | 0.18 | 3.04 | 3.22 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 17.87 | 0.16 | 2.22 | 2.38 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.01)<br>|
| Year Ended June 30, 2022 | 23.31 | 0.18 | &nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.91)<br>|
| Year Ended June 30, 2021 | 17.43 | 0.08 | 6.45 | 6.53 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.65)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 22.71 | 0.37 | 2.52 | 2.89 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.67)<br>|
| Year Ended June 30, 2024 | 19.60 | 0.32 | 3.12 | 3.44 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| Year Ended June 30, 2023 | 18.19 | 0.30 | 2.26 | 2.56 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.15)<br>|
| Year Ended June 30, 2022 | 23.56 | 0.31 | &nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.95)<br>|
| Year Ended June 30, 2021 | 17.55 | 0.25 | 6.49 | 6.74 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.73)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 22.45 | 0.25 | 2.50 | 2.75 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.57)<br>|
| Year Ended June 30, 2024 | 19.40 | 0.23 | 3.07 | 3.30 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>|
| Year Ended June 30, 2023 | 18.02 | 0.20 | 2.24 | 2.44 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.06)<br>|
| Year Ended June 30, 2022 | 23.44 | 0.20 | &nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp; (3.50)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.92)<br>|
| Year Ended June 30, 2021 | 17.49 | 0.15 | 6.46 | 6.61 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.66)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 22.60 | 0.31 | 2.51 | 2.82 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.60)<br>|
| Year Ended June 30, 2024 | 19.52 | 0.27 | 3.09 | 3.36 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>|
| Year Ended June 30, 2023 | 18.11 | 0.23 | 2.28 | 2.51 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.10)<br>|
| Year Ended June 30, 2022 | 23.51 | 0.26 | &nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp; (3.47)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.93)<br>|
| Year Ended June 30, 2021 | 17.52 | 0.21 | 6.47 | 6.68 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.69)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 22.65 | 0.37 | 2.51 | 2.88 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.67)<br>|
| Year Ended June 30, 2024 | 19.55 | 0.33 | 3.11 | 3.44 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2023 | 18.19 | 0.35 | 2.19 | 2.54 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.18)<br>|
| Year Ended June 30, 2022 | 23.55 | 0.29 | &nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.95)<br>|
| Year Ended June 30, 2021 | 17.54 | 0.30 | 6.44 | 6.74 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.73)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 22.72 | 0.41 | 2.53 | 2.94 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.71)<br>|
| Year Ended June 30, 2024 | 19.61 | 0.39 | 3.08 | 3.47 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended June 30, 2023 | 18.20 | 0.35 | 2.24 | 2.59 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.18)<br>|
| Year Ended June 30, 2022 | 23.56 | 0.35 | &nbsp;&nbsp; (3.75)<br>| &nbsp;&nbsp; (3.40)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.96)<br>|
| Year Ended June 30, 2021 | 17.54 | 0.28 | 6.50 | 6.78 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.76)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 22.77 | 0.43 | 2.54 | 2.97 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.73)<br>|
| Year Ended June 30, 2024 | 19.66 | 0.39 | 3.10 | 3.49 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| Year Ended June 30, 2023 | 18.24 | 0.35 | 2.27 | 2.62 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.20)<br>|
| Year Ended June 30, 2022 | 23.59 | 0.38 | &nbsp;&nbsp; (3.76)<br>| &nbsp;&nbsp; (3.38)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.97)<br>|
| Year Ended June 30, 2021 | 17.57 | 0.30 | 6.50 | 6.80 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.78)<br>|

---

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

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

68 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $81991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 69

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**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2065 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $19.81 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $2.21 | &nbsp;&nbsp; $2.47 | &nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.40)<br>|
| Year Ended June 30, 2024 | 17.14 | 0.25 | 2.72 | 2.97 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.30)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.13 | 2.18 | 2.31 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.72 | 0.14 | 2.22 | 2.36 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.25)<br>|
| Year Ended June 30, 2024 | 17.09 | 0.16 | 2.69 | 2.85 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.22)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.14 | 2.11 | 2.25 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.16)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.86 | 0.31 | 2.21 | 2.52 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.43)<br>|
| Year Ended June 30, 2024 | 17.16 | 0.29 | 2.72 | 3.01 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.31)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.21 | 2.13 | 2.34 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.83 | 0.16 | 2.26 | 2.42 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2024 | 17.11 | 0.19 | 2.72 | 2.91 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.19)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.17 | 2.11 | 2.28 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.85 | 0.25 | 2.22 | 2.47 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.35)<br>|
| Year Ended June 30, 2024 | 17.13 | 0.23 | 2.73 | 2.96 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.24)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.20 | 2.10 | 2.30 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.88 | 0.33 | 2.20 | 2.53 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2024 | 17.16 | 0.30 | 2.70 | 3.00 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.28)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.22 | 2.12 | 2.34 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.89 | 0.35 | 2.20 | 2.55 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2024 | 17.17 | 0.22 | 2.82 | 3.04 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.32)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.22 | 2.13 | 2.35 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.91 | 0.38 | 2.19 | 2.57 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.46)<br>|
| Year Ended June 30, 2024 | 17.18 | 0.34 | 2.71 | 3.05 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.32)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.20 | 2.16 | 2.36 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) 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. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(i) Commencement of operations.

(j) Amount rounds to less than 0.005%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

70 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<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(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.65<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.17<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.65<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.89<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.19<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.21<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.17<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.92<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.43<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.88<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.97<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)(j)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)(j)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.74<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 71

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**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025

(Dollar values in thousands)

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

**1. Organization**

JPMorgan Trust I ("JPM I") and JPMorgan Trust IV ("JPM IV") (collectively, the "Trusts") were formed on November 12, 2004 and November 11, 2015, respectively, 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 10 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report:

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| | | | |
|:---|:---|:---|:---|
|  | **Classes Offered** | **Trust** | **Diversification Classification** |
| JPMorgan SmartRetirement<sup>®</sup> Income Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> 2025 Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> 2030 Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> 2035 Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> 2040 Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> 2045 Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> 2050 Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> 2055 Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> 2060 Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> 2065 Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM IV | Diversified |

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JPMorgan SmartRetirement® Income Fund seeks current income and some capital appreciation. The remaining JPMorgan SmartRetirement® 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.

JPMorgan SmartRetirement® Income Fund acquired all the assets and liabilities of the JPMorgan SmartRetirement® 2020 Fund in a reorganization on April 25, 2025. Please refer to Note 8 discussing the merger.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds' prospectus. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as adviser (the "Adviser") and administrator (the "Administrator") to the Funds.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**A. Valuation of Investments**— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trusts (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.

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

72 J.P. Morgan SmartRetirement® Funds June 30, 2025

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Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission ("SEC") Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

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, excluding exchange-traded funds ("ETFs") ("Underlying Funds"), are valued at each Underlying Fund's NAV per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):

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| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Income Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $2133311 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2133311 |

---

&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;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2025 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $2516225 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2516225 |

---

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

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

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

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 73

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**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2030 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $941771 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $941771 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 3211070 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3211070 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3377 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3377 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 51631 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51631 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $4204472 | &nbsp;&nbsp;&nbsp;&nbsp; $3377 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4207849 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $2448 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2448 |

---

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2035 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $946852 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $946852 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 3029272 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3029272 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3164 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3164 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 64111 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64111 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $4040235 | &nbsp;&nbsp;&nbsp;&nbsp; $3164 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4043399 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $2348 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2348 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2040 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $1116495 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1116495 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 2949156 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2949156 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3200 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 55457 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55457 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $4121108 | &nbsp;&nbsp;&nbsp;&nbsp; $3200 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4124308 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $2397 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2397 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2045 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $969951 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $969951 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 2241885 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2241885 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2521 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2521 |

---

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

74 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2045 Fund** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; $58575 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $58575 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $3270411 | &nbsp;&nbsp;&nbsp;&nbsp; $2521 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3272932 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1895 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1895 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2050 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $944262 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $944262 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 2010366 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2010366 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2283 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2283 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 45608 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45608 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $3000236 | &nbsp;&nbsp;&nbsp;&nbsp; $2283 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3002519 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1741 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1741 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2055 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $627191 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $627191 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 1334867 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1334867 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1574 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1574 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 35090 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35090 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $1997148 | &nbsp;&nbsp;&nbsp;&nbsp; $1574 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1998722 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1157 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1157 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2060 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $280411 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $280411 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 596672 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 596672 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 696 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 696 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 19726 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19726 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $896809 | &nbsp;&nbsp;&nbsp;&nbsp; $696 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $897505 |

---

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 75

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2060 Fund** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $517 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $517 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2065 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $28295 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $28295 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 60235 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60235 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 2147 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2147 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $90677 | &nbsp;&nbsp;&nbsp;&nbsp; $117 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $90794 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $57 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $57 |

---

**B. Restricted Securities**— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of June 30, 2025, the Funds had no investments in restricted securities including securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

**C. Securities Lending —** The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. ("Citibank") serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the "Securities Lending Agency Agreement"). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund, 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.

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

76 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

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.

The Funds did not lend out any securities during the year ended June 30, 2025.

**D. Investment Transactions with Affiliates**— The Funds invested in Underlying Funds and ETFs advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds' and ETFs' distributions may be reinvested into such Underlying Funds and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Income Fund**  | **JPMorgan SmartRetirement® Income Fund**  | **JPMorgan SmartRetirement® Income Fund**  | **JPMorgan SmartRetirement® Income Fund**  | **JPMorgan SmartRetirement® Income Fund**  | **JPMorgan SmartRetirement® Income Fund**  | **JPMorgan SmartRetirement® Income Fund**  | **JPMorgan SmartRetirement® Income Fund**  | **JPMorgan SmartRetirement® Income Fund**  | **JPMorgan SmartRetirement® Income Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $19671 | $22869 | $8062 | $384 | $4580 | $39442 | 916 | $460 | $— |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 2184 | 2400 | 545 | 61 | 126 | 4226 | 46 | 79 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| 29772 | 35515 | 12031 | 1636 | 5029 | 59921 | 615 | 471 |  |
| JPMorgan BetaBuilders USD High Yield <br> Corporate Bond ETF (a)<br>| 13897 | 49 | 14035 | 14 | 75 |  |  | 763 |  |
| JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| 332312 | 378387 | 58401 | (5117)<br>| 13820 | 661001 | 63927 | 16995 |  |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 110831 | 126820 | 19676 | (1832)<br>| 3950 | 220093 | 30400 | 6818 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 19020 | 21813 | 3358 | 47 | 1040 | 38562 | 6111 | 1519 |  |
| JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| 7822 | 8902 | 2810 | 1408 | 549 | 15871 | 446 | 123 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares (a)<br>| 11802 | 13211 | 4064 | (932)<br>| 3679 | 23696 | 1264 | 271 |  |
| JPMorgan Global Select Equity ETF (a) | 42367 | 47007 | 11571 | 1187 | 6576 | 85566 | 1330 | 250 | 548 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 56066 | 101575 | 8300 | 114 | 2546 | 152001 | 23206 | 5721 |  |
| JPMorgan Inflation Managed Bond ETF (a) | 52882 | 58212 | 5964 | (6)<br>| 2099 | 107223 | 2222 | 2373 |  |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 32550 | 38277 | 11028 | 3472 | 2553 | 65824 | 2939 | 1010 |  |
| JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| 60579 | 73953 | 24468 | 2978 | 9181 | 122223 | 1727 | 1733 |  |
| JPMorgan Realty Income ETF (a) | 6441 | 7342 | 1533 | 488 | 250 | 12988 | 273 | 182 |  |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 5641 | 7213 | 2131 | 341 | 140 | 11204 | 210 | 28 | 439 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 5375 | 6824 | 2116 | 373 | 514 | 10970 | 505 | 43 |  |
| JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| 5344 | 7058 | 1886 | 91 | 348 | 10955 | 412 | 81 | 275 |
| JPMorgan U.S. Equity Fund Class R6 Shares <br> (a)<br>| 96850 | 116756 | 35590 | 6620 | 12374 | 197010 | 7528 | 882 | 4984 |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.27% (a) (b)<br>| 45236 | 235695 | 183348 |  |  | 97583 | 97583 | 2512 |  |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 96781 | 115171 | 33819 | 3809 | 15010 | 196952 | 4317 | 1250 | 4583 |
| **Total** | $1053423 | $1425049 | $444736 | $15136 | $84439 | $2133311 |  | $43564 | $10829 |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

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

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 77

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2025 Fund**  | **JPMorgan SmartRetirement® 2025 Fund**  | **JPMorgan SmartRetirement® 2025 Fund**  | **JPMorgan SmartRetirement® 2025 Fund**  | **JPMorgan SmartRetirement® 2025 Fund**  | **JPMorgan SmartRetirement® 2025 Fund**  | **JPMorgan SmartRetirement® 2025 Fund**  | **JPMorgan SmartRetirement® 2025 Fund**  | **JPMorgan SmartRetirement® 2025 Fund**  | **JPMorgan SmartRetirement® 2025 Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $57638 | $4886 | $18987 | $825 | $5710 | $50072 | 1163 | $1337 | $— |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 6210 | 440 | 1730 | 181 | 230 | 5331 | 58 | 174 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF <br> (a)<br>| 87211 | 10285 | 30905 | 6038 | 3362 | 75991 | 780 | 1091 |  |
| JPMorgan BetaBuilders USD High Yield <br> Corporate Bond ETF (a)<br>| 32836 | 133 | 33189 | 193 | 27 |  |  | 1792 |  |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 830650 | 75829 | 151611 | (17650)<br>| 36249 | 773467 | 74803 | 32864 |  |
| JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| 277033 | 27176 | 51373 | (4927)<br>| 9628 | 257537 | 35571 | 13198 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 44891 | 3351 | 5741 | 100 | 1410 | 44011 | 6975 | 2853 |  |
| JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| 22925 | 7108 | 12508 | 379 | 2246 | 20150 | 567 | 358 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares (a)<br>| 34582 | 2473 | 10684 | (1661)<br>| 5373 | 30083 | 1605 | 787 |  |
| JPMorgan Global Select Equity ETF (a) | 124217 | 9885 | 32618 | 2974 | 4099 | 108557 | 1687 | 727 | 1589 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 132477 | 66502 | 29595 | (840)<br>| 4924 | 173468 | 26484 | 10127 |  |
| JPMorgan Inflation Managed Bond ETF (a) | 109591 | 9809 | 7914 | (83)<br>| 3605 | 115008 | 2383 | 4203 |  |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 95459 | 10348 | 32612 | 7694 | 2603 | 83492 | 3727 | 2932 |  |
| JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| 177689 | 22142 | 64806 | 8122 | 11882 | 155029 | 2191 | 4844 |  |
| JPMorgan Realty Income ETF (a) | 18611 | 1485 | 5367 | 630 | 1078 | 16437 | 345 | 402 |  |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 16523 | 3325 | 5407 | 656 | (879)<br>| 14218 | 267 | 82 | 1274 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 15755 | 2874 | 5236 | 1152 | (622)<br>| 13923 | 640 | 126 |  |
| JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| 15630 | 3329 | 4966 | 409 | (552)<br>| 13850 | 521 | 175 | 797 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 284182 | 34196 | 83720 | 23072 | (7675)<br>| 250055 | 9555 | 1945 | 14481 |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 62960 | 451845 | 449248 |  |  | 65557 | 65557 | 3244 |  |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 283976 | 38846 | 90243 | 14190 | 3220 | 249989 | 5480 | 2843 | 13315 |
| **Total** | $2731046 | $786267 | $1128460 | $41454 | $85918 | $2516225 |  | $86104 | $31456 |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2030 Fund**  | **JPMorgan SmartRetirement® 2030 Fund**  | **JPMorgan SmartRetirement® 2030 Fund**  | **JPMorgan SmartRetirement® 2030 Fund**  | **JPMorgan SmartRetirement® 2030 Fund**  | **JPMorgan SmartRetirement® 2030 Fund**  | **JPMorgan SmartRetirement® 2030 Fund**  | **JPMorgan SmartRetirement® 2030 Fund**  | **JPMorgan SmartRetirement® 2030 Fund**  | **JPMorgan SmartRetirement® 2030 Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $70640 | $4826 | $15121 | $(283)<br>| $8814 | $68876 | 1600 | $1693 | $— |
| JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| 12247 | 1575 | 2604 | 214 | 566 | 11998 | 130 | 355 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| 169543 | 26166 | 47404 | 7447 | 11734 | 167486 | 1719 | 2226 |  |

---

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

78 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2030 Fund** (continued) | **JPMorgan SmartRetirement® 2030 Fund** (continued) | **JPMorgan SmartRetirement® 2030 Fund** (continued) | **JPMorgan SmartRetirement® 2030 Fund** (continued) | **JPMorgan SmartRetirement® 2030 Fund** (continued) | **JPMorgan SmartRetirement® 2030 Fund** (continued) | **JPMorgan SmartRetirement® 2030 Fund** (continued) | **JPMorgan SmartRetirement® 2030 Fund** (continued) | **JPMorgan SmartRetirement® 2030 Fund** (continued) | **JPMorgan SmartRetirement® 2030 Fund** (continued) |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2024**<br>| **Purchases at**<br> **Cost**<br>| **Proceeds from**<br> **Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Value at**<br> **June 30,**<br> **2025**<br>| **Shares at**<br> **June 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| JPMorgan BetaBuilders USD High Yield <br> Corporate Bond ETF (a)<br>| $37618 | $726 | $38565 | $373 | $(152)<br>| $— |  | $2119 | $— |
| JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| 1071731 | 121481 | 112947 | (12991)<br>| 38102 | 1105376 | 106903 | 44480 |  |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 357466 | 42111 | 37814 | (3525)<br>| 9821 | 368059 | 50837 | 17853 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 50998 | 5624 | 4324 | 52 | 1684 | 54034 | 8563 | 3377 |  |
| JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| 13592 | 1213 | 3703 | 1472 | 188 | 12762 | 359 | 219 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| 67347 | 6119 | 15038 | (2327)<br>| 10256 | 66357 | 3541 | 1587 |  |
| JPMorgan Global Select Equity ETF (a) | 242217 | 19966 | 37885 | 2816 | 13012 | 240126 | 3732 | 1468 | 3207 |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 151764 | 75718 | 11797 | (301)<br>| 5440 | 220824 | 33714 | 12253 |  |
| JPMorgan Inflation Managed Bond ETF (a) | 61750 | 12835 | 2653 | 13 | 2063 | 74008 | 1534 | 2478 |  |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 186280 | 19347 | 42431 | 5623 | 16080 | 184899 | 8254 | 5921 |  |
| JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| 346642 | 39814 | 85022 | 6979 | 34912 | 343325 | 4851 | 10162 |  |
| JPMorgan Realty Income ETF (a) | 35999 | 4041 | 7331 | 862 | 2381 | 35952 | 755 | 819 |  |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 31487 | 8015 | 7836 | 251 | (736)<br>| 31181 | 585 | 163 | 2547 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 30536 | 9661 | 10850 | 2128 | (1066)<br>| 30409 | 1399 | 251 |  |
| JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| 29898 | 8251 | 7399 | 751 | (1089)<br>| 30412 | 1143 | 355 | 1589 |
| JPMorgan U.S. Equity Fund Class R6 Shares <br> (a)<br>| 554096 | 86196 | 120344 | 20808 | 12691 | 553447 | 21148 | 4000 | 29218 |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.27% (a) (b)<br>| 47204 | 495447 | 491020 |  |  | 51631 | 51631 | 2652 |  |
| JPMorgan U.S. Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 553662 | 76766 | 114285 | 9882 | 27285 | 553310 | 12128 | 5871 | 26867 |
| **Total** | $4122717 | $1065898 | $1216373 | $40244 | $191986 | $4204472 |  | $120302 | $63428 |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2035 Fund**  | **JPMorgan SmartRetirement® 2035 Fund**  | **JPMorgan SmartRetirement® 2035 Fund**  | **JPMorgan SmartRetirement® 2035 Fund**  | **JPMorgan SmartRetirement® 2035 Fund**  | **JPMorgan SmartRetirement® 2035 Fund**  | **JPMorgan SmartRetirement® 2035 Fund**  | **JPMorgan SmartRetirement® 2035 Fund**  | **JPMorgan SmartRetirement® 2035 Fund**  | **JPMorgan SmartRetirement® 2035 Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $85099 | $7891 | $14630 | $640 | $10154 | $89154 | 2071 | $2090 | $— |
| JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| 13349 | 2235 | 2370 | 197 | 611 | 14022 | 152 | 402 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| 114229 | 19616 | 26597 | 2319 | 10720 | 120287 | 1234 | 1543 |  |
| JPMorgan BetaBuilders USD High Yield <br> Corporate Bond ETF (a)<br>| 24066 | 1281 | 25475 | (173)<br>| 301 |  |  | 1383 |  |

---

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 79

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2035 Fund** (continued) | **JPMorgan SmartRetirement® 2035 Fund** (continued) | **JPMorgan SmartRetirement® 2035 Fund** (continued) | **JPMorgan SmartRetirement® 2035 Fund** (continued) | **JPMorgan SmartRetirement® 2035 Fund** (continued) | **JPMorgan SmartRetirement® 2035 Fund** (continued) | **JPMorgan SmartRetirement® 2035 Fund** (continued) | **JPMorgan SmartRetirement® 2035 Fund** (continued) | **JPMorgan SmartRetirement® 2035 Fund** (continued) | **JPMorgan SmartRetirement® 2035 Fund** (continued) |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2024**<br>| **Purchases at**<br> **Cost**<br>| **Proceeds from**<br> **Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Value at**<br> **June 30,**<br> **2025**<br>| **Shares at**<br> **June 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| $236583 | $42216 | $22232 | $(2216)<br>| $7904 | $262255 | 25363 | $10120 | $— |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 710062 | 130355 | 67209 | (9801)<br>| 22512 | 785919 | 108552 | 36484 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 32527 | 5304 | 2253 | 6 | 1122 | 36706 | 5817 | 2214 |  |
| JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| 20801 | 2390 | 4335 | 325 | 2391 | 21572 | 607 | 343 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| 73777 | 8294 | 13720 | 758 | 8333 | 77442 | 4132 | 1776 |  |
| JPMorgan Global Select Equity ETF (a) | 264446 | 32573 | 34861 | 1019 | 16845 | 280022 | 4352 | 1641 | 3585 |
| JPMorgan Growth Advantage Fund Class R6 <br> Shares (a)<br>| 320390 | 74092 | 81509 | 8712 | 22654 | 344339 | 7566 |  | 17772 |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 96977 | 62508 | 5727 | (121)<br>| 3614 | 157251 | 24008 | 8171 |  |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 203630 | 31050 | 42893 | 960 | 23427 | 216174 | 9651 | 6622 |  |
| JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| 378986 | 49574 | 75771 | 4126 | 44486 | 401401 | 5672 | 11368 |  |
| JPMorgan Realty Income ETF (a) | 39705 | 5930 | 7196 | 272 | 3255 | 41966 | 881 | 926 |  |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 21294 | 5872 | 4788 | 346 | (716)<br>| 22008 | 413 | 111 | 1740 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 20367 | 5100 | 4623 | 295 | 453 | 21592 | 993 | 172 |  |
| JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| 19854 | 5695 | 3687 | 223 | (521)<br>| 21564 | 810 | 244 | 1086 |
| JPMorgan U.S. Equity Fund Class R6 Shares <br> (a)<br>| 336878 | 77090 | 75344 | 7975 | 12947 | 359546 | 13739 | 2503 | 18176 |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.27% (a) (b)<br>| 59300 | 438614 | 433803 |  |  | 64111 | 64111 | 2704 |  |
| JPMorgan U.S. Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 336640 | 58354 | 58487 | 7834 | 15100 | 359441 | 7879 | 3667 | 16713 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 324081 | 67430 | 60824 | 10660 | 2116 | 343463 | 8855 | 5604 | 25269 |
| **Total** | $3733041 | $1133464 | $1068334 | $34356 | $207708 | $4040235 |  | $100088 | $84341 |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2040 Fund**  | **JPMorgan SmartRetirement® 2040 Fund**  | **JPMorgan SmartRetirement® 2040 Fund**  | **JPMorgan SmartRetirement® 2040 Fund**  | **JPMorgan SmartRetirement® 2040 Fund**  | **JPMorgan SmartRetirement® 2040 Fund**  | **JPMorgan SmartRetirement® 2040 Fund**  | **JPMorgan SmartRetirement® 2040 Fund**  | **JPMorgan SmartRetirement® 2040 Fund**  | **JPMorgan SmartRetirement® 2040 Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $104239 | $9410 | $16294 | $626 | $12565 | $110546 | 2568 | $2574 | $— |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 15644 | 2577 | 2748 | 316 | 630 | 16419 | 178 | 472 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| 133141 | 22252 | 28914 | 2718 | 12610 | 141807 | 1455 | 1801 |  |
| JPMorgan BetaBuilders USD High Yield <br> Corporate Bond ETF (a)<br>| 16415 | 879 | 17381 | (1123)<br>| 1210 |  |  | 947 |  |

---

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

80 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2040 Fund** (continued) | **JPMorgan SmartRetirement® 2040 Fund** (continued) | **JPMorgan SmartRetirement® 2040 Fund** (continued) | **JPMorgan SmartRetirement® 2040 Fund** (continued) | **JPMorgan SmartRetirement® 2040 Fund** (continued) | **JPMorgan SmartRetirement® 2040 Fund** (continued) | **JPMorgan SmartRetirement® 2040 Fund** (continued) | **JPMorgan SmartRetirement® 2040 Fund** (continued) | **JPMorgan SmartRetirement® 2040 Fund** (continued) | **JPMorgan SmartRetirement® 2040 Fund** (continued) |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2024**<br>| **Purchases at**<br> **Cost**<br>| **Proceeds from**<br> **Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Value at**<br> **June 30,**<br> **2025**<br>| **Shares at**<br> **June 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| $160942 | $30503 | $17312 | $(1875)<br>| $5714 | $177972 | 17212 | $6885 | $— |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 483014 | 92291 | 50539 | (7362)<br>| 15941 | 533345 | 73667 | 24861 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 22512 | 4255 | 1600 | (114)<br>| 901 | 25954 | 4113 | 1542 |  |
| JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| 28013 | 3411 | 5318 | 278 | 3404 | 29788 | 837 | 467 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares (a)<br>| 85568 | 9832 | 15164 | 722 | 9791 | 90749 | 4843 | 2074 |  |
| JPMorgan Global Select Equity ETF (a) | 307121 | 35287 | 35233 | 889 | 19986 | 328050 | 5099 | 1914 | 4182 |
| JPMorgan Growth Advantage Fund Class R6 <br> Shares (a)<br>| 372248 | 83514 | 89826 | 10095 | 27421 | 403452 | 8865 |  | 20740 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 66102 | 50287 | 4064 | (88)<br>| 2650 | 114887 | 17540 | 5703 |  |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 236583 | 31519 | 43158 | 532 | 27632 | 253108 | 11299 | 7727 |  |
| JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| 440268 | 56669 | 82723 | 3026 | 52743 | 469983 | 6641 | 13263 |  |
| JPMorgan Realty Income ETF (a) | 46561 | 9761 | 10487 | 518 | 3337 | 49690 | 1043 | 1087 |  |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 24935 | 6575 | 4816 | 461 | (885)<br>| 26270 | 493 | 131 | 2047 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 23772 | 5960 | 5036 | 394 | 500 | 25590 | 1177 | 201 |  |
| JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| 23136 | 7069 | 4315 | 309 | (638)<br>| 25561 | 961 | 286 | 1275 |
| JPMorgan U.S. Equity Fund Class R6 Shares <br> (a)<br>| 391096 | 76090 | 71703 | 7235 | 17364 | 420082 | 16052 | 2913 | 21192 |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.27% (a) (b)<br>| 67583 | 387436 | 399562 |  |  | 55457 | 55457 | 2763 |  |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 390821 | 60063 | 58356 | 9427 | 18062 | 420017 | 9207 | 4291 | 19487 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 376564 | 72542 | 61228 | 11308 | 3195 | 402381 | 10373 | 6540 | 29490 |
| **Total** | $3816278 | $1058182 | $1025777 | $38292 | $234133 | $4121108 |  | $88442 | $98413 |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2045 Fund**  | **JPMorgan SmartRetirement® 2045 Fund**  | **JPMorgan SmartRetirement® 2045 Fund**  | **JPMorgan SmartRetirement® 2045 Fund**  | **JPMorgan SmartRetirement® 2045 Fund**  | **JPMorgan SmartRetirement® 2045 Fund**  | **JPMorgan SmartRetirement® 2045 Fund**  | **JPMorgan SmartRetirement® 2045 Fund**  | **JPMorgan SmartRetirement® 2045 Fund**  | **JPMorgan SmartRetirement® 2045 Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $89913 | $15500 | $18308 | $293 | $11180 | $98578 | 2290 | $2245 | $— |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 13083 | 2550 | 2105 | 239 | 535 | 14302 | 155 | 401 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF <br> (a)<br>| 111734 | 19822 | 21724 | 2086 | 10812 | 122730 | 1260 | 1534 |  |
| JPMorgan BetaBuilders USD High Yield <br> Corporate Bond ETF (a)<br>| 19373 | 1407 | 20876 | (1502)<br>| 1598 |  |  | 1128 |  |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 75941 | 17390 | 8621 | (934)<br>| 2759 | 86535 | 8369 | 3286 |  |

---

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 81

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2045 Fund** (continued) | **JPMorgan SmartRetirement® 2045 Fund** (continued) | **JPMorgan SmartRetirement® 2045 Fund** (continued) | **JPMorgan SmartRetirement® 2045 Fund** (continued) | **JPMorgan SmartRetirement® 2045 Fund** (continued) | **JPMorgan SmartRetirement® 2045 Fund** (continued) | **JPMorgan SmartRetirement® 2045 Fund** (continued) | **JPMorgan SmartRetirement® 2045 Fund** (continued) | **JPMorgan SmartRetirement® 2045 Fund** (continued) | **JPMorgan SmartRetirement® 2045 Fund** (continued) |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2024**<br>| **Purchases at**<br> **Cost**<br>| **Proceeds from**<br> **Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Value at**<br> **June 30,**<br> **2025**<br>| **Shares at**<br> **June 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| $227947 | $53310 | $25974 | $(3478)<br>| $7523 | $259328 | 35819 | $11862 | $— |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 10758 | 2220 | 671 | (48)<br>| 423 | 12682 | 2010 | 739 |  |
| JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| 25423 | 3464 | 4322 | 196 | 3246 | 28007 | 787 | 429 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares (a)<br>| 71539 | 9268 | 11419 | 487 | 8542 | 78417 | 4185 | 1755 |  |
| JPMorgan Global Select Equity ETF (a) | 258174 | 30748 | 22112 | 13 | 17481 | 284304 | 4419 | 1625 | 3551 |
| JPMorgan Growth Advantage Fund Class R6 <br> Shares (a)<br>| 312685 | 74493 | 69176 | 4461 | 27306 | 349769 | 7685 |  | 17615 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 19431 | 43373 | 954 | (20)<br>| 1256 | 63086 | 9631 | 2165 |  |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 198557 | 44931 | 48327 | (14)<br>| 24105 | 219252 | 9788 | 6558 |  |
| JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| 369520 | 65926 | 75861 | 2078 | 45454 | 407117 | 5752 | 11257 |  |
| JPMorgan Realty Income ETF (a) | 39046 | 7806 | 7240 | (166)<br>| 3474 | 42920 | 901 | 926 |  |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 20836 | 5766 | 3668 | 311 | (701)<br>| 22544 | 423 | 111 | 1730 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 19914 | 5209 | 3850 | 180 | 576 | 22029 | 1013 | 170 |  |
| JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| 19340 | 6112 | 3171 | 184 | (498)<br>| 21967 | 826 | 242 | 1078 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 328662 | 77810 | 62422 | 4328 | 16417 | 364795 | 13939 | 2487 | 18007 |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 53035 | 363980 | 358440 |  |  | 58575 | 58575 | 2328 |  |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 328401 | 56854 | 43639 | 5012 | 18004 | 364632 | 7993 | 3647 | 16557 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 316274 | 75652 | 55046 | 7647 | 4315 | 348842 | 8993 | 5554 | 25045 |
| **Total** | $2929586 | $983591 | $867926 | $21353 | $203807 | $3270411 |  | $60449 | $83583 |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2050 Fund**  | **JPMorgan SmartRetirement® 2050 Fund**  | **JPMorgan SmartRetirement® 2050 Fund**  | **JPMorgan SmartRetirement® 2050 Fund**  | **JPMorgan SmartRetirement® 2050 Fund**  | **JPMorgan SmartRetirement® 2050 Fund**  | **JPMorgan SmartRetirement® 2050 Fund**  | **JPMorgan SmartRetirement® 2050 Fund**  | **JPMorgan SmartRetirement® 2050 Fund**  | **JPMorgan SmartRetirement® 2050 Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $87264 | $15828 | $17118 | $350 | $11101 | $97425 | 2263 | $2192 | $— |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 12545 | 2533 | 1977 | 219 | 519 | 13839 | 150 | 387 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF <br> (a)<br>| 106898 | 19187 | 19072 | 1931 | 10539 | 119483 | 1226 | 1476 |  |
| JPMorgan BetaBuilders USD High Yield <br> Corporate Bond ETF (a)<br>| 11710 | 1022 | 12791 | (1354)<br>| 1413 |  |  | 689 |  |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 45246 | 8886 | 7421 | (809)<br>| 1879 | 47781 | 4621 | 1940 |  |
| JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| 135759 | 27404 | 22338 | (3047)<br>| 5407 | 143185 | 19777 | 6999 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 6512 | 1156 | 468 | (35)<br>| 264 | 7429 | 1177 | 454 |  |

---

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

82 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2050 Fund** (continued) | **JPMorgan SmartRetirement® 2050 Fund** (continued) | **JPMorgan SmartRetirement® 2050 Fund** (continued) | **JPMorgan SmartRetirement® 2050 Fund** (continued) | **JPMorgan SmartRetirement® 2050 Fund** (continued) | **JPMorgan SmartRetirement® 2050 Fund** (continued) | **JPMorgan SmartRetirement® 2050 Fund** (continued) | **JPMorgan SmartRetirement® 2050 Fund** (continued) | **JPMorgan SmartRetirement® 2050 Fund** (continued) | **JPMorgan SmartRetirement® 2050 Fund** (continued) |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2024**<br>| **Purchases at**<br> **Cost**<br>| **Proceeds from**<br> **Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Value at**<br> **June 30,**<br> **2025**<br>| **Shares at**<br> **June 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| $25509 | $3281 | $3791 | $120 | $3328 | $28447 | 800 | $429 | $— |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares (a)<br>| 68598 | 11847 | 12995 | 392 | 8326 | 76168 | 4064 | 1688 |  |
| JPMorgan Global Select Equity ETF (a) | 246778 | 22598 | 10380 | 194 | 17048 | 276238 | 4294 | 1562 | 3414 |
| JPMorgan Growth Advantage Fund Class R6 <br> Shares (a)<br>| 298913 | 75382 | 65196 | 2604 | 27941 | 339644 | 7463 |  | 16933 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 11766 | 30106 | 573 | (8)<br>| 874 | 42165 | 6438 | 1392 |  |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 189804 | 31199 | 31177 | 231 | 22967 | 213024 | 9510 | 6303 |  |
| JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| 353261 | 56610 | 60263 | 975 | 44972 | 395555 | 5589 | 10822 |  |
| JPMorgan Realty Income ETF (a) | 37435 | 7841 | 6694 | (186)<br>| 3326 | 41722 | 876 | 893 |  |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 19848 | 5530 | 3108 | 282 | (644)<br>| 21908 | 411 | 106 | 1657 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 19006 | 5051 | 3547 | 152 | 582 | 21244 | 977 | 163 |  |
| JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| 18426 | 6275 | 3222 | 177 | (471)<br>| 21185 | 796 | 233 | 1035 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 314216 | 57616 | 37311 | 2982 | 17233 | 354736 | 13555 | 2392 | 17310 |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 50997 | 272280 | 277669 |  |  | 45608 | 45608 | 2136 |  |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 313969 | 60578 | 42626 | 4276 | 18442 | 354639 | 7774 | 3522 | 15917 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 302367 | 69172 | 44201 | 5639 | 5834 | 338811 | 8734 | 5340 | 24078 |
| **Total** | $2676827 | $791382 | $683938 | $15085 | $200880 | $3000236 |  | $51118 | $80344 |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2055 Fund**  | **JPMorgan SmartRetirement® 2055 Fund**  | **JPMorgan SmartRetirement® 2055 Fund**  | **JPMorgan SmartRetirement® 2055 Fund**  | **JPMorgan SmartRetirement® 2055 Fund**  | **JPMorgan SmartRetirement® 2055 Fund**  | **JPMorgan SmartRetirement® 2055 Fund**  | **JPMorgan SmartRetirement® 2055 Fund**  | **JPMorgan SmartRetirement® 2055 Fund**  | **JPMorgan SmartRetirement® 2055 Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $55423 | $15345 | $13666 | $258 | $7334 | $64694 | 1503 | $1414 | $— |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 7947 | 1836 | 1065 | 115 | 335 | 9168 | 100 | 252 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF <br> (a)<br>| 67897 | 14323 | 10834 | 1034 | 6922 | 79342 | 814 | 963 |  |
| JPMorgan BetaBuilders USD High Yield <br> Corporate Bond ETF (a)<br>| 7398 | 828 | 8260 | (808)<br>| 842 |  |  | 442 |  |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 28662 | 6392 | 4013 | (439)<br>| 1126 | 31728 | 3068 | 1256 |  |
| JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| 86000 | 19840 | 12268 | (1796)<br>| 3304 | 95080 | 13133 | 4532 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 4108 | 844 | 178 | (13)<br>| 160 | 4921 | 780 | 294 |  |
| JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| 16160 | 2396 | 1961 | 55 | 2228 | 18878 | 531 | 277 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares (a)<br>| 43482 | 6764 | 5391 | 175 | 5550 | 50580 | 2699 | 1089 |  |

---

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 83

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2055 Fund** (continued) | **JPMorgan SmartRetirement® 2055 Fund** (continued) | **JPMorgan SmartRetirement® 2055 Fund** (continued) | **JPMorgan SmartRetirement® 2055 Fund** (continued) | **JPMorgan SmartRetirement® 2055 Fund** (continued) | **JPMorgan SmartRetirement® 2055 Fund** (continued) | **JPMorgan SmartRetirement® 2055 Fund** (continued) | **JPMorgan SmartRetirement® 2055 Fund** (continued) | **JPMorgan SmartRetirement® 2055 Fund** (continued) | **JPMorgan SmartRetirement® 2055 Fund** (continued) |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2024**<br>| **Purchases at**<br> **Cost**<br>| **Proceeds from**<br> **Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Value at**<br> **June 30,**<br> **2025**<br>| **Shares at**<br> **June 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| JPMorgan Global Select Equity ETF (a) | $156758 | $22875 | $7453 | $(68)<br>| $11321 | $183433 | 2851 | $1008 | $2203 |
| JPMorgan Growth Advantage Fund Class R6 <br> Shares (a)<br>| 189886 | 51008 | 35634 | 165 | 20184 | 225609 | 4957 |  | 10925 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 7429 | 20213 | 226 | (5)<br>| 573 | 27984 | 4272 | 908 |  |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 120573 | 27813 | 22365 | 232 | 15203 | 141456 | 6315 | 4067 |  |
| JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| 224407 | 49259 | 41142 | 42 | 30098 | 262664 | 3712 | 6983 |  |
| JPMorgan Realty Income ETF (a) | 23780 | 5982 | 3839 | (187)<br>| 2154 | 27890 | 585 | 580 |  |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 12606 | 3925 | 1801 | 135 | (384)<br>| 14481 | 272 | 68 | 1069 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 12071 | 3637 | 2082 | 123 | 349 | 14098 | 649 | 105 |  |
| JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| 11672 | 4455 | 1859 | 89 | (297)<br>| 14060 | 528 | 151 | 668 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 199598 | 45895 | 23412 | 1243 | 12110 | 235434 | 8996 | 1559 | 11170 |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 29898 | 228718 | 223526 |  |  | 35090 | 35090 | 1459 |  |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 199449 | 37596 | 16159 | 690 | 14001 | 235577 | 5164 | 2295 | 10270 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 192082 | 54082 | 28513 | 2248 | 5082 | 224981 | 5800 | 3445 | 15535 |
| **Total** | $1697286 | $624026 | $465647 | $3288 | $138195 | $1997148 |  | $33147 | $51840 |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2060 Fund**  | **JPMorgan SmartRetirement® 2060 Fund**  | **JPMorgan SmartRetirement® 2060 Fund**  | **JPMorgan SmartRetirement® 2060 Fund**  | **JPMorgan SmartRetirement® 2060 Fund**  | **JPMorgan SmartRetirement® 2060 Fund**  | **JPMorgan SmartRetirement® 2060 Fund**  | **JPMorgan SmartRetirement® 2060 Fund**  | **JPMorgan SmartRetirement® 2060 Fund**  | **JPMorgan SmartRetirement® 2060 Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF (a)<br>| $22228 | $11563 | $8262 | $46 | $3342 | $28917 | 672 | $592 | $— |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 3229 | 1133 | 361 | 32 | 138 | 4171 | 45 | 107 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 27234 | 9568 | 4659 | 255 | 3066 | 35464 | 364 | 409 |  |
| JPMorgan BetaBuilders USD High Yield Corporate <br> Bond ETF (a)<br>| 2959 | 536 | 3504 | (154)<br>| 163 |  |  | 184 |  |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 11395 | 3779 | 1272 | (213)<br>| 492 | 14181 | 1372 | 531 |  |
| JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| 34192 | 11525 | 3816 | (659)<br>| 1256 | 42498 | 5870 | 1913 |  |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 1679 | 565 | 36 | (1)<br>| 61 | 2268 | 359 | 124 |  |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 6471 | 1337 | 368 | 10 | 1000 | 8450 | 237 | 116 |  |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 17438 | 5129 | 2508 | 48 | 2502 | 22609 | 1206 | 456 |  |
| JPMorgan Global Select Equity ETF (a) | 62940 | 18130 | 4050 | (17)<br>| 4988 | 81991 | 1274 | 436 | 922 |
| JPMorgan Growth Advantage Fund Class R6 Shares <br> (a)<br>| 76247 | 29055 | 13694 | 2 | 9185 | 100795 | 2215 |  | 4574 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 2999 | 9320 | 60 | (1)<br>| 246 | 12504 | 1909 | 390 |  |

---

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

84 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2060 Fund** (continued) | **JPMorgan SmartRetirement® 2060 Fund** (continued) | **JPMorgan SmartRetirement® 2060 Fund** (continued) | **JPMorgan SmartRetirement® 2060 Fund** (continued) | **JPMorgan SmartRetirement® 2060 Fund** (continued) | **JPMorgan SmartRetirement® 2060 Fund** (continued) | **JPMorgan SmartRetirement® 2060 Fund** (continued) | **JPMorgan SmartRetirement® 2060 Fund** (continued) | **JPMorgan SmartRetirement® 2060 Fund** (continued) | **JPMorgan SmartRetirement® 2060 Fund** (continued) |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2024**<br>| **Purchases at**<br> **Cost**<br>| **Proceeds from**<br> **Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Value at**<br> **June 30,**<br> **2025**<br>| **Shares at**<br> **June 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| $48412 | $19467 | $11441 | $6 | $6784 | $63228 | 2823 | $1703 | $— |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 90103 | 37628 | 23801 | (135)<br>| 13611 | 117406 | 1659 | 2922 |  |
| JPMorgan Realty Income ETF (a) | 9548 | 3195 | 1085 | (31)<br>| 835 | 12462 | 262 | 247 |  |
| JPMorgan Small Cap Equity Fund Class R6 Shares <br> (a)<br>| 5055 | 2152 | 586 | 39 | (160)<br>| 6500 | 122 | 29 | 448 |
| JPMorgan Small Cap Growth Fund Class R6 Shares <br> (a)<br>| 4841 | 1904 | 650 | 31 | 167 | 6293 | 289 | 44 |  |
| JPMorgan Small Cap Value Fund Class R6 Shares <br> (a)<br>| 4613 | 3313 | 1517 | 48 | (142)<br>| 6315 | 237 | 64 | 279 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 80144 | 27214 | 7957 | (5)<br>| 5832 | 105228 | 4021 | 669 | 4676 |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 14071 | 181558 | 175903 |  |  | 19726 | 19726 | 661 |  |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 80081 | 28732 | 10027 | (161)<br>| 6612 | 105237 | 2307 | 981 | 4300 |
| JPMorgan Value Advantage Fund Class R6 Shares <br> (a)<br>| 77124 | 33423 | 12907 | 511 | 2415 | 100566 | 2593 | 1479 | 6504 |
| **Total** | $683003 | $440226 | $288464 | $(349)<br>| $62393 | $896809 |  | $14057 | $21703 |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2065 Fund**  | **JPMorgan SmartRetirement® 2065 Fund**  | **JPMorgan SmartRetirement® 2065 Fund**  | **JPMorgan SmartRetirement® 2065 Fund**  | **JPMorgan SmartRetirement® 2065 Fund**  | **JPMorgan SmartRetirement® 2065 Fund**  | **JPMorgan SmartRetirement® 2065 Fund**  | **JPMorgan SmartRetirement® 2065 Fund**  | **JPMorgan SmartRetirement® 2065 Fund**  | **JPMorgan SmartRetirement® 2065 Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan ActiveBuilders Emerging Markets Equity ETF <br> (a)<br>| $981 | $2402 | $778 | $(8)<br>| $322 | $2919 | 68 | $42 | $— |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 141 | 349 | 74 | (1)<br>| 2 | 417 | 5 | 8 |  |
| JPMorgan BetaBuilders USD High Yield Corporate Bond <br> ETF (a)<br>| 126 | 233 | 358 | —<br> (b)<br>| (1)<br>|  |  | 11 |  |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 480 | 1017 | 82 | (2)<br>| 18 | 1431 | 138 | 39 |  |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 1439 | 3009 | 188 | (6)<br>| 36 | 4290 | 593 | 140 |  |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 70 | 149 |  |  | 4 | 223 | 35 | 9 |  |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 270 | 536 | 51 | 1 | 93 | 849 | 24 | 8 |  |
| JPMorgan Emerging Markets Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 770 | 1442 | 166 | (6)<br>| 243 | 2283 | 122 | 31 |  |
| JPMorgan Global Select Equity ETF (a) | 2772 | 5517 | 468 | (13)<br>| 469 | 8277 | 129 | 30 | 64 |
| JPMorgan Growth Advantage Fund Class R6 Shares (a) | 3359 | 7096 | 1152 | (33)<br>| 906 | 10176 | 224 |  | 309 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 124 | 1167 | 51 | —<br> (b)<br>| 20 | 1260 | 192 | 31 |  |
| JPMorgan International Equity Fund Class R6 Shares <br> (a)<br>| 2132 | 4286 | 674 | (13)<br>| 652 | 6383 | 285 | 114 |  |
| JPMorgan International Research Enhanced Equity ETF <br> (a)<br>| 3968 | 9152 | 2542 | (16)<br>| 1291 | 11853 | 167 | 200 |  |
| JPMorgan Realty Income ETF (a) | 421 | 940 | 134 | (4)<br>| 31 | 1254 | 26 | 19 |  |
| JPMorgan Small Cap Equity Fund Class R6 Shares (a) | 222 | 785 | 328 | (17)<br>| (3)<br>| 659 | 12 | 2 | 30 |
| JPMorgan Small Cap Growth Fund Class R6 Shares (a) | 212 | 480 | 67 | (1)<br>| 14 | 638 | 29 | 3 |  |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 196 | 514 | 60 | 2 | (14)<br>| 638 | 24 | 5 | 19 |

---

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 85

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2065 Fund** (continued) | **JPMorgan SmartRetirement® 2065 Fund** (continued) | **JPMorgan SmartRetirement® 2065 Fund** (continued) | **JPMorgan SmartRetirement® 2065 Fund** (continued) | **JPMorgan SmartRetirement® 2065 Fund** (continued) | **JPMorgan SmartRetirement® 2065 Fund** (continued) | **JPMorgan SmartRetirement® 2065 Fund** (continued) | **JPMorgan SmartRetirement® 2065 Fund** (continued) | **JPMorgan SmartRetirement® 2065 Fund** (continued) | **JPMorgan SmartRetirement® 2065 Fund** (continued) |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2024**<br>| **Purchases at**<br> **Cost**<br>| **Proceeds from**<br> **Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Value at**<br> **June 30,**<br> **2025**<br>| **Shares at**<br> **June 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | $3530 | $7483 | $872 | $(44)<br>| $530 | $10627 | 406 | $52 | $322 |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (c)<br>| 781 | 37149 | 35783 |  |  | 2147 | 2147 | 57 |  |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 3526 | 7595 | 1049 | (35)<br>| 589 | 10626 | 233 | 76 | 297 |
| JPMorgan Value Advantage Fund Class R6 Shares (a) | 3397 | 7523 | 846 | (40)<br>| 118 | 10152 | 262 | 102 | 457 |
| **Total** | $28917 | $98824 | $45723 | $(236)<br>| $5320 | $87102 |  | $979 | $1498 |

---

&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, 2025.

**E. Foreign Currency Translation** — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

**F. Futures Contracts**— The Funds used index, interest rate and treasury futures contracts to gain exposure to or to overweight or underweight allocations among various sectors or markets, 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;

86 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

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, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**2030 Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**2035 Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**2040 Fund** <br>|
| **Futures Contracts:** |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $72657 | &nbsp;&nbsp; $67043 | &nbsp;&nbsp; $68364 |
| Ending Notional Balance Long | &nbsp;&nbsp; 73881 | &nbsp;&nbsp; 70859 | &nbsp;&nbsp; 72339 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**2045 Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**2050 Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**2055 Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**2060 Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**2065 Fund** <br>|
| **Futures Contracts:** |  |  |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $53067 | &nbsp;&nbsp; $48578 | &nbsp;&nbsp; $31451 | &nbsp;&nbsp; $13441 | &nbsp;&nbsp; $1047 |
| Ending Notional Balance Long | &nbsp;&nbsp; 57168 | &nbsp;&nbsp; 52543 | &nbsp;&nbsp; 34905 | &nbsp;&nbsp; 15603 | &nbsp;&nbsp; 1822 |

---

**G. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.

Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.

Dividend income 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 the Funds first learn of the dividend.

**H. Allocation of Income and Expenses**— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2025, are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** | **Total** |
| **JPMorgan SmartRetirement® Income Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | $71 | $—<br> (a)<br>| $3 | $3 | $1 | $—<br> (a)<br>| $6 | $12 | $96 |
| **JPMorgan SmartRetirement® 2025 Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 56 | 3 | 3 | 4 | 1 | —<br> (a)<br>| 7 | 20 | 94 |
| **JPMorgan SmartRetirement® 2030 Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 70 | 3 | 5 | 5 | 2 | 1 | 10 | 26 | 122 |
| **JPMorgan SmartRetirement® 2035 Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 65 | 3 | 3 | 6 | 1 | —<br> (a)<br>| 9 | 26 | 113 |
| **JPMorgan SmartRetirement® 2040 Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 66 | 4 | 4 | 6 | 1 | 1 | 10 | 26 | 118 |
| **JPMorgan SmartRetirement® 2045 Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 52 | 2 | 4 | 5 | 1 | —<br> (a)<br>| 8 | 24 | 96 |
| **JPMorgan SmartRetirement® 2050 Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 44 | 3 | 4 | 5 | 1 | 1 | 8 | 23 | 89 |
| **JPMorgan SmartRetirement® 2055 Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 24 | 2 | 3 | 5 | 1 | —<br> (a)<br>| 6 | 19 | 60 |
| **JPMorgan SmartRetirement® 2060 Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 12 | 2 | 2 | 2 | 1 | —<br> (a)<br>| 3 | 15 | 37 |
| **JPMorgan SmartRetirement® 2065 Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 1 | —<br> (a)<br>| 1 | 1 | —<br> (a)<br>| —<br> (a)<br>| 1 | 6 | 10 |

---

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

(a) Amount rounds to less than one thousand.

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 87

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

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.

**I. Federal Income Taxes**— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of June 30, 2025, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**J. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared and paid at least annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition — "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

The following amounts were reclassified within the capital accounts:

---

| | | | |
|:---|:---|:---|:---|
|  | **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| JPMorgan SmartRetirement® Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $41085 | &nbsp;&nbsp;&nbsp;&nbsp; $3403 | &nbsp;&nbsp;&nbsp;&nbsp; $(44488)<br>|
| JPMorgan SmartRetirement® 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10108 | &nbsp;&nbsp;&nbsp;&nbsp; (10108)<br>|
| JPMorgan SmartRetirement® 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20394 | &nbsp;&nbsp;&nbsp;&nbsp; (20394)<br>|
| JPMorgan SmartRetirement® 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15141 | &nbsp;&nbsp;&nbsp;&nbsp; (15141)<br>|
| JPMorgan SmartRetirement® 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17659 | &nbsp;&nbsp;&nbsp;&nbsp; (17659)<br>|
| JPMorgan SmartRetirement® 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15001 | &nbsp;&nbsp;&nbsp;&nbsp; (15001)<br>|
| JPMorgan SmartRetirement® 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14420 | &nbsp;&nbsp;&nbsp;&nbsp; (14420)<br>|
| JPMorgan SmartRetirement® 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9305 | &nbsp;&nbsp;&nbsp;&nbsp; (9305)<br>|
| JPMorgan SmartRetirement® 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3895 | &nbsp;&nbsp;&nbsp;&nbsp; (3895)<br>|
| JPMorgan SmartRetirement® 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp;&nbsp; (269)<br>|

---

The reclassifications for the Funds relate primarily to tax adjustments on certain investments.

**K. Segment Reporting** — The Funds adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**L. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee**— Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and receives no compensation for performing such services, although the Adviser and its affiliates receive investment advisory fees from the Underlying Funds.

The Adviser reimbursed expenses as outlined in Note 3.F.

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

88 J.P. Morgan SmartRetirement® Funds June 30, 2025

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

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. The Administrator does not receive a separate fee for services to the Funds but does receive fees for services to the Underlying Funds.

JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

**C. Distribution Fees**— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ("JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.

The Board has adopted a Distribution Plan (the "Distribution Plan") for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class 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** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|

---

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2025, JPMDS retained the following:

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| JPMorgan SmartRetirement® Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| JPMorgan SmartRetirement® 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan SmartRetirement® 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan SmartRetirement® 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan SmartRetirement® 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| JPMorgan SmartRetirement® 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| JPMorgan SmartRetirement® 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| JPMorgan SmartRetirement® 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| JPMorgan SmartRetirement® 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| JPMorgan SmartRetirement® 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&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 R2** | **Class R3** | **Class R4** | **Class R5** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|

---

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. As part of its Administration Agreement, the Administrator pays fees and certain expenses for custody and fund accounting.

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, 2025 J.P. Morgan SmartRetirement® Funds 89

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

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

**F. Waivers and Reimbursements**—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| JPMorgan SmartRetirement® <br> Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>|
| JPMorgan SmartRetirement® <br> 2025 Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| JPMorgan SmartRetirement® <br> 2030 Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| JPMorgan SmartRetirement® <br> 2035 Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| JPMorgan SmartRetirement® <br> 2040 Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| JPMorgan SmartRetirement® <br> 2045 Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| JPMorgan SmartRetirement® <br> 2050 Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| JPMorgan SmartRetirement® <br> 2055 Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| JPMorgan SmartRetirement® <br> 2060 Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| JPMorgan SmartRetirement® <br> 2065 Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |

---

The expense limitation agreements were in effect for the year ended June 30, 2025 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2025.

The Underlying Funds and ETFs may impose separate advisory and service fees. To avoid charging a service fee at an effective rate above 0.25% for Class A, Class C, 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 Underlying Funds and ETFs up to 0.25% for Class A, Class C, Class I, Class R2, Class R3, Class R4 Shares and up to 0.10% with respect to Class R5 Shares. The Funds' shareholder servicing agent has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees it collects from the affiliated money market funds on the Fund's investment in such money market funds.

For the year ended June 30, 2025, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | |
|:---|:---|:---|
|  | **Contractual Waivers** |  |
|  | **Service** <br>**Fees**<br>| **Contractual** <br>**Reimbursements**<br>|
| JPMorgan SmartRetirement® Income Fund | &nbsp;&nbsp; $625 | &nbsp;&nbsp; $284 |
| JPMorgan SmartRetirement® 2025 Fund | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 407 |
| JPMorgan SmartRetirement® 2030 Fund | &nbsp;&nbsp; 512 | &nbsp;&nbsp; 473 |
| JPMorgan SmartRetirement® 2035 Fund | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 473 |
| JPMorgan SmartRetirement® 2040 Fund | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 462 |
| JPMorgan SmartRetirement® 2045 Fund | &nbsp;&nbsp; 376 | &nbsp;&nbsp; 422 |
| JPMorgan SmartRetirement® 2050 Fund | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 403 |
| JPMorgan SmartRetirement® 2055 Fund | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 332 |
| JPMorgan SmartRetirement® 2060 Fund | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 304 |
| JPMorgan SmartRetirement® 2065 Fund | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 276 |

---

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

90 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

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

**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.

The SEC has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

**4. Investment Transactions** 

During the year ended June 30, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>| **Purchases** <br>**of U.S.** <br>**Government**<br>| **Sales** <br>**of U.S.** <br>**Government**<br>|
| JPMorgan SmartRetirement® Income Fund | $148101 | $261391 | $— | $329 |
| JPMorgan SmartRetirement® 2025 Fund | 334422 | 679213 |  | 870 |
| JPMorgan SmartRetirement® 2030 Fund | 570453 | 725355 | 2438 | 3661 |
| JPMorgan SmartRetirement® 2035 Fund | 694849 | 634531 | 2245 | 4217 |
| JPMorgan SmartRetirement® 2040 Fund | 670747 | 626216 | 2301 | 3254 |
| JPMorgan SmartRetirement® 2045 Fund | 619614 | 509488 | 1822 | 2519 |
| JPMorgan SmartRetirement® 2050 Fund | 519104 | 406271 | 1674 | 2271 |
| JPMorgan SmartRetirement® 2055 Fund | 395305 | 242119 | 1194 | 1548 |
| JPMorgan SmartRetirement® 2060 Fund | 258666 | 112560 | 536 | 882 |
| JPMorgan SmartRetirement® 2065 Fund | 64334 | 10331 | 83 |  |

---

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| JPMorgan SmartRetirement® Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $1869680 | &nbsp;&nbsp;&nbsp;&nbsp; $288103 | &nbsp;&nbsp;&nbsp;&nbsp; $24472 | &nbsp;&nbsp;&nbsp;&nbsp; $263631 |
| JPMorgan SmartRetirement® 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2237031 | &nbsp;&nbsp;&nbsp;&nbsp; 330028 | &nbsp;&nbsp;&nbsp;&nbsp; 50834 | &nbsp;&nbsp;&nbsp;&nbsp; 279194 |
| JPMorgan SmartRetirement® 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3541016 | &nbsp;&nbsp;&nbsp;&nbsp; 732147 | &nbsp;&nbsp;&nbsp;&nbsp; 62866 | &nbsp;&nbsp;&nbsp;&nbsp; 669281 |
| JPMorgan SmartRetirement® 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3078175 | &nbsp;&nbsp;&nbsp;&nbsp; 1011654 | &nbsp;&nbsp;&nbsp;&nbsp; 44082 | &nbsp;&nbsp;&nbsp;&nbsp; 967572 |
| JPMorgan SmartRetirement® 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2894546 | &nbsp;&nbsp;&nbsp;&nbsp; 1257360 | &nbsp;&nbsp;&nbsp;&nbsp; 25201 | &nbsp;&nbsp;&nbsp;&nbsp; 1232159 |
| JPMorgan SmartRetirement® 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2312455 | &nbsp;&nbsp;&nbsp;&nbsp; 971521 | &nbsp;&nbsp;&nbsp;&nbsp; 9149 | &nbsp;&nbsp;&nbsp;&nbsp; 962372 |
| JPMorgan SmartRetirement® 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2074988 | &nbsp;&nbsp;&nbsp;&nbsp; 935433 | &nbsp;&nbsp;&nbsp;&nbsp; 6161 | &nbsp;&nbsp;&nbsp;&nbsp; 929272 |
| JPMorgan SmartRetirement® 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1470785 | &nbsp;&nbsp;&nbsp;&nbsp; 533372 | &nbsp;&nbsp;&nbsp;&nbsp; 4278 | &nbsp;&nbsp;&nbsp;&nbsp; 529094 |
| JPMorgan SmartRetirement® 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 732465 | &nbsp;&nbsp;&nbsp;&nbsp; 166447 | &nbsp;&nbsp;&nbsp;&nbsp; 890 | &nbsp;&nbsp;&nbsp;&nbsp; 165557 |
| JPMorgan SmartRetirement® 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 83021 | &nbsp;&nbsp;&nbsp;&nbsp; 7834 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 7830 |

---

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to certain derivatives and wash sale loss deferrals.

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 91

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

The tax character of distributions paid during the year ended June 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**Long-Term** <br>**Capital Gains**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| JPMorgan SmartRetirement® Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $37776 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $37776 |
| JPMorgan SmartRetirement® 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 94935 | &nbsp;&nbsp;&nbsp;&nbsp; 25747 | &nbsp;&nbsp;&nbsp;&nbsp; 120682 |
| JPMorgan SmartRetirement® 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 136248 | &nbsp;&nbsp;&nbsp;&nbsp; 85327 | &nbsp;&nbsp;&nbsp;&nbsp; 221575 |
| JPMorgan SmartRetirement® 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 111317 | &nbsp;&nbsp;&nbsp;&nbsp; 70587 | &nbsp;&nbsp;&nbsp;&nbsp; 181904 |
| JPMorgan SmartRetirement® 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 103812 | &nbsp;&nbsp;&nbsp;&nbsp; 82765 | &nbsp;&nbsp;&nbsp;&nbsp; 186577 |
| JPMorgan SmartRetirement® 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 72994 | &nbsp;&nbsp;&nbsp;&nbsp; 59475 | &nbsp;&nbsp;&nbsp;&nbsp; 132469 |
| JPMorgan SmartRetirement® 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 64258 | &nbsp;&nbsp;&nbsp;&nbsp; 8579 | &nbsp;&nbsp;&nbsp;&nbsp; 72837 |
| JPMorgan SmartRetirement® 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 40968 | &nbsp;&nbsp;&nbsp;&nbsp; 1954 | &nbsp;&nbsp;&nbsp;&nbsp; 42922 |
| JPMorgan SmartRetirement® 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 18745 | &nbsp;&nbsp;&nbsp;&nbsp; 4012 | &nbsp;&nbsp;&nbsp;&nbsp; 22757 |
| JPMorgan SmartRetirement® 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1082 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 1157 |

---

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

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended June 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**Long-Term** <br>**Capital Gains**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| JPMorgan SmartRetirement® Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $35959 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $35959 |
| JPMorgan SmartRetirement® 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 89923 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89923 |
| JPMorgan SmartRetirement® 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 113544 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 113544 |
| JPMorgan SmartRetirement® 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 84060 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84060 |
| JPMorgan SmartRetirement® 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 76190 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76190 |
| JPMorgan SmartRetirement® 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 51908 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51908 |
| JPMorgan SmartRetirement® 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 43760 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43760 |
| JPMorgan SmartRetirement® 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 27283 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27283 |
| JPMorgan SmartRetirement® 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 10186 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10186 |
| JPMorgan SmartRetirement® 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 171 |

---

&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;

92 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

As of June 30, 2025, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| JPMorgan SmartRetirement® Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $21870 | &nbsp;&nbsp;&nbsp;&nbsp; $5918 | &nbsp;&nbsp;&nbsp;&nbsp; $263582 |
| JPMorgan SmartRetirement® 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 33441 | &nbsp;&nbsp;&nbsp;&nbsp; 53643 | &nbsp;&nbsp;&nbsp;&nbsp; 279190 |
| JPMorgan SmartRetirement® 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 47751 | &nbsp;&nbsp;&nbsp;&nbsp; 65907 | &nbsp;&nbsp;&nbsp;&nbsp; 669272 |
| JPMorgan SmartRetirement® 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 39064 | &nbsp;&nbsp;&nbsp;&nbsp; 85104 | &nbsp;&nbsp;&nbsp;&nbsp; 967561 |
| JPMorgan SmartRetirement® 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 30282 | &nbsp;&nbsp;&nbsp;&nbsp; 100840 | &nbsp;&nbsp;&nbsp;&nbsp; 1232144 |
| JPMorgan SmartRetirement® 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 18885 | &nbsp;&nbsp;&nbsp;&nbsp; 79508 | &nbsp;&nbsp;&nbsp;&nbsp; 962361 |
| JPMorgan SmartRetirement® 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 14150 | &nbsp;&nbsp;&nbsp;&nbsp; 75934 | &nbsp;&nbsp;&nbsp;&nbsp; 929261 |
| JPMorgan SmartRetirement® 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 9334 | &nbsp;&nbsp;&nbsp;&nbsp; 44342 | &nbsp;&nbsp;&nbsp;&nbsp; 529085 |
| JPMorgan SmartRetirement® 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4061 | &nbsp;&nbsp;&nbsp;&nbsp; 17697 | &nbsp;&nbsp;&nbsp;&nbsp; 165524 |
| JPMorgan SmartRetirement® 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp;&nbsp; 1288 | &nbsp;&nbsp;&nbsp;&nbsp; 7830 |

---

The cumulative timing differences primarily consist of certain derivatives and wash sale loss deferrals.

As of June 30, 2025, the Funds did not have any net capital loss carryforwards.

Net capital losses (gains) and specified ordinary losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended June 30, 2025, the following Fund deferred to July 1, 2025 the following net capital losses (gains) and specified ordinary losses of:

---

| | |
|:---|:---|
|  | **Net Capital Losses (Gains)** |
|  | **Short-Term** |
| JPMorgan SmartRetirement® 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; $1605 |

---

During the year ended June 30, 2025, the Fund utilized capital loss carryforwards as follows:

---

| | |
|:---|:---|
|  | **Capital Loss Utilized**  |
|  | **Short-Term** |
| JPMorgan SmartRetirement® Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $18743 |

---

**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, 2025.

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 28, 2025.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2025.

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 93

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

The Trusts, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion ("Credit Facility") with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted NAV and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted NAV or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate. Effective August 5, 2025, the Credit Facility was amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended June 30, 2025.

**7. Risks, Concentrations and Indemnifications**

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of June 30, 2025, the Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Non-Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** |
| JPMorgan SmartRetirement® Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 39.2<br> %<br>|
| JPMorgan SmartRetirement® 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;55.2 |
| JPMorgan SmartRetirement® 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;51.9 |
| JPMorgan SmartRetirement® 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;55.9 |
| JPMorgan SmartRetirement® 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;52.9 |
| JPMorgan SmartRetirement® 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;57.5 |
| JPMorgan SmartRetirement® 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;53.6 |
| JPMorgan SmartRetirement® 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;55.6 |
| JPMorgan SmartRetirement® 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;48.0 |
| JPMorgan SmartRetirement® 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;71.0 |

---

Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.

As of June 30, 2025, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds:

---

| | |
|:---|:---|
|  | **% of Net Assets** |
| JPMorgan Realty Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 61.9<br> %<br>|
| JPMorgan ActiveBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;53.6 |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;49.5 |
| JPMorgan Inflation Managed Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;41.4 |
| JPMorgan International Research Enhanced Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;35.0 |
| JPMorgan International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;28.3 |
| JPMorgan Global Select Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;26.7 |
| JPMorgan U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;25.8 |
| JPMorgan Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;23.4 |
| JPMorgan Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;21.5 |
| JPMorgan Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp;19.8 |
| JPMorgan High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;14.6 |

---

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

94 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

---

| | |
|:---|:---|
|  | **% of Net Assets** |
| JPMorgan Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;14.1 |
| JPMorgan Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;11.5 |
| JPMorgan BetaBuilders MSCI US REIT ETF | &nbsp;&nbsp;&nbsp;&nbsp;10.3 |

---

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds' original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses and could make derivatives more difficult for the Funds to value accurately.

Each Fund invests 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 indexes, as well as indexes 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).

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.

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.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's underlying index or in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

**8. Business Combinations**

On August 20-22, 2024, the Board of Trustees of JPM Trust I approved the Plan of Reorganization of JPMorgan SmartRetirement® 2020 Fund (the "Target Fund") into JPMorgan SmartRetirement® Income Fund (the "Acquiring Fund"). The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. The reorganization was effective after the close of business on April 25, 2025. The Acquiring Fund acquired all of the assets and liabilities of the Target Fund as shown in the table below. The transaction was structured to qualify as a tax-free reorganization under the Code. Pursuant to the Agreement and Plan of Reorganization, Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 shareholders of the Target Fund received a number of shares of the corresponding class in the Acquiring Fund, with a value equal to their holdings in the Target Fund as of the close of business on the date of the reorganization. The investment portfolio of the Target Fund, with a fair value of approximately $1,041,257 and identified cost of approximately $910,034 as of the date of the reorganization, was the principal asset acquired by the Acquiring Fund. For financial statement purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. As of April 25, 2025, the Target Fund did not have capital loss carryforwards.

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 95

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

The following is a summary of Shares Outstanding, Net Assets, Net Asset Value Per Share and Net Unrealized Appreciation (Depreciation) immediately before and after the reorganization:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Shares** <br>**Outstanding**<br>| **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Asset** <br>**Value** <br>**Per Share (a)**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Target Fund** |  |  |  |  |
| JPMorgan SmartRetirement® 2020 Fund |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $131211 |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 15715 | &nbsp;&nbsp;&nbsp;&nbsp; $242569 | &nbsp;&nbsp;&nbsp;&nbsp; $15.44<br>|  |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp;&nbsp; 3283 | &nbsp;&nbsp;&nbsp;&nbsp;15.42 |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 3777 | &nbsp;&nbsp;&nbsp;&nbsp; 58642 | &nbsp;&nbsp;&nbsp;&nbsp;15.53 |  |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp; 3807 | &nbsp;&nbsp;&nbsp;&nbsp; 58537 | &nbsp;&nbsp;&nbsp;&nbsp;15.38 |  |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp; 337 | &nbsp;&nbsp;&nbsp;&nbsp; 5206 | &nbsp;&nbsp;&nbsp;&nbsp;15.45 |  |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp; 752 | &nbsp;&nbsp;&nbsp;&nbsp; 11613 | &nbsp;&nbsp;&nbsp;&nbsp;15.44 |  |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp; 14048 | &nbsp;&nbsp;&nbsp;&nbsp; 218237 | &nbsp;&nbsp;&nbsp;&nbsp;15.54 |  |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 31068 | &nbsp;&nbsp;&nbsp;&nbsp; 482433 | &nbsp;&nbsp;&nbsp;&nbsp;15.53 |  |
| **Acquiring Fund** |  |  |  |  |
| JPMorgan SmartRetirement® Income Fund |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 115420 |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 19309 | &nbsp;&nbsp;&nbsp;&nbsp; 297484 | &nbsp;&nbsp;&nbsp;&nbsp;15.41 |  |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; 2166 | &nbsp;&nbsp;&nbsp;&nbsp;15.39 |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 3518 | &nbsp;&nbsp;&nbsp;&nbsp; 54383 | &nbsp;&nbsp;&nbsp;&nbsp;15.46 |  |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp; 2886 | &nbsp;&nbsp;&nbsp;&nbsp; 44275 | &nbsp;&nbsp;&nbsp;&nbsp;15.34 |  |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp; 3895 | &nbsp;&nbsp;&nbsp;&nbsp;15.37 |  |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; 2415 | &nbsp;&nbsp;&nbsp;&nbsp;15.44 |  |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp; 14887 | &nbsp;&nbsp;&nbsp;&nbsp; 230675 | &nbsp;&nbsp;&nbsp;&nbsp;15.50 |  |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 23721 | &nbsp;&nbsp;&nbsp;&nbsp; 367446 | &nbsp;&nbsp;&nbsp;&nbsp;15.49 |  |
| **Post Reorganization** |  |  |  |  |
| JPMorgan SmartRetirement® Income Fund |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 246631 |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 35054 | &nbsp;&nbsp;&nbsp;&nbsp; 540053 | &nbsp;&nbsp;&nbsp;&nbsp;15.41 |  |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 354 | &nbsp;&nbsp;&nbsp;&nbsp; 5449 | &nbsp;&nbsp;&nbsp;&nbsp;15.39 |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 7312 | &nbsp;&nbsp;&nbsp;&nbsp; 113025 | &nbsp;&nbsp;&nbsp;&nbsp; 15.46<br>|  |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp; 6701 | &nbsp;&nbsp;&nbsp;&nbsp; 102812 | &nbsp;&nbsp;&nbsp;&nbsp;15.34 |  |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp;&nbsp; 9101 | &nbsp;&nbsp;&nbsp;&nbsp;15.37 |  |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp; 908 | &nbsp;&nbsp;&nbsp;&nbsp; 14028 | &nbsp;&nbsp;&nbsp;&nbsp;15.44 |  |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp; 28970 | &nbsp;&nbsp;&nbsp;&nbsp; 448912 | &nbsp;&nbsp;&nbsp;&nbsp;15.50 |  |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 54865 | &nbsp;&nbsp;&nbsp;&nbsp; 849879 | &nbsp;&nbsp;&nbsp;&nbsp;15.49 |  |
| (a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. | (a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. | (a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. | (a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. | (a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |

---

Expenses related to reorganization were incurred by the Acquiring Fund. The Adviser, the Administrator and the Distributor waived their fees and/or reimbursed the Fund in an amount sufficient to offset costs incurred by the Fund relating to the reorganization, excluding brokerage fees and brokerage expenses related to the disposition and acquisition of Fund assets associated with the reorganization.

Assuming the reorganization had been completed on July 1, 2024, the beginning of the annual reporting period, the pro forma results of operations for the year ended June 30, 2025, are as follows:

---

| | |
|:---|:---|
| Net investment income (loss) | $71772 |
| Net realized/unrealized gains (losses) | 127425 |
| Change in net assets resulting from operations | $199197 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target fund that have been included in the Statements of Operations since April 25, 2025.

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

96 J.P. Morgan SmartRetirement® Funds June 30, 2025

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust IV and Shareholders of JPMorgan SmartRetirement Income Fund, JPMorgan SmartRetirement 2025 Fund, JPMorgan SmartRetirement 2030 Fund, JPMorgan SmartRetirement 2035 Fund, JPMorgan SmartRetirement 2040 Fund, JPMorgan SmartRetirement 2045 Fund, JPMorgan SmartRetirement 2050 Fund, JPMorgan SmartRetirement 2055 Fund, JPMorgan SmartRetirement 2060 Fund, and JPMorgan SmartRetirement 2065 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 Income Fund, JPMorgan SmartRetirement 2025 Fund, JPMorgan SmartRetirement 2030 Fund, JPMorgan SmartRetirement 2035 Fund, JPMorgan SmartRetirement 2040 Fund, JPMorgan SmartRetirement 2045 Fund, JPMorgan SmartRetirement 2050 Fund, JPMorgan SmartRetirement 2055 Fund, and JPMorgan SmartRetirement 2060 Fund (nine of the funds constituting JPMorgan Trust I) and JPMorgan SmartRetirement 2065 Fund (one of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the "Funds") as of June 30, 2025, the related statements of operations for the year ended June 30, 2025, the statements of changes in net assets for each of the two years in the period ended June 30, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2025, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 22, 2025

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

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

June 30, 2025 J.P. Morgan SmartRetirement® Funds 97

------

**TAX LETTER**

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended June 30, 2025. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2025. The information necessary to complete your income tax returns for the calendar year ending December 31, 2025 will be provided under separate cover.

**Dividends Received Deduction (DRD)**

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2025:

---

| | |
|:---|:---|
|  | **Dividends** <br>**Received** <br>**Deduction**<br>|
| JPMorgan SmartRetirement® Income Fund | 6.57<br> %<br>|
| JPMorgan SmartRetirement® 2025 Fund | 7.65 |
| JPMorgan SmartRetirement® 2030 Fund | 10.55 |
| JPMorgan SmartRetirement® 2035 Fund | 13.53 |
| JPMorgan SmartRetirement® 2040 Fund | 16.85 |
| JPMorgan SmartRetirement® 2045 Fund | 20.24 |
| JPMorgan SmartRetirement® 2050 Fund | 22.03 |
| JPMorgan SmartRetirement® 2055 Fund | 22.27 |
| JPMorgan SmartRetirement® 2060 Fund | 20.14 |
| JPMorgan SmartRetirement® 2065 Fund | 20.69 |

---

**Long Term Capital Gain**

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2025:

---

| | |
|:---|:---|
|  | **Long-Term** <br>**Capital Gain** <br>**Distribution**<br>|
| JPMorgan SmartRetirement® 2025 Fund | &nbsp;&nbsp; $25747 |
| JPMorgan SmartRetirement® 2030 Fund | &nbsp;&nbsp; 85327 |
| JPMorgan SmartRetirement® 2035 Fund | &nbsp;&nbsp; 70587 |
| JPMorgan SmartRetirement® 2040 Fund | &nbsp;&nbsp; 82765 |
| JPMorgan SmartRetirement® 2045 Fund | &nbsp;&nbsp; 59475 |
| JPMorgan SmartRetirement® 2050 Fund | &nbsp;&nbsp; 8579 |
| JPMorgan SmartRetirement® 2055 Fund | &nbsp;&nbsp; 1954 |
| JPMorgan SmartRetirement® 2060 Fund | &nbsp;&nbsp; 4012 |
| JPMorgan SmartRetirement® 2065 Fund | &nbsp;&nbsp; 75 |

---

**Qualified Dividend Income (QDI)**

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2025:

---

| | |
|:---|:---|
|  | **Qualified** <br>**Dividend** <br>**Income**<br>|
| JPMorgan SmartRetirement® Income Fund | &nbsp;&nbsp; $11693 |
| JPMorgan SmartRetirement® 2025 Fund | &nbsp;&nbsp; 26716 |
| JPMorgan SmartRetirement® 2030 Fund | &nbsp;&nbsp; 50353 |
| JPMorgan SmartRetirement® 2035 Fund | &nbsp;&nbsp; 50720 |
| JPMorgan SmartRetirement® 2040 Fund | &nbsp;&nbsp; 58387 |
| JPMorgan SmartRetirement® 2045 Fund | &nbsp;&nbsp; 49836 |
| JPMorgan SmartRetirement® 2050 Fund | &nbsp;&nbsp; 48155 |
| JPMorgan SmartRetirement® 2055 Fund | &nbsp;&nbsp; 31126 |
| JPMorgan SmartRetirement® 2060 Fund | &nbsp;&nbsp; 13059 |
| JPMorgan SmartRetirement® 2065 Fund | &nbsp;&nbsp; 880 |

---

**Foreign Source Income and Foreign Tax Credit Pass Through**

For the fiscal year ended June 30, 2025, the Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses cannot be quantified until Underlying Funds complete reporting for the calendar year in progress. Amounts for the fiscal year ended June 30, 2025 will be disclosed in the semi-annual report for the period ended December 31, 2025.

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

98 J.P. Morgan SmartRetirement® Funds June 30, 2025

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THIS PAGE IS INTENTIONALLY LEFT BLANK

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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.

***Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.***

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

![](g73645img1c6c1cce2.jpg)

------

![](g73645img872d6efa3.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2025. All rights reserved. June 2025.

AN-SR-625

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**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

**Statement Regarding Basis for Approval of Investment Advisory Agreements**

Not applicable.

------

Annual Financial Statements

JPMorgan SmartRetirement® Blend Funds

June 30, 2025

---

| |
|:---|
| JPMorgan SmartRetirement® Blend Income 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 |
| JPMorgan SmartRetirement® Blend 2065 Fund |

---

![](g76297img4c72b9a91.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_47b5c15b-2d58-4c5e-8b26-06446bcb5a10_SOI-TOC-ScheduleofInvestments-854_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_47b5c15b-2d58-4c5e-8b26-06446bcb5a10_FS-TOC-FinancialStatement-854_1) | &nbsp;&nbsp; **86** |
| [Financial Highlights](#xx_47b5c15b-2d58-4c5e-8b26-06446bcb5a10_FIHI-TOC-FinancialHighlights-854_1) | &nbsp;&nbsp; **112** |
| [Notes to Financial Statements](#xx_47b5c15b-2d58-4c5e-8b26-06446bcb5a10_NTF-NTFRunningFooter-854_1) | &nbsp;&nbsp; **132** |
| [Report of Independent Registered Public Accounting Firm](#xx_47b5c15b-2d58-4c5e-8b26-06446bcb5a10_AUD-TOC-AuditorsReport-854_1) | &nbsp;&nbsp; **159** |
| [Tax Letter](#xx_47b5c15b-2d58-4c5e-8b26-06446bcb5a10_TL-TAXLETTERCC-854_1) | &nbsp;&nbsp; **160** |

---

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

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

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

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 42.1%** | **Investment Companies — 42.1%** | **Investment Companies — 42.1%** |
| **Fixed Income — 19.1%** | **Fixed Income — 19.1%** | **Fixed Income — 19.1%** |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 22573 | 163432 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 4539 | 28643 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 17220 | 112790 |
| Total Fixed Income |  | 304865 |
| **International Equity — 1.8%** | **International Equity — 1.8%** | **International Equity — 1.8%** |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 1560 | 29230 |
| **U.S. Equity — 21.2%** | **U.S. Equity — 21.2%** | **U.S. Equity — 21.2%** |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 3622 | 337290 |
| Total Investment Companies <br>(Cost $482,557)<br>|  | 671385 |
| **Exchange-Traded Funds — 22.0%** | **Exchange-Traded Funds — 22.0%** | **Exchange-Traded Funds — 22.0%** |
| **Alternative Assets — 0.8%** | **Alternative Assets — 0.8%** | **Alternative Assets — 0.8%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 138 | 12749 |
| **Fixed Income — 5.0%** | **Fixed Income — 5.0%** | **Fixed Income — 5.0%** |
| JPMorgan Inflation Managed Bond ETF (a) | 1650 | 79597 |
| **International Equity — 11.8%** | **International Equity — 11.8%** | **International Equity — 11.8%** |
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF (a)<br>| 505 | 29400 |
| JPMorgan BetaBuilders International Equity ETF (a) | 2355 | 158947 |
| Total International Equity |  | 188347 |
| **U.S. Equity — 4.4%** | **U.S. Equity — 4.4%** | **U.S. Equity — 4.4%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 456 | 44468 |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 374 | 24631 |
| Total U.S. Equity |  | 69099 |
| Total Exchange-Traded Funds <br>(Cost $275,540)<br>|  | 349792 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 8.3%** | **U.S. Treasury Obligations — 8.3%** | **U.S. Treasury Obligations — 8.3%** |
| U.S. Treasury Bonds |  |  |
| 1.13%, 8/15/2040 | 6836 | 4205 |
| 2.38%, 2/15/2042 | 1000 | 728 |
| 3.25%, 5/15/2042 | 845 | 699 |
| 3.38%, 8/15/2042 | 1415 | 1188 |
| 3.13%, 2/15/2043 | 3425 | 2754 |
| 3.88%, 2/15/2043 | 4045 | 3621 |
| 3.88%, 5/15/2043 | 3205 | 2863 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| 3.63%, 8/15/2043 | 740 | 637 |
| 4.13%, 8/15/2044 | 4910 | 4498 |
| 1.38%, 8/15/2050 | 7276 | 3587 |
| 1.63%, 11/15/2050 | 1102 | 581 |
| 2.25%, 2/15/2052 | 2609 | 1594 |
| 3.00%, 8/15/2052 | 3909 | 2822 |
| 3.63%, 2/15/2053 | 3125 | 2551 |
| 4.25%, 8/15/2054 | 1750 | 1598 |
| 4.50%, 11/15/2054 | 290 | 276 |
| U.S. Treasury Notes |  |  |
| 4.00%, 12/15/2025 (b) | 220 | 220 |
| 4.25%, 11/30/2026 (b) | 915 | 920 |
| 4.13%, 2/28/2027 | 3695 | 3714 |
| 3.75%, 4/30/2027 | 4800 | 4799 |
| 3.13%, 8/31/2027 | 1445 | 1427 |
| 3.88%, 12/31/2027 | 405 | 407 |
| 3.63%, 3/31/2028 | 4715 | 4707 |
| 1.88%, 2/28/2029 | 954 | 894 |
| 2.88%, 4/30/2029 | 6272 | 6081 |
| 3.13%, 8/31/2029 | 1600 | 1561 |
| 4.25%, 1/31/2030 | 6260 | 6384 |
| 3.63%, 3/31/2030 | 3930 | 3902 |
| 1.63%, 5/15/2031 | 4910 | 4330 |
| 1.38%, 11/15/2031 | 240 | 205 |
| 4.13%, 2/29/2032 | 17310 | 17468 |
| 3.50%, 2/15/2033 | 260 | 251 |
| 3.88%, 8/15/2033 | 5805 | 5717 |
| 4.00%, 2/15/2034 | 289 | 286 |
| 4.25%, 11/15/2034 | 21160 | 21229 |
| 4.63%, 2/15/2035 | 12745 | 13149 |
| U.S. Treasury STRIPS Bonds <br>1.18%, 5/15/2027 (c)<br>| 1035 | 965 |
| Total U.S. Treasury Obligations <br>(Cost $137,275)<br>|  | 132818 |
| **Corporate Bonds — 8.0%** | **Corporate Bonds — 8.0%** | **Corporate Bonds — 8.0%** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| Boeing Co. (The)  | Boeing Co. (The)  | Boeing Co. (The)  |
| 2.75%, 2/1/2026 | 21 | 21 |
| 2.20%, 2/4/2026 | 15 | 15 |
| 2.70%, 2/1/2027 | 1668 | 1621 |
| 3.45%, 11/1/2028 | 155 | 150 |
| 6.53%, 5/1/2034 | 165 | 179 |
| L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  |
| 5.25%, 6/1/2031 | 200 | 206 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 1

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Aerospace & Defense — continued** | **Aerospace & Defense — continued** | **Aerospace & Defense — continued** |
| 5.40%, 7/31/2033 | 186 | 191 |
| Northrop Grumman Corp.  | Northrop Grumman Corp.  | Northrop Grumman Corp.  |
| 5.15%, 5/1/2040 | 286 | 280 |
| 3.85%, 4/15/2045 | 289 | 228 |
| RTX Corp.  | RTX Corp.  | RTX Corp.  |
| 5.15%, 2/27/2033 | 138 | 141 |
| 3.75%, 11/1/2046 | 130 | 99 |
|  |  | 3131 |
| **Automobiles — 0.0% ^** | **Automobiles — 0.0% ^** | **Automobiles — 0.0% ^** |
| Hyundai Capital America  | Hyundai Capital America  | Hyundai Capital America  |
| 5.65%, 6/26/2026 (d) | 340 | 344 |
| 4.55%, 9/26/2029 (d) | 200 | 198 |
|  |  | 542 |
| **Banks — 2.4%** | **Banks — 2.4%** | **Banks — 2.4%** |
| ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.55%), 6.58%, <br> 10/13/2026 (d) (e)<br>| 200 | 201 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.65%), 6.34%, <br> 9/18/2027 (d) (e)<br>| 200 | 204 |
| AIB Group plc (Ireland) | AIB Group plc (Ireland) | AIB Group plc (Ireland) |
| (SOFR + 2.33%), 6.61%, 9/13/2029 (d) (e) | 200 | 212 |
| (SOFR + 1.65%), 5.32%, 5/15/2031 (d) (e) | 390 | 397 |
| (SOFR + 1.91%), 5.87%, 3/28/2035 (d) (e) | 250 | 258 |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.90%), 1.72%, <br> 9/14/2027 (e)<br>| 400 | 386 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.95%), 5.37%, <br> 7/15/2028 (e)<br>| 400 | 407 |
| 5.59%, 8/8/2028 | 200 | 207 |
| 5.44%, 7/15/2031 | 400 | 415 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| (SOFR + 1.01%), 1.20%, 10/24/2026 (e) | 199 | 197 |
| (SOFR + 1.05%), 2.55%, 2/4/2028 (e) | 80 | 78 |
| (SOFR + 1.58%), 4.38%, 4/27/2028 (e) | 105 | 105 |
| (SOFR + 1.63%), 5.20%, 4/25/2029 (e) | 450 | 460 |
| (SOFR + 1.57%), 5.82%, 9/15/2029 (e) | 470 | 490 |
| (SOFR + 1.33%), 2.97%, 2/4/2033 (e) | 500 | 448 |
| (SOFR + 1.84%), 5.87%, 9/15/2034 (e) | 260 | 274 |
| (SOFR + 1.65%), 5.47%, 1/23/2035 (e) | 455 | 467 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Bank of Ireland Group plc (Ireland) (US Treasury <br> Yield Curve Rate T Note Constant Maturity 1 Year <br> + 1.10%), 2.03%, 9/30/2027 (d) (e)<br>| 400 | 387 |
| Bank of Montreal (Canada) (SOFR + 1.25%), <br> 4.64%, 9/10/2030 (e)<br>| 142 | 143 |
| Bank of Nova Scotia (The) (Canada) 4.85%, <br> 2/1/2030<br>| 155 | 158 |
| Banque Federative du Credit Mutuel SA (France) <br> 5.54%, 1/22/2030 (d)<br>| 400 | 415 |
| Barclays plc (United Kingdom) | Barclays plc (United Kingdom) | Barclays plc (United Kingdom) |
| (SOFR + 1.23%), 5.37%, 2/25/2031 (e) | 500 | 511 |
| (SOFR + 2.98%), 6.22%, 5/9/2034 (e) | 400 | 425 |
| (SOFR + 1.59%), 5.79%, 2/25/2036 (e) | 400 | 409 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (SOFR + 1.52%), 5.18%, 1/9/2030 (d) (e) | 870 | 888 |
| (SOFR + 1.59%), 5.50%, 5/20/2030 (d) (e) | 800 | 821 |
| (SOFR + 1.28%), 5.28%, 11/19/2030 (d) (e) | 400 | 408 |
| (SOFR + 1.68%), 5.09%, 5/9/2031 (d) (e) | 600 | 606 |
| (SOFR + 1.62%), 5.79%, 1/13/2033 (d) (e) | 400 | 416 |
| BPCE SA (France) | BPCE SA (France) | BPCE SA (France) |
| (SOFR + 1.68%), 5.88%, 1/14/2031 (d) (e) | 250 | 259 |
| (SOFR + 1.58%), 5.39%, 5/28/2031 (d) (e) | 700 | 713 |
| (SOFR + 1.85%), 5.94%, 5/30/2035 (d) (e) | 500 | 512 |
| (SOFR + 2.04%), 6.29%, 1/14/2036 (d) (e) | 250 | 263 |
| (SOFR + 1.96%), 6.03%, 5/28/2036 (d) (e) | 545 | 561 |
| CaixaBank SA (Spain) | CaixaBank SA (Spain) | CaixaBank SA (Spain) |
| (SOFR + 2.08%), 6.68%, 9/13/2027 (d) (e) | 405 | 415 |
| (SOFR + 1.79%), 5.58%, 7/3/2036 (d) (e) | 395 | 399 |
| Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) |
| 5.26%, 4/8/2029 | 170 | 175 |
| (SOFR + 1.34%), 4.63%, 9/11/2030 (e) | 210 | 210 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| (3-MONTH CME TERM SOFR + 1.65%), 3.67%, <br> 7/24/2028 (e)<br>| 125 | 123 |
| (SOFR + 1.36%), 5.17%, 2/13/2030 (e) | 780 | 796 |
| (SOFR + 1.34%), 4.54%, 9/19/2030 (e) | 340 | 338 |
| (SOFR + 1.35%), 3.06%, 1/25/2033 (e) | 738 | 660 |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| (SOFR + 1.13%), 5.23%, 1/9/2029 (d) (e) | 500 | 508 |
| (SOFR + 1.69%), 5.34%, 1/10/2030 (d) (e) | 250 | 256 |
| (SOFR + 1.46%), 5.22%, 5/27/2031 (d) (e) | 280 | 285 |
| Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 4.61%, <br> 10/2/2030 (d) (e)<br>| 400 | 398 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

2 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.93%), 5.02%, <br> 3/4/2031 (d) (e)<br>| 400 | 405 |
| Federation des Caisses Desjardins du Quebec (Canada) | Federation des Caisses Desjardins du Quebec (Canada) | Federation des Caisses Desjardins du Quebec (Canada) |
| 5.70%, 3/14/2028 (d) | 200 | 207 |
| 5.25%, 4/26/2029 (d) | 497 | 510 |
| Fifth Third Bancorp (SOFR + 1.84%), 5.63%, <br> 1/29/2032 (e)<br>| 369 | 384 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (SOFR + 1.73%), 2.01%, 9/22/2028 (e) | 1245 | 1180 |
| (SOFR + 1.29%), 5.29%, 11/19/2030 (e) | 500 | 511 |
| Huntington Bancshares, Inc. (SOFR + 1.28%), <br> 5.27%, 1/15/2031 (e)<br>| 160 | 164 |
| KBC Group NV (Belgium) (US Treasury Yield Curve <br> Rate T Note Constant Maturity 1 Year + 1.07%), <br> 4.93%, 10/16/2030 (d) (e)<br>| 200 | 202 |
| KeyCorp (SOFRINDX + 1.23%), 5.12%, <br> 4/4/2031 (e)<br>| 785 | 794 |
| Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.85%), 1.63%, <br> 5/11/2027 (e)<br>| 400 | 390 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.75%), 5.68%, <br> 1/5/2035 (e)<br>| 200 | 205 |
| M&T Bank Corp. (SOFR + 1.40%), 5.18%, <br> 7/8/2031 (e)<br>| 360 | 366 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.75%), 1.54%, <br> 7/20/2027 (e)<br>| 270 | 262 |
| Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.08%), 5.38%, <br> 7/10/2030 (e)<br>| 450 | 463 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.92%), 4.71%, <br> 7/8/2031 (e) (f)<br>| 335 | 335 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.07%), 5.32%, <br> 7/8/2036 (e) (f)<br>| 565 | 566 |
| NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) |
| (3-MONTH SOFR + 1.75%), 4.89%, <br> 5/18/2029 (e)<br>| 200 | 202 |
| (3-MONTH SOFR + 1.87%), 4.45%, <br> 5/8/2030 (e)<br>| 315 | 313 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.22%), 4.96%, <br> 8/15/2030 (e)<br>| 558 | 564 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.05%), 5.11%, <br> 5/23/2031 (e)<br>| 200 | 203 |
| NatWest Markets plc (United Kingdom) 5.41%, <br> 5/17/2029 (d)<br>| 535 | 553 |
| PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  |
| (SOFR + 1.33%), 4.90%, 5/13/2031 (e) | 280 | 284 |
| (SOFR + 1.26%), 4.81%, 10/21/2032 (e) | 220 | 220 |
| (SOFR + 1.93%), 5.07%, 1/24/2034 (e) | 234 | 235 |
| Royal Bank of Canada (Canada) (SOFRINDX + <br> 1.08%), 4.65%, 10/18/2030 (e)<br>| 330 | 331 |
| Santander Holdings USA, Inc. (SOFR + 2.50%), <br> 6.17%, 1/9/2030 (e)<br>| 240 | 250 |
| Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.25%), 1.53%, <br> 8/21/2026 (e)<br>| 200 | 199 |
| (SOFR + 2.75%), 6.83%, 11/21/2026 (e) | 256 | 258 |
| (SOFR + 0.99%), 1.67%, 6/14/2027 (e) | 400 | 389 |
| (SOFR + 2.60%), 6.53%, 1/10/2029 (e) | 300 | 313 |
| (SOFRINDX + 1.52%), 5.69%, 4/15/2031 (e) | 200 | 206 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 1.49%, <br> 12/14/2026 (d) (e)<br>| 260 | 256 |
| 5.25%, 2/19/2027 (d) | 400 | 404 |
| (SOFR + 1.65%), 5.51%, 5/22/2031 (d) (e) | 440 | 449 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.30%), 2.89%, <br> 6/9/2032 (d) (e)<br>| 660 | 582 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.10%), 6.07%, <br> 1/19/2035 (d) (e)<br>| 414 | 426 |
| Standard Chartered plc (United Kingdom) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.20%), 7.02%, <br> 2/8/2030 (d) (e)<br>| 500 | 537 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 5.71%, 1/13/2030 | 235 | 247 |
| 5.24%, 4/15/2030 | 200 | 206 |
| 5.42%, 7/9/2031 | 550 | 571 |
| Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) |
| 5.52%, 7/17/2028 | 55 | 57 |
| 5.30%, 1/30/2032 | 230 | 236 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 3

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Truist Financial Corp.  | Truist Financial Corp.  | Truist Financial Corp.  |
| (SOFR + 2.05%), 6.05%, 6/8/2027 (e) | 65 | 66 |
| (SOFR + 2.45%), 7.16%, 10/30/2029 (e) | 255 | 276 |
| (SOFR + 1.31%), 5.07%, 5/20/2031 (e) | 695 | 706 |
| (SOFR + 1.85%), 5.12%, 1/26/2034 (e) | 45 | 45 |
| (SOFR + 1.92%), 5.71%, 1/24/2035 (e) | 144 | 149 |
| UniCredit SpA (Italy) (US Treasury Yield Curve Rate <br> T Note Constant Maturity 1 Year + 1.20%), <br> 1.98%, 6/3/2027 (d) (e)<br>| 200 | 195 |
| US Bancorp (SOFR + 1.30%), 5.08%, <br> 5/15/2031 (e)<br>| 280 | 286 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| 4.30%, 7/22/2027 | 580 | 580 |
| (SOFR + 1.37%), 4.97%, 4/23/2029 (e) | 110 | 112 |
| (SOFR + 1.74%), 5.57%, 7/25/2029 (e) | 270 | 279 |
| (SOFR + 1.79%), 6.30%, 10/23/2029 (e) | 165 | 174 |
| (SOFR + 1.50%), 5.20%, 1/23/2030 (e) | 155 | 159 |
| (SOFR + 1.99%), 5.56%, 7/25/2034 (e) | 90 | 93 |
| (SOFR + 1.78%), 5.50%, 1/23/2035 (e) | 800 | 820 |
| (SOFR + 1.38%), 5.21%, 12/3/2035 (e) | 625 | 627 |
| (SOFR + 2.53%), 3.07%, 4/30/2041 (e) | 53 | 40 |
| (SOFR + 2.13%), 4.61%, 4/25/2053 (e) | 310 | 264 |
| Westpac New Zealand Ltd. (New Zealand) 5.20%, <br> 2/28/2029 (d)<br>| 200 | 205 |
|  |  | 38175 |
| **Beverages — 0.0% ^** | **Beverages — 0.0% ^** | **Beverages — 0.0% ^** |
| Constellation Brands, Inc. 4.50%, 5/9/2047 | 310 | 257 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| AbbVie, Inc.  | AbbVie, Inc.  | AbbVie, Inc.  |
| 5.05%, 3/15/2034 | 20 | 20 |
| 4.05%, 11/21/2039 | 600 | 526 |
| 4.25%, 11/21/2049 | 255 | 210 |
| Amgen, Inc. 5.65%, 3/2/2053 | 635 | 620 |
| Biogen, Inc. 5.75%, 5/15/2035 | 195 | 201 |
| Gilead Sciences, Inc. 2.60%, 10/1/2040 | 625 | 449 |
|  |  | 2026 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| Amazon.com, Inc. 3.95%, 4/13/2052 | 190 | 150 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| Masco Corp. 2.00%, 10/1/2030 | 332 | 288 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — 0.5%** | **Capital Markets — 0.5%** | **Capital Markets — 0.5%** |
| Bank of New York Mellon Corp. (The) (SOFR + <br> 1.85%), 6.47%, 10/25/2034 (e)<br>| 170 | 187 |
| Brookfield Finance, Inc. (Canada) 3.50%, <br> 3/30/2051<br>| 414 | 281 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 1.22%), 2.31%, 11/16/2027 (e) | 494 | 479 |
| (SOFR + 1.21%), 5.37%, 1/10/2029 (e) | 490 | 498 |
| 5.41%, 5/10/2029 | 300 | 311 |
| (SOFR + 1.72%), 5.30%, 5/9/2031 (e) | 685 | 696 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| (SOFR + 1.11%), 2.64%, 2/24/2028 (e) | 627 | 609 |
| (SOFR + 1.77%), 6.48%, 10/24/2029 (e) | 230 | 244 |
| (SOFR + 1.21%), 5.05%, 7/23/2030 (e) | 550 | 559 |
| (SOFR + 1.14%), 4.69%, 10/23/2030 (e) | 190 | 190 |
| (SOFR + 1.58%), 5.22%, 4/23/2031 (e) | 48 | 49 |
| (SOFR + 1.55%), 5.33%, 7/23/2035 (e) | 1150 | 1160 |
| Macquarie Group Ltd. (Australia) (SOFR + 1.53%), <br> 2.87%, 1/14/2033 (d) (e)<br>| 300 | 262 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| (SOFR + 1.59%), 5.16%, 4/20/2029 (e) | 320 | 326 |
| (SOFR + 1.63%), 5.45%, 7/20/2029 (e) | 210 | 216 |
| (SOFR + 1.22%), 5.04%, 7/19/2030 (e) | 215 | 219 |
| (SOFR + 1.20%), 2.51%, 10/20/2032 (e) | 380 | 333 |
| (SOFR + 1.88%), 5.42%, 7/21/2034 (e) | 125 | 128 |
| (SOFR + 1.73%), 5.47%, 1/18/2035 (e) | 79 | 81 |
| (SOFR + 1.56%), 5.32%, 7/19/2035 (e) | 295 | 299 |
| Nasdaq, Inc. 5.55%, 2/15/2034 | 31 | 32 |
| Nomura Holdings, Inc. (Japan) 6.07%, 7/12/2028 | 200 | 209 |
| UBS Group AG (Switzerland) (USD SOFR ICE Swap <br> Rate 1 Year + 1.34%), 5.62%, <br> 9/13/2030 (d) (e)<br>| 500 | 519 |
|  |  | 7887 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| DuPont de Nemours, Inc.  | DuPont de Nemours, Inc.  | DuPont de Nemours, Inc.  |
| 5.32%, 11/15/2038 | 788 | 816 |
| 5.42%, 11/15/2048 | 260 | 262 |
| EIDP, Inc. 5.13%, 5/15/2032 | 375 | 382 |
|  |  | 1460 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) |
| 6.32%, 12/4/2028 (d) | 520 | 548 |
| 5.04%, 3/25/2030 (d) | 80 | 81 |
|  |  | 629 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

4 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** |
| AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) |
| 6.50%, 7/15/2025 | 150 | 150 |
| 2.45%, 10/29/2026 | 450 | 438 |
| 6.10%, 1/15/2027 | 150 | 153 |
| 5.10%, 1/19/2029 | 300 | 305 |
| 3.30%, 1/30/2032 | 300 | 272 |
| Aircastle Ltd. 5.25%, 3/15/2030 (d) | 300 | 302 |
| American Express Co. (SOFRINDX + 1.32%), <br> 5.44%, 1/30/2036 (e)<br>| 230 | 235 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 5.50%, 1/15/2026 (d) | 820 | 820 |
| 2.13%, 2/21/2026 (d) | 175 | 172 |
| 4.25%, 4/15/2026 (d) | 30 | 30 |
| 4.38%, 5/1/2026 (d) | 249 | 248 |
| 2.53%, 11/18/2027 (d) | 1299 | 1234 |
| 4.95%, 1/15/2028 (d) | 160 | 161 |
| 5.75%, 3/1/2029 (d) | 171 | 176 |
| 5.75%, 11/15/2029 (d) | 220 | 225 |
| 5.15%, 1/15/2030 (d) | 250 | 252 |
| Capital One Financial Corp.  | Capital One Financial Corp.  | Capital One Financial Corp.  |
| (SOFR + 1.91%), 5.70%, 2/1/2030 (e) | 170 | 176 |
| (SOFR + 1.27%), 2.62%, 11/2/2032 (e) | 260 | 227 |
| Hyundai Capital Services, Inc. (South Korea) 5.13%, <br> 2/5/2029 (d)<br>| 400 | 404 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) |
| 5.20%, 3/27/2028 (d) | 300 | 303 |
| 5.15%, 3/17/2030 (d) | 155 | 155 |
|  |  | 6438 |
| **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** |
| Kroger Co. (The)  | Kroger Co. (The)  | Kroger Co. (The)  |
| 5.00%, 9/15/2034 | 110 | 109 |
| 5.50%, 9/15/2054 | 80 | 76 |
|  |  | 185 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| Graphic Packaging International LLC 1.51%, <br> 4/15/2026 (d)<br>| 297 | 289 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| University of Miami Series 2022, 4.06%, 4/1/2052 | 110 | 86 |
| **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** |
| Safehold GL Holdings LLC 2.85%, 1/15/2032 | 445 | 387 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Diversified REITs — continued** | **Diversified REITs — continued** | **Diversified REITs — continued** |
| WP Carey, Inc.  | WP Carey, Inc.  | WP Carey, Inc.  |
| 2.40%, 2/1/2031 | 219 | 193 |
| 2.25%, 4/1/2033 | 10 | 8 |
|  |  | 588 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  |
| 5.40%, 2/15/2034 | 50 | 51 |
| 3.50%, 6/1/2041 | 745 | 585 |
| 3.55%, 9/15/2055 | 152 | 103 |
| Sprint Capital Corp. 6.88%, 11/15/2028 | 95 | 102 |
| Verizon Communications, Inc.  | Verizon Communications, Inc.  | Verizon Communications, Inc.  |
| 5.05%, 5/9/2033 | 145 | 147 |
| 2.65%, 11/20/2040 | 264 | 186 |
|  |  | 1174 |
| **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |
| Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  |
| 5.40%, 6/1/2053 | 110 | 105 |
| 5.65%, 6/1/2054 | 60 | 59 |
| Consumers 2023 Securitization Funding LLC Series <br> A2, 5.21%, 9/1/2030<br>| 697 | 715 |
| DTE Electric Co. Series B, 3.25%, 4/1/2051 | 400 | 273 |
| Duke Energy Corp. 6.10%, 9/15/2053 | 210 | 214 |
| Duke Energy Florida LLC 5.95%, 11/15/2052 | 82 | 84 |
| Duke Energy Indiana LLC Series YYY, 3.25%, <br> 10/1/2049<br>| 140 | 95 |
| Edison International  | Edison International  | Edison International  |
| 5.75%, 6/15/2027 | 265 | 267 |
| 5.25%, 11/15/2028 | 500 | 495 |
| 5.45%, 6/15/2029 | 385 | 381 |
| Electricite de France SA (France) 5.95%, <br> 4/22/2034 (d)<br>| 200 | 208 |
| Emera US Finance LP (Canada) 4.75%, 6/15/2046 | 289 | 240 |
| Entergy Arkansas LLC 2.65%, 6/15/2051 | 108 | 63 |
| Entergy Louisiana LLC  | Entergy Louisiana LLC  | Entergy Louisiana LLC  |
| 4.00%, 3/15/2033 | 217 | 205 |
| 2.90%, 3/15/2051 | 80 | 49 |
| Entergy Mississippi LLC 5.00%, 9/1/2033 | 130 | 130 |
| Evergy Metro, Inc. 4.95%, 4/15/2033 | 114 | 114 |
| Evergy Missouri West Storm Funding I LLC Series <br> A-1, 5.10%, 12/1/2038<br>| 489 | 489 |
| Evergy Missouri West, Inc. 5.15%, 12/15/2027 (d) | 95 | 97 |
| Evergy, Inc. 2.90%, 9/15/2029 | 569 | 534 |
| Eversource Energy 3.38%, 3/1/2032 | 85 | 77 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 5

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Fells Point Funding Trust 3.05%, 1/31/2027 (d) | 810 | 792 |
| FirstEnergy Transmission LLC 4.55%, 4/1/2049 (d) | 259 | 220 |
| Fortis, Inc. (Canada) 3.06%, 10/4/2026 | 75 | 74 |
| Interstate Power and Light Co.  | Interstate Power and Light Co.  | Interstate Power and Light Co.  |
| 4.95%, 9/30/2034 | 50 | 49 |
| 5.45%, 9/30/2054 | 55 | 53 |
| ITC Holdings Corp.  | ITC Holdings Corp.  | ITC Holdings Corp.  |
| 2.95%, 5/14/2030 (d) | 179 | 167 |
| 5.40%, 6/1/2033 (d) | 430 | 435 |
| Jersey Central Power & Light Co.  | Jersey Central Power & Light Co.  | Jersey Central Power & Light Co.  |
| 4.30%, 1/15/2026 (d) | 78 | 78 |
| 5.10%, 1/15/2035 | 80 | 80 |
| Massachusetts Electric Co. 4.00%, 8/15/2046 (d) | 132 | 104 |
| MidAmerican Energy Co. 5.85%, 9/15/2054 | 50 | 51 |
| Monongahela Power Co. 5.85%, 2/15/2034 (d) | 40 | 42 |
| Nevada Power Co. 6.00%, 3/15/2054 | 40 | 41 |
| New England Power Co. (United Kingdom) 2.81%, <br> 10/6/2050 (d)<br>| 364 | 221 |
| NextEra Energy Capital Holdings, Inc. 5.55%, <br> 3/15/2054<br>| 360 | 346 |
| Niagara Mohawk Power Corp. 6.00%, 7/3/2055 (d) | 20 | 20 |
| Northern States Power Co. 5.10%, 5/15/2053 | 130 | 120 |
| NRG Energy, Inc.  | NRG Energy, Inc.  | NRG Energy, Inc.  |
| 2.00%, 12/2/2025 (d) | 130 | 128 |
| 2.45%, 12/2/2027 (d) | 470 | 446 |
| Ohio Power Co. 5.00%, 6/1/2033 | 95 | 95 |
| Oklahoma Gas and Electric Co. 5.60%, 4/1/2053 | 96 | 94 |
| Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  |
| 3.45%, 7/1/2025 | 75 | 75 |
| 2.95%, 3/1/2026 | 401 | 396 |
| 6.15%, 1/15/2033 | 200 | 206 |
| 6.40%, 6/15/2033 | 208 | 217 |
| 5.80%, 5/15/2034 | 390 | 390 |
| 6.00%, 8/15/2035 | 620 | 627 |
| 3.75%, 8/15/2042 (g) | 112 | 80 |
| 4.30%, 3/15/2045 | 90 | 68 |
| 6.75%, 1/15/2053 | 45 | 45 |
| 5.90%, 10/1/2054 | 50 | 45 |
| PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  |
| Series A-2, 5.23%, 6/1/2042 | 2085 | 2067 |
| Series A-3, 5.54%, 7/15/2047 | 230 | 223 |
| Series A-3, 5.53%, 6/1/2049 | 290 | 285 |
| PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  |
| Series A-2, 4.26%, 6/1/2036 | 135 | 127 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Series A-5, 5.10%, 6/1/2052 | 125 | 115 |
| PNM Energy Transition Bond Co. I LLC Series A-2, <br> 6.03%, 8/15/2048<br>| 190 | 196 |
| PPL Capital Funding, Inc. 5.25%, 9/1/2034 | 145 | 146 |
| Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  |
| 5.25%, 1/15/2033 | 80 | 81 |
| 5.20%, 1/15/2035 | 60 | 60 |
| SCE Recovery Funding LLC Series A-1, 4.70%, <br> 6/15/2040<br>| 158 | 153 |
| Sierra Pacific Power Co. 5.90%, 3/15/2054 | 70 | 70 |
| Sigeco Securitization I LLC Series A1, 5.03%, <br> 11/15/2036<br>| 143 | 144 |
| Southern California Edison Co.  | Southern California Edison Co.  | Southern California Edison Co.  |
| Series 20C, 1.20%, 2/1/2026 | 77 | 75 |
| 5.45%, 6/1/2031 | 150 | 153 |
| Series C, 4.13%, 3/1/2048 | 175 | 127 |
| 5.88%, 12/1/2053 | 106 | 97 |
| 5.90%, 3/1/2055 | 90 | 82 |
| Southern Co. (The) 5.20%, 6/15/2033 | 163 | 166 |
| Union Electric Co.  | Union Electric Co.  | Union Electric Co.  |
| 5.20%, 4/1/2034 | 130 | 132 |
| 3.90%, 4/1/2052 | 192 | 146 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| 6.00%, 4/15/2034 (d) | 77 | 80 |
| 5.70%, 12/30/2034 (d) | 85 | 87 |
|  |  | 15511 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  |
| 3.70%, 4/14/2027 | 124 | 123 |
| 4.00%, 4/14/2032 | 900 | 852 |
|  |  | 975 |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** |
| Corebridge Financial, Inc. 3.85%, 4/5/2029 | 115 | 113 |
| Fiserv, Inc. 5.15%, 8/12/2034 | 250 | 251 |
| Global Payments, Inc.  | Global Payments, Inc.  | Global Payments, Inc.  |
| 3.20%, 8/15/2029 | 436 | 412 |
| 5.30%, 8/15/2029 | 42 | 43 |
| Nationwide Building Society (United Kingdom) <br> 5.13%, 7/29/2029 (d)<br>| 516 | 528 |
| Shell International Finance BV 3.13%, 11/7/2049 | 291 | 195 |
|  |  | 1542 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

6 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  |
| 2.75%, 5/14/2031 | 138 | 125 |
| 4.65%, 9/17/2034 | 250 | 243 |
| J M Smucker Co. (The)  | J M Smucker Co. (The)  | J M Smucker Co. (The)  |
| 6.20%, 11/15/2033 | 40 | 43 |
| 6.50%, 11/15/2053 | 35 | 37 |
| JBS USA Holding Lux Sarl  | JBS USA Holding Lux Sarl  | JBS USA Holding Lux Sarl  |
| 6.75%, 3/15/2034 | 233 | 254 |
| 5.50%, 1/15/2036 (d) (f) | 360 | 360 |
| 6.38%, 4/15/2066 (d) (f) | 410 | 413 |
| JBS USA Holding Lux SARL 3.75%, 12/1/2031 | 225 | 209 |
| JBS USA LUX Sarl 5.95%, 4/20/2035 (d) | 90 | 93 |
| Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  |
| 4.63%, 10/1/2039 | 240 | 215 |
| 4.38%, 6/1/2046 | 133 | 108 |
| Mars, Inc.  | Mars, Inc.  | Mars, Inc.  |
| 5.00%, 3/1/2032 (d) | 200 | 203 |
| 5.65%, 5/1/2045 (d) | 375 | 376 |
| Tyson Foods, Inc. 5.70%, 3/15/2034 | 160 | 166 |
|  |  | 2845 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| Atmos Energy Corp. 2.85%, 2/15/2052 | 260 | 161 |
| CenterPoint Energy Resources Corp. 1.75%, <br> 10/1/2030<br>| 176 | 153 |
| Southern California Gas Co. 6.35%, 11/15/2052 | 125 | 134 |
|  |  | 448 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| Burlington Northern Santa Fe LLC 5.50%, <br> 3/15/2055<br>| 60 | 59 |
| Canadian Pacific Railway Co. (Canada) 4.70%, <br> 5/1/2048<br>| 215 | 190 |
| CSX Corp. 3.80%, 11/1/2046 | 284 | 220 |
| ERAC USA Finance LLC 5.20%, 10/30/2034 (d) | 70 | 71 |
| Norfolk Southern Corp. 3.05%, 5/15/2050 | 277 | 182 |
| Penske Truck Leasing Co. LP 6.05%, 8/1/2028 (d) | 90 | 94 |
| Triton Container International Ltd. (Bermuda) <br> 2.05%, 4/15/2026 (d)<br>| 600 | 586 |
| Uber Technologies, Inc. 4.80%, 9/15/2034 | 130 | 128 |
| Union Pacific Corp. 3.55%, 8/15/2039 | 391 | 327 |
|  |  | 1857 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| Boston Scientific Corp. 4.55%, 3/1/2039 | 90 | 85 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| DH Europe Finance II SARL 3.25%, 11/15/2039 | 149 | 120 |
| Solventum Corp. 5.60%, 3/23/2034 | 283 | 291 |
|  |  | 496 |
| **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** |
| AHS Hospital Corp. 5.02%, 7/1/2045 | 50 | 46 |
| Banner Health 1.90%, 1/1/2031 | 346 | 303 |
| Cencora, Inc.  | Cencora, Inc.  | Cencora, Inc.  |
| 5.13%, 2/15/2034 | 620 | 625 |
| 4.25%, 3/1/2045 | 300 | 246 |
| Children's Hospital of Philadelphia (The) Series <br> 2020, 2.70%, 7/1/2050<br>| 185 | 113 |
| Cigna Group (The) 5.13%, 5/15/2031 | 500 | 514 |
| CommonSpirit Health  | CommonSpirit Health  | CommonSpirit Health  |
| 1.55%, 10/1/2025 | 95 | 94 |
| 2.78%, 10/1/2030 | 215 | 197 |
| 3.91%, 10/1/2050 | 90 | 67 |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| 3.63%, 3/15/2032 | 89 | 82 |
| 5.60%, 4/1/2034 | 150 | 154 |
| 5.45%, 9/15/2034 | 225 | 227 |
| 5.75%, 3/1/2035 | 211 | 217 |
| 5.50%, 6/15/2047 | 150 | 139 |
| 3.50%, 7/15/2051 | 135 | 89 |
| 5.95%, 9/15/2054 | 100 | 97 |
| 6.10%, 4/1/2064 | 285 | 278 |
| MedStar Health, Inc. Series 20A, 3.63%, <br> 8/15/2049<br>| 200 | 142 |
| MyMichigan Health Series 2020, 3.41%, 6/1/2050 | 55 | 39 |
| PeaceHealth Obligated Group Series 2020, 3.22%, <br> 11/15/2050<br>| 190 | 118 |
| Piedmont Healthcare, Inc. 2.86%, 1/1/2052 | 250 | 152 |
| UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  |
| 5.70%, 10/15/2040 | 300 | 306 |
| 5.88%, 2/15/2053 | 105 | 105 |
| West Virginia United Health System Obligated Group <br> Series 2020, 3.13%, 6/1/2050<br>| 460 | 289 |
|  |  | 4639 |
| **Health Care REITs — 0.0% ^** | **Health Care REITs — 0.0% ^** | **Health Care REITs — 0.0% ^** |
| DOC DR LLC 2.63%, 11/1/2031 | 145 | 128 |
| Healthpeak OP LLC 2.13%, 12/1/2028 | 121 | 112 |
|  |  | 240 |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| Starbucks Corp. 3.35%, 3/12/2050 | 291 | 196 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 7

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** |
| AES Corp. (The) 5.80%, 3/15/2032 | 260 | 264 |
| Constellation Energy Generation LLC 5.80%, <br> 3/1/2033<br>| 39 | 41 |
| Southern Power Co. 5.15%, 9/15/2041 | 320 | 303 |
|  |  | 608 |
| **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** |
| Honeywell International, Inc. 5.25%, 3/1/2054 | 230 | 218 |
| **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** |
| Goodman US Finance Six LLC (Australia) 5.13%, <br> 10/7/2034 (d)<br>| 120 | 120 |
| Prologis LP 5.25%, 3/15/2054 | 284 | 266 |
|  |  | 386 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| Arthur J Gallagher & Co. 5.75%, 7/15/2054 | 380 | 373 |
| Berkshire Hathaway Finance Corp. 3.85%, <br> 3/15/2052<br>| 185 | 143 |
| Brown & Brown, Inc.  | Brown & Brown, Inc.  | Brown & Brown, Inc.  |
| 2.38%, 3/15/2031 | 554 | 488 |
| 6.25%, 6/23/2055 | 315 | 325 |
| CNO Global Funding 5.88%, 6/4/2027 (d) | 250 | 257 |
| Corebridge Global Funding 5.90%, 9/19/2028 (d) | 70 | 73 |
| Empower Finance 2020 LP (Canada) 3.08%, <br> 9/17/2051 (d)<br>| 421 | 267 |
| F&G Annuities & Life, Inc. 6.50%, 6/4/2029 | 110 | 113 |
| F&G Global Funding 5.88%, 6/10/2027 (d) | 300 | 307 |
| Mutual of Omaha Cos. Global Funding 5.80%, <br> 7/27/2026 (d)<br>| 100 | 102 |
| Nationwide Mutual Insurance Co. 8.25%, <br> 12/1/2031 (d)<br>| 400 | 461 |
| New York Life Insurance Co. 3.75%, 5/15/2050 (d) | 596 | 440 |
| Northwestern Mutual Global Funding  | Northwestern Mutual Global Funding  | Northwestern Mutual Global Funding  |
| 1.70%, 6/1/2028 (d) | 225 | 210 |
| 5.16%, 5/28/2031 (d) | 470 | 482 |
| Principal Financial Group, Inc. 4.11%, <br> 2/15/2028 (d)<br>| 100 | 99 |
| Teachers Insurance & Annuity Association of America  | Teachers Insurance & Annuity Association of America  | Teachers Insurance & Annuity Association of America  |
| 4.27%, 5/15/2047 (d) | 40 | 32 |
| 3.30%, 5/15/2050 (d) | 562 | 376 |
|  |  | 4548 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** |
| Meta Platforms, Inc.  | Meta Platforms, Inc.  | Meta Platforms, Inc.  |
| 5.60%, 5/15/2053 | 220 | 220 |
| 5.40%, 8/15/2054 | 165 | 161 |
|  |  | 381 |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| Accenture Capital, Inc. 4.50%, 10/4/2034 | 75 | 73 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| Otis Worldwide Corp. 3.11%, 2/15/2040 | 215 | 165 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Charter Communications Operating LLC  | Charter Communications Operating LLC  | Charter Communications Operating LLC  |
| 2.80%, 4/1/2031 | 54 | 48 |
| 3.50%, 6/1/2041 | 50 | 36 |
| 3.50%, 3/1/2042 | 30 | 21 |
| 3.70%, 4/1/2051 | 577 | 384 |
| Comcast Corp.  | Comcast Corp.  | Comcast Corp.  |
| 3.25%, 11/1/2039 | 481 | 377 |
| 2.80%, 1/15/2051 | 376 | 226 |
| 5.35%, 5/15/2053 | 630 | 584 |
|  |  | 1676 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| BHP Billiton Finance USA Ltd. (Australia) 5.13%, <br> 2/21/2032<br>| 180 | 184 |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| 5.40%, 5/8/2028 (d) | 100 | 102 |
| 2.50%, 9/1/2030 (d) | 473 | 426 |
| 5.63%, 4/4/2034 (d) | 190 | 194 |
| Steel Dynamics, Inc. 5.38%, 8/15/2034 | 300 | 305 |
|  |  | 1211 |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| Berkshire Hathaway Energy Co. 2.85%, 5/15/2051 | 262 | 160 |
| Consolidated Edison Co. of New York, Inc. 3.20%, <br> 12/1/2051<br>| 70 | 46 |
| Consumers Energy Co. 3.25%, 8/15/2046 | 34 | 25 |
| DTE Energy Co.  | DTE Energy Co.  | DTE Energy Co.  |
| 4.88%, 6/1/2028 | 100 | 102 |
| 5.10%, 3/1/2029 | 200 | 204 |
| Engie SA (France) 5.63%, 4/10/2034 (d) | 245 | 252 |
| Public Service Enterprise Group, Inc. 5.45%, <br> 4/1/2034<br>| 70 | 72 |
| Puget Energy, Inc. 5.73%, 3/15/2035 (d) | 110 | 111 |
| Southern Co. Gas Capital Corp. 5.75%, 9/15/2033 | 50 | 52 |
|  |  | 1024 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

8 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** |
| COPT Defense Properties LP 2.75%, 4/15/2031 | 338 | 299 |
| **Oil, Gas & Consumable Fuels — 0.6%** | **Oil, Gas & Consumable Fuels — 0.6%** | **Oil, Gas & Consumable Fuels — 0.6%** |
| Aker BP ASA (Norway) 5.13%, 10/1/2034 (d) | 150 | 144 |
| APA Infrastructure Ltd. (Australia) 5.13%, <br> 9/16/2034 (d)<br>| 358 | 351 |
| BP Capital Markets America, Inc. 2.77%, <br> 11/10/2050<br>| 264 | 161 |
| Cheniere Energy Partners LP 5.55%, <br> 10/30/2035 (d) (f)<br>| 125 | 126 |
| Cheniere Energy, Inc. 5.65%, 4/15/2034 | 130 | 133 |
| Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  |
| 5.10%, 10/1/2031 (d) | 87 | 87 |
| 5.68%, 1/15/2034 (d) | 131 | 133 |
| Columbia Pipelines Operating Co. LLC  | Columbia Pipelines Operating Co. LLC  | Columbia Pipelines Operating Co. LLC  |
| 5.44%, 2/15/2035 (d) | 445 | 448 |
| 5.96%, 2/15/2055 (d) | 305 | 292 |
| ConocoPhillips Co. 5.50%, 1/15/2055 | 270 | 256 |
| Coterra Energy, Inc.  | Coterra Energy, Inc.  | Coterra Energy, Inc.  |
| 3.90%, 5/15/2027 | 190 | 188 |
| 5.40%, 2/15/2035 | 220 | 218 |
| Devon Energy Corp. 5.75%, 9/15/2054 | 240 | 216 |
| Eastern Energy Gas Holdings LLC 6.20%, <br> 1/15/2055<br>| 120 | 124 |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| 5.70%, 3/8/2033 | 60 | 62 |
| 5.63%, 4/5/2034 | 330 | 339 |
| Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
| 5.25%, 7/1/2029 | 150 | 154 |
| 5.00%, 5/15/2044 (g) | 630 | 543 |
| Enterprise Products Operating LLC  | Enterprise Products Operating LLC  | Enterprise Products Operating LLC  |
| 4.95%, 2/15/2035 | 180 | 179 |
| 4.45%, 2/15/2043 | 100 | 87 |
| Exxon Mobil Corp. 3.00%, 8/16/2039 | 858 | 668 |
| Flex Intermediate Holdco LLC 4.32%, <br> 12/30/2039 (d)<br>| 155 | 122 |
| Galaxy Pipeline Assets Bidco Ltd. (United Arab <br> Emirates) 2.94%, 9/30/2040 (d)<br>| 176 | 145 |
| Gray Oak Pipeline LLC  | Gray Oak Pipeline LLC  | Gray Oak Pipeline LLC  |
| 2.60%, 10/15/2025 (d) | 700 | 695 |
| 3.45%, 10/15/2027 (d) | 389 | 381 |
| Kinder Morgan, Inc. 7.80%, 8/1/2031 | 330 | 380 |
| MPLX LP  | MPLX LP  | MPLX LP  |
| 5.50%, 6/1/2034 | 290 | 291 |
| 4.50%, 4/15/2038 | 291 | 257 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| 5.95%, 4/1/2055 | 50 | 48 |
| NGPL PipeCo LLC 3.25%, 7/15/2031 (d) | 235 | 209 |
| Northern Natural Gas Co. 5.63%, 2/1/2054 (d) | 40 | 38 |
| Occidental Petroleum Corp.  | Occidental Petroleum Corp.  | Occidental Petroleum Corp.  |
| 5.20%, 8/1/2029 | 100 | 100 |
| 5.38%, 1/1/2032 | 55 | 55 |
| ONEOK, Inc. 4.75%, 10/15/2031 | 415 | 411 |
| Plains All American Pipeline LP 5.95%, 6/15/2035 | 105 | 108 |
| South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) |
| 4.91%, 9/1/2027 (d) | 75 | 76 |
| 5.03%, 10/1/2029 (d) | 80 | 80 |
| Targa Resources Corp. 4.90%, 9/15/2030 | 372 | 375 |
| TotalEnergies Capital International SA (France) <br> 2.99%, 6/29/2041<br>| 569 | 419 |
| TransCanada PipeLines Ltd. (Canada) 5.85%, <br> 3/15/2036<br>| 450 | 464 |
| Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  |
| 5.60%, 3/15/2035 | 165 | 170 |
| 6.00%, 3/15/2055 | 45 | 45 |
|  |  | 9778 |
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| United Airlines Pass-Through Trust Series 2016-2, <br> Class A Shares, 3.10%, 10/7/2028<br>| 206 | 192 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| Haleon US Capital LLC  | Haleon US Capital LLC  | Haleon US Capital LLC  |
| 3.38%, 3/24/2029 | 250 | 242 |
| 4.00%, 3/24/2052 | 250 | 193 |
| Kenvue, Inc. 5.20%, 3/22/2063 | 80 | 74 |
|  |  | 509 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| AstraZeneca plc (United Kingdom) 6.45%, <br> 9/15/2037<br>| 65 | 73 |
| Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  |
| 4.13%, 6/15/2039 | 315 | 280 |
| 3.70%, 3/15/2052 | 130 | 95 |
| 5.55%, 2/22/2054 | 20 | 20 |
| 5.65%, 2/22/2064 | 90 | 87 |
| Eli Lilly & Co. 5.00%, 2/9/2054 | 440 | 411 |
| Merck & Co., Inc.  | Merck & Co., Inc.  | Merck & Co., Inc.  |
| 2.35%, 6/24/2040 | 133 | 93 |
| 4.00%, 3/7/2049 | 20 | 16 |
| 2.90%, 12/10/2061 | 15 | 9 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 9

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| Pfizer Investment Enterprises Pte. Ltd. 5.30%, <br> 5/19/2053<br>| 340 | 321 |
| Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) |
| 3.03%, 7/9/2040 | 700 | 523 |
| 3.18%, 7/9/2050 | 600 | 393 |
| Zoetis, Inc. 5.60%, 11/16/2032 | 170 | 180 |
|  |  | 2501 |
| **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** |
| Verisk Analytics, Inc. 5.75%, 4/1/2033 | 60 | 63 |
| **Residential REITs — 0.0% ^** | **Residential REITs — 0.0% ^** | **Residential REITs — 0.0% ^** |
| Essex Portfolio LP 5.50%, 4/1/2034 | 90 | 92 |
| UDR, Inc. 2.10%, 8/1/2032 | 547 | 453 |
|  |  | 545 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| Brixmor Operating Partnership LP  | Brixmor Operating Partnership LP  | Brixmor Operating Partnership LP  |
| 2.25%, 4/1/2028 | 210 | 199 |
| 2.50%, 8/16/2031 | 120 | 105 |
| NNN REIT, Inc.  | NNN REIT, Inc.  | NNN REIT, Inc.  |
| 5.60%, 10/15/2033 | 50 | 52 |
| 5.50%, 6/15/2034 | 130 | 133 |
| Scentre Group Trust 1 (Australia) 3.63%, <br> 1/28/2026 (d)<br>| 272 | 270 |
|  |  | 759 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
| 1.95%, 2/15/2028 (d) | 210 | 198 |
| 5.15%, 11/15/2031 | 190 | 196 |
| 4.55%, 2/15/2032 | 216 | 214 |
| 3.19%, 11/15/2036 (d) | 146 | 121 |
| Intel Corp.  | Intel Corp.  | Intel Corp.  |
| 3.73%, 12/8/2047 | 70 | 49 |
| 3.25%, 11/15/2049 | 115 | 73 |
| 3.05%, 8/12/2051 | 115 | 68 |
| 5.70%, 2/10/2053 | 142 | 132 |
| KLA Corp. 3.30%, 3/1/2050 | 414 | 287 |
| Marvell Technology, Inc. 5.45%, 7/15/2035 | 350 | 352 |
| NXP BV (Netherlands) | NXP BV (Netherlands) | NXP BV (Netherlands) |
| 5.00%, 1/15/2033 | 50 | 50 |
| 3.25%, 5/11/2041 | 400 | 292 |
| Texas Instruments, Inc. 5.05%, 5/18/2063 | 459 | 421 |
|  |  | 2453 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Cadence Design Systems, Inc. 4.70%, 9/10/2034 | 325 | 321 |
| Intuit, Inc. 5.50%, 9/15/2053 | 30 | 30 |
| Oracle Corp.  | Oracle Corp.  | Oracle Corp.  |
| 3.80%, 11/15/2037 | 589 | 504 |
| 3.65%, 3/25/2041 | 650 | 512 |
| 3.60%, 4/1/2050 | 150 | 105 |
| Synopsys, Inc.  | Synopsys, Inc.  | Synopsys, Inc.  |
| 5.00%, 4/1/2032 | 300 | 304 |
| 5.70%, 4/1/2055 | 230 | 229 |
| VMware LLC  | VMware LLC  | VMware LLC  |
| 1.40%, 8/15/2026 | 154 | 149 |
| 4.70%, 5/15/2030 | 143 | 143 |
|  |  | 2297 |
| **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
| American Tower Corp.  | American Tower Corp.  | American Tower Corp.  |
| 5.20%, 2/15/2029 | 180 | 184 |
| 1.88%, 10/15/2030 | 1349 | 1173 |
| Crown Castle, Inc. 5.80%, 3/1/2034 | 115 | 119 |
| Equinix, Inc. 2.90%, 11/18/2026 | 122 | 119 |
|  |  | 1595 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| AutoZone, Inc. 5.40%, 7/15/2034 | 200 | 205 |
| Home Depot, Inc. (The) 3.63%, 4/15/2052 | 170 | 124 |
|  |  | 329 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| Apple, Inc.  | Apple, Inc.  | Apple, Inc.  |
| 3.45%, 2/9/2045 | 160 | 125 |
| 2.70%, 8/5/2051 | 120 | 75 |
| Dell International LLC 5.30%, 4/1/2032 | 510 | 521 |
| Hewlett Packard Enterprise Co. 5.00%, <br> 10/15/2034<br>| 400 | 388 |
|  |  | 1109 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| Altria Group, Inc. 2.45%, 2/4/2032 | 145 | 125 |
| BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |
| 2.26%, 3/25/2028 | 554 | 524 |
| 4.39%, 8/15/2037 | 315 | 282 |
|  |  | 931 |
| **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** |
| Aviation Capital Group LLC 5.13%, 4/10/2030 (d) | 180 | 182 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

10 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** |
| American Water Capital Corp. 5.45%, 3/1/2054 | 200 | 193 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
| 2.55%, 2/15/2031 | 250 | 224 |
| 3.40%, 10/15/2052 | 350 | 234 |
| Vodafone Group plc (United Kingdom) 5.75%, <br> 6/28/2054<br>| 250 | 239 |
|  |  | 697 |
| Total Corporate Bonds <br>(Cost $133,667)<br>|  | 126776 |
| **Mortgage-Backed Securities — 7.6%** | **Mortgage-Backed Securities — 7.6%** | **Mortgage-Backed Securities — 7.6%** |
| FHLMC Gold Pools, Other  |  |  |
| Pool # WN1157, 1.80%, 11/1/2028 | 1075 | 997 |
| Pool # WA1626, 3.45%, 8/1/2032 | 1048 | 989 |
| Pool # WN3225, 3.80%, 10/1/2034 | 690 | 645 |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # ZL3032, 3.50%, 5/1/2042 | 582 | 546 |
| Pool # QA5290, 2.50%, 12/1/2049 | 481 | 404 |
| Pool # QA9530, 2.50%, 5/1/2050 | 160 | 135 |
| Pool # QB2668, 2.50%, 8/1/2050 | 230 | 194 |
| Pool # QB4026, 2.50%, 10/1/2050 | 1617 | 1365 |
| Pool # QB4045, 2.50%, 10/1/2050 | 292 | 247 |
| Pool # QB4484, 2.50%, 10/1/2050 | 705 | 596 |
| Pool # QB4542, 2.50%, 10/1/2050 | 715 | 605 |
| Pool # QB8503, 2.50%, 2/1/2051 | 902 | 754 |
| Pool # SD4767, 2.50%, 2/1/2051 | 980 | 823 |
| Pool # QC9443, 2.50%, 10/1/2051 | 532 | 446 |
| Pool # RA6132, 2.50%, 10/1/2051 | 518 | 432 |
| Pool # SD0781, 3.00%, 11/1/2051 | 1286 | 1120 |
| Pool # QD5778, 3.00%, 1/1/2052 | 241 | 211 |
| Pool # SD5768, 3.00%, 1/1/2052 | 1722 | 1504 |
| Pool # QD7596, 2.50%, 2/1/2052 | 695 | 583 |
| Pool # RA6808, 3.00%, 2/1/2052 | 328 | 287 |
| Pool # SD3952, 2.50%, 3/1/2052 | 1057 | 888 |
| Pool # QE1637, 4.00%, 5/1/2052 | 258 | 242 |
| Pool # QE1832, 4.50%, 5/1/2052 | 320 | 312 |
| Pool # SD4119, 3.00%, 8/1/2052 | 268 | 235 |
| Pool # QH9763, 6.00%, 1/1/2054 | 349 | 357 |
| Pool # QH9845, 6.00%, 2/1/2054 | 830 | 851 |
| Pool # SD7018, 4.50%, 3/1/2054 | 1295 | 1249 |
| Pool # QJ5547, 5.50%, 9/1/2054 | 764 | 774 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # CB3874, 3.00%, 6/1/2047 | 787 | 688 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # CA2826, 5.50%, 12/1/2048 | 841 | 854 |
| Pool # BK2113, 2.50%, 3/1/2050 | 149 | 125 |
| Pool # CA5658, 2.50%, 5/1/2050 | 49 | 41 |
| Pool # FM3118, 3.00%, 5/1/2050 | 439 | 389 |
| Pool # BP8608, 2.50%, 6/1/2050 | 100 | 84 |
| Pool # BP9250, 2.50%, 7/1/2050 | 1071 | 903 |
| Pool # CA6635, 2.50%, 8/1/2050 | 162 | 137 |
| Pool # FP0059, 2.50%, 8/1/2050 | 330 | 275 |
| Pool # BP6749, 2.50%, 9/1/2050 | 1023 | 857 |
| Pool # BQ2894, 3.00%, 9/1/2050 | 805 | 708 |
| Pool # BQ3996, 2.50%, 10/1/2050 | 692 | 584 |
| Pool # BQ5243, 3.50%, 10/1/2050 | 266 | 243 |
| Pool # CA7398, 3.50%, 10/1/2050 | 928 | 846 |
| Pool # BP7667, 2.50%, 12/1/2050 | 244 | 206 |
| Pool # CA8637, 4.00%, 1/1/2051 | 1732 | 1634 |
| Pool # CB0189, 3.00%, 4/1/2051 | 227 | 198 |
| Pool # CB0458, 2.50%, 5/1/2051 | 397 | 332 |
| Pool # FS7655, 2.50%, 5/1/2051 | 961 | 805 |
| Pool # FM7531, 3.00%, 5/1/2051 | 483 | 422 |
| Pool # FM7916, 2.50%, 6/1/2051 | 345 | 290 |
| Pool # FM7957, 2.50%, 7/1/2051 | 2127 | 1788 |
| Pool # CB1301, 2.50%, 8/1/2051 | 558 | 469 |
| Pool # FM8247, 2.50%, 8/1/2051 | 302 | 254 |
| Pool # FS4624, 2.50%, 11/1/2051 | 119 | 99 |
| Pool # FS2559, 3.00%, 12/1/2051 | 1003 | 875 |
| Pool # CB2635, 2.50%, 1/1/2052 | 1021 | 856 |
| Pool # BV4831, 3.00%, 2/1/2052 | 423 | 367 |
| Pool # FS7749, 3.00%, 2/1/2052 | 406 | 355 |
| Pool # BV0295, 3.50%, 2/1/2052 | 941 | 858 |
| Pool # BV4924, 3.00%, 4/1/2052 | 674 | 590 |
| Pool # FS4476, 3.00%, 5/1/2052 | 862 | 747 |
| Pool # CB3608, 3.50%, 5/1/2052 | 709 | 640 |
| Pool # BV6743, 4.50%, 5/1/2052 | 296 | 286 |
| Pool # BV9515, 6.00%, 6/1/2052 | 387 | 396 |
| Pool # BY4714, 5.00%, 6/1/2053 | 854 | 838 |
| Pool # BY9327, 6.00%, 11/1/2053 | 363 | 370 |
| Pool # DA7753, 5.50%, 1/1/2054 | 257 | 258 |
| Pool # DA0425, 6.00%, 2/1/2054 | 338 | 346 |
| Pool # DA7754, 6.00%, 2/1/2054 | 1340 | 1373 |
| Pool # CB8334, 5.50%, 4/1/2054 | 512 | 513 |
| FNMA, Other  |  |  |
| Pool # BS7576, 4.86%, 12/1/2027 | 572 | 580 |
| Pool # AM3010, 5.07%, 3/1/2028 | 194 | 198 |
| Pool # BL8639, 1.09%, 4/1/2028 | 230 | 212 |
| Pool # BS3939, 1.58%, 11/1/2028 | 741 | 685 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 11

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BS6144, 3.97%, 1/1/2029 | 1410 | 1404 |
| Pool # AM5319, 4.34%, 1/1/2029 | 529 | 533 |
| Pool # BS8149, 4.97%, 9/1/2029 | 300 | 309 |
| Pool # BS4290, 1.95%, 10/1/2029 | 600 | 545 |
| Pool # BS0448, 1.27%, 12/1/2029 | 1247 | 1098 |
| Pool # BL9748, 1.60%, 12/1/2029 | 464 | 417 |
| Pool # AN7593, 2.99%, 12/1/2029 | 366 | 348 |
| Pool # BS7385, 4.83%, 12/1/2029 | 1000 | 1024 |
| Pool # BL9252, 1.37%, 3/1/2030 | 142 | 125 |
| Pool # AN8285, 3.11%, 3/1/2030 | 378 | 361 |
| Pool # BS0154, 1.28%, 4/1/2030 | 92 | 81 |
| Pool # AM8544, 3.08%, 4/1/2030 | 164 | 156 |
| Pool # BL9251, 1.45%, 10/1/2030 | 995 | 867 |
| Pool # BL4885, 2.55%, 10/1/2030 | 156 | 144 |
| Pool # AM4789, 4.18%, 11/1/2030 | 230 | 229 |
| Pool # BL9891, 1.37%, 12/1/2030 | 698 | 604 |
| Pool # BS0025, 1.38%, 12/1/2030 | 532 | 463 |
| Pool # BL9494, 1.46%, 12/1/2030 | 95 | 82 |
| Pool # BL9652, 1.56%, 12/1/2030 | 926 | 814 |
| Pool # BS7290, 5.64%, 2/1/2031 | 1474 | 1555 |
| Pool # BS6203, 4.26%, 4/1/2031 | 195 | 193 |
| Pool # BS8442, 4.74%, 4/1/2031 | 639 | 650 |
| Pool # BS2915, 1.87%, 5/1/2031 | 80 | 70 |
| Pool # BS6802, 4.93%, 6/1/2031 | 1439 | 1467 |
| Pool # BS8688, 4.68%, 8/1/2031 | 292 | 296 |
| Pool # BS8686, 4.68%, 11/1/2031 | 290 | 294 |
| Pool # BS4563, 2.01%, 1/1/2032 | 95 | 83 |
| Pool # BS5580, 3.68%, 1/1/2032 | 1030 | 988 |
| Pool # BM7037, 1.75%, 3/1/2032 (h) | 448 | 383 |
| Pool # BS4654, 2.39%, 3/1/2032 | 891 | 792 |
| Pool # BL5680, 2.44%, 3/1/2032 | 423 | 376 |
| Pool # AN5952, 3.01%, 7/1/2032 | 126 | 117 |
| Pool # AN6149, 3.14%, 7/1/2032 | 1750 | 1612 |
| Pool # BS5530, 3.30%, 7/1/2032 | 1550 | 1443 |
| Pool # BS6345, 3.91%, 8/1/2032 | 165 | 159 |
| Pool # BZ0884, 5.37%, 9/1/2032 | 472 | 492 |
| Pool # BM3226, 3.45%, 10/1/2032 (h) | 572 | 544 |
| Pool # BS6822, 3.81%, 10/1/2032 | 900 | 864 |
| Pool # BS8528, 4.31%, 10/1/2032 | 1595 | 1574 |
| Pool # BS6872, 4.41%, 10/1/2032 | 105 | 105 |
| Pool # BS6926, 4.51%, 10/1/2032 | 145 | 146 |
| Pool # BS6928, 4.55%, 10/1/2032 | 115 | 116 |
| Pool # BS6915, 4.60%, 10/1/2032 | 343 | 344 |
| Pool # BS6954, 4.93%, 10/1/2032 | 719 | 737 |
| Pool # BM6491, 1.46%, 11/1/2032 (h) | 1336 | 1101 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # BM6492, 1.51%, 11/1/2032 (h) | 1691 | 1396 |
| Pool # BS6819, 4.12%, 11/1/2032 | 1030 | 1008 |
| Pool # BS6985, 4.92%, 11/1/2032 | 600 | 614 |
| Pool # BS7090, 4.45%, 12/1/2032 | 1627 | 1624 |
| Pool # BS7113, 4.90%, 12/1/2032 | 114 | 117 |
| Pool # AN7923, 3.33%, 1/1/2033 | 755 | 700 |
| Pool # BS8428, 4.41%, 1/1/2033 | 600 | 595 |
| Pool # BS7398, 4.74%, 2/1/2033 | 285 | 287 |
| Pool # BS5357, 3.41%, 3/1/2033 | 775 | 717 |
| Pool # AN9067, 3.51%, 5/1/2033 | 415 | 390 |
| Pool # BS8416, 4.56%, 5/1/2033 | 210 | 211 |
| Pool # AN9752, 3.65%, 7/1/2033 | 615 | 583 |
| Pool # BS5511, 3.45%, 8/1/2033 | 1009 | 935 |
| Pool # AN9753, 3.65%, 8/1/2033 | 450 | 426 |
| Pool # BS5127, 3.15%, 9/1/2033 | 615 | 555 |
| Pool # BS4197, 2.14%, 12/1/2033 | 243 | 206 |
| Pool # BL1012, 4.03%, 12/1/2033 | 395 | 381 |
| Pool # BL0900, 4.08%, 2/1/2034 | 255 | 247 |
| Pool # BZ0430, 4.32%, 2/1/2034 | 220 | 216 |
| Pool # AN0375, 3.76%, 12/1/2035 | 214 | 202 |
| Pool # AN4430, 3.61%, 1/1/2037 | 639 | 613 |
| Pool # BF0105, 4.00%, 6/1/2056 | 510 | 475 |
| Pool # BF0107, 4.50%, 6/1/2056 | 391 | 378 |
| Pool # BF0118, 4.50%, 6/1/2056 | 228 | 220 |
| Pool # BF0125, 4.00%, 7/1/2056 | 439 | 409 |
| Pool # BF0189, 3.00%, 6/1/2057 | 907 | 781 |
| Pool # BF0219, 3.50%, 9/1/2057 | 1022 | 918 |
| Pool # BF0230, 5.50%, 1/1/2058 | 1379 | 1422 |
| Pool # BF0263, 3.50%, 5/1/2058 | 277 | 249 |
| Pool # BF0497, 3.00%, 7/1/2060 | 654 | 563 |
| Pool # BF0537, 3.00%, 3/1/2061 | 963 | 813 |
| Pool # BF0561, 3.00%, 9/1/2061 | 1178 | 995 |
| Pool # BF0578, 2.50%, 12/1/2061 | 2656 | 2109 |
| Pool # BF0732, 2.50%, 6/1/2063 | 599 | 488 |
| Pool # BF0733, 3.00%, 6/1/2063 | 537 | 454 |
| GNMA II, 30 Year  |  |  |
| Pool # BY3432, 3.50%, 9/20/2050 | 974 | 886 |
| Pool # BR3929, 3.50%, 10/20/2050 | 586 | 533 |
| Pool # BW1726, 3.50%, 10/20/2050 | 630 | 573 |
| Pool # BS8546, 2.50%, 12/20/2050 | 1645 | 1384 |
| Pool # BR3928, 3.00%, 12/20/2050 | 815 | 734 |
| Pool # BU7538, 3.00%, 12/20/2050 | 530 | 477 |
| Pool # 785294, 3.50%, 1/20/2051 | 1552 | 1393 |
| Pool # CA8452, 3.00%, 2/20/2051 | 2277 | 2031 |
| Pool # CB1543, 3.00%, 2/20/2051 | 1606 | 1421 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

12 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # CA3588, 3.50%, 2/20/2051 | 1732 | 1575 |
| Pool # CB1536, 3.50%, 2/20/2051 | 1746 | 1596 |
| Pool # CB1542, 3.00%, 3/20/2051 | 1045 | 925 |
| Pool # CC0070, 3.00%, 3/20/2051 | 263 | 238 |
| Pool # CC8726, 3.00%, 3/20/2051 | 324 | 287 |
| Pool # CC8738, 3.00%, 3/20/2051 | 417 | 369 |
| Pool # CC8723, 3.50%, 3/20/2051 | 2144 | 1950 |
| Pool # CC0088, 4.00%, 3/20/2051 | 87 | 82 |
| Pool # CC0092, 4.00%, 3/20/2051 | 211 | 198 |
| Pool # CC8727, 3.00%, 4/20/2051 | 546 | 483 |
| Pool # CC8739, 3.00%, 4/20/2051 | 1488 | 1317 |
| Pool # CC8740, 3.00%, 4/20/2051 | 1180 | 1044 |
| Pool # CC8751, 3.00%, 4/20/2051 | 257 | 228 |
| Pool # CA3563, 3.50%, 7/20/2051 | 981 | 903 |
| Pool # CE2586, 3.50%, 7/20/2051 | 1369 | 1245 |
| Pool # CK1527, 3.50%, 12/20/2051 | 987 | 903 |
| Pool # CJ8184, 3.50%, 1/20/2052 | 1062 | 966 |
| Pool # CK2660, 3.00%, 2/20/2052 | 182 | 161 |
| Pool # CK2716, 3.50%, 2/20/2052 | 811 | 728 |
| Pool # CI8525, 5.00%, 2/20/2052 | 913 | 898 |
| Pool # CK8295, 5.00%, 3/20/2052 | 428 | 419 |
| Pool # CN3557, 4.50%, 5/20/2052 | 295 | 286 |
| Pool # MA8148, 3.00%, 7/20/2052 | 23 | 20 |
| Pool # CN3127, 5.00%, 8/20/2052 | 400 | 393 |
| Pool # CO4960, 5.00%, 8/20/2052 | 658 | 647 |
| Pool # CU6748, 6.00%, 9/20/2053 | 804 | 824 |
| Pool # DA2721, 5.50%, 3/20/2054 | 104 | 105 |
| GNMA II, Other  |  |  |
| Pool # CV6672, 5.00%, 7/20/2062 | 165 | 161 |
| Pool # CU1093, 5.50%, 6/20/2063 | 290 | 288 |
| Pool # CV1712, 5.50%, 6/20/2063 | 114 | 114 |
| Pool # CU1092, 6.00%, 6/20/2063 | 376 | 380 |
| Pool # 785183, 2.94%, 10/20/2070 (h) | 892 | 806 |
| Total Mortgage-Backed Securities <br>(Cost $129,656)<br>|  | 120738 |
| **Asset-Backed Securities — 3.7%** | **Asset-Backed Securities — 3.7%** | **Asset-Backed Securities — 3.7%** |
| Accelerated LLC Series 2021-1H, Class B, 1.90%, <br> 10/20/2040 (d)<br>| 181 | 169 |
| Aligned Data Centers Issuer LLC Series 2021-1A, <br> Class A2, 1.94%, 8/15/2046 (d)<br>| 950 | 918 |
| American Airlines Pass-Through Trust |  |  |
| Series 2016-2, Class AA, 3.20%, 6/15/2028 | 659 | 631 |
| Series 2016-3, Class AA, 3.00%, 10/15/2028 | 459 | 435 |
| Series 2017-2, Class A, 3.60%, 10/15/2029 | 311 | 287 |
| Series 2021-1, Class B, 3.95%, 7/11/2030 | 794 | 749 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| American Credit Acceptance Receivables Trust |  |  |
| Series 2024-1, Class D, 5.86%, 5/13/2030 (d) | 270 | 272 |
| Series 2024-3, Class D, 6.04%, 7/12/2030 (d) | 1645 | 1681 |
| AMSR Trust |  |  |
| Series 2020-SFR2, Class E1, 4.03%, <br> 7/17/2037 (d)<br>| 565 | 564 |
| Series 2021-SFR2, Class E2, 2.58%, <br> 8/17/2038 (d)<br>| 375 | 362 |
| Series 2024-SFR1, Class C, 4.29%, <br> 7/17/2041 (d) (g)<br>| 1135 | 1094 |
| Series 2024-SFR1, Class D, 4.29%, <br> 7/17/2041 (d) (g)<br>| 625 | 595 |
| Series 2024-SFR2, Class D, 4.15%, <br> 11/17/2041 (d)<br>| 215 | 203 |
| Aqua Finance Issuer Trust Series 2025-A, Class B, <br> 5.56%, 12/19/2050 (d)<br>| 355 | 359 |
| Aqua Finance Trust Series 2020-AA, Class C, <br> 3.97%, 7/17/2046 (d)<br>| 279 | 271 |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| Series 2024-2A, Class B, 5.57%, <br> 10/20/2028 (d)<br>| 570 | 578 |
| Series 2024-1A, Class A, 5.36%, 6/20/2030 (d) | 480 | 492 |
| Bridge Trust Series 2024-SFR1, Class D, 4.30%, <br> 8/17/2040 (d)<br>| 1050 | 999 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| Series 2024-3, Class C, 5.70%, 7/16/2029 | 1045 | 1057 |
| Series 2024-1, Class D, 6.03%, 11/15/2029 | 535 | 544 |
| Series 2024-2, Class C, 6.07%, 2/15/2030 | 705 | 719 |
| Series 2025-1, Class D, 5.64%, 11/15/2030 | 1155 | 1170 |
| Business Jet Securities LLC |  |  |
| Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ <br> (d)<br>| 349 | 343 |
| Series 2024-2A, Class A, 5.36%, 9/15/2039 ‡ <br> (d)<br>| 1138 | 1140 |
| BXG Receivables Note Trust Series 2020-A, Class A, <br> 1.55%, 2/28/2036 (d)<br>| 182 | 174 |
| Cascade MH Asset Trust |  |  |
| Series 2021-MH1, Class A1, 1.75%, <br> 2/25/2046 (d)<br>| 918 | 838 |
| Series 2024-MH1, Class A1, 5.69%, <br> 11/25/2056 (d) (h)<br>| 518 | 529 |
| Cherry Securitization Trust Series 2024-1A, Class A, <br> 5.70%, 4/15/2032 (d)<br>| 460 | 463 |
| Consumer Portfolio Services Auto Trust Series <br> 2025-B, Class D, 5.56%, 7/15/2031 (d)<br>| 1080 | 1092 |
| Continental Finance Credit Card ABS Master Trust <br> Series 2024-A, Class A, 5.78%, 12/15/2032 (d)<br>| 525 | 532 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 13

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2023-5A, Class B, 6.71%, 2/15/2034 (d) | 500 | 513 |
| Series 2024-2A, Class C, 6.70%, <br> 10/16/2034 (d)<br>| 1195 | 1241 |
| Series 2024-3A, Class B, 4.85%, <br> 11/15/2034 (d)<br>| 1220 | 1223 |
| Crossroads Asset Trust Series 2025-A, Class A2, <br> 4.91%, 2/20/2032 (d)<br>| 430 | 431 |
| CVS Pass-Through Trust Series 2014, 4.16%, <br> 8/11/2036 (d)<br>| 112 | 103 |
| DataBank Issuer Series 2021-1A, Class A2, 2.06%, <br> 2/27/2051 (d)<br>| 610 | 597 |
| Delta Air Lines Pass-Through Trust Series 2020-1, <br> Class A, 2.50%, 6/10/2028<br>| 510 | 482 |
| Diamond Resorts Owner Trust |  |  |
| Series 2021-1A, Class A, 1.51%, <br> 11/21/2033 (d)<br>| 58 | 57 |
| Series 2021-1A, Class C, 2.70%, <br> 11/21/2033 (d)<br>| 137 | 136 |
| Drive Auto Receivables Trust Series 2024-1, Class C, <br> 5.43%, 11/17/2031<br>| 120 | 122 |
| DT Auto Owner Trust Series 2023-2A, Class D, <br> 6.62%, 2/15/2029 (d)<br>| 165 | 169 |
| Elara HGV Timeshare Issuer LLC |  |  |
| Series 2021-A, Class B, 1.74%, 8/27/2035 (d) | 228 | 216 |
| Series 2021-A, Class C, 2.09%, 8/27/2035 (d) | 57 | 54 |
| Enterprise Fleet Financing LLC Series 2024-1, <br> Class A3, 5.16%, 9/20/2030 (d)<br>| 310 | 316 |
| Exeter Automobile Receivables Trust |  |  |
| Series 2023-5A, Class C, 6.85%, 1/16/2029 | 400 | 409 |
| Series 2024-1A, Class D, 5.84%, 6/17/2030 | 480 | 489 |
| Series 2025-3A, Class C, 5.09%, 10/15/2031 | 1291 | 1304 |
| FHF Issuer Trust Series 2024-1A, Class A2, 5.69%, <br> 2/15/2030 (d)<br>| 271 | 273 |
| FHF Trust Series 2023-1A, Class A2, 6.57%, <br> 6/15/2028 (d)<br>| 83 | 84 |
| FirstKey Homes Trust |  |  |
| Series 2021-SFR2, Class E1, 2.26%, <br> 9/17/2038 (d)<br>| 1200 | 1152 |
| Series 2022-SFR1, Class E1, 5.00%, <br> 5/19/2039 (d)<br>| 395 | 392 |
| FMC GMSR Issuer Trust Series 2021-GT2, Class A, <br> 3.85%, 10/25/2026 (d) (h)<br>| 815 | 775 |
| Foundation Finance Trust |  |  |
| Series 2023-2A, Class A, 6.53%, 6/15/2049 (d) | 484 | 504 |
| Series 2024-2A, Class A, 4.60%, 3/15/2050 (d) | 485 | 483 |
| Series 2024-2A, Class B, 4.93%, 3/15/2050 (d) | 102 | 102 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| GLS Auto Receivables Issuer Trust Series 2025-2A, <br> Class C, 5.11%, 1/15/2031 (d)<br>| 1100 | 1112 |
| GS Mortgage-Backed Securities Trust Series <br> 2025-SL1, Class A1, 5.85%, 11/25/2067 (d) <br> (h)<br>| 1454 | 1462 |
| HINNT LLC |  |  |
| Series 2024-A, Class B, 5.84%, 3/15/2043 (d) | 410 | 416 |
| Series 2024-A, Class C, 6.32%, 3/15/2043 (d) | 492 | 499 |
| Home Partners of America Trust |  |  |
| Series 2021-2, Class C, 2.40%, 12/17/2026 (d) | 1233 | 1183 |
| Series 2021-3, Class D, 3.00%, 1/17/2041 (d) | 654 | 601 |
| Huntington Bank Auto Credit-Linked Notes |  |  |
| Series 2024-1, Class B1, 6.15%, 5/20/2032 (d) | 293 | 298 |
| Series 2024-2, Class B1, 5.44%, <br> 10/20/2032 (d)<br>| 430 | 434 |
| Invitation Homes Trust Series 2024-SFR1, Class B, <br> 4.00%, 9/17/2041 (d)<br>| 340 | 327 |
| LAD Auto Receivables Trust Series 2023-4A, <br> Class C, 6.76%, 3/15/2029 (d)<br>| 345 | 357 |
| Mariner Finance Issuance Trust |  |  |
| Series 2021-AA, Class A, 1.86%, 3/20/2036 (d) | 1275 | 1235 |
| Series 2024-AA, Class C, 6.00%, 9/22/2036 (d) | 259 | 264 |
| Series 2025-AA, Class A, 4.98%, 5/20/2038 (d) | 843 | 854 |
| MMAF Equipment Finance LLC Series 2020-A, <br> Class A5, 1.56%, 10/9/2042 (d)<br>| 100 | 95 |
| MVW LLC |  |  |
| Series 2021-2A, Class C, 2.23%, 5/20/2039 (d) | 442 | 416 |
| Series 2024-1A, Class B, 5.51%, 2/20/2043 (d) | 208 | 210 |
| NRZ Excess Spread-Collateralized Notes Series <br> 2020-PLS1, Class A, 3.84%, 12/25/2025 (d)<br>| 316 | 313 |
| Octane Receivables Trust |  |  |
| Series 2021-2A, Class C, 2.53%, 5/21/2029 (d) | 770 | 758 |
| Series 2023-3A, Class B, 6.48%, 7/20/2029 (d) | 185 | 188 |
| Series 2024-2A, Class C, 5.90%, 7/20/2032 (d) | 1030 | 1051 |
| OneMain Financial Issuance Trust Series 2020-2A, <br> Class D, 3.45%, 9/14/2035 (d)<br>| 350 | 333 |
| Oportun Issuance Trust |  |  |
| Series 2021-B, Class A, 1.47%, 5/8/2031 (d) | 907 | 885 |
| Series 2025-A, Class B, 5.30%, 2/8/2033 (d) | 205 | 205 |
| Series 2025-A, Class C, 5.89%, 2/8/2033 (d) | 100 | 100 |
| Pagaya AI Debt Selection Trust Series 2021-HG1, <br> Class A, 1.22%, 1/16/2029 (d)<br>| 26 | 26 |
| Pagaya AI Technology in Housing Trust Series <br> 2023-1, Class C, 3.60%, 10/25/2040 (d)<br>| 820 | 771 |
| PRET LLC Series 2021-RN4, Class A1, 5.49%, <br> 10/25/2051 (d) (h)<br>| 704 | 703 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

14 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Progress Residential Trust |  |  |
| Series 2024-SFR5, Class A, 3.00%, <br> 8/9/2029 (d)<br>| 275 | 259 |
| Series 2024-SFR5, Class D, 3.38%, <br> 8/9/2029 (d) (h)<br>| 205 | 188 |
| Series 2024-SFR5, Class E1, 3.38%, <br> 8/9/2029 (d) (h)<br>| 1040 | 945 |
| Series 2025-SFR3, Class C, 3.39%, <br> 7/17/2030 (d) (f)<br>| 745 | 678 |
| Series 2024-SFR1, Class E1, 3.85%, <br> 2/17/2041 (d)<br>| 240 | 225 |
| Series 2024-SFR2, Class E1, 3.40%, <br> 4/17/2041 (d) (h)<br>| 110 | 101 |
| Purchasing Power Funding LLC Series 2024-A, <br> Class B, 6.43%, 8/15/2028 (d)<br>| 420 | 423 |
| Reach ABS Trust Series 2024-2A, Class B, 5.84%, <br> 7/15/2031 (d)<br>| 345 | 349 |
| Regional Management Issuance Trust Series <br> 2021-1, Class A, 1.68%, 3/17/2031 (d)<br>| 50 | 50 |
| Republic Finance Issuance Trust |  |  |
| Series 2021-A, Class A, 2.30%, 12/22/2031 (d) | 577 | 574 |
| Series 2024-A, Class A, 5.91%, 8/20/2032 (d) | 200 | 203 |
| Santander Drive Auto Receivables Trust |  |  |
| Series 2023-6, Class C, 6.40%, 3/17/2031 | 135 | 140 |
| Series 2024-5, Class D, 5.14%, 2/17/2032 | 255 | 257 |
| SCF Equipment Leasing LLC |  |  |
| Series 2024-1A, Class D, 6.58%, 6/21/2033 (d) | 150 | 158 |
| Series 2023-1A, Class C, 6.77%, 8/22/2033 (d) | 560 | 582 |
| SFS Auto Receivables Securitization Trust Series <br> 2024-1A, Class C, 5.51%, 1/20/2032 (d)<br>| 1020 | 1042 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| Series 2021-2A, Class B, 1.80%, 9/20/2038 (d) | 86 | 85 |
| Series 2024-2A, Class C, 5.83%, 6/20/2041 (d) | 71 | 72 |
| Series 2024-1A, Class C, 5.94%, 1/20/2043 (d) | 75 | 76 |
| Stream Innovations Issuer Trust |  |  |
| Series 2024-1A, Class A, 6.27%, 7/15/2044 (d) | 720 | 748 |
| Series 2025-1A, Class A, 5.05%, 9/15/2045 (d) | 773 | 779 |
| Toyota Auto Loan Extended Note Trust Series <br> 2023-1A, Class A, 4.93%, 6/25/2036 (d)<br>| 334 | 341 |
| Tricolor Auto Securitization Trust Series 2024-1A, <br> Class B, 6.53%, 12/15/2027 (d)<br>| 415 | 419 |
| Tricon Residential Trust |  |  |
| Series 2024-SFR2, Class A, 4.75%, <br> 6/17/2040 (d)<br>| 180 | 180 |
| Series 2023-SFR2, Class C, 5.00%, <br> 12/17/2040 (d)<br>| 150 | 149 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| United Airlines Pass-Through Trust |  |  |
| Series 2016-2, Class B, 3.65%, 10/7/2025 | 138 | 137 |
| Series 2019-2, Class B, 3.50%, 5/1/2028 | 275 | 265 |
| Series 2018-1, Class A, 3.70%, 3/1/2030 | 531 | 495 |
| Series 2024-1, Class AA, 5.45%, 2/15/2037 | 527 | 532 |
| Upstart Pass-Through Trust Series 2021-ST2, <br> Class A, 2.50%, 4/20/2027 (d)<br>| 3 | 3 |
| VOLT XCIV LLC Series 2021-NPL3, Class A1, 6.24%, <br> 2/27/2051 (d) (g)<br>| 142 | 141 |
| VOLT XCIX LLC Series 2021-NPL8, Class A1, 6.12%, <br> 4/25/2051 (d) (g)<br>| 84 | 84 |
| VOLT XCV LLC Series 2021-NPL4, Class A1, 6.24%, <br> 3/27/2051 (d) (g)<br>| 159 | 159 |
| VOLT XCVI LLC Series 2021-NPL5, Class A1, 6.12%, <br> 3/27/2051 (d) (g)<br>| 78 | 78 |
| VOLT XCVII LLC Series 2021-NPL6, Class A1, <br> 6.24%, 4/25/2051 (d) (g)<br>| 198 | 198 |
| Westgate Resorts LLC |  |  |
| Series 2022-1A, Class B, 2.29%, 8/20/2036 (d) | 110 | 109 |
| Series 2024-1A, Class C, 7.06%, 1/20/2038 (d) | 372 | 377 |
| Westlake Automobile Receivables Trust Series <br> 2023-4A, Class C, 6.64%, 11/15/2028 (d)<br>| 270 | 276 |
| World Financial Network Credit Card Master Trust <br> Series 2023-A, Class A, 5.02%, 3/15/2030<br>| 305 | 307 |
| Total Asset-Backed Securities <br>(Cost $57,967)<br>|  | 58167 |
| **Collateralized Mortgage Obligations — 1.8%** | **Collateralized Mortgage Obligations — 1.8%** | **Collateralized Mortgage Obligations — 1.8%** |
| Anchor Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.72%, 5/25/2040 ‡ (d) (g)<br>| 300 | 300 |
| Connecticut Avenue Securities Trust Series <br> 2023-R06, Class 1M2, 7.01%, 7/25/2043 (d) <br> (h)<br>| 245 | 253 |
| CRIBS Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.81%, 5/25/2040 (d) (g)<br>| 220 | 222 |
| FARM Mortgage Trust Series 2024-2, Class A, <br> 5.19%, 8/1/2054 (d) (h)<br>| 406 | 399 |
| FHLMC Seasoned Credit Risk Transfer Trust |  |  |
| Series 2017-2, Class MA, 3.00%, 8/25/2056 | 117 | 109 |
| Series 2018-1, Class MA, 3.00%, 5/25/2057 | 138 | 129 |
| Series 2018-1, Class M60C, 3.50%, 5/25/2057 | 449 | 412 |
| Series 2019-1, Class M55D, 4.00%, 7/25/2058 | 388 | 362 |
| Series 2019-2, Class M55D, 4.00%, 8/25/2058 | 628 | 588 |
| Series 2019-3, Class M55D, 4.00%, <br> 10/25/2058<br>| 303 | 284 |
| Series 2020-3, Class M5TW, 3.00%, 5/25/2060 | 1107 | 988 |
| Series 2020-3, Class TTW, 3.00%, 5/25/2060 | 644 | 607 |
| Series 2023-1, Class MT, 3.00%, 10/25/2062 | 369 | 310 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 15

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2024-2, Class MT, 3.50%, 5/25/2064 | 363 | 314 |
| FHLMC, REMIC |  |  |
| Series 4646, Class BM, 4.00%, 12/15/2039 | 199 | 196 |
| Series 4065, Class QB, 3.00%, 6/15/2042 | 240 | 226 |
| Series 4257, Class DZ, 2.50%, 10/15/2043 | 1358 | 1173 |
| Series 4672, Class QB, 3.50%, 4/15/2047 | 300 | 273 |
| Series 5147, Class PC, 1.50%, 10/25/2048 | 829 | 678 |
| Series 4910, Class LZ, 3.00%, 9/25/2049 | 476 | 294 |
| Series 5174, Class IG, IO, 3.00%, 1/25/2050 | 3257 | 419 |
| Series 4995, Class QE, 1.25%, 7/25/2050 | 1281 | 981 |
| Series 5052, Class KI, IO, 4.00%, 12/25/2050 | 3304 | 683 |
| Series 5171, Class NI, IO, 3.00%, 7/25/2051 | 3137 | 433 |
| FNMA Trust, Whole Loan Series 2002-W8, Class A1, <br> 6.50%, 6/25/2042<br>| 339 | 354 |
| FNMA, Grantor Trust, Whole Loan Series 2001-T12, <br> Class A1, 6.50%, 8/25/2041<br>| 119 | 120 |
| FNMA, REMIC |  |  |
| Series 2018-72, Class VB, 3.50%, 10/25/2031 | 292 | 285 |
| Series 2018-56, Class VN, 3.50%, 5/25/2038 | 235 | 216 |
| Series 2012-103, Class BA, 2.50%, 2/25/2042 | 114 | 109 |
| Series 2018-52, Class PZ, 4.00%, 7/25/2048 | 154 | 144 |
| Series 2019-54, Class KC, 2.50%, 9/25/2049 | 102 | 95 |
| Series 2022-4, Class TA, 1.00%, 4/25/2051 | 269 | 216 |
| Series 2021-22, Class BI, IO, 4.00%, 4/25/2051 | 3387 | 742 |
| Series 2025-18, Class MA, 0.50%, 9/25/2054 | 582 | 478 |
| Series 2018-75, Class UZ, 4.00%, 10/25/2058 | 1905 | 1791 |
| FNMA, REMIC Trust, Whole Loan Series 2002-W3, <br> Class A4, 6.50%, 11/25/2041<br>| 673 | 686 |
| GNMA |  |  |
| Series 2013-82, Class WI, IO, 3.50%, <br> 7/20/2042<br>| 2526 | 289 |
| Series 2021-73, Class ZY, 3.00%, 4/20/2051 | 525 | 297 |
| Series 2022-105, Class SG, IF, IO, 1.75%, <br> 6/20/2052 (h)<br>| 2114 | 220 |
| Series 2024-64, Class YH, 5.00%, 4/20/2054 | 1470 | 1412 |
| Series 2015-H11, Class FC, 5.00%, <br> 5/20/2065 (h)<br>| 239 | 239 |
| Series 2021-H14, Class YD, 7.26%, <br> 6/20/2071 (h)<br>| 1157 | 980 |
| Legacy Mortgage Asset Trust Series 2021-GS1, <br> Class A1, 5.89%, 10/25/2066 (d) (g)<br>| 427 | 427 |
| LHOME Mortgage Trust Series 2024-RTL5, Class A1, <br> 5.32%, 9/25/2039 (d) (g)<br>| 640 | 638 |
| MFA Trust Series 2024-RTL3, Class A1, 5.91%, <br> 11/25/2039 (d) (g)<br>| 790 | 794 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| New Residential Mortgage Loan Trust |  |  |
| Series 2024-RTL1, Class A1, 6.66%, <br> 3/25/2039 (d) (g)<br>| 2410 | 2429 |
| Series 2024-RTL2, Class A1, 5.44%, <br> 9/25/2039 (d) (g)<br>| 1665 | 1667 |
| NYMT Loan Trust Series 2024-BPL3, Class A1, <br> 5.27%, 9/25/2039 (d) (g)<br>| 165 | 164 |
| Roc Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.63%, 2/25/2040 (d) (g)<br>| 195 | 195 |
| Seasoned Loans Structured Transaction Trust Series <br> 2025-1, Class A1, 3.00%, 5/25/2035<br>| 1730 | 1583 |
| Toorak Mortgage Trust Series 2025-RRTL1, <br> Class A1, 5.52%, 2/25/2040 (d) (g)<br>| 400 | 400 |
| Towd Point Mortgage Trust Series 2021-R1, <br> Class A1, 2.92%, 11/30/2060 (d) (h)<br>| 1982 | 1725 |
| Total Collateralized Mortgage Obligations <br>(Cost $30,430)<br>|  | 29328 |
| **Commercial Mortgage-Backed Securities — 0.8%** | **Commercial Mortgage-Backed Securities — 0.8%** | **Commercial Mortgage-Backed Securities — 0.8%** |
| BXP Trust Series 2017-GM, Class A, 3.38%, <br> 6/13/2039 (d)<br>| 630 | 609 |
| Commercial Mortgage Trust Series 2018-HOME, <br> Class A, 3.94%, 4/10/2033 (d) (h)<br>| 260 | 252 |
| FHLMC, Multi-Family Structured Credit Risk Series <br> 2021-MN2, Class M1, 6.11%, 7/25/2041 (d) <br> (h)<br>| 265 | 260 |
| FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| Series K-1511, Class A1, 3.28%, 10/25/2030 | 791 | 773 |
| Series K754, Class AM, 4.94%, 11/25/2030 (h) | 215 | 221 |
| Series K152, Class A2, 3.08%, 1/25/2031 | 155 | 146 |
| Series K-1510, Class A2, 3.72%, 1/25/2031 | 350 | 340 |
| Series KJ45, Class A2, 4.66%, 1/25/2031 | 1220 | 1235 |
| Series K-150, Class A2, 3.71%, 9/25/2032 (h) | 750 | 718 |
| FNMA ACES |  |  |
| Series 2022-M1S, Class A2, 2.15%, <br> 4/25/2032 (h)<br>| 1480 | 1284 |
| Series 2022-M2S, Class A1, 3.88%, <br> 5/25/2032 (h)<br>| 6 | 6 |
| Series 2023-M8, Class A2, 4.62%, <br> 3/25/2033 (h)<br>| 700 | 702 |
| Series 2024-M2, Class A2, 3.75%, 8/25/2033 | 1970 | 1853 |
| Series 2021-M3, Class 1A1, 1.00%, <br> 11/25/2033<br>| 2 | 2 |
| Series 2021-M3, Class X1, IO, 2.02%, <br> 11/25/2033 (h)<br>| 1568 | 104 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

16 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| FREMF Mortgage Trust |  |  |
| Series 2017-KGX1, Class BFX, 3.71%, <br> 10/25/2027 (d) (h)<br>| 645 | 606 |
| Series 2015-K48, Class C, 3.89%, <br> 8/25/2048 (d) (h)<br>| 16 | 16 |
| Series 2016-K56, Class B, 4.09%, <br> 6/25/2049 (d) (h)<br>| 495 | 489 |
| Series 2017-K67, Class C, 4.08%, <br> 9/25/2049 (d) (h)<br>| 330 | 323 |
| Multi-Family Connecticut Avenue Securities Trust |  |  |
| Series 2023-01, Class M7, 8.31%, <br> 11/25/2053 (d) (h)<br>| 657 | 681 |
| Series 2024-01, Class M7, 7.06%, <br> 7/25/2054 (d) (h)<br>| 138 | 139 |
| ROCK Trust Series 2024-CNTR, Class A, 5.39%, <br> 11/13/2041 (d)<br>| 295 | 302 |
| SLG Office Trust Series 2021-OVA, Class A, 2.59%, <br> 7/15/2041 (d)<br>| 1085 | 952 |
| WHARF Commercial Mortgage Trust Series <br> 2025-DC, Class A, 5.35%, 7/15/2040 (d) (h)<br>| 395 | 403 |
| Total Commercial Mortgage-Backed Securities <br>(Cost $12,702)<br>|  | 12416 |
| **Foreign Government Securities — 0.1%** | **Foreign Government Securities — 0.1%** | **Foreign Government Securities — 0.1%** |
| Republic of Chile 2.55%, 1/27/2032 | 200 | 176 |
| Republic of Peru 2.78%, 12/1/2060 | 174 | 93 |
| United Mexican States |  |  |
| 5.85%, 7/2/2032 (f) | 425 | 430 |
| 3.50%, 2/12/2034 | 597 | 504 |
| 6.00%, 5/7/2036 | 200 | 197 |
| 6.88%, 5/13/2037 | 400 | 417 |
| Total Foreign Government Securities <br>(Cost $1,995)<br>|  | 1817 |
| **Municipal Bonds — 0.0% (i) ^** | **Municipal Bonds — 0.0% (i) ^** | **Municipal Bonds — 0.0% (i) ^** |
| **Texas — 0.0% ^** | **Texas — 0.0% ^** | **Texas — 0.0% ^** |
| Texas Natural Gas Securitization Finance Corp., <br> Customer Rate Relief Bonds Series 2023A-2, <br> Rev., 5.17%, 4/1/2041 (Cost $175)<br>| 175 | 177 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <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%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (j) <br>(Cost $79,442)<br>| 79442 | 79442 |
| **Total Investments — 99.4%** <br>**(Cost $1,341,406)**<br>|  | **1582856** |
| **Other Assets in Excess of Liabilities — 0.6%** |  | **10035** |
| **NET ASSETS — 100.0%** |  | **1592891** |

---

&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 |
| CME | Chicago Mercantile Exchange |
| ETF | Exchange Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of June <br> 30, 2025. The rate may be subject to a cap and floor.<br>|
| 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>|
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the 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>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 17

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, 2025.

&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, 2025.

&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) 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, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) 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, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

18 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio

holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 11213 | &nbsp;&nbsp;&nbsp;&nbsp; 259 |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 714 | &nbsp;&nbsp;&nbsp;&nbsp; 16 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 16228 | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18534 | &nbsp;&nbsp;&nbsp;&nbsp; 232 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 574 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (3999)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (98)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (577)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (109)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 465 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 19

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 43.1%** | **Investment Companies — 43.1%** | **Investment Companies — 43.1%** |
| **Fixed Income — 18.6%** | **Fixed Income — 18.6%** | **Fixed Income — 18.6%** |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 27107 | 196257 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 5303 | 33460 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 20192 | 132260 |
| Total Fixed Income |  | 361977 |
| **International Equity — 1.9%** | **International Equity — 1.9%** | **International Equity — 1.9%** |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 2031 | 38052 |
| **U.S. Equity — 22.6%** | **U.S. Equity — 22.6%** | **U.S. Equity — 22.6%** |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 4717 | 439299 |
| Total Investment Companies <br>(Cost $587,006)<br>|  | 839328 |
| **Exchange-Traded Funds — 22.6%** | **Exchange-Traded Funds — 22.6%** | **Exchange-Traded Funds — 22.6%** |
| **Alternative Assets — 0.9%** | **Alternative Assets — 0.9%** | **Alternative Assets — 0.9%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 180 | 16561 |
| **Fixed Income — 4.5%** | **Fixed Income — 4.5%** | **Fixed Income — 4.5%** |
| JPMorgan Inflation Managed Bond ETF (a) | 1815 | 87582 |
| **International Equity — 12.6%** | **International Equity — 12.6%** | **International Equity — 12.6%** |
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF (a)<br>| 658 | 38276 |
| JPMorgan BetaBuilders International Equity ETF (a) | 3066 | 206955 |
| Total International Equity |  | 245231 |
| **U.S. Equity — 4.6%** | **U.S. Equity — 4.6%** | **U.S. Equity — 4.6%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 593 | 57860 |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 486 | 32056 |
| Total U.S. Equity |  | 89916 |
| Total Exchange-Traded Funds <br>(Cost $340,045)<br>|  | 439290 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 8.2%** | **U.S. Treasury Obligations — 8.2%** | **U.S. Treasury Obligations — 8.2%** |
| U.S. Treasury Bonds |  |  |
| 1.13%, 5/15/2040 | 932 | 579 |
| 1.13%, 8/15/2040 | 933 | 574 |
| 3.38%, 8/15/2042 | 5050 | 4239 |
| 3.13%, 2/15/2043 | 2740 | 2203 |
| 3.88%, 2/15/2043 | 11305 | 10120 |
| 3.88%, 5/15/2043 | 325 | 290 |
| 4.13%, 8/15/2044 | 9090 | 8328 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| 1.38%, 8/15/2050 | 8975 | 4425 |
| 1.63%, 11/15/2050 | 1336 | 704 |
| 3.00%, 8/15/2052 | 9350 | 6749 |
| U.S. Treasury Notes |  |  |
| 4.00%, 12/15/2025 (b) | 835 | 834 |
| 4.00%, 2/15/2026 (b) | 6840 | 6831 |
| 3.75%, 4/30/2027 | 6335 | 6334 |
| 0.63%, 12/31/2027 | 1255 | 1164 |
| 3.63%, 3/31/2028 | 6330 | 6319 |
| 1.25%, 4/30/2028 | 2990 | 2795 |
| 1.00%, 7/31/2028 | 15835 | 14598 |
| 3.25%, 6/30/2029 | 575 | 564 |
| 3.13%, 8/31/2029 | 2006 | 1958 |
| 3.88%, 9/30/2029 | 1470 | 1477 |
| 3.50%, 1/31/2030 | 3830 | 3785 |
| 4.25%, 1/31/2030 | 6720 | 6853 |
| 3.63%, 3/31/2030 | 17050 | 16928 |
| 4.88%, 10/31/2030 | 4000 | 4199 |
| 4.13%, 2/29/2032 | 19600 | 19779 |
| 3.50%, 2/15/2033 | 945 | 911 |
| 3.88%, 8/15/2033 | 7220 | 7110 |
| 3.88%, 8/15/2034 | 3120 | 3046 |
| 4.25%, 11/15/2034 | 12960 | 13003 |
| U.S. Treasury STRIPS Bonds |  |  |
| 1.18%, 5/15/2027 (c) | 1680 | 1567 |
| 5.03%, 11/15/2040 (c) | 1040 | 493 |
| 5.13%, 2/15/2041 (c) | 665 | 311 |
| Total U.S. Treasury Obligations <br>(Cost $162,351)<br>|  | 159070 |
| **Corporate Bonds — 7.9%** | **Corporate Bonds — 7.9%** | **Corporate Bonds — 7.9%** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| Boeing Co. (The)  | Boeing Co. (The)  | Boeing Co. (The)  |
| 2.75%, 2/1/2026 | 66 | 65 |
| 2.20%, 2/4/2026 | 85 | 84 |
| 2.70%, 2/1/2027 | 1722 | 1674 |
| 3.45%, 11/1/2028 | 200 | 193 |
| 6.53%, 5/1/2034 | 225 | 244 |
| L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  |
| 5.25%, 6/1/2031 | 250 | 258 |
| 5.40%, 7/31/2033 | 206 | 212 |
| Northrop Grumman Corp.  | Northrop Grumman Corp.  | Northrop Grumman Corp.  |
| 5.15%, 5/1/2040 | 242 | 237 |
| 3.85%, 4/15/2045 | 220 | 173 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

20 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Aerospace & Defense — continued** | **Aerospace & Defense — continued** | **Aerospace & Defense — continued** |
| RTX Corp.  | RTX Corp.  | RTX Corp.  |
| 5.15%, 2/27/2033 | 155 | 158 |
| 2.82%, 9/1/2051 | 385 | 238 |
|  |  | 3536 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| Hyundai Capital America  | Hyundai Capital America  | Hyundai Capital America  |
| 2.38%, 10/15/2027 (d) | 835 | 794 |
| 4.55%, 9/26/2029 (d) | 250 | 248 |
|  |  | 1042 |
| **Banks — 2.5%** | **Banks — 2.5%** | **Banks — 2.5%** |
| ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.65%), 6.34%, <br> 9/18/2027 (d) (e)<br>| 200 | 204 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.25%), 5.52%, <br> 12/3/2035 (d) (e)<br>| 200 | 204 |
| AIB Group plc (Ireland) | AIB Group plc (Ireland) | AIB Group plc (Ireland) |
| (SOFR + 2.33%), 6.61%, 9/13/2029 (d) (e) | 400 | 423 |
| (SOFR + 1.65%), 5.32%, 5/15/2031 (d) (e) | 465 | 473 |
| ANZ New Zealand Int'l Ltd. (New Zealand) 5.36%, <br> 8/14/2028 (d)<br>| 210 | 217 |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.90%), 1.72%, <br> 9/14/2027 (e)<br>| 200 | 193 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.95%), 5.37%, <br> 7/15/2028 (e)<br>| 200 | 204 |
| 6.61%, 11/7/2028 | 600 | 640 |
| 5.57%, 1/17/2030 | 200 | 208 |
| 5.44%, 7/15/2031 | 200 | 208 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| (SOFR + 1.58%), 4.38%, 4/27/2028 (e) | 305 | 305 |
| (SOFR + 1.63%), 5.20%, 4/25/2029 (e) | 430 | 439 |
| (SOFR + 1.57%), 5.82%, 9/15/2029 (e) | 460 | 479 |
| (SOFR + 1.33%), 2.97%, 2/4/2033 (e) | 675 | 604 |
| (SOFR + 1.65%), 5.47%, 1/23/2035 (e) | 385 | 396 |
| Bank of Ireland Group plc (Ireland) | Bank of Ireland Group plc (Ireland) | Bank of Ireland Group plc (Ireland) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 2.03%, <br> 9/30/2027 (d) (e)<br>| 215 | 208 |
| (SOFR + 1.62%), 5.60%, 3/20/2030 (d) (e) | 210 | 216 |
| Bank of Montreal (Canada) (SOFR + 1.25%), <br> 4.64%, 9/10/2030 (e)<br>| 168 | 169 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Bank of New Zealand (New Zealand) 5.08%, <br> 1/30/2029 (d)<br>| 250 | 256 |
| Bank of Nova Scotia (The) (Canada) 4.85%, <br> 2/1/2030<br>| 273 | 278 |
| Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) |
| 1.60%, 10/4/2026 (d) | 365 | 353 |
| 5.79%, 7/13/2028 (d) | 200 | 208 |
| 5.54%, 1/22/2030 (d) | 200 | 207 |
| Barclays plc (United Kingdom) | Barclays plc (United Kingdom) | Barclays plc (United Kingdom) |
| (SOFR + 1.23%), 5.37%, 2/25/2031 (e) | 800 | 817 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.30%), 2.89%, <br> 11/24/2032 (e)<br>| 200 | 177 |
| (SOFR + 2.98%), 6.22%, 5/9/2034 (e) | 480 | 509 |
| (SOFR + 1.59%), 5.79%, 2/25/2036 (e) | 200 | 204 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (SOFR + 1.22%), 2.16%, 9/15/2029 (d) (e) | 364 | 337 |
| (SOFR + 1.52%), 5.18%, 1/9/2030 (d) (e) | 675 | 689 |
| (SOFR + 1.59%), 5.50%, 5/20/2030 (d) (e) | 285 | 293 |
| (SOFR + 1.28%), 5.28%, 11/19/2030 (d) (e) | 795 | 810 |
| (SOFR + 1.68%), 5.09%, 5/9/2031 (d) (e) | 720 | 727 |
| (SOFR + 1.62%), 5.79%, 1/13/2033 (d) (e) | 325 | 338 |
| BPCE SA (France) | BPCE SA (France) | BPCE SA (France) |
| (SOFR + 2.27%), 6.71%, 10/19/2029 (d) (e) | 300 | 318 |
| (SOFR + 1.96%), 5.72%, 1/18/2030 (d) (e) | 250 | 257 |
| (SOFR + 1.68%), 5.88%, 1/14/2031 (d) (e) | 250 | 259 |
| (SOFR + 1.58%), 5.39%, 5/28/2031 (d) (e) | 815 | 830 |
| (SOFR + 1.85%), 5.94%, 5/30/2035 (d) (e) | 365 | 374 |
| (SOFR + 2.04%), 6.29%, 1/14/2036 (d) (e) | 260 | 273 |
| (SOFR + 1.96%), 6.03%, 5/28/2036 (d) (e) | 680 | 701 |
| CaixaBank SA (Spain) | CaixaBank SA (Spain) | CaixaBank SA (Spain) |
| (SOFR + 2.08%), 6.68%, 9/13/2027 (d) (e) | 695 | 712 |
| (SOFR + 1.79%), 5.58%, 7/3/2036 (d) (e) | 460 | 465 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| (3-MONTH CME TERM SOFR + 1.41%), 3.52%, <br> 10/27/2028 (e)<br>| 502 | 492 |
| (SOFR + 1.36%), 5.17%, 2/13/2030 (e) | 940 | 959 |
| (SOFR + 1.34%), 4.54%, 9/19/2030 (e) | 403 | 401 |
| (SOFR + 1.35%), 3.06%, 1/25/2033 (e) | 940 | 840 |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| (SOFR + 1.13%), 5.23%, 1/9/2029 (d) (e) | 270 | 274 |
| (SOFR + 1.86%), 6.32%, 10/3/2029 (d) (e) | 250 | 263 |
| (SOFR + 1.69%), 5.34%, 1/10/2030 (d) (e) | 250 | 256 |
| (SOFR + 1.46%), 5.22%, 5/27/2031 (d) (e) | 335 | 341 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 21

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.40%), 5.71%, <br> 3/1/2030 (d) (e)<br>| 400 | 415 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 4.61%, <br> 10/2/2030 (d) (e)<br>| 200 | 199 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.93%), 5.02%, <br> 3/4/2031 (d) (e)<br>| 285 | 288 |
| DNB Bank ASA (Norway) | DNB Bank ASA (Norway) | DNB Bank ASA (Norway) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.68%), 1.61%, <br> 3/30/2028 (d) (e)<br>| 335 | 319 |
| (SOFR + 1.05%), 4.85%, 11/5/2030 (d) (e) | 340 | 344 |
| Federation des Caisses Desjardins du Quebec (Canada) | Federation des Caisses Desjardins du Quebec (Canada) | Federation des Caisses Desjardins du Quebec (Canada) |
| 5.70%, 3/14/2028 (d) | 200 | 207 |
| 5.25%, 4/26/2029 (d) | 529 | 543 |
| Fifth Third Bancorp (SOFR + 1.84%), 5.63%, <br> 1/29/2032 (e)<br>| 416 | 433 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (SOFR + 1.73%), 2.01%, 9/22/2028 (e) | 1885 | 1787 |
| (SOFR + 1.29%), 2.21%, 8/17/2029 (e) | 205 | 191 |
| (SOFR + 1.29%), 5.29%, 11/19/2030 (e) | 440 | 450 |
| (SOFR + 1.29%), 5.13%, 3/3/2031 (e) | 200 | 203 |
| Huntington Bancshares, Inc. (SOFR + 1.28%), <br> 5.27%, 1/15/2031 (e)<br>| 190 | 195 |
| Huntington National Bank (The) 5.65%, <br> 1/10/2030<br>| 337 | 350 |
| KBC Group NV (Belgium) (US Treasury Yield Curve <br> Rate T Note Constant Maturity 1 Year + 1.07%), <br> 4.93%, 10/16/2030 (d) (e)<br>| 225 | 228 |
| KeyCorp (SOFRINDX + 1.23%), 5.12%, <br> 4/4/2031 (e)<br>| 985 | 997 |
| Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.85%), 1.63%, <br> 5/11/2027 (e)<br>| 220 | 215 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.38%), 5.46%, <br> 1/5/2028 (e)<br>| 255 | 258 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.75%), 5.68%, <br> 1/5/2035 (e)<br>| 280 | 287 |
| M&T Bank Corp. (SOFR + 1.40%), 5.18%, <br> 7/8/2031 (e)<br>| 410 | 417 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Mitsubishi UFJ Financial Group, Inc. (Japan) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.17%), 5.16%, <br> 4/24/2031 (e)<br>| 200 | 205 |
| Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.67%), 1.23%, <br> 5/22/2027 (e)<br>| 230 | 224 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.08%), 5.38%, <br> 7/10/2030 (e)<br>| 550 | 566 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.92%), 4.71%, <br> 7/8/2031 (e) (f)<br>| 405 | 405 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.07%), 5.32%, <br> 7/8/2036 (e) (f)<br>| 645 | 646 |
| NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) |
| (3-MONTH SOFR + 1.75%), 4.89%, <br> 5/18/2029 (e)<br>| 200 | 202 |
| (3-MONTH SOFR + 1.91%), 5.08%, <br> 1/27/2030 (e)<br>| 200 | 203 |
| (3-MONTH SOFR + 1.87%), 4.45%, <br> 5/8/2030 (e)<br>| 210 | 208 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.22%), 4.96%, <br> 8/15/2030 (e)<br>| 662 | 670 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.50%), 5.78%, <br> 3/1/2035 (e)<br>| 355 | 369 |
| NatWest Markets plc (United Kingdom) 5.41%, <br> 5/17/2029 (d)<br>| 435 | 449 |
| Nordea Bank Abp (Finland) 5.38%, 9/22/2027 (d) | 200 | 205 |
| PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  |
| (SOFR + 1.33%), 4.90%, 5/13/2031 (e) | 335 | 339 |
| (SOFR + 1.26%), 4.81%, 10/21/2032 (e) | 250 | 251 |
| (SOFR + 1.93%), 5.07%, 1/24/2034 (e) | 264 | 265 |
| Royal Bank of Canada (Canada) (SOFRINDX + <br> 1.08%), 4.65%, 10/18/2030 (e)<br>| 395 | 396 |
| Santander Holdings USA, Inc. (SOFR + 2.50%), <br> 6.17%, 1/9/2030 (e)<br>| 265 | 276 |
| Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.25%), 1.53%, <br> 8/21/2026 (e)<br>| 500 | 498 |
| (SOFR + 0.99%), 1.67%, 6/14/2027 (e) | 230 | 223 |
| (SOFR + 2.60%), 6.53%, 1/10/2029 (e) | 360 | 376 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

22 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (SOFRINDX + 1.55%), 4.86%, 9/11/2030 (e) | 215 | 215 |
| (SOFRINDX + 1.52%), 5.69%, 4/15/2031 (e) | 245 | 253 |
| Skandinaviska Enskilda Banken AB (Sweden) <br> 5.38%, 3/5/2029 (d)<br>| 410 | 422 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| 5.25%, 2/19/2027 (d) | 288 | 291 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.00%), 1.79%, <br> 6/9/2027 (d) (e)<br>| 270 | 263 |
| (SOFR + 1.65%), 5.51%, 5/22/2031 (d) (e) | 1078 | 1099 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.30%), 2.89%, <br> 6/9/2032 (d) (e)<br>| 625 | 551 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.10%), 6.07%, <br> 1/19/2035 (d) (e)<br>| 214 | 220 |
| Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.00%), 1.46%, <br> 1/14/2027 (d) (e)<br>| 200 | 197 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.20%), 7.02%, <br> 2/8/2030 (d) (e)<br>| 250 | 269 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 5.71%, 1/13/2030 | 420 | 441 |
| 5.42%, 7/9/2031 | 550 | 571 |
| (SOFR + 1.38%), 4.95%, 7/8/2033 (e) | 500 | 500 |
| Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) |
| 5.16%, 1/10/2028 | 190 | 194 |
| 5.52%, 7/17/2028 | 70 | 72 |
| 5.30%, 1/30/2032 | 265 | 272 |
| Truist Financial Corp.  | Truist Financial Corp.  | Truist Financial Corp.  |
| (SOFR + 2.05%), 6.05%, 6/8/2027 (e) | 155 | 157 |
| (SOFR + 2.45%), 7.16%, 10/30/2029 (e) | 205 | 222 |
| (SOFR + 1.31%), 5.07%, 5/20/2031 (e) | 795 | 807 |
| (SOFR + 1.85%), 5.12%, 1/26/2034 (e) | 140 | 140 |
| (SOFR + 1.92%), 5.71%, 1/24/2035 (e) | 171 | 177 |
| UniCredit SpA (Italy) (US Treasury Yield Curve Rate <br> T Note Constant Maturity 1 Year + 1.20%), <br> 1.98%, 6/3/2027 (d) (e)<br>| 200 | 195 |
| US Bancorp (SOFR + 1.30%), 5.08%, <br> 5/15/2031 (e)<br>| 330 | 337 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| 4.30%, 7/22/2027 | 1701 | 1701 |
| (SOFR + 1.37%), 4.97%, 4/23/2029 (e) | 280 | 284 |
| (SOFR + 1.74%), 5.57%, 7/25/2029 (e) | 285 | 294 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (SOFR + 1.50%), 5.20%, 1/23/2030 (e) | 80 | 82 |
| (SOFR + 1.99%), 5.56%, 7/25/2034 (e) | 95 | 98 |
| (SOFR + 1.78%), 5.50%, 1/23/2035 (e) | 800 | 820 |
| (SOFR + 1.38%), 5.21%, 12/3/2035 (e) | 805 | 808 |
| (SOFR + 2.53%), 3.07%, 4/30/2041 (e) | 156 | 118 |
| (SOFR + 2.13%), 4.61%, 4/25/2053 (e) | 320 | 273 |
| Westpac New Zealand Ltd. (New Zealand) 5.20%, <br> 2/28/2029 (d)<br>| 540 | 553 |
|  |  | 48206 |
| **Beverages — 0.0% ^** | **Beverages — 0.0% ^** | **Beverages — 0.0% ^** |
| Constellation Brands, Inc. 4.50%, 5/9/2047 | 275 | 228 |
| Keurig Dr Pepper, Inc. Series 10, 5.20%, <br> 3/15/2031<br>| 280 | 289 |
|  |  | 517 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| AbbVie, Inc.  | AbbVie, Inc.  | AbbVie, Inc.  |
| 5.05%, 3/15/2034 | 590 | 601 |
| 4.05%, 11/21/2039 | 500 | 438 |
| 4.25%, 11/21/2049 | 240 | 197 |
| Amgen, Inc. 5.65%, 3/2/2053 | 820 | 801 |
| Biogen, Inc. 5.75%, 5/15/2035 | 235 | 242 |
| Gilead Sciences, Inc. 2.60%, 10/1/2040 | 743 | 533 |
|  |  | 2812 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| Amazon.com, Inc. 3.95%, 4/13/2052 | 530 | 418 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| Masco Corp. 2.00%, 10/1/2030 | 262 | 227 |
| **Capital Markets — 0.5%** | **Capital Markets — 0.5%** | **Capital Markets — 0.5%** |
| Bank of New York Mellon Corp. (The) (SOFR + <br> 1.85%), 6.47%, 10/25/2034 (e)<br>| 190 | 209 |
| Brookfield Finance, Inc. (Canada) 3.50%, <br> 3/30/2051<br>| 278 | 189 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 1.22%), 2.31%, 11/16/2027 (e) | 388 | 376 |
| (SOFR + 1.21%), 5.37%, 1/10/2029 (e) | 230 | 234 |
| (SOFR + 3.18%), 6.72%, 1/18/2029 (e) | 170 | 179 |
| 5.41%, 5/10/2029 | 230 | 238 |
| (SOFR + 1.70%), 5.00%, 9/11/2030 (e) | 160 | 161 |
| (SOFR + 1.72%), 5.30%, 5/9/2031 (e) | 905 | 919 |
| (SOFR + 2.05%), 5.40%, 9/11/2035 (e) | 165 | 164 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| (SOFR + 1.11%), 2.64%, 2/24/2028 (e) | 528 | 513 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 23

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| (SOFR + 1.77%), 6.48%, 10/24/2029 (e) | 250 | 265 |
| (SOFR + 1.21%), 5.05%, 7/23/2030 (e) | 535 | 544 |
| (SOFR + 1.58%), 5.22%, 4/23/2031 (e) | 137 | 140 |
| (SOFR + 1.55%), 5.33%, 7/23/2035 (e) | 1140 | 1150 |
| Macquarie Group Ltd. (Australia) (SOFR + 1.53%), <br> 2.87%, 1/14/2033 (d) (e)<br>| 250 | 218 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| (SOFR + 1.73%), 5.12%, 2/1/2029 (e) | 395 | 402 |
| (SOFR + 1.59%), 5.16%, 4/20/2029 (e) | 355 | 362 |
| (SOFR + 1.22%), 5.04%, 7/19/2030 (e) | 220 | 224 |
| (SOFR + 1.20%), 2.51%, 10/20/2032 (e) | 710 | 622 |
| (SOFR + 1.73%), 5.47%, 1/18/2035 (e) | 132 | 135 |
| (SOFR + 1.56%), 5.32%, 7/19/2035 (e) | 300 | 304 |
| (SOFR + 1.49%), 3.22%, 4/22/2042 (e) | 245 | 186 |
| Nasdaq, Inc. 5.55%, 2/15/2034 | 79 | 82 |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |
| (USD SOFR ICE Swap Rate 1 Year + 1.34%), <br> 5.62%, 9/13/2030 (d) (e)<br>| 595 | 618 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.00%), 6.30%, <br> 9/22/2034 (d) (e)<br>| 200 | 215 |
|  |  | 8649 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| DuPont de Nemours, Inc.  | DuPont de Nemours, Inc.  | DuPont de Nemours, Inc.  |
| 5.32%, 11/15/2038 | 933 | 966 |
| 5.42%, 11/15/2048 | 300 | 302 |
| EIDP, Inc. 5.13%, 5/15/2032 | 445 | 454 |
| Nutrien Ltd. (Canada) 5.00%, 4/1/2049 | 121 | 108 |
|  |  | 1830 |
| **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** |
| Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) |
| 6.32%, 12/4/2028 (d) | 530 | 559 |
| 5.04%, 3/25/2030 (d) | 140 | 141 |
|  |  | 700 |
| **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
| AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) |
| 5.10%, 1/19/2029 | 175 | 178 |
| 3.30%, 1/30/2032 | 150 | 136 |
| Aircastle Ltd. 5.25%, 3/15/2030 (d) | 225 | 227 |
| American Express Co. (SOFRINDX + 1.32%), <br> 5.44%, 1/30/2036 (e)<br>| 270 | 276 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 5.50%, 1/15/2026 (d) | 1075 | 1075 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| 2.13%, 2/21/2026 (d) | 150 | 147 |
| 4.25%, 4/15/2026 (d) | 25 | 25 |
| 4.38%, 5/1/2026 (d) | 110 | 109 |
| 2.53%, 11/18/2027 (d) | 1132 | 1075 |
| 4.95%, 1/15/2028 (d) | 185 | 186 |
| 5.75%, 3/1/2029 (d) | 191 | 196 |
| 5.75%, 11/15/2029 (d) | 575 | 589 |
| 5.15%, 1/15/2030 (d) | 285 | 287 |
| Capital One Financial Corp.  | Capital One Financial Corp.  | Capital One Financial Corp.  |
| (SOFR + 1.91%), 5.70%, 2/1/2030 (e) | 180 | 186 |
| (SOFR + 1.27%), 2.62%, 11/2/2032 (e) | 235 | 205 |
| Hyundai Capital Services, Inc. (South Korea) 5.13%, <br> 2/5/2029 (d)<br>| 200 | 202 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) |
| 5.20%, 3/27/2028 (d) | 355 | 359 |
| 5.15%, 3/17/2030 (d) | 180 | 180 |
|  |  | 5638 |
| **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** |
| Kroger Co. (The)  | Kroger Co. (The)  | Kroger Co. (The)  |
| 5.00%, 9/15/2034 | 120 | 119 |
| 5.50%, 9/15/2054 | 90 | 86 |
|  |  | 205 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| Graphic Packaging International LLC 1.51%, <br> 4/15/2026 (d)<br>| 259 | 252 |
| Smurfit Westrock Financing DAC (Ireland) 5.42%, <br> 1/15/2035<br>| 335 | 340 |
|  |  | 592 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| University of Miami Series 2022, 4.06%, 4/1/2052 | 110 | 86 |
| **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** |
| Safehold GL Holdings LLC 2.85%, 1/15/2032 | 406 | 353 |
| WP Carey, Inc. 2.40%, 2/1/2031 | 183 | 161 |
|  |  | 514 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  |
| 3.50%, 6/1/2041 | 664 | 521 |
| 3.55%, 9/15/2055 | 398 | 269 |
| Sprint Capital Corp. 6.88%, 11/15/2028 | 105 | 113 |
| Verizon Communications, Inc. 2.65%, 11/20/2040 | 236 | 166 |
|  |  | 1069 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

24 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |
| Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  |
| 5.40%, 6/1/2053 | 280 | 267 |
| 5.65%, 6/1/2054 | 190 | 188 |
| Consumers 2023 Securitization Funding LLC Series <br> A2, 5.21%, 9/1/2030<br>| 786 | 807 |
| DTE Electric Securitization Funding II LLC Series A-2, <br> 6.09%, 9/1/2037<br>| 300 | 324 |
| Duke Energy Corp. 6.10%, 9/15/2053 | 580 | 590 |
| Duke Energy Indiana LLC Series YYY, 3.25%, <br> 10/1/2049<br>| 123 | 83 |
| Duke Energy Progress LLC 2.90%, 8/15/2051 | 170 | 106 |
| Duke Energy Progress SC Storm Funding LLC Series <br> A, 5.40%, 3/1/2044<br>| 869 | 882 |
| Edison International  | Edison International  | Edison International  |
| 5.75%, 6/15/2027 | 265 | 267 |
| 5.25%, 11/15/2028 | 500 | 495 |
| Electricite de France SA (France) 5.95%, <br> 4/22/2034 (d)<br>| 220 | 229 |
| Emera US Finance LP (Canada) 4.75%, 6/15/2046 | 253 | 210 |
| Entergy Arkansas LLC 2.65%, 6/15/2051 | 88 | 52 |
| Entergy Louisiana LLC  | Entergy Louisiana LLC  | Entergy Louisiana LLC  |
| 4.00%, 3/15/2033 | 202 | 190 |
| 2.90%, 3/15/2051 | 80 | 50 |
| 5.70%, 3/15/2054 | 140 | 138 |
| Evergy Missouri West Storm Funding I LLC Series <br> A-1, 5.10%, 12/1/2038<br>| 593 | 593 |
| Evergy Missouri West, Inc. 5.15%, 12/15/2027 (d) | 282 | 287 |
| Evergy, Inc. 2.90%, 9/15/2029 | 512 | 481 |
| Fells Point Funding Trust 3.05%, 1/31/2027 (d) | 560 | 548 |
| FirstEnergy Transmission LLC 4.55%, 4/1/2049 (d) | 235 | 199 |
| ITC Holdings Corp.  | ITC Holdings Corp.  | ITC Holdings Corp.  |
| 2.95%, 5/14/2030 (d) | 156 | 145 |
| 5.40%, 6/1/2033 (d) | 500 | 506 |
| Jersey Central Power & Light Co.  | Jersey Central Power & Light Co.  | Jersey Central Power & Light Co.  |
| 4.30%, 1/15/2026 (d) | 236 | 236 |
| 5.10%, 1/15/2035 | 95 | 95 |
| Massachusetts Electric Co. 4.00%, 8/15/2046 (d) | 118 | 93 |
| MidAmerican Energy Co. 5.85%, 9/15/2054 | 120 | 124 |
| New England Power Co. (United Kingdom) 2.81%, <br> 10/6/2050 (d)<br>| 328 | 199 |
| NextEra Energy Capital Holdings, Inc. 5.55%, <br> 3/15/2054<br>| 410 | 394 |
| Niagara Mohawk Power Corp. 6.00%, 7/3/2055 (d) | 60 | 60 |
| NRG Energy, Inc.  | NRG Energy, Inc.  | NRG Energy, Inc.  |
| 2.00%, 12/2/2025 (d) | 115 | 113 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| 2.45%, 12/2/2027 (d) | 410 | 389 |
| Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  |
| 2.95%, 3/1/2026 | 831 | 820 |
| 6.15%, 1/15/2033 | 250 | 258 |
| 6.40%, 6/15/2033 | 203 | 212 |
| 5.80%, 5/15/2034 | 442 | 442 |
| 6.00%, 8/15/2035 | 750 | 758 |
| 3.75%, 8/15/2042 (g) | 86 | 61 |
| 4.30%, 3/15/2045 | 90 | 68 |
| 6.75%, 1/15/2053 | 125 | 126 |
| 5.90%, 10/1/2054 | 40 | 36 |
| PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  |
| Series A-2, 5.23%, 6/1/2042 | 2435 | 2414 |
| Series A-3, 5.54%, 7/15/2047 | 200 | 194 |
| Series A-3, 5.53%, 6/1/2049 | 340 | 335 |
| PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  |
| Series A-2, 4.26%, 6/1/2036 | 135 | 127 |
| Series A-4, 5.21%, 12/1/2047 | 80 | 76 |
| Series A-5, 5.10%, 6/1/2052 | 150 | 138 |
| PPL Capital Funding, Inc. 5.25%, 9/1/2034 | 165 | 166 |
| Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  |
| 5.25%, 1/15/2033 | 240 | 242 |
| 5.20%, 1/15/2035 | 70 | 70 |
| Public Service Electric and Gas Co. 3.00%, <br> 3/1/2051<br>| 410 | 267 |
| SCE Recovery Funding LLC  | SCE Recovery Funding LLC  | SCE Recovery Funding LLC  |
| Series A-1, 4.70%, 6/15/2040 | 171 | 166 |
| Series A-2, 5.11%, 12/15/2047 | 80 | 75 |
| Sigeco Securitization I LLC Series A1, 5.03%, <br> 11/15/2036<br>| 161 | 163 |
| Southern California Edison Co.  | Southern California Edison Co.  | Southern California Edison Co.  |
| 5.45%, 6/1/2031 | 400 | 407 |
| Series C, 4.13%, 3/1/2048 | 152 | 110 |
| 5.88%, 12/1/2053 | 134 | 122 |
| 5.75%, 4/15/2054 | 505 | 452 |
| 5.90%, 3/1/2055 | 100 | 91 |
| Southern Co. (The) 5.20%, 6/15/2033 | 321 | 327 |
| Union Electric Co.  | Union Electric Co.  | Union Electric Co.  |
| 5.20%, 4/1/2034 | 360 | 366 |
| 3.90%, 4/1/2052 | 198 | 151 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| 6.00%, 4/15/2034 (d) | 34 | 35 |
| 5.70%, 12/30/2034 (d) | 95 | 97 |
|  |  | 18712 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 25

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  |
| 3.70%, 4/14/2027 | 366 | 362 |
| 5.40%, 6/12/2029 | 590 | 608 |
| 4.00%, 4/14/2032 | 1000 | 947 |
|  |  | 1917 |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** |
| Corebridge Financial, Inc. 3.85%, 4/5/2029 | 120 | 118 |
| Fiserv, Inc. 5.15%, 8/12/2034 | 700 | 703 |
| Global Payments, Inc.  | Global Payments, Inc.  | Global Payments, Inc.  |
| 3.20%, 8/15/2029 | 395 | 374 |
| 5.30%, 8/15/2029 | 71 | 72 |
| Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) |
| (3-MONTH SOFR + 1.45%), 4.30%, <br> 3/8/2029 (d) (e)<br>| 260 | 258 |
| 5.13%, 7/29/2029 (d) | 602 | 616 |
| Shell International Finance BV 3.13%, 11/7/2049 | 251 | 168 |
| Street Capital Group, Inc. (Canada) 0.00%, <br> 2/15/2030 ‡<br>| 260 | 259 |
|  |  | 2568 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  |
| 2.75%, 5/14/2031 | 159 | 144 |
| 4.65%, 9/17/2034 | 298 | 289 |
| J M Smucker Co. (The) 6.20%, 11/15/2033 | 100 | 107 |
| JBS USA Holding Lux Sarl  | JBS USA Holding Lux Sarl  | JBS USA Holding Lux Sarl  |
| 6.75%, 3/15/2034 | 251 | 274 |
| 5.50%, 1/15/2036 (d) (f) | 440 | 441 |
| 6.38%, 4/15/2066 (d) (f) | 495 | 499 |
| JBS USA Holding Lux SARL 3.75%, 12/1/2031 | 285 | 265 |
| JBS USA LUX Sarl 5.95%, 4/20/2035 (d) | 105 | 109 |
| Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  |
| 4.63%, 10/1/2039 | 250 | 224 |
| 4.38%, 6/1/2046 | 137 | 111 |
| Mars, Inc.  | Mars, Inc.  | Mars, Inc.  |
| 5.00%, 3/1/2032 (d) | 250 | 253 |
| 5.65%, 5/1/2045 (d) | 440 | 441 |
| Tyson Foods, Inc. 5.70%, 3/15/2034 | 200 | 207 |
|  |  | 3364 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| Atmos Energy Corp. 2.85%, 2/15/2052 | 245 | 151 |
| Southern California Gas Co. 6.35%, 11/15/2052 | 150 | 161 |
|  |  | 312 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| Burlington Northern Santa Fe LLC 5.50%, <br> 3/15/2055<br>| 190 | 188 |
| Canadian Pacific Railway Co. (Canada) 4.70%, <br> 5/1/2048<br>| 192 | 169 |
| CSX Corp. 3.80%, 11/1/2046 | 241 | 187 |
| ERAC USA Finance LLC 5.20%, 10/30/2034 (d) | 200 | 204 |
| Norfolk Southern Corp. 3.05%, 5/15/2050 | 237 | 155 |
| Penske Truck Leasing Co. LP 6.05%, 8/1/2028 (d) | 250 | 261 |
| Triton Container International Ltd. (Bermuda) <br> 2.05%, 4/15/2026 (d)<br>| 800 | 781 |
| Uber Technologies, Inc. 4.80%, 9/15/2034 | 150 | 147 |
| Union Pacific Corp. 3.55%, 8/15/2039 | 345 | 289 |
|  |  | 2381 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| Boston Scientific Corp. 4.55%, 3/1/2039 | 78 | 74 |
| DH Europe Finance II SARL 3.25%, 11/15/2039 | 123 | 99 |
| Solventum Corp. 5.60%, 3/23/2034 | 336 | 346 |
|  |  | 519 |
| **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** |
| AHS Hospital Corp. 5.02%, 7/1/2045 | 140 | 130 |
| Banner Health 1.90%, 1/1/2031 | 323 | 283 |
| Cencora, Inc.  | Cencora, Inc.  | Cencora, Inc.  |
| 5.13%, 2/15/2034 | 770 | 776 |
| 4.25%, 3/1/2045 | 400 | 328 |
| Children's Hospital of Philadelphia (The) Series <br> 2020, 2.70%, 7/1/2050<br>| 240 | 146 |
| Cigna Group (The) 5.13%, 5/15/2031 | 600 | 617 |
| CommonSpirit Health  | CommonSpirit Health  | CommonSpirit Health  |
| 1.55%, 10/1/2025 | 85 | 84 |
| 2.78%, 10/1/2030 | 195 | 179 |
| 3.91%, 10/1/2050 | 80 | 59 |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| 3.63%, 3/15/2032 | 103 | 95 |
| 5.45%, 9/15/2034 | 380 | 383 |
| 5.75%, 3/1/2035 | 247 | 254 |
| 5.50%, 6/15/2047 | 140 | 130 |
| 3.50%, 7/15/2051 | 125 | 83 |
| 5.95%, 9/15/2054 | 120 | 117 |
| 6.10%, 4/1/2064 | 425 | 415 |
| MedStar Health, Inc. Series 20A, 3.63%, <br> 8/15/2049<br>| 165 | 117 |
| MyMichigan Health Series 2020, 3.41%, 6/1/2050 | 50 | 35 |
| PeaceHealth Obligated Group Series 2020, 3.22%, <br> 11/15/2050<br>| 175 | 108 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

26 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<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** |
| Piedmont Healthcare, Inc. 2.86%, 1/1/2052 | 230 | 140 |
| UnitedHealth Group, Inc. 5.88%, 2/15/2053 | 110 | 110 |
| West Virginia United Health System Obligated Group <br> Series 2020, 3.13%, 6/1/2050<br>| 375 | 235 |
|  |  | 4824 |
| **Health Care REITs — 0.0% ^** | **Health Care REITs — 0.0% ^** | **Health Care REITs — 0.0% ^** |
| DOC DR LLC 2.63%, 11/1/2031 | 135 | 119 |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| Starbucks Corp. 3.35%, 3/12/2050 | 251 | 169 |
| **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** |
| AES Corp. (The) 5.80%, 3/15/2032 | 305 | 310 |
| Constellation Energy Generation LLC  | Constellation Energy Generation LLC  | Constellation Energy Generation LLC  |
| 5.80%, 3/1/2033 | 46 | 48 |
| 5.75%, 10/1/2041 | 210 | 210 |
| Southern Power Co. 5.15%, 9/15/2041 | 260 | 246 |
|  |  | 814 |
| **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** |
| Honeywell International, Inc. 5.25%, 3/1/2054 | 270 | 256 |
| **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** |
| Goodman US Finance Six LLC (Australia) 5.13%, <br> 10/7/2034 (d)<br>| 135 | 134 |
| Prologis LP 5.25%, 3/15/2054 | 332 | 312 |
|  |  | 446 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| Aon North America, Inc.  | Aon North America, Inc.  | Aon North America, Inc.  |
| 5.45%, 3/1/2034 | 350 | 359 |
| 5.75%, 3/1/2054 | 300 | 296 |
| Arthur J Gallagher & Co. 5.75%, 7/15/2054 | 450 | 441 |
| Berkshire Hathaway Finance Corp. 3.85%, <br> 3/15/2052<br>| 185 | 143 |
| Brown & Brown, Inc.  | Brown & Brown, Inc.  | Brown & Brown, Inc.  |
| 2.38%, 3/15/2031 | 488 | 430 |
| 6.25%, 6/23/2055 | 370 | 381 |
| Corebridge Global Funding 5.90%, 9/19/2028 (d) | 180 | 188 |
| Empower Finance 2020 LP (Canada) 3.08%, <br> 9/17/2051 (d)<br>| 352 | 223 |
| F&G Annuities & Life, Inc. 6.50%, 6/4/2029 | 135 | 139 |
| F&G Global Funding 5.88%, 6/10/2027 (d) | 300 | 307 |
| Nationwide Mutual Insurance Co. 8.25%, <br> 12/1/2031 (d)<br>| 400 | 461 |
| New York Life Insurance Co. 3.75%, 5/15/2050 (d) | 510 | 377 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Northwestern Mutual Global Funding  | Northwestern Mutual Global Funding  | Northwestern Mutual Global Funding  |
| 1.70%, 6/1/2028 (d) | 200 | 187 |
| 5.16%, 5/28/2031 (d) | 600 | 615 |
| Principal Financial Group, Inc. 4.11%, <br> 2/15/2028 (d)<br>| 150 | 148 |
| Teachers Insurance & Annuity Association of America  | Teachers Insurance & Annuity Association of America  | Teachers Insurance & Annuity Association of America  |
| 4.27%, 5/15/2047 (d) | 70 | 57 |
| 3.30%, 5/15/2050 (d) | 495 | 332 |
|  |  | 5084 |
| **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** |
| Meta Platforms, Inc.  | Meta Platforms, Inc.  | Meta Platforms, Inc.  |
| 5.60%, 5/15/2053 | 245 | 245 |
| 5.40%, 8/15/2054 | 200 | 195 |
|  |  | 440 |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| Accenture Capital, Inc. 4.25%, 10/4/2031 | 245 | 243 |
| CGI, Inc. (Canada) 1.45%, 9/14/2026 | 215 | 207 |
|  |  | 450 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| Otis Worldwide Corp. 3.11%, 2/15/2040 | 290 | 223 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Charter Communications Operating LLC  | Charter Communications Operating LLC  | Charter Communications Operating LLC  |
| 2.80%, 4/1/2031 | 152 | 136 |
| 3.50%, 3/1/2042 | 115 | 82 |
| 3.70%, 4/1/2051 | 532 | 354 |
| Comcast Corp.  | Comcast Corp.  | Comcast Corp.  |
| 3.25%, 11/1/2039 | 431 | 338 |
| 2.80%, 1/15/2051 | 585 | 351 |
| 5.35%, 5/15/2053 | 745 | 690 |
|  |  | 1951 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| BHP Billiton Finance USA Ltd. (Australia) 5.13%, <br> 2/21/2032<br>| 210 | 215 |
| Corp. Nacional del Cobre de Chile (Chile) 6.44%, <br> 1/26/2036 (d)<br>| 200 | 209 |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| 2.50%, 9/1/2030 (d) | 398 | 359 |
| 5.63%, 4/4/2034 (d) | 230 | 234 |
| Steel Dynamics, Inc. 1.65%, 10/15/2027 | 316 | 298 |
|  |  | 1315 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 27

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| Berkshire Hathaway Energy Co. 2.85%, 5/15/2051 | 241 | 147 |
| DTE Energy Co. 5.10%, 3/1/2029 | 600 | 612 |
| Engie SA (France) 5.63%, 4/10/2034 (d) | 700 | 721 |
| Public Service Enterprise Group, Inc. 5.45%, <br> 4/1/2034<br>| 200 | 204 |
| Puget Energy, Inc. 5.73%, 3/15/2035 (d) | 135 | 136 |
| San Diego Gas & Electric Co. 2.95%, 8/15/2051 | 370 | 233 |
| Southern Co. Gas Capital Corp. Series 21A, 3.15%, <br> 9/30/2051<br>| 170 | 109 |
|  |  | 2162 |
| **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** |
| COPT Defense Properties LP 2.75%, 4/15/2031 | 295 | 261 |
| **Oil, Gas & Consumable Fuels — 0.6%** | **Oil, Gas & Consumable Fuels — 0.6%** | **Oil, Gas & Consumable Fuels — 0.6%** |
| Aker BP ASA (Norway) | Aker BP ASA (Norway) | Aker BP ASA (Norway) |
| 5.13%, 10/1/2034 (d) | 150 | 144 |
| 5.80%, 10/1/2054 (d) | 150 | 137 |
| APA Infrastructure Ltd. (Australia) 5.13%, <br> 9/16/2034 (d)<br>| 424 | 416 |
| Boardwalk Pipelines LP 4.45%, 7/15/2027 | 205 | 205 |
| BP Capital Markets America, Inc. 2.77%, <br> 11/10/2050<br>| 238 | 145 |
| Cheniere Energy Partners LP 5.55%, <br> 10/30/2035 (d) (f)<br>| 145 | 146 |
| Cheniere Energy, Inc. 5.65%, 4/15/2034 | 160 | 164 |
| Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  |
| 5.10%, 10/1/2031 (d) | 102 | 102 |
| 5.68%, 1/15/2034 (d) | 148 | 150 |
| Columbia Pipelines Operating Co. LLC  | Columbia Pipelines Operating Co. LLC  | Columbia Pipelines Operating Co. LLC  |
| 5.44%, 2/15/2035 (d) | 530 | 533 |
| 5.96%, 2/15/2055 (d) | 365 | 350 |
| ConocoPhillips Co. 5.50%, 1/15/2055 | 315 | 299 |
| Coterra Energy, Inc.  | Coterra Energy, Inc.  | Coterra Energy, Inc.  |
| 3.90%, 5/15/2027 | 155 | 153 |
| 5.40%, 2/15/2035 | 255 | 252 |
| Devon Energy Corp. 5.75%, 9/15/2054 | 285 | 257 |
| Eastern Energy Gas Holdings LLC 6.20%, <br> 1/15/2055<br>| 140 | 145 |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| 5.70%, 3/8/2033 | 180 | 187 |
| 5.63%, 4/5/2034 | 335 | 344 |
| Energy Transfer LP 5.00%, 5/15/2044 (g) | 565 | 487 |
| Eni SpA (Italy) 5.95%, 5/15/2054 (d) | 200 | 194 |
| Enterprise Products Operating LLC  | Enterprise Products Operating LLC  | Enterprise Products Operating LLC  |
| 4.95%, 2/15/2035 | 510 | 508 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| 4.45%, 2/15/2043 | 354 | 306 |
| Exxon Mobil Corp. 3.00%, 8/16/2039 | 734 | 572 |
| Flex Intermediate Holdco LLC 4.32%, <br> 12/30/2039 (d)<br>| 135 | 106 |
| Galaxy Pipeline Assets Bidco Ltd. (United Arab <br> Emirates) 2.94%, 9/30/2040 (d)<br>| 221 | 181 |
| Gray Oak Pipeline LLC  | Gray Oak Pipeline LLC  | Gray Oak Pipeline LLC  |
| 2.60%, 10/15/2025 (d) | 550 | 546 |
| 3.45%, 10/15/2027 (d) | 334 | 327 |
| Kinder Morgan, Inc. 7.80%, 8/1/2031 | 500 | 576 |
| MPLX LP  | MPLX LP  | MPLX LP  |
| 5.50%, 6/1/2034 | 360 | 361 |
| 4.50%, 4/15/2038 | 256 | 226 |
| 5.95%, 4/1/2055 | 95 | 91 |
| NGPL PipeCo LLC 3.25%, 7/15/2031 (d) | 210 | 187 |
| Northern Natural Gas Co. 5.63%, 2/1/2054 (d) | 40 | 38 |
| Occidental Petroleum Corp. 5.20%, 8/1/2029 | 110 | 110 |
| ONEOK, Inc. 4.75%, 10/15/2031 | 490 | 485 |
| Ovintiv, Inc. 6.25%, 7/15/2033 | 400 | 413 |
| South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) |
| 4.91%, 9/1/2027 (d) | 85 | 86 |
| 5.03%, 10/1/2029 (d) | 95 | 95 |
| Targa Resources Corp. 4.90%, 9/15/2030 | 445 | 449 |
| TotalEnergies Capital International SA (France) <br> 2.99%, 6/29/2041<br>| 495 | 365 |
| TransCanada PipeLines Ltd. (Canada) 5.85%, <br> 3/15/2036<br>| 350 | 361 |
| Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  |
| 5.60%, 3/15/2035 | 195 | 200 |
| 6.00%, 3/15/2055 | 55 | 55 |
|  |  | 11454 |
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| United Airlines Pass-Through Trust Series 2016-2, <br> Class A Shares, 3.10%, 10/7/2028<br>| 614 | 573 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| Haleon US Capital LLC 4.00%, 3/24/2052 | 350 | 270 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  |
| 4.13%, 6/15/2039 | 295 | 263 |
| 3.70%, 3/15/2052 | 171 | 125 |
| 5.55%, 2/22/2054 | 27 | 26 |
| 5.65%, 2/22/2064 | 250 | 243 |
| Eli Lilly & Co. 5.00%, 2/9/2054 | 540 | 505 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

28 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| Merck & Co., Inc.  | Merck & Co., Inc.  | Merck & Co., Inc.  |
| 2.35%, 6/24/2040 | 348 | 244 |
| 2.90%, 12/10/2061 | 35 | 20 |
| Pfizer Investment Enterprises Pte. Ltd. 5.30%, <br> 5/19/2053<br>| 375 | 354 |
| Takeda Pharmaceutical Co. Ltd. (Japan) 3.18%, <br> 7/9/2050<br>| 750 | 491 |
|  |  | 2271 |
| **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** |
| Verisk Analytics, Inc. 5.75%, 4/1/2033 | 170 | 179 |
| **Residential REITs — 0.0% ^** | **Residential REITs — 0.0% ^** | **Residential REITs — 0.0% ^** |
| Essex Portfolio LP 5.50%, 4/1/2034 | 100 | 102 |
| UDR, Inc. 2.10%, 8/1/2032 | 482 | 399 |
|  |  | 501 |
| **Retail REITs — 0.0% ^** | **Retail REITs — 0.0% ^** | **Retail REITs — 0.0% ^** |
| Brixmor Operating Partnership LP  | Brixmor Operating Partnership LP  | Brixmor Operating Partnership LP  |
| 2.25%, 4/1/2028 | 180 | 170 |
| 2.50%, 8/16/2031 | 110 | 96 |
| NNN REIT, Inc.  | NNN REIT, Inc.  | NNN REIT, Inc.  |
| 5.60%, 10/15/2033 | 100 | 103 |
| 5.50%, 6/15/2034 | 150 | 154 |
|  |  | 523 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
| 1.95%, 2/15/2028 (d) | 529 | 499 |
| 5.15%, 11/15/2031 | 500 | 514 |
| 4.55%, 2/15/2032 | 216 | 214 |
| 3.19%, 11/15/2036 (d) | 228 | 189 |
| Intel Corp.  | Intel Corp.  | Intel Corp.  |
| 3.73%, 12/8/2047 | 145 | 102 |
| 3.25%, 11/15/2049 | 140 | 89 |
| 3.05%, 8/12/2051 | 140 | 83 |
| KLA Corp. 3.30%, 3/1/2050 | 442 | 306 |
| Marvell Technology, Inc. 5.45%, 7/15/2035 | 420 | 423 |
| NXP BV (Netherlands) 3.25%, 5/11/2041 | 365 | 267 |
| Texas Instruments, Inc. 5.05%, 5/18/2063 | 530 | 486 |
|  |  | 3172 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Cadence Design Systems, Inc. 4.70%, 9/10/2034 | 386 | 381 |
| Intuit, Inc. 5.50%, 9/15/2053 | 70 | 70 |
| Oracle Corp.  | Oracle Corp.  | Oracle Corp.  |
| 3.80%, 11/15/2037 | 799 | 684 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Software — continued** | **Software — continued** | **Software — continued** |
| 3.65%, 3/25/2041 | 750 | 591 |
| 3.60%, 4/1/2050 | 160 | 112 |
| Roper Technologies, Inc. 1.75%, 2/15/2031 | 277 | 238 |
| Synopsys, Inc.  | Synopsys, Inc.  | Synopsys, Inc.  |
| 5.00%, 4/1/2032 | 250 | 253 |
| 5.70%, 4/1/2055 | 265 | 263 |
| VMware LLC  | VMware LLC  | VMware LLC  |
| 1.40%, 8/15/2026 | 421 | 407 |
| 4.70%, 5/15/2030 | 415 | 417 |
|  |  | 3416 |
| **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
| American Tower Corp.  | American Tower Corp.  | American Tower Corp.  |
| 1.50%, 1/31/2028 | 205 | 191 |
| 5.20%, 2/15/2029 | 380 | 389 |
| 1.88%, 10/15/2030 | 1190 | 1034 |
| Crown Castle, Inc. 5.80%, 3/1/2034 | 120 | 124 |
| CubeSmart LP 2.00%, 2/15/2031 | 570 | 494 |
|  |  | 2232 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| Home Depot, Inc. (The) 3.63%, 4/15/2052 | 185 | 135 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| Apple, Inc. 2.70%, 8/5/2051 | 295 | 185 |
| Dell International LLC  | Dell International LLC  | Dell International LLC  |
| 6.20%, 7/15/2030 | 970 | 1038 |
| 5.30%, 4/1/2032 | 605 | 618 |
| Hewlett Packard Enterprise Co. 5.00%, <br> 10/15/2034<br>| 460 | 446 |
|  |  | 2287 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| Altria Group, Inc. 2.45%, 2/4/2032 | 375 | 323 |
| BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |
| 2.26%, 3/25/2028 | 482 | 456 |
| 4.39%, 8/15/2037 | 265 | 237 |
|  |  | 1016 |
| **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** |
| Aviation Capital Group LLC 5.13%, 4/10/2030 (d) | 215 | 217 |
| **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** |
| American Water Capital Corp. 5.45%, 3/1/2054 | 550 | 532 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
| 2.55%, 2/15/2031 | 670 | 600 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 29

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Wireless Telecommunication Services — continued** | **Wireless Telecommunication Services — continued** | **Wireless Telecommunication Services — continued** |
| 3.40%, 10/15/2052 | 430 | 287 |
| Vodafone Group plc (United Kingdom) 5.75%, <br> 6/28/2054<br>| 300 | 288 |
|  |  | 1175 |
| Total Corporate Bonds <br>(Cost $161,418)<br>|  | 154281 |
| **Mortgage-Backed Securities — 7.3%** | **Mortgage-Backed Securities — 7.3%** | **Mortgage-Backed Securities — 7.3%** |
| FHLMC Gold Pools, Other  |  |  |
| Pool # WN1157, 1.80%, 11/1/2028 | 985 | 914 |
| Pool # WA1626, 3.45%, 8/1/2032 | 1143 | 1079 |
| Pool # WN3225, 3.80%, 10/1/2034 | 750 | 702 |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # ZL3032, 3.50%, 5/1/2042 | 501 | 470 |
| Pool # QA5290, 2.50%, 12/1/2049 | 1262 | 1060 |
| Pool # QA9530, 2.50%, 5/1/2050 | 454 | 383 |
| Pool # QB4026, 2.50%, 10/1/2050 | 1510 | 1274 |
| Pool # QB4045, 2.50%, 10/1/2050 | 942 | 795 |
| Pool # QB4484, 2.50%, 10/1/2050 | 665 | 562 |
| Pool # QB4542, 2.50%, 10/1/2050 | 665 | 563 |
| Pool # QB8503, 2.50%, 2/1/2051 | 760 | 635 |
| Pool # SD4767, 2.50%, 2/1/2051 | 1148 | 965 |
| Pool # QC9443, 2.50%, 10/1/2051 | 602 | 505 |
| Pool # RA6132, 2.50%, 10/1/2051 | 1345 | 1122 |
| Pool # SD0781, 3.00%, 11/1/2051 | 1528 | 1331 |
| Pool # SD5768, 3.00%, 1/1/2052 | 2022 | 1766 |
| Pool # QD4686, 4.00%, 1/1/2052 | 246 | 229 |
| Pool # QD7596, 2.50%, 2/1/2052 | 1981 | 1662 |
| Pool # RA6815, 2.50%, 2/1/2052 | 1621 | 1358 |
| Pool # SD3952, 2.50%, 3/1/2052 | 1331 | 1117 |
| Pool # QE1637, 4.00%, 5/1/2052 | 269 | 253 |
| Pool # QE1832, 4.50%, 5/1/2052 | 337 | 329 |
| Pool # SD4119, 3.00%, 8/1/2052 | 749 | 655 |
| Pool # QH9763, 6.00%, 1/1/2054 | 436 | 446 |
| Pool # QH9845, 6.00%, 2/1/2054 | 1500 | 1538 |
| Pool # SD7018, 4.50%, 3/1/2054 | 1510 | 1455 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # CA2826, 5.50%, 12/1/2048 | 785 | 797 |
| Pool # BK2113, 2.50%, 3/1/2050 | 422 | 354 |
| Pool # CA5658, 2.50%, 5/1/2050 | 135 | 113 |
| Pool # FM3118, 3.00%, 5/1/2050 | 396 | 351 |
| Pool # BP8608, 2.50%, 6/1/2050 | 284 | 239 |
| Pool # BP9250, 2.50%, 7/1/2050 | 1208 | 1019 |
| Pool # FP0059, 2.50%, 8/1/2050 | 941 | 785 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # BP6749, 2.50%, 9/1/2050 | 1206 | 1011 |
| Pool # BQ2894, 3.00%, 9/1/2050 | 755 | 664 |
| Pool # BK8152, 2.50%, 10/1/2050 | 284 | 238 |
| Pool # BQ3996, 2.50%, 10/1/2050 | 644 | 543 |
| Pool # BQ5243, 3.50%, 10/1/2050 | 250 | 227 |
| Pool # CA7398, 3.50%, 10/1/2050 | 869 | 792 |
| Pool # BP7667, 2.50%, 12/1/2050 | 685 | 578 |
| Pool # BR4318, 3.00%, 1/1/2051 | 97 | 86 |
| Pool # CA8637, 4.00%, 1/1/2051 | 1459 | 1377 |
| Pool # CB0189, 3.00%, 4/1/2051 | 282 | 247 |
| Pool # CB0458, 2.50%, 5/1/2051 | 449 | 376 |
| Pool # FS7655, 2.50%, 5/1/2051 | 1124 | 941 |
| Pool # BT0122, 2.50%, 6/1/2051 | 207 | 173 |
| Pool # FM7916, 2.50%, 6/1/2051 | 388 | 326 |
| Pool # FM7957, 2.50%, 7/1/2051 | 2635 | 2215 |
| Pool # CB1301, 2.50%, 8/1/2051 | 697 | 585 |
| Pool # FM8247, 2.50%, 8/1/2051 | 381 | 320 |
| Pool # CB1566, 2.50%, 9/1/2051 | 1333 | 1107 |
| Pool # FM8659, 2.50%, 9/1/2051 | 737 | 618 |
| Pool # FS6514, 2.50%, 9/1/2051 | 401 | 338 |
| Pool # FS4624, 2.50%, 11/1/2051 | 332 | 277 |
| Pool # CB2313, 2.50%, 12/1/2051 | 428 | 359 |
| Pool # FS2559, 3.00%, 12/1/2051 | 1246 | 1088 |
| Pool # CB2637, 2.50%, 1/1/2052 | 785 | 659 |
| Pool # BV4831, 3.00%, 2/1/2052 | 428 | 371 |
| Pool # FS7749, 3.00%, 2/1/2052 | 1533 | 1342 |
| Pool # BV0295, 3.50%, 2/1/2052 | 948 | 864 |
| Pool # BV3950, 4.00%, 2/1/2052 | 437 | 408 |
| Pool # FS4476, 3.00%, 5/1/2052 | 2247 | 1948 |
| Pool # CB3608, 3.50%, 5/1/2052 | 1849 | 1670 |
| Pool # BV6743, 4.50%, 5/1/2052 | 320 | 309 |
| Pool # BY4714, 5.00%, 6/1/2053 | 948 | 931 |
| Pool # BY4761, 5.00%, 6/1/2053 | 366 | 359 |
| Pool # BY9327, 6.00%, 11/1/2053 | 1040 | 1060 |
| Pool # DA7753, 5.50%, 1/1/2054 | 317 | 319 |
| Pool # DA0425, 6.00%, 2/1/2054 | 419 | 429 |
| Pool # DA7754, 6.00%, 2/1/2054 | 1655 | 1696 |
| Pool # CB8334, 5.50%, 4/1/2054 | 1443 | 1447 |
| Pool # DB6037, 5.50%, 5/1/2054 | 602 | 602 |
| Pool # DB6039, 6.00%, 5/1/2054 | 560 | 573 |
| FNMA, Other  |  |  |
| Pool # BS7576, 4.86%, 12/1/2027 | 620 | 629 |
| Pool # AM3010, 5.07%, 3/1/2028 | 524 | 535 |
| Pool # BL8639, 1.09%, 4/1/2028 | 746 | 688 |
| Pool # BS6144, 3.97%, 1/1/2029 | 1535 | 1528 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

30 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # AM5319, 4.34%, 1/1/2029 | 469 | 472 |
| Pool # BS8149, 4.97%, 9/1/2029 | 900 | 926 |
| Pool # BL4956, 2.41%, 11/1/2029 | 1215 | 1132 |
| Pool # BS0448, 1.27%, 12/1/2029 | 1026 | 903 |
| Pool # BL9748, 1.60%, 12/1/2029 | 429 | 386 |
| Pool # AN7593, 2.99%, 12/1/2029 | 314 | 299 |
| Pool # BS7361, 4.76%, 1/1/2030 | 1880 | 1919 |
| Pool # BL9252, 1.37%, 3/1/2030 | 374 | 329 |
| Pool # AN8285, 3.11%, 3/1/2030 | 321 | 307 |
| Pool # BS0154, 1.28%, 4/1/2030 | 254 | 222 |
| Pool # AM8544, 3.08%, 4/1/2030 | 133 | 127 |
| Pool # AN8990, 3.53%, 4/1/2030 | 453 | 437 |
| Pool # BS7168, 4.57%, 6/1/2030 | 684 | 693 |
| Pool # BL9251, 1.45%, 10/1/2030 | 813 | 709 |
| Pool # AM4789, 4.18%, 11/1/2030 | 243 | 242 |
| Pool # BL9891, 1.37%, 12/1/2030 | 582 | 504 |
| Pool # BS0025, 1.38%, 12/1/2030 | 1080 | 941 |
| Pool # BL9494, 1.46%, 12/1/2030 | 265 | 228 |
| Pool # BS8442, 4.74%, 4/1/2031 | 1062 | 1080 |
| Pool # BS2915, 1.87%, 5/1/2031 | 210 | 183 |
| Pool # BS7167, 4.64%, 7/1/2031 | 1655 | 1678 |
| Pool # BS7437, 5.04%, 8/1/2031 | 870 | 897 |
| Pool # BS4563, 2.01%, 1/1/2032 | 255 | 222 |
| Pool # BS5580, 3.68%, 1/1/2032 | 1080 | 1036 |
| Pool # BM6898, 2.15%, 2/1/2032 (h) | 553 | 485 |
| Pool # BS4654, 2.39%, 3/1/2032 | 844 | 750 |
| Pool # BL5680, 2.44%, 3/1/2032 | 1289 | 1147 |
| Pool # AN5952, 3.01%, 7/1/2032 | 337 | 312 |
| Pool # AN6149, 3.14%, 7/1/2032 | 1605 | 1479 |
| Pool # BS5530, 3.30%, 7/1/2032 | 1676 | 1560 |
| Pool # BS6345, 3.91%, 8/1/2032 | 510 | 492 |
| Pool # BZ0884, 5.37%, 9/1/2032 | 943 | 985 |
| Pool # BM3226, 3.45%, 10/1/2032 (h) | 1349 | 1284 |
| Pool # BS6822, 3.81%, 10/1/2032 | 980 | 941 |
| Pool # BS8528, 4.31%, 10/1/2032 | 1785 | 1761 |
| Pool # BS6872, 4.41%, 10/1/2032 | 285 | 283 |
| Pool # BS6926, 4.51%, 10/1/2032 | 355 | 357 |
| Pool # BS6928, 4.55%, 10/1/2032 | 310 | 312 |
| Pool # BS6954, 4.93%, 10/1/2032 | 782 | 801 |
| Pool # BM6491, 1.46%, 11/1/2032 (h) | 1587 | 1307 |
| Pool # BM6492, 1.51%, 11/1/2032 (h) | 2013 | 1662 |
| Pool # BS6819, 4.12%, 11/1/2032 | 1110 | 1086 |
| Pool # BS7090, 4.45%, 12/1/2032 | 1034 | 1032 |
| Pool # BS7113, 4.90%, 12/1/2032 | 295 | 303 |
| Pool # AN7923, 3.33%, 1/1/2033 | 640 | 593 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # BS8428, 4.41%, 1/1/2033 | 1221 | 1210 |
| Pool # BS7398, 4.74%, 2/1/2033 | 845 | 852 |
| Pool # BS5357, 3.41%, 3/1/2033 | 799 | 739 |
| Pool # AN9067, 3.51%, 5/1/2033 | 345 | 324 |
| Pool # BS8416, 4.56%, 5/1/2033 | 580 | 582 |
| Pool # BS5511, 3.45%, 8/1/2033 | 1053 | 976 |
| Pool # BS5127, 3.15%, 9/1/2033 | 615 | 555 |
| Pool # BL1012, 4.03%, 12/1/2033 | 335 | 323 |
| Pool # BL0900, 4.08%, 2/1/2034 | 190 | 184 |
| Pool # BZ0430, 4.32%, 2/1/2034 | 800 | 787 |
| Pool # BL7124, 1.93%, 6/1/2035 | 675 | 551 |
| Pool # AN4430, 3.61%, 1/1/2037 | 597 | 574 |
| Pool # BL6060, 2.46%, 4/1/2040 | 595 | 436 |
| Pool # BF0107, 4.50%, 6/1/2056 | 496 | 479 |
| Pool # BF0219, 3.50%, 9/1/2057 | 1296 | 1164 |
| Pool # BF0230, 5.50%, 1/1/2058 | 1257 | 1296 |
| Pool # BF0334, 3.50%, 1/1/2059 | 338 | 302 |
| Pool # BF0497, 3.00%, 7/1/2060 | 595 | 512 |
| Pool # BF0537, 3.00%, 3/1/2061 | 1144 | 967 |
| Pool # BF0561, 3.00%, 9/1/2061 | 1500 | 1267 |
| Pool # BF0578, 2.50%, 12/1/2061 | 3215 | 2552 |
| Pool # BF0732, 2.50%, 6/1/2063 | 1571 | 1280 |
| Pool # BF0733, 3.00%, 6/1/2063 | 1405 | 1187 |
| GNMA II, 30 Year  |  |  |
| Pool # BY3432, 3.50%, 9/20/2050 | 926 | 842 |
| Pool # BR3929, 3.50%, 10/20/2050 | 502 | 457 |
| Pool # BW1726, 3.50%, 10/20/2050 | 526 | 479 |
| Pool # BS8546, 2.50%, 12/20/2050 | 1410 | 1187 |
| Pool # BR3928, 3.00%, 12/20/2050 | 682 | 614 |
| Pool # BU7538, 3.00%, 12/20/2050 | 449 | 404 |
| Pool # 785294, 3.50%, 1/20/2051 | 1329 | 1192 |
| Pool # CA8452, 3.00%, 2/20/2051 | 1961 | 1749 |
| Pool # CA9005, 3.00%, 2/20/2051 | 430 | 393 |
| Pool # CB1543, 3.00%, 2/20/2051 | 1403 | 1242 |
| Pool # CA3588, 3.50%, 2/20/2051 | 1506 | 1370 |
| Pool # CB1536, 3.50%, 2/20/2051 | 1540 | 1408 |
| Pool # CB1542, 3.00%, 3/20/2051 | 924 | 818 |
| Pool # CC0070, 3.00%, 3/20/2051 | 239 | 216 |
| Pool # CC8726, 3.00%, 3/20/2051 | 290 | 257 |
| Pool # CC8738, 3.00%, 3/20/2051 | 374 | 331 |
| Pool # CC8723, 3.50%, 3/20/2051 | 1940 | 1764 |
| Pool # CC0088, 4.00%, 3/20/2051 | 83 | 77 |
| Pool # CC0092, 4.00%, 3/20/2051 | 196 | 185 |
| Pool # CC8727, 3.00%, 4/20/2051 | 497 | 440 |
| Pool # CC8739, 3.00%, 4/20/2051 | 1332 | 1179 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 31

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # CC8740, 3.00%, 4/20/2051 | 1059 | 937 |
| Pool # CC8751, 3.00%, 4/20/2051 | 232 | 206 |
| Pool # CA3563, 3.50%, 7/20/2051 | 906 | 834 |
| Pool # CE2586, 3.50%, 7/20/2051 | 1276 | 1160 |
| Pool # CK1527, 3.50%, 12/20/2051 | 1014 | 927 |
| Pool # CJ8184, 3.50%, 1/20/2052 | 1093 | 994 |
| Pool # CK2716, 3.50%, 2/20/2052 | 839 | 753 |
| Pool # CK8295, 5.00%, 3/20/2052 | 480 | 470 |
| Pool # MA8148, 3.00%, 7/20/2052 | 54 | 48 |
| Pool # MA8200, 4.00%, 8/20/2052 | 277 | 258 |
| Pool # CN3127, 5.00%, 8/20/2052 | 449 | 442 |
| Pool # MA8874, 3.00%, 5/20/2053 | 491 | 439 |
| Pool # CV0172, 6.50%, 7/20/2053 | 744 | 786 |
| Pool # CU6748, 6.00%, 9/20/2053 | 901 | 923 |
| Pool # DA2721, 5.50%, 3/20/2054 | 295 | 297 |
| GNMA II, Other  |  |  |
| Pool # CV6672, 5.00%, 7/20/2062 | 441 | 430 |
| Pool # CU1093, 5.50%, 6/20/2063 | 323 | 321 |
| Pool # CV6673, 5.50%, 6/20/2063 | 872 | 868 |
| Pool # CU1092, 6.00%, 6/20/2063 | 421 | 425 |
| Pool # 785183, 2.94%, 10/20/2070 (h) | 728 | 658 |
| Total Mortgage-Backed Securities <br>(Cost $150,887)<br>|  | 142362 |
| **Asset-Backed Securities — 3.5%** | **Asset-Backed Securities — 3.5%** | **Asset-Backed Securities — 3.5%** |
| Accelerated LLC Series 2021-1H, Class B, 1.90%, <br> 10/20/2040 (d)<br>| 167 | 156 |
| Aligned Data Centers Issuer LLC Series 2021-1A, <br> Class A2, 1.94%, 8/15/2046 (d)<br>| 870 | 841 |
| American Airlines Pass-Through Trust |  |  |
| Series 2016-2, Class AA, 3.20%, 6/15/2028 | 567 | 543 |
| Series 2016-3, Class AA, 3.00%, 10/15/2028 | 391 | 370 |
| Series 2017-2, Class A, 3.60%, 10/15/2029 | 621 | 573 |
| Series 2021-1, Class B, 3.95%, 7/11/2030 | 725 | 683 |
| American Credit Acceptance Receivables Trust <br> Series 2024-1, Class D, 5.86%, 5/13/2030 (d)<br>| 720 | 727 |
| AMSR Trust |  |  |
| Series 2020-SFR2, Class E1, 4.03%, <br> 7/17/2037 (d)<br>| 530 | 529 |
| Series 2021-SFR2, Class E2, 2.58%, <br> 8/17/2038 (d)<br>| 340 | 328 |
| Series 2024-SFR1, Class D, 4.29%, <br> 7/17/2041 (d) (g)<br>| 790 | 752 |
| Series 2024-SFR2, Class D, 4.15%, <br> 11/17/2041 (d)<br>| 565 | 532 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Aqua Finance Issuer Trust |  |  |
| Series 2025-A, Class B, 5.56%, 12/19/2050 (d) | 925 | 935 |
| Series 2025-A, Class C, 5.81%, 12/19/2050 (d) | 365 | 369 |
| Aqua Finance Trust Series 2020-AA, Class C, <br> 3.97%, 7/17/2046 (d)<br>| 259 | 252 |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| Series 2024-2A, Class B, 5.57%, <br> 10/20/2028 (d)<br>| 705 | 715 |
| Series 2024-1A, Class A, 5.36%, 6/20/2030 (d) | 545 | 559 |
| Bridge Trust |  |  |
| Series 2024-SFR1, Class C, 4.30%, <br> 8/17/2040 (d)<br>| 1065 | 1024 |
| Series 2024-SFR1, Class D, 4.30%, <br> 8/17/2040 (d)<br>| 1225 | 1166 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| Series 2024-3, Class C, 5.70%, 7/16/2029 | 1375 | 1391 |
| Series 2024-1, Class D, 6.03%, 11/15/2029 | 560 | 569 |
| Series 2024-2, Class C, 6.07%, 2/15/2030 | 1200 | 1223 |
| Series 2024-3, Class D, 5.83%, 5/15/2030 | 660 | 674 |
| Series 2025-1, Class D, 5.64%, 11/15/2030 | 1365 | 1383 |
| Business Jet Securities LLC |  |  |
| Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ <br> (d)<br>| 382 | 376 |
| Series 2024-2A, Class A, 5.36%, 9/15/2039 ‡ <br> (d)<br>| 1350 | 1353 |
| BXG Receivables Note Trust Series 2020-A, Class A, <br> 1.55%, 2/28/2036 (d)<br>| 170 | 162 |
| Cascade MH Asset Trust |  |  |
| Series 2021-MH1, Class A1, 1.75%, <br> 2/25/2046 (d)<br>| 790 | 722 |
| Series 2024-MH1, Class A1, 5.69%, <br> 11/25/2056 (d) (h)<br>| 617 | 630 |
| Cherry Securitization Trust Series 2024-1A, Class A, <br> 5.70%, 4/15/2032 (d)<br>| 540 | 543 |
| Consumer Portfolio Services Auto Trust Series <br> 2025-B, Class D, 5.56%, 7/15/2031 (d)<br>| 1290 | 1304 |
| Continental Finance Credit Card ABS Master Trust <br> Series 2024-A, Class A, 5.78%, 12/15/2032 (d)<br>| 625 | 633 |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2023-5A, Class B, 6.71%, 2/15/2034 (d) | 560 | 575 |
| Series 2024-2A, Class C, 6.70%, <br> 10/16/2034 (d)<br>| 1510 | 1568 |
| Crossroads Asset Trust Series 2025-A, Class A2, <br> 4.91%, 2/20/2032 (d)<br>| 510 | 511 |
| CVS Pass-Through Trust Series 2014, 4.16%, <br> 8/11/2036 (d)<br>| 105 | 97 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

32 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| DataBank Issuer Series 2021-1A, Class A2, 2.06%, <br> 2/27/2051 (d)<br>| 525 | 514 |
| Delta Air Lines Pass-Through Trust Series 2020-1, <br> Class A, 2.50%, 6/10/2028<br>| 481 | 455 |
| Diamond Resorts Owner Trust |  |  |
| Series 2021-1A, Class A, 1.51%, <br> 11/21/2033 (d)<br>| 56 | 56 |
| Series 2021-1A, Class C, 2.70%, <br> 11/21/2033 (d)<br>| 138 | 137 |
| Drive Auto Receivables Trust Series 2024-1, Class C, <br> 5.43%, 11/17/2031<br>| 330 | 335 |
| DT Auto Owner Trust Series 2023-2A, Class D, <br> 6.62%, 2/15/2029 (d)<br>| 435 | 446 |
| Elara HGV Timeshare Issuer LLC |  |  |
| Series 2021-A, Class B, 1.74%, 8/27/2035 (d) | 163 | 154 |
| Series 2021-A, Class C, 2.09%, 8/27/2035 (d) | 68 | 65 |
| Enterprise Fleet Financing LLC Series 2024-1, <br> Class A3, 5.16%, 9/20/2030 (d)<br>| 350 | 357 |
| Exeter Automobile Receivables Trust |  |  |
| Series 2023-5A, Class C, 6.85%, 1/16/2029 | 440 | 450 |
| Series 2024-1A, Class D, 5.84%, 6/17/2030 | 545 | 555 |
| Series 2025-3A, Class C, 5.09%, 10/15/2031 | 1540 | 1556 |
| FHF Issuer Trust Series 2024-1A, Class A2, 5.69%, <br> 2/15/2030 (d)<br>| 509 | 514 |
| FHF Trust Series 2023-1A, Class A2, 6.57%, <br> 6/15/2028 (d)<br>| 222 | 224 |
| FirstKey Homes Trust |  |  |
| Series 2021-SFR2, Class E1, 2.26%, <br> 9/17/2038 (d)<br>| 1215 | 1166 |
| Series 2022-SFR1, Class E1, 5.00%, <br> 5/19/2039 (d)<br>| 410 | 407 |
| FMC GMSR Issuer Trust Series 2021-GT2, Class A, <br> 3.85%, 10/25/2026 (d) (h)<br>| 745 | 708 |
| Foundation Finance Trust |  |  |
| Series 2023-2A, Class A, 6.53%, 6/15/2049 (d) | 539 | 562 |
| Series 2024-2A, Class A, 4.60%, 3/15/2050 (d) | 446 | 443 |
| Series 2024-2A, Class B, 4.93%, 3/15/2050 (d) | 219 | 218 |
| GLS Auto Receivables Issuer Trust Series 2025-2A, <br> Class C, 5.11%, 1/15/2031 (d)<br>| 1305 | 1320 |
| GLS Auto Select Receivables Trust Series 2024-1A, <br> Class C, 5.69%, 3/15/2030 (d)<br>| 195 | 199 |
| GreatAmerica Leasing Receivables Funding LLC <br> Series 2024-1, Class A4, 5.08%, <br> 12/16/2030 (d)<br>| 515 | 523 |
| GS Mortgage-Backed Securities Trust Series <br> 2025-SL1, Class A1, 5.85%, 11/25/2067 (d) <br> (h)<br>| 1717 | 1726 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| HINNT LLC |  |  |
| Series 2024-A, Class B, 5.84%, 3/15/2043 (d) | 508 | 515 |
| Series 2024-A, Class C, 6.32%, 3/15/2043 (d) | 607 | 616 |
| Home Partners of America Trust |  |  |
| Series 2021-2, Class C, 2.40%, 12/17/2026 (d) | 1123 | 1077 |
| Series 2021-3, Class D, 3.00%, 1/17/2041 (d) | 649 | 597 |
| Huntington Bank Auto Credit-Linked Notes |  |  |
| Series 2024-1, Class B1, 6.15%, 5/20/2032 (d) | 147 | 149 |
| Series 2024-2, Class B1, 5.44%, <br> 10/20/2032 (d)<br>| 401 | 404 |
| Invitation Homes Trust Series 2024-SFR1, Class B, <br> 4.00%, 9/17/2041 (d)<br>| 405 | 390 |
| LAD Auto Receivables Trust Series 2023-4A, <br> Class C, 6.76%, 3/15/2029 (d)<br>| 510 | 528 |
| Mariner Finance Issuance Trust |  |  |
| Series 2021-AA, Class A, 1.86%, 3/20/2036 (d) | 1145 | 1109 |
| Series 2024-AA, Class C, 6.00%, 9/22/2036 (d) | 437 | 446 |
| Series 2025-AA, Class A, 4.98%, 5/20/2038 (d) | 1005 | 1019 |
| MVW LLC |  |  |
| Series 2021-2A, Class C, 2.23%, 5/20/2039 (d) | 403 | 380 |
| Series 2021-1WA, Class B, 1.44%, <br> 1/22/2041 (d)<br>| 56 | 53 |
| Series 2025-1A, Class B, 5.21%, 9/22/2042 (d) | 434 | 438 |
| Series 2024-1A, Class B, 5.51%, 2/20/2043 (d) | 256 | 258 |
| NRZ Excess Spread-Collateralized Notes Series <br> 2020-PLS1, Class A, 3.84%, 12/25/2025 (d)<br>| 260 | 258 |
| Octane Receivables Trust |  |  |
| Series 2021-2A, Class C, 2.53%, 5/21/2029 (d) | 945 | 931 |
| Series 2023-3A, Class B, 6.48%, 7/20/2029 (d) | 485 | 493 |
| Series 2024-2A, Class C, 5.90%, 7/20/2032 (d) | 1300 | 1327 |
| OneMain Financial Issuance Trust Series 2020-2A, <br> Class D, 3.45%, 9/14/2035 (d)<br>| 295 | 281 |
| Oportun Issuance Trust |  |  |
| Series 2021-B, Class A, 1.47%, 5/8/2031 (d) | 814 | 794 |
| Series 2025-A, Class B, 5.30%, 2/8/2033 (d) | 225 | 225 |
| Series 2025-A, Class C, 5.89%, 2/8/2033 (d) | 165 | 165 |
| Pagaya AI Debt Selection Trust Series 2021-HG1, <br> Class A, 1.22%, 1/16/2029 (d)<br>| 24 | 24 |
| Pagaya AI Technology in Housing Trust Series <br> 2023-1, Class C, 3.60%, 10/25/2040 (d)<br>| 920 | 865 |
| PRET LLC Series 2021-RN4, Class A1, 5.49%, <br> 10/25/2051 (d) (h)<br>| 813 | 813 |
| Progress Residential Trust |  |  |
| Series 2024-SFR5, Class D, 3.38%, <br> 8/9/2029 (d) (h)<br>| 540 | 496 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 33

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2024-SFR5, Class E1, 3.38%, <br> 8/9/2029 (d) (h)<br>| 1210 | 1100 |
| Series 2025-SFR3, Class C, 3.39%, <br> 7/17/2030 (d) (f)<br>| 895 | 814 |
| Series 2024-SFR1, Class E1, 3.85%, <br> 2/17/2041 (d)<br>| 270 | 253 |
| Series 2024-SFR2, Class D, 3.40%, <br> 4/17/2041 (d) (h)<br>| 195 | 181 |
| Series 2024-SFR2, Class E1, 3.40%, <br> 4/17/2041 (d) (h)<br>| 310 | 286 |
| Purchasing Power Funding LLC Series 2024-A, <br> Class B, 6.43%, 8/15/2028 (d)<br>| 515 | 519 |
| Reach ABS Trust Series 2024-2A, Class B, 5.84%, <br> 7/15/2031 (d)<br>| 400 | 405 |
| Regional Management Issuance Trust Series <br> 2021-1, Class A, 1.68%, 3/17/2031 (d)<br>| 43 | 43 |
| Republic Finance Issuance Trust |  |  |
| Series 2021-A, Class A, 2.30%, 12/22/2031 (d) | 526 | 523 |
| Series 2024-A, Class A, 5.91%, 8/20/2032 (d) | 550 | 558 |
| SCF Equipment Leasing LLC |  |  |
| Series 2022-2A, Class C, 6.50%, 8/20/2032 (d) | 775 | 779 |
| Series 2024-1A, Class C, 5.82%, 9/20/2032 (d) | 340 | 351 |
| Series 2024-1A, Class D, 6.58%, 6/21/2033 (d) | 425 | 446 |
| Series 2023-1A, Class C, 6.77%, 8/22/2033 (d) | 620 | 644 |
| SFS Auto Receivables Securitization Trust Series <br> 2024-1A, Class C, 5.51%, 1/20/2032 (d)<br>| 1150 | 1175 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| Series 2021-1A, Class B, 1.34%, <br> 11/20/2037 (d)<br>| 75 | 74 |
| Series 2021-2A, Class B, 1.80%, 9/20/2038 (d) | 78 | 77 |
| Series 2024-2A, Class C, 5.83%, 6/20/2041 (d) | 251 | 254 |
| Series 2024-1A, Class C, 5.94%, 1/20/2043 (d) | 213 | 215 |
| Stream Innovations Issuer Trust Series 2025-1A, <br> Class A, 5.05%, 9/15/2045 (d)<br>| 922 | 929 |
| Tricolor Auto Securitization Trust Series 2024-1A, <br> Class B, 6.53%, 12/15/2027 (d)<br>| 465 | 469 |
| Tricon Residential Trust |  |  |
| Series 2024-SFR2, Class A, 4.75%, <br> 6/17/2040 (d)<br>| 539 | 540 |
| Series 2023-SFR2, Class C, 5.00%, <br> 12/17/2040 (d)<br>| 395 | 392 |
| United Airlines Pass-Through Trust |  |  |
| Series 2016-2, Class B, 3.65%, 10/7/2025 | 118 | 117 |
| Series 2019-2, Class B, 3.50%, 5/1/2028 | 254 | 244 |
| Series 2016-1, Class A, 3.45%, 7/7/2028 | 405 | 387 |
| Series 2018-1, Class A, 3.70%, 3/1/2030 | 463 | 431 |
| Series 2024-1, Class AA, 5.45%, 2/15/2037 | 479 | 483 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Upstart Pass-Through Trust Series 2021-ST2, <br> Class A, 2.50%, 4/20/2027 (d)<br>| 3 | 3 |
| Verizon Master Trust Series 2024-7, Class A, <br> 4.35%, 8/20/2032 (d)<br>| 750 | 752 |
| VOLT XCIV LLC Series 2021-NPL3, Class A1, 6.24%, <br> 2/27/2051 (d) (g)<br>| 121 | 121 |
| VOLT XCIX LLC Series 2021-NPL8, Class A1, 6.12%, <br> 4/25/2051 (d) (g)<br>| 73 | 73 |
| VOLT XCV LLC Series 2021-NPL4, Class A1, 6.24%, <br> 3/27/2051 (d) (g)<br>| 136 | 136 |
| VOLT XCVI LLC Series 2021-NPL5, Class A1, 6.12%, <br> 3/27/2051 (d) (g)<br>| 64 | 64 |
| VOLT XCVII LLC Series 2021-NPL6, Class A1, <br> 6.24%, 4/25/2051 (d) (g)<br>| 193 | 193 |
| Westgate Resorts LLC |  |  |
| Series 2022-1A, Class B, 2.29%, 8/20/2036 (d) | 100 | 99 |
| Series 2024-1A, Class B, 6.56%, 1/20/2038 (d) | 714 | 724 |
| Series 2024-1A, Class C, 7.06%, 1/20/2038 (d) | 402 | 407 |
| Westlake Automobile Receivables Trust Series <br> 2023-4A, Class C, 6.64%, 11/15/2028 (d)<br>| 375 | 383 |
| Total Asset-Backed Securities <br>(Cost $67,703)<br>|  | 68153 |
| **Collateralized Mortgage Obligations — 2.0%** | **Collateralized Mortgage Obligations — 2.0%** | **Collateralized Mortgage Obligations — 2.0%** |
| Anchor Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.72%, 5/25/2040 ‡ (d) (g)<br>| 360 | 360 |
| CFMT LLC Series 2024-HB15, Class M1, 4.00%, <br> 8/25/2034 ‡ (d) (h)<br>| 620 | 601 |
| Connecticut Avenue Securities Trust Series <br> 2023-R06, Class 1M2, 7.01%, 7/25/2043 (d) <br> (h)<br>| 655 | 676 |
| CRIBS Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.81%, 5/25/2040 (d) (g)<br>| 265 | 268 |
| FARM Mortgage Trust Series 2024-2, Class A, <br> 5.19%, 8/1/2054 (d) (h)<br>| 481 | 473 |
| FHLMC Seasoned Credit Risk Transfer Trust |  |  |
| Series 2018-1, Class MA, 3.00%, 5/25/2057 | 474 | 441 |
| Series 2018-1, Class M60C, 3.50%, 5/25/2057 | 794 | 728 |
| Series 2019-1, Class MT, 3.50%, 7/25/2058 | 296 | 265 |
| Series 2019-1, Class M55D, 4.00%, 7/25/2058 | 438 | 409 |
| Series 2019-2, Class M55D, 4.00%, 8/25/2058 | 788 | 737 |
| Series 2019-3, Class M55D, 4.00%, <br> 10/25/2058<br>| 696 | 651 |
| Series 2020-3, Class M5TW, 3.00%, 5/25/2060 | 1007 | 898 |
| Series 2020-3, Class TTW, 3.00%, 5/25/2060 | 822 | 776 |
| Series 2022-1, Class MTU, 3.25%, 11/25/2061 | 294 | 253 |
| Series 2024-2, Class MT, 3.50%, 5/25/2064 | 960 | 831 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

34 JPMorgan SmartRetirement® Blend Funds June 30, 2025

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---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| FHLMC, REMIC |  |  |
| Series 4257, Class DZ, 2.50%, 10/15/2043 | 468 | 404 |
| Series 5147, Class PC, 1.50%, 10/25/2048 | 2167 | 1774 |
| Series 5174, Class IG, IO, 3.00%, 1/25/2050 | 3850 | 496 |
| Series 4995, Class QE, 1.25%, 7/25/2050 | 1533 | 1174 |
| Series 5052, Class KI, IO, 4.00%, 12/25/2050 | 3934 | 814 |
| Series 5171, Class NI, IO, 3.00%, 7/25/2051 | 3757 | 518 |
| Series 5225, Class QL, 4.00%, 5/25/2052 | 825 | 696 |
| FNMA Trust, Whole Loan Series 2002-W8, Class A1, <br> 6.50%, 6/25/2042<br>| 309 | 323 |
| FNMA, Grantor Trust, Whole Loan Series 2001-T12, <br> Class A1, 6.50%, 8/25/2041<br>| 133 | 134 |
| FNMA, REMIC |  |  |
| Series 2018-72, Class VB, 3.50%, 10/25/2031 | 262 | 256 |
| Series 2014-52, Class BW, 3.00%, 9/25/2044 | 790 | 708 |
| Series 2020-54, Class MA, 1.50%, 8/25/2050 | 318 | 265 |
| Series 2022-4, Class TA, 1.00%, 4/25/2051 | 721 | 580 |
| Series 2021-22, Class BI, IO, 4.00%, 4/25/2051 | 4032 | 882 |
| Series 2022-46, Class GZ, 4.50%, 7/25/2052 | 778 | 701 |
| Series 2025-18, Class MA, 0.50%, 9/25/2054 | 1529 | 1255 |
| Series 2018-75, Class UZ, 4.00%, 10/25/2058 | 2357 | 2215 |
| FNMA, REMIC Trust, Whole Loan Series 2002-W3, <br> Class A4, 6.50%, 11/25/2041<br>| 613 | 625 |
| GNMA |  |  |
| Series 2009-35, Class BZ, 6.00%, 5/16/2039 | 589 | 614 |
| Series 2013-82, Class WI, IO, 3.50%, <br> 7/20/2042<br>| 2948 | 337 |
| Series 2022-93, Class JZ, 4.50%, 5/20/2052 | 504 | 345 |
| Series 2022-105, Class SG, IF, IO, 1.75%, <br> 6/20/2052 (h)<br>| 2505 | 261 |
| Series 2024-64, Class YH, 5.00%, 4/20/2054 | 1725 | 1657 |
| Series 2015-H11, Class FC, 5.00%, <br> 5/20/2065 (h)<br>| 223 | 223 |
| Series 2021-H14, Class YD, 7.26%, <br> 6/20/2071 (h)<br>| 1033 | 875 |
| GS Mortgage-Backed Securities Trust Series <br> 2025-RPL3, Class A1, 4.10%, 7/25/2065 ‡ (d) <br> (g)<br>| 1000 | 963 |
| Legacy Mortgage Asset Trust Series 2021-GS1, <br> Class A1, 5.89%, 10/25/2066 (d) (g)<br>| 360 | 360 |
| LHOME Mortgage Trust Series 2024-RTL5, Class A1, <br> 5.32%, 9/25/2039 (d) (g)<br>| 765 | 763 |
| MFA Trust Series 2024-RTL3, Class A1, 5.91%, <br> 11/25/2039 (d) (g)<br>| 940 | 945 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2024-RTL1, Class A1, 6.66%, <br> 3/25/2039 (d) (g)<br>| 740 | 746 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2024-RTL2, Class A1, 5.44%, <br> 9/25/2039 (d) (g)<br>| 1970 | 1972 |
| NYMT Loan Trust Series 2024-BPL3, Class A1, <br> 5.27%, 9/25/2039 (d) (g)<br>| 440 | 438 |
| Onity Loan Investment Trust Series 2024-HB2, <br> Class M1, 5.00%, 8/25/2037 ‡ (d) (h)<br>| 1350 | 1339 |
| Roc Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.63%, 2/25/2040 (d) (g)<br>| 420 | 421 |
| Seasoned Loans Structured Transaction Trust Series <br> 2025-1, Class A1, 3.00%, 5/25/2035<br>| 2037 | 1863 |
| Toorak Mortgage Trust Series 2025-RRTL1, <br> Class A1, 5.52%, 2/25/2040 (d) (g)<br>| 465 | 465 |
| Towd Point Mortgage Trust Series 2021-R1, <br> Class A1, 2.92%, 11/30/2060 (d) (h)<br>| 1801 | 1568 |
| Total Collateralized Mortgage Obligations <br>(Cost $39,387)<br>|  | 38342 |
| **Commercial Mortgage-Backed Securities — 0.8%** | **Commercial Mortgage-Backed Securities — 0.8%** | **Commercial Mortgage-Backed Securities — 0.8%** |
| BXP Trust Series 2017-GM, Class A, 3.38%, <br> 6/13/2039 (d)<br>| 670 | 648 |
| Commercial Mortgage Trust Series 2018-HOME, <br> Class A, 3.94%, 4/10/2033 (d) (h)<br>| 685 | 665 |
| FHLMC, Multi-Family Structured Credit Risk |  |  |
| Series 2021-MN2, Class M1, 6.11%, <br> 7/25/2041 (d) (h)<br>| 241 | 237 |
| Series 2021-MN1, Class M1, 6.31%, <br> 1/25/2051 (d) (h)<br>| 88 | 88 |
| FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| Series K-1511, Class A1, 3.28%, 10/25/2030 | 657 | 642 |
| Series K754, Class AM, 4.94%, 11/25/2030 (h) | 570 | 587 |
| Series K-1510, Class A2, 3.72%, 1/25/2031 | 295 | 286 |
| Series K-150, Class A2, 3.71%, 9/25/2032 (h) | 815 | 780 |
| FNMA ACES |  |  |
| Series 2018-M3, Class A2, 3.17%, <br> 2/25/2030 (h)<br>| 297 | 284 |
| Series 2021-M11, Class A2, 1.51%, <br> 3/25/2031 (h)<br>| 555 | 475 |
| Series 2022-M1S, Class A2, 2.15%, <br> 4/25/2032 (h)<br>| 1620 | 1405 |
| Series 2023-M8, Class A2, 4.62%, <br> 3/25/2033 (h)<br>| 780 | 782 |
| Series 2024-M2, Class A2, 3.75%, 8/25/2033 | 2215 | 2083 |
| Series 2021-M3, Class 1A1, 1.00%, <br> 11/25/2033<br>| 2 | 2 |
| Series 2021-M3, Class X1, IO, 2.02%, <br> 11/25/2033 (h)<br>| 1351 | 90 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 35

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JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| FREMF Mortgage Trust |  |  |
| Series 2017-KGX1, Class BFX, 3.71%, <br> 10/25/2027 (d) (h)<br>| 595 | 559 |
| Series 2015-K48, Class C, 3.89%, <br> 8/25/2048 (d) (h)<br>| 16 | 16 |
| Series 2016-K56, Class B, 4.09%, <br> 6/25/2049 (d) (h)<br>| 450 | 445 |
| Series 2017-K67, Class C, 4.08%, <br> 9/25/2049 (d) (h)<br>| 880 | 861 |
| Series 2019-K97, Class B, 3.90%, <br> 9/25/2051 (d) (h)<br>| 760 | 734 |
| Multi-Family Connecticut Avenue Securities Trust |  |  |
| Series 2023-01, Class M7, 8.31%, <br> 11/25/2053 (d) (h)<br>| 726 | 753 |
| Series 2024-01, Class M7, 7.06%, <br> 7/25/2054 (d) (h)<br>| 364 | 366 |
| ROCK Trust Series 2024-CNTR, Class A, 5.39%, <br> 11/13/2041 (d)<br>| 345 | 353 |
| SLG Office Trust Series 2021-OVA, Class A, 2.59%, <br> 7/15/2041 (d)<br>| 885 | 776 |
| WHARF Commercial Mortgage Trust Series <br> 2025-DC, Class A, 5.35%, 7/15/2040 (d) (h)<br>| 400 | 408 |
| Total Commercial Mortgage-Backed Securities <br>(Cost $14,532)<br>|  | 14325 |
| **Foreign Government Securities — 0.1%** | **Foreign Government Securities — 0.1%** | **Foreign Government Securities — 0.1%** |
| Kingdom of Saudi Arabia 2.25%, 2/2/2033 (d) | 200 | 167 |
| Republic of Peru 2.78%, 12/1/2060 | 162 | 87 |
| United Mexican States |  |  |
| 6.00%, 5/13/2030 | 209 | 217 |
| 5.85%, 7/2/2032 (f) | 510 | 516 |
| 3.50%, 2/12/2034 | 727 | 614 |
| 6.88%, 5/13/2037 | 309 | 322 |
| 6.34%, 5/4/2053 | 200 | 184 |
| Total Foreign Government Securities <br>(Cost $2,309)<br>|  | 2107 |
| **Municipal Bonds — 0.0% (i) ^** | **Municipal Bonds — 0.0% (i) ^** | **Municipal Bonds — 0.0% (i) ^** |
| **Texas — 0.0% ^** | **Texas — 0.0% ^** | **Texas — 0.0% ^** |
| Texas Natural Gas Securitization Finance Corp., <br> Customer Rate Relief Bonds Series 2023A-2, <br> Rev., 5.17%, 4/1/2041 (Cost $195)<br>| 195 | 197 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <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%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (j) <br>(Cost $70,554)<br>| 70554 | 70554 |
| **Total Investments — 99.1%** <br>**(Cost $1,596,387)**<br>|  | **1928009** |
| **Other Assets in Excess of Liabilities — 0.9%** |  | **17754** |
| **NET ASSETS — 100.0%** |  | **1945763** |

---

&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 |
| CME | Chicago Mercantile Exchange |
| ETF | Exchange Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of June <br> 30, 2025. The rate may be subject to a cap and floor.<br>|
| 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>|
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the 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>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

36 JPMorgan SmartRetirement® Blend Funds June 30, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&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 effective yield as of June 30, 2025.

&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, 2025.

&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) 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, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) 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, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The rate shown is the current yield as of June 30, 2025.

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**Futures contracts outstanding as of June 30, 2025 (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>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17828 | &nbsp;&nbsp;&nbsp;&nbsp; 412 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 16566 | &nbsp;&nbsp;&nbsp;&nbsp; 409 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1385 | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 952 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21221 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4034 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1049 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 37

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JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 48.0%** | **Investment Companies — 48.0%** | **Investment Companies — 48.0%** |
| **Fixed Income — 15.2%** | **Fixed Income — 15.2%** | **Fixed Income — 15.2%** |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 35548 | 257367 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 5996 | 37838 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 23565 | 154350 |
| Total Fixed Income |  | 449555 |
| **International Equity — 2.6%** | **International Equity — 2.6%** | **International Equity — 2.6%** |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 4120 | 77201 |
| **U.S. Equity — 30.2%** | **U.S. Equity — 30.2%** | **U.S. Equity — 30.2%** |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 9580 | 892143 |
| Total Investment Companies <br>(Cost $942,608)<br>|  | 1418899 |
| **Exchange-Traded Funds — 24.1%** | **Exchange-Traded Funds — 24.1%** | **Exchange-Traded Funds — 24.1%** |
| **Alternative Assets — 1.1%** | **Alternative Assets — 1.1%** | **Alternative Assets — 1.1%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 363 | 33456 |
| **Fixed Income — 1.8%** | **Fixed Income — 1.8%** | **Fixed Income — 1.8%** |
| JPMorgan Inflation Managed Bond ETF (a) | 1073 | 51757 |
| **International Equity — 16.8%** | **International Equity — 16.8%** | **International Equity — 16.8%** |
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF (a)<br>| 1335 | 77651 |
| JPMorgan BetaBuilders International Equity ETF (a) | 6229 | 420503 |
| Total International Equity |  | 498154 |
| **U.S. Equity — 4.4%** | **U.S. Equity — 4.4%** | **U.S. Equity — 4.4%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 899 | 87629 |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 645 | 42514 |
| Total U.S. Equity |  | 130143 |
| Total Exchange-Traded Funds <br>(Cost $531,989)<br>|  | 713510 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 8.2%** | **U.S. Treasury Obligations — 8.2%** | **U.S. Treasury Obligations — 8.2%** |
| U.S. Treasury Bonds |  |  |
| 1.13%, 5/15/2040 | 8499 | 5284 |
| 1.13%, 8/15/2040 | 8198 | 5043 |
| 2.25%, 5/15/2041 | 341 | 248 |
| 3.38%, 8/15/2042 | 4205 | 3529 |
| 3.13%, 2/15/2043 | 2155 | 1733 |
| 3.88%, 2/15/2043 | 590 | 528 |
| 3.88%, 5/15/2043 | 6225 | 5560 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| 3.63%, 8/15/2043 | 2230 | 1919 |
| 4.13%, 8/15/2044 | 14710 | 13476 |
| 4.75%, 2/15/2045 | 8415 | 8370 |
| 1.38%, 8/15/2050 | 10428 | 5141 |
| 1.63%, 11/15/2050 | 2118 | 1116 |
| 1.88%, 2/15/2051 | 3461 | 1944 |
| 2.25%, 2/15/2052 | 2235 | 1365 |
| 3.00%, 8/15/2052 | 5474 | 3951 |
| 3.63%, 2/15/2053 | 1035 | 845 |
| 4.50%, 11/15/2054 | 400 | 381 |
| U.S. Treasury Notes |  |  |
| 4.00%, 12/15/2025 (b) | 1070 | 1069 |
| 4.25%, 1/31/2026 (b) | 5150 | 5150 |
| 4.25%, 11/30/2026 (b) | 3510 | 3528 |
| 0.63%, 12/31/2027 | 2630 | 2438 |
| 3.50%, 1/31/2028 | 1230 | 1224 |
| 2.75%, 2/15/2028 | 5500 | 5369 |
| 3.63%, 3/31/2028 | 3330 | 3324 |
| 1.25%, 4/30/2028 | 8885 | 8304 |
| 1.00%, 7/31/2028 | 2205 | 2033 |
| 2.88%, 4/30/2029 | 29148 | 28259 |
| 3.13%, 8/31/2029 | 5601 | 5466 |
| 3.50%, 1/31/2030 | 2360 | 2333 |
| 4.25%, 1/31/2030 | 20320 | 20721 |
| 3.63%, 3/31/2030 | 16270 | 16154 |
| 3.50%, 4/30/2030 | 3550 | 3504 |
| 4.13%, 2/29/2032 | 20525 | 20713 |
| 3.50%, 2/15/2033 | 2200 | 2121 |
| 3.88%, 8/15/2033 | 13730 | 13521 |
| 4.00%, 2/15/2034 | 4939 | 4888 |
| 3.88%, 8/15/2034 | 9030 | 8817 |
| 4.25%, 11/15/2034 | 16095 | 16148 |
| 4.25%, 5/15/2035 | 4780 | 4787 |
| U.S. Treasury STRIPS Bonds |  |  |
| 5.03%, 11/15/2040 (c) | 2270 | 1076 |
| 5.13%, 2/15/2041 (c) | 1457 | 681 |
| Total U.S. Treasury Obligations <br>(Cost $251,934)<br>|  | 242061 |
| **Corporate Bonds — 6.8%** | **Corporate Bonds — 6.8%** | **Corporate Bonds — 6.8%** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| Boeing Co. (The)  | Boeing Co. (The)  | Boeing Co. (The)  |
| 2.75%, 2/1/2026 | 59 | 58 |
| 2.20%, 2/4/2026 | 105 | 103 |
| 2.70%, 2/1/2027 | 1876 | 1824 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

38 JPMorgan SmartRetirement® Blend Funds June 30, 2025

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| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Aerospace & Defense — continued** | **Aerospace & Defense — continued** | **Aerospace & Defense — continued** |
| 6.53%, 5/1/2034 | 275 | 299 |
| L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  |
| 5.25%, 6/1/2031 | 390 | 402 |
| 5.40%, 7/31/2033 | 219 | 225 |
| Leidos, Inc. 5.75%, 3/15/2033 | 120 | 125 |
| Northrop Grumman Corp.  | Northrop Grumman Corp.  | Northrop Grumman Corp.  |
| 5.15%, 5/1/2040 | 220 | 215 |
| 3.85%, 4/15/2045 | 255 | 201 |
| RTX Corp.  | RTX Corp.  | RTX Corp.  |
| 2.25%, 7/1/2030 | 373 | 337 |
| 5.15%, 2/27/2033 | 165 | 169 |
| 2.82%, 9/1/2051 | 385 | 238 |
|  |  | 4196 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| Hyundai Capital America  | Hyundai Capital America  | Hyundai Capital America  |
| 1.30%, 1/8/2026 (d) | 90 | 88 |
| 2.38%, 10/15/2027 (d) | 730 | 694 |
| 4.55%, 9/26/2029 (d) | 250 | 248 |
|  |  | 1030 |
| **Banks — 2.2%** | **Banks — 2.2%** | **Banks — 2.2%** |
| ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.65%), 6.34%, <br> 9/18/2027 (d) (e)<br>| 300 | 307 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.25%), 5.52%, <br> 12/3/2035 (d) (e)<br>| 300 | 306 |
| AIB Group plc (Ireland) | AIB Group plc (Ireland) | AIB Group plc (Ireland) |
| (SOFR + 2.33%), 6.61%, 9/13/2029 (d) (e) | 400 | 423 |
| (SOFR + 1.65%), 5.32%, 5/15/2031 (d) (e) | 580 | 590 |
| ANZ New Zealand Int'l Ltd. (New Zealand) 5.36%, <br> 8/14/2028 (d)<br>| 230 | 238 |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.90%), 1.72%, <br> 9/14/2027 (e)<br>| 200 | 193 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.95%), 5.37%, <br> 7/15/2028 (e)<br>| 200 | 204 |
| 6.61%, 11/7/2028 | 600 | 640 |
| 5.57%, 1/17/2030 | 200 | 208 |
| 5.44%, 7/15/2031 | 200 | 208 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| (SOFR + 1.01%), 1.20%, 10/24/2026 (e) | 511 | 506 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (SOFR + 1.05%), 2.55%, 2/4/2028 (e) | 125 | 121 |
| (3-MONTH CME TERM SOFR + 1.77%), 3.71%, <br> 4/24/2028 (e)<br>| 1230 | 1215 |
| (SOFR + 1.58%), 4.38%, 4/27/2028 (e) | 295 | 295 |
| (SOFR + 1.63%), 5.20%, 4/25/2029 (e) | 450 | 460 |
| (SOFR + 1.57%), 5.82%, 9/15/2029 (e) | 490 | 510 |
| (SOFR + 1.33%), 2.97%, 2/4/2033 (e) | 1435 | 1285 |
| (SOFR + 1.65%), 5.47%, 1/23/2035 (e) | 380 | 390 |
| Bank of Ireland Group plc (Ireland) | Bank of Ireland Group plc (Ireland) | Bank of Ireland Group plc (Ireland) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 2.03%, <br> 9/30/2027 (d) (e)<br>| 203 | 197 |
| (SOFR + 1.62%), 5.60%, 3/20/2030 (d) (e) | 460 | 474 |
| Bank of Montreal (Canada) (SOFR + 1.25%), <br> 4.64%, 9/10/2030 (e)<br>| 194 | 196 |
| Bank of New Zealand (New Zealand) 5.08%, <br> 1/30/2029 (d)<br>| 250 | 256 |
| Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) |
| 1.60%, 10/4/2026 (d) | 345 | 333 |
| 5.79%, 7/13/2028 (d) | 225 | 234 |
| 5.54%, 1/22/2030 (d) | 205 | 213 |
| Barclays plc (United Kingdom) | Barclays plc (United Kingdom) | Barclays plc (United Kingdom) |
| (SOFR + 1.88%), 6.50%, 9/13/2027 (e) | 235 | 240 |
| (SOFR + 1.56%), 4.94%, 9/10/2030 (e) | 275 | 277 |
| (SOFR + 1.23%), 5.37%, 2/25/2031 (e) | 1225 | 1251 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.30%), 2.89%, <br> 11/24/2032 (e)<br>| 200 | 177 |
| (SOFR + 1.59%), 5.79%, 2/25/2036 (e) | 215 | 220 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (SOFR + 1.22%), 2.16%, 9/15/2029 (d) (e) | 346 | 321 |
| (SOFR + 1.52%), 5.18%, 1/9/2030 (d) (e) | 760 | 776 |
| (SOFR + 1.59%), 5.50%, 5/20/2030 (d) (e) | 340 | 349 |
| (SOFR + 1.28%), 5.28%, 11/19/2030 (d) (e) | 1005 | 1024 |
| (SOFR + 1.68%), 5.09%, 5/9/2031 (d) (e) | 910 | 919 |
| (SOFR + 1.62%), 5.79%, 1/13/2033 (d) (e) | 410 | 427 |
| BPCE SA (France) | BPCE SA (France) | BPCE SA (France) |
| (SOFR + 2.10%), 5.98%, 1/18/2027 (d) (e) | 250 | 252 |
| (SOFR + 2.27%), 6.71%, 10/19/2029 (d) (e) | 320 | 339 |
| (SOFR + 1.96%), 5.72%, 1/18/2030 (d) (e) | 250 | 257 |
| (SOFR + 1.68%), 5.88%, 1/14/2031 (d) (e) | 270 | 280 |
| (SOFR + 1.58%), 5.39%, 5/28/2031 (d) (e) | 1130 | 1151 |
| (SOFR + 1.85%), 5.94%, 5/30/2035 (d) (e) | 420 | 430 |
| (SOFR + 2.04%), 6.29%, 1/14/2036 (d) (e) | 355 | 373 |
| (SOFR + 1.96%), 6.03%, 5/28/2036 (d) (e) | 920 | 948 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 39

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| CaixaBank SA (Spain) | CaixaBank SA (Spain) | CaixaBank SA (Spain) |
| (SOFR + 2.08%), 6.68%, 9/13/2027 (d) (e) | 830 | 850 |
| (SOFR + 1.79%), 5.58%, 7/3/2036 (d) (e) | 595 | 601 |
| Canadian Imperial Bank of Commerce (Canada) <br> (SOFR + 1.34%), 4.63%, 9/11/2030 (e)<br>| 640 | 640 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| (3-MONTH CME TERM SOFR + 1.65%), 3.67%, <br> 7/24/2028 (e)<br>| 500 | 492 |
| (3-MONTH CME TERM SOFR + 1.41%), 3.52%, <br> 10/27/2028 (e)<br>| 1042 | 1020 |
| (SOFR + 1.36%), 5.17%, 2/13/2030 (e) | 940 | 959 |
| (SOFR + 1.34%), 4.54%, 9/19/2030 (e) | 684 | 681 |
| (SOFR + 1.17%), 2.56%, 5/1/2032 (e) | 110 | 97 |
| (SOFR + 1.35%), 3.06%, 1/25/2033 (e) | 567 | 507 |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| (SOFR + 1.13%), 5.23%, 1/9/2029 (d) (e) | 307 | 312 |
| (SOFR + 1.86%), 6.32%, 10/3/2029 (d) (e) | 250 | 263 |
| (SOFR + 1.69%), 5.34%, 1/10/2030 (d) (e) | 273 | 279 |
| (SOFR + 1.46%), 5.22%, 5/27/2031 (d) (e) | 430 | 438 |
| Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.40%), 5.71%, <br> 3/1/2030 (d) (e)<br>| 405 | 420 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 4.61%, <br> 10/2/2030 (d) (e)<br>| 224 | 223 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.93%), 5.02%, <br> 3/4/2031 (d) (e)<br>| 345 | 349 |
| DNB Bank ASA (Norway) | DNB Bank ASA (Norway) | DNB Bank ASA (Norway) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.68%), 1.61%, <br> 3/30/2028 (d) (e)<br>| 320 | 305 |
| (SOFR + 1.05%), 4.85%, 11/5/2030 (d) (e) | 425 | 430 |
| Federation des Caisses Desjardins du Quebec (Canada) | Federation des Caisses Desjardins du Quebec (Canada) | Federation des Caisses Desjardins du Quebec (Canada) |
| 5.70%, 3/14/2028 (d) | 200 | 207 |
| 5.25%, 4/26/2029 (d) | 565 | 580 |
| Fifth Third Bancorp (SOFR + 1.84%), 5.63%, <br> 1/29/2032 (e)<br>| 445 | 463 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (SOFR + 1.73%), 2.01%, 9/22/2028 (e) | 1660 | 1574 |
| (SOFR + 1.29%), 2.21%, 8/17/2029 (e) | 800 | 745 |
| (SOFR + 1.29%), 5.29%, 11/19/2030 (e) | 480 | 490 |
| (SOFR + 1.29%), 5.13%, 3/3/2031 (e) | 205 | 208 |
| Huntington Bancshares, Inc. (SOFR + 1.28%), <br> 5.27%, 1/15/2031 (e)<br>| 220 | 225 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Huntington National Bank (The) 5.65%, <br> 1/10/2030<br>| 334 | 347 |
| KBC Group NV (Belgium) (US Treasury Yield Curve <br> Rate T Note Constant Maturity 1 Year + 1.07%), <br> 4.93%, 10/16/2030 (d) (e)<br>| 260 | 263 |
| KeyCorp (SOFRINDX + 1.23%), 5.12%, <br> 4/4/2031 (e)<br>| 1350 | 1366 |
| Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.85%), 1.63%, <br> 5/11/2027 (e)<br>| 205 | 200 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.38%), 5.46%, <br> 1/5/2028 (e)<br>| 200 | 203 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.75%), 5.68%, <br> 1/5/2035 (e)<br>| 215 | 221 |
| M&T Bank Corp. (SOFR + 1.40%), 5.18%, <br> 7/8/2031 (e)<br>| 535 | 544 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.75%), 1.54%, <br> 7/20/2027 (e)<br>| 330 | 320 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.17%), 5.16%, <br> 4/24/2031 (e)<br>| 200 | 205 |
| Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.67%), 1.23%, <br> 5/22/2027 (e)<br>| 210 | 204 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.08%), 5.38%, <br> 7/10/2030 (e)<br>| 600 | 617 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.65%), 5.74%, <br> 5/27/2031 (e)<br>| 300 | 313 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.92%), 4.71%, <br> 7/8/2031 (e) (f)<br>| 520 | 520 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.07%), 5.32%, <br> 7/8/2036 (e) (f)<br>| 715 | 716 |
| NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.85%), 7.47%, <br> 11/10/2026 (e)<br>| 200 | 202 |
| (3-MONTH SOFR + 1.91%), 5.08%, <br> 1/27/2030 (e)<br>| 200 | 203 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

40 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (3-MONTH SOFR + 1.87%), 4.45%, <br> 5/8/2030 (e)<br>| 975 | 968 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.22%), 4.96%, <br> 8/15/2030 (e)<br>| 1146 | 1159 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.05%), 5.11%, <br> 5/23/2031 (e)<br>| 220 | 224 |
| NatWest Markets plc (United Kingdom) 5.41%, <br> 5/17/2029 (d)<br>| 560 | 579 |
| Nordea Bank Abp (Finland) 5.38%, 9/22/2027 (d) | 200 | 205 |
| PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  |
| (SOFR + 1.33%), 4.90%, 5/13/2031 (e) | 420 | 425 |
| (SOFR + 1.26%), 4.81%, 10/21/2032 (e) | 280 | 281 |
| (SOFR + 1.93%), 5.07%, 1/24/2034 (e) | 255 | 256 |
| Royal Bank of Canada (Canada) (SOFRINDX + <br> 1.08%), 4.65%, 10/18/2030 (e)<br>| 450 | 451 |
| Santander Holdings USA, Inc. (SOFR + 2.50%), <br> 6.17%, 1/9/2030 (e)<br>| 285 | 297 |
| Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.25%), 1.53%, <br> 8/21/2026 (e)<br>| 500 | 498 |
| (SOFR + 0.99%), 1.67%, 6/14/2027 (e) | 215 | 209 |
| (SOFR + 2.60%), 6.53%, 1/10/2029 (e) | 350 | 365 |
| (SOFRINDX + 1.55%), 4.86%, 9/11/2030 (e) | 350 | 350 |
| (SOFRINDX + 1.52%), 5.69%, 4/15/2031 (e) | 355 | 366 |
| Skandinaviska Enskilda Banken AB (Sweden) <br> 5.38%, 3/5/2029 (d)<br>| 405 | 417 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| 5.25%, 2/19/2027 (d) | 338 | 341 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.00%), 1.79%, <br> 6/9/2027 (d) (e)<br>| 255 | 248 |
| (SOFR + 1.65%), 5.51%, 5/22/2031 (d) (e) | 1126 | 1148 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.30%), 2.89%, <br> 6/9/2032 (d) (e)<br>| 590 | 520 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.95%), 6.69%, <br> 1/10/2034 (d) (e)<br>| 470 | 502 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.10%), 6.07%, <br> 1/19/2035 (d) (e)<br>| 214 | 220 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.00%), 1.46%, <br> 1/14/2027 (d) (e)<br>| 200 | 197 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.85%), 6.19%, <br> 7/6/2027 (d) (e)<br>| 200 | 203 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 3.45%), 7.77%, <br> 11/16/2028 (d) (e)<br>| 665 | 711 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.20%), 7.02%, <br> 2/8/2030 (d) (e)<br>| 250 | 268 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 5.71%, 1/13/2030 | 405 | 425 |
| 5.24%, 4/15/2030 | 400 | 412 |
| 5.42%, 7/9/2031 | 650 | 674 |
| (SOFR + 1.38%), 4.95%, 7/8/2033 (e) | 1000 | 1000 |
| Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) |
| 5.52%, 7/17/2028 | 160 | 166 |
| 5.30%, 1/30/2032 | 320 | 328 |
| Truist Financial Corp.  | Truist Financial Corp.  | Truist Financial Corp.  |
| (SOFR + 2.05%), 6.05%, 6/8/2027 (e) | 175 | 177 |
| (SOFR + 2.45%), 7.16%, 10/30/2029 (e) | 230 | 249 |
| (SOFR + 1.31%), 5.07%, 5/20/2031 (e) | 1080 | 1096 |
| (SOFR + 1.85%), 5.12%, 1/26/2034 (e) | 135 | 135 |
| (SOFR + 1.92%), 5.71%, 1/24/2035 (e) | 194 | 201 |
| UniCredit SpA (Italy) (US Treasury Yield Curve Rate <br> T Note Constant Maturity 1 Year + 1.20%), <br> 1.98%, 6/3/2027 (d) (e)<br>| 265 | 258 |
| US Bancorp (SOFR + 1.30%), 5.08%, <br> 5/15/2031 (e)<br>| 410 | 418 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| 4.30%, 7/22/2027 | 1500 | 1500 |
| (SOFR + 1.07%), 5.71%, 4/22/2028 (e) | 665 | 679 |
| (SOFR + 2.10%), 2.39%, 6/2/2028 (e) | 484 | 466 |
| (SOFR + 1.37%), 4.97%, 4/23/2029 (e) | 350 | 355 |
| (SOFR + 1.74%), 5.57%, 7/25/2029 (e) | 300 | 310 |
| (SOFR + 1.50%), 5.20%, 1/23/2030 (e) | 150 | 154 |
| (SOFR + 1.99%), 5.56%, 7/25/2034 (e) | 700 | 722 |
| (SOFR + 1.78%), 5.50%, 1/23/2035 (e) | 1200 | 1231 |
| (SOFR + 1.38%), 5.21%, 12/3/2035 (e) | 485 | 487 |
| (SOFR + 2.13%), 4.61%, 4/25/2053 (e) | 315 | 268 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 41

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Westpac New Zealand Ltd. (New Zealand) | Westpac New Zealand Ltd. (New Zealand) | Westpac New Zealand Ltd. (New Zealand) |
| 4.90%, 2/15/2028 (d) | 420 | 426 |
| 5.20%, 2/28/2029 (d) | 600 | 615 |
|  |  | 63975 |
| **Beverages — 0.0% ^** | **Beverages — 0.0% ^** | **Beverages — 0.0% ^** |
| Constellation Brands, Inc. 4.50%, 5/9/2047 | 540 | 448 |
| Keurig Dr Pepper, Inc. Series 10, 5.20%, <br> 3/15/2031<br>| 310 | 320 |
|  |  | 768 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| AbbVie, Inc.  | AbbVie, Inc.  | AbbVie, Inc.  |
| 2.95%, 11/21/2026 | 265 | 260 |
| 5.05%, 3/15/2034 | 710 | 723 |
| 4.05%, 11/21/2039 | 600 | 526 |
| 4.25%, 11/21/2049 | 210 | 173 |
| Amgen, Inc.  | Amgen, Inc.  | Amgen, Inc.  |
| 5.60%, 3/2/2043 | 100 | 99 |
| 5.65%, 3/2/2053 | 809 | 790 |
| Biogen, Inc. 5.75%, 5/15/2035 | 290 | 299 |
| Gilead Sciences, Inc. 2.60%, 10/1/2040 | 888 | 637 |
|  |  | 3507 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| Amazon.com, Inc. 3.95%, 4/13/2052 | 555 | 438 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| Masco Corp. 2.00%, 10/1/2030 | 203 | 176 |
| Trane Technologies Financing Ltd. 5.25%, <br> 3/3/2033<br>| 120 | 124 |
|  |  | 300 |
| **Capital Markets — 0.4%** | **Capital Markets — 0.4%** | **Capital Markets — 0.4%** |
| Bank of New York Mellon Corp. (The) (SOFR + <br> 1.85%), 6.47%, 10/25/2034 (e)<br>| 200 | 220 |
| Brookfield Finance, Inc. (Canada) 3.50%, <br> 3/30/2051<br>| 250 | 170 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 1.22%), 2.31%, 11/16/2027 (e) | 959 | 930 |
| (SOFR + 1.21%), 5.37%, 1/10/2029 (e) | 150 | 153 |
| (SOFR + 3.18%), 6.72%, 1/18/2029 (e) | 500 | 525 |
| (SOFR + 1.72%), 5.30%, 5/9/2031 (e) | 970 | 985 |
| (SOFR + 1.72%), 3.04%, 5/28/2032 (e) | 600 | 538 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| (SOFR + 0.79%), 1.09%, 12/9/2026 (e) | 1149 | 1131 |
| (SOFR + 1.11%), 2.64%, 2/24/2028 (e) | 1504 | 1461 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| (SOFR + 1.77%), 6.48%, 10/24/2029 (e) | 270 | 286 |
| (SOFR + 1.27%), 5.73%, 4/25/2030 (e) | 385 | 401 |
| (SOFR + 1.21%), 5.05%, 7/23/2030 (e) | 460 | 468 |
| (SOFR + 1.58%), 5.22%, 4/23/2031 (e) | 220 | 226 |
| (SOFR + 1.55%), 5.33%, 7/23/2035 (e) | 980 | 989 |
| Macquarie Group Ltd. (Australia) (SOFR + 1.53%), <br> 2.87%, 1/14/2033 (d) (e)<br>| 200 | 174 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| (SOFR + 1.73%), 5.12%, 2/1/2029 (e) | 205 | 209 |
| (SOFR + 1.59%), 5.16%, 4/20/2029 (e) | 375 | 382 |
| (SOFR + 1.26%), 5.66%, 4/18/2030 (e) | 370 | 384 |
| (SOFR + 1.22%), 5.04%, 7/19/2030 (e) | 155 | 158 |
| (SOFR + 1.20%), 2.51%, 10/20/2032 (e) | 1495 | 1309 |
| (SOFR + 1.73%), 5.47%, 1/18/2035 (e) | 159 | 163 |
| (SOFR + 1.56%), 5.32%, 7/19/2035 (e) | 210 | 213 |
| (SOFR + 1.49%), 3.22%, 4/22/2042 (e) | 255 | 193 |
| Nasdaq, Inc. 5.55%, 2/15/2034 | 83 | 86 |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |
| (USD SOFR ICE Swap Rate 1 Year + 1.34%), <br> 5.62%, 9/13/2030 (d) (e)<br>| 670 | 696 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.00%), 6.30%, <br> 9/22/2034 (d) (e)<br>| 200 | 215 |
|  |  | 12665 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| DuPont de Nemours, Inc.  | DuPont de Nemours, Inc.  | DuPont de Nemours, Inc.  |
| 5.32%, 11/15/2038 | 1058 | 1095 |
| 5.42%, 11/15/2048 | 400 | 403 |
| EIDP, Inc. 5.13%, 5/15/2032 | 560 | 571 |
| LYB International Finance III LLC 1.25%, <br> 10/1/2025<br>| 127 | 126 |
| Nutrien Ltd. (Canada) 5.00%, 4/1/2049 | 111 | 99 |
| Sherwin-Williams Co. (The) 4.80%, 9/1/2031 | 745 | 753 |
|  |  | 3047 |
| **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** |
| Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) |
| 6.32%, 12/4/2028 (d) | 600 | 632 |
| 5.04%, 3/25/2030 (d) | 205 | 207 |
|  |  | 839 |
| **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
| AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) |
| 6.50%, 7/15/2025 | 200 | 200 |
| 2.45%, 10/29/2026 | 1265 | 1232 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

42 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| 6.10%, 1/15/2027 | 310 | 317 |
| 5.10%, 1/19/2029 | 165 | 168 |
| Aircastle Ltd. 5.25%, 3/15/2030 (d) | 265 | 267 |
| American Express Co.  | American Express Co.  | American Express Co.  |
| (SOFR + 1.00%), 5.10%, 2/16/2028 (e) | 400 | 404 |
| (SOFRINDX + 1.32%), 5.44%, 1/30/2036 (e) | 320 | 327 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 5.50%, 1/15/2026 (d) | 650 | 650 |
| 2.13%, 2/21/2026 (d) | 110 | 108 |
| 4.25%, 4/15/2026 (d) | 20 | 20 |
| 4.38%, 5/1/2026 (d) | 207 | 206 |
| 2.53%, 11/18/2027 (d) | 1092 | 1037 |
| 4.95%, 1/15/2028 (d) | 265 | 266 |
| 6.38%, 5/4/2028 (d) | 155 | 162 |
| 5.75%, 3/1/2029 (d) | 204 | 210 |
| 5.75%, 11/15/2029 (d) | 805 | 824 |
| 5.15%, 1/15/2030 (d) | 1410 | 1418 |
| Capital One Financial Corp.  | Capital One Financial Corp.  | Capital One Financial Corp.  |
| 3.80%, 1/31/2028 | 200 | 197 |
| (SOFR + 1.91%), 5.70%, 2/1/2030 (e) | 200 | 207 |
| (SOFR + 1.27%), 2.62%, 11/2/2032 (e) | 230 | 201 |
| Hyundai Capital Services, Inc. (South Korea) 5.13%, <br> 2/5/2029 (d)<br>| 200 | 202 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) |
| 5.20%, 3/27/2028 (d) | 435 | 440 |
| 5.15%, 3/17/2030 (d) | 205 | 205 |
|  |  | 9268 |
| **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** |
| Kroger Co. (The)  | Kroger Co. (The)  | Kroger Co. (The)  |
| 5.00%, 9/15/2034 | 130 | 129 |
| 5.50%, 9/15/2054 | 100 | 95 |
|  |  | 224 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| Graphic Packaging International LLC 1.51%, <br> 4/15/2026 (d)<br>| 238 | 232 |
| Smurfit Westrock Financing DAC (Ireland) 5.42%, <br> 1/15/2035<br>| 395 | 400 |
|  |  | 632 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| University of Miami Series 2022, 4.06%, 4/1/2052 | 110 | 86 |
| **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** |
| Safehold GL Holdings LLC 2.85%, 1/15/2032 | 391 | 341 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Diversified REITs — continued** | **Diversified REITs — continued** | **Diversified REITs — continued** |
| WP Carey, Inc.  | WP Carey, Inc.  | WP Carey, Inc.  |
| 2.40%, 2/1/2031 | 163 | 143 |
| 2.45%, 2/1/2032 | 160 | 137 |
| 2.25%, 4/1/2033 | 90 | 73 |
|  |  | 694 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  |
| 2.30%, 6/1/2027 | 322 | 310 |
| 3.50%, 6/1/2041 | 584 | 458 |
| 3.55%, 9/15/2055 | 369 | 249 |
| NBN Co. Ltd. (Australia) 2.63%, 5/5/2031 (d) | 500 | 451 |
| Verizon Communications, Inc.  | Verizon Communications, Inc.  | Verizon Communications, Inc.  |
| 4.78%, 2/15/2035 | 69 | 67 |
| 2.65%, 11/20/2040 | 204 | 144 |
|  |  | 1679 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  |
| 5.40%, 6/1/2053 | 295 | 281 |
| 5.65%, 6/1/2054 | 220 | 218 |
| Consumers 2023 Securitization Funding LLC Series <br> A2, 5.21%, 9/1/2030<br>| 840 | 862 |
| DTE Electric Co.  | DTE Electric Co.  | DTE Electric Co.  |
| Series B, 3.65%, 3/1/2052 | 170 | 125 |
| 5.40%, 4/1/2053 | 140 | 137 |
| DTE Electric Securitization Funding II LLC Series A-2, <br> 6.09%, 9/1/2037<br>| 300 | 324 |
| Duke Energy Corp. 6.10%, 9/15/2053 | 270 | 275 |
| Duke Energy Florida LLC 5.95%, 11/15/2052 | 133 | 137 |
| Duke Energy Indiana LLC Series YYY, 3.25%, <br> 10/1/2049<br>| 113 | 77 |
| Duke Energy Progress LLC 2.90%, 8/15/2051 | 165 | 103 |
| Duke Energy Progress SC Storm Funding LLC Series <br> A, 5.40%, 3/1/2044<br>| 1042 | 1058 |
| Duquesne Light Holdings, Inc. 2.78%, <br> 1/7/2032 (d)<br>| 85 | 73 |
| Edison International  | Edison International  | Edison International  |
| 5.75%, 6/15/2027 | 225 | 227 |
| 5.25%, 11/15/2028 | 700 | 693 |
| Electricite de France SA (France) 5.95%, <br> 4/22/2034 (d)<br>| 350 | 365 |
| Emera US Finance LP (Canada) 4.75%, 6/15/2046 | 223 | 185 |
| Entergy Arkansas LLC 2.65%, 6/15/2051 | 84 | 49 |
| Entergy Louisiana LLC  | Entergy Louisiana LLC  | Entergy Louisiana LLC  |
| 4.00%, 3/15/2033 | 166 | 156 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 43

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| 2.90%, 3/15/2051 | 70 | 43 |
| 5.70%, 3/15/2054 | 150 | 148 |
| Evergy Metro, Inc. 4.95%, 4/15/2033 | 323 | 323 |
| Evergy Missouri West Storm Funding I LLC Series <br> A-1, 5.10%, 12/1/2038<br>| 668 | 668 |
| Evergy Missouri West, Inc. 5.15%, 12/15/2027 (d) | 279 | 284 |
| Fells Point Funding Trust 3.05%, 1/31/2027 (d) | 630 | 616 |
| FirstEnergy Transmission LLC 4.55%, 4/1/2049 (d) | 210 | 178 |
| Florida Power & Light Co. 5.30%, 4/1/2053 | 160 | 153 |
| Fortis, Inc. (Canada) 3.06%, 10/4/2026 | 194 | 191 |
| Indiana Michigan Power Co. 3.25%, 5/1/2051 | 150 | 98 |
| Interstate Power and Light Co.  | Interstate Power and Light Co.  | Interstate Power and Light Co.  |
| 4.95%, 9/30/2034 | 145 | 142 |
| 5.45%, 9/30/2054 | 165 | 158 |
| ITC Holdings Corp.  | ITC Holdings Corp.  | ITC Holdings Corp.  |
| 2.95%, 5/14/2030 (d) | 136 | 126 |
| 5.40%, 6/1/2033 (d) | 560 | 566 |
| Jersey Central Power & Light Co.  | Jersey Central Power & Light Co.  | Jersey Central Power & Light Co.  |
| 4.30%, 1/15/2026 (d) | 212 | 212 |
| 5.10%, 1/15/2035 | 115 | 115 |
| Massachusetts Electric Co. 4.00%, 8/15/2046 (d) | 103 | 81 |
| MidAmerican Energy Co. 5.85%, 9/15/2054 | 120 | 123 |
| New England Power Co. (United Kingdom) 2.81%, <br> 10/6/2050 (d)<br>| 280 | 170 |
| NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  |
| 5.75%, 9/1/2025 | 450 | 451 |
| 5.55%, 3/15/2054 | 440 | 423 |
| Niagara Mohawk Power Corp. 6.00%, 7/3/2055 (d) | 130 | 130 |
| Northern States Power Co. 5.10%, 5/15/2053 | 220 | 203 |
| NRG Energy, Inc.  | NRG Energy, Inc.  | NRG Energy, Inc.  |
| 2.00%, 12/2/2025 (d) | 105 | 103 |
| 2.45%, 12/2/2027 (d) | 365 | 346 |
| Ohio Power Co. Series R, 2.90%, 10/1/2051 | 200 | 122 |
| Oklahoma Gas and Electric Co. 5.60%, 4/1/2053 | 291 | 283 |
| Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  |
| 3.45%, 7/1/2025 | 130 | 130 |
| 2.95%, 3/1/2026 | 788 | 778 |
| 6.15%, 1/15/2033 | 300 | 309 |
| 6.40%, 6/15/2033 | 254 | 265 |
| 5.80%, 5/15/2034 | 567 | 567 |
| 6.00%, 8/15/2035 | 1130 | 1143 |
| 3.75%, 8/15/2042 (g) | 79 | 56 |
| 4.30%, 3/15/2045 | 80 | 60 |
| 6.75%, 1/15/2053 | 115 | 116 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| 5.90%, 10/1/2054 | 60 | 54 |
| PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  |
| Series A-2, 5.23%, 6/1/2042 | 2760 | 2737 |
| Series A-3, 5.54%, 7/15/2047 | 200 | 194 |
| Series A-3, 5.53%, 6/1/2049 | 405 | 399 |
| PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  |
| Series A-2, 4.26%, 6/1/2036 | 130 | 123 |
| Series A-4, 5.21%, 12/1/2047 | 80 | 76 |
| Series A-5, 5.10%, 6/1/2052 | 150 | 138 |
| PNM Energy Transition Bond Co. I LLC Series A-2, <br> 6.03%, 8/15/2048<br>| 390 | 402 |
| PPL Capital Funding, Inc. 5.25%, 9/1/2034 | 185 | 186 |
| PPL Electric Utilities Corp. 5.25%, 5/15/2053 | 170 | 162 |
| Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  |
| 5.20%, 1/15/2035 | 80 | 80 |
| Series K, 3.15%, 8/15/2051 | 90 | 56 |
| Public Service Electric and Gas Co. 3.00%, <br> 3/1/2051<br>| 455 | 297 |
| SCE Recovery Funding LLC  | SCE Recovery Funding LLC  | SCE Recovery Funding LLC  |
| Series A-1, 4.70%, 6/15/2040 | 185 | 180 |
| Series A-2, 5.11%, 12/15/2047 | 85 | 79 |
| Sigeco Securitization I LLC Series A1, 5.03%, <br> 11/15/2036<br>| 172 | 173 |
| Southern California Edison Co.  | Southern California Edison Co.  | Southern California Edison Co.  |
| Series 20C, 1.20%, 2/1/2026 | 202 | 197 |
| 5.85%, 11/1/2027 | 286 | 293 |
| 5.45%, 6/1/2031 | 450 | 458 |
| Series C, 4.13%, 3/1/2048 | 131 | 95 |
| 5.70%, 3/1/2053 | 85 | 76 |
| 5.88%, 12/1/2053 | 153 | 140 |
| 5.75%, 4/15/2054 | 530 | 475 |
| 5.90%, 3/1/2055 | 185 | 169 |
| Southern Co. (The) 5.20%, 6/15/2033 | 386 | 393 |
| Tucson Electric Power Co. 5.50%, 4/15/2053 | 305 | 289 |
| Union Electric Co.  | Union Electric Co.  | Union Electric Co.  |
| 5.20%, 4/1/2034 | 400 | 407 |
| 3.90%, 4/1/2052 | 191 | 146 |
| 5.45%, 3/15/2053 | 185 | 178 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| 6.00%, 4/15/2034 (d) | 208 | 216 |
| 5.70%, 12/30/2034 (d) | 115 | 117 |
|  |  | 24210 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

44 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  |
| 3.70%, 4/14/2027 | 357 | 353 |
| 5.40%, 6/12/2029 | 670 | 690 |
| 4.00%, 4/14/2032 | 1200 | 1137 |
|  |  | 2180 |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** |
| Corebridge Financial, Inc. 3.85%, 4/5/2029 | 115 | 113 |
| Fiserv, Inc. 5.15%, 8/12/2034 | 750 | 753 |
| Global Payments, Inc.  | Global Payments, Inc.  | Global Payments, Inc.  |
| 3.20%, 8/15/2029 | 367 | 347 |
| 5.30%, 8/15/2029 | 70 | 71 |
| Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) |
| (3-MONTH SOFR + 1.45%), 4.30%, <br> 3/8/2029 (d) (e)<br>| 280 | 278 |
| 5.13%, 7/29/2029 (d) | 679 | 695 |
| Shell International Finance BV 3.13%, 11/7/2049 | 215 | 144 |
| Street Capital Group, Inc. (Canada) 0.00%, <br> 2/15/2030 ‡<br>| 260 | 260 |
|  |  | 2661 |
| **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** |
| Bunge Ltd. Finance Corp. 4.65%, 9/17/2034 | 343 | 333 |
| J M Smucker Co. (The)  | J M Smucker Co. (The)  | J M Smucker Co. (The)  |
| 6.20%, 11/15/2033 | 105 | 113 |
| 6.50%, 11/15/2053 | 95 | 102 |
| JBS USA Holding Lux Sarl  | JBS USA Holding Lux Sarl  | JBS USA Holding Lux Sarl  |
| 6.75%, 3/15/2034 | 260 | 284 |
| 5.50%, 1/15/2036 (d) (f) | 595 | 596 |
| 6.38%, 4/15/2066 (d) (f) | 675 | 680 |
| JBS USA Holding Lux SARL 3.75%, 12/1/2031 | 320 | 298 |
| JBS USA LUX Sarl 5.95%, 4/20/2035 (d) | 125 | 129 |
| Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  |
| 4.63%, 10/1/2039 | 240 | 215 |
| 4.38%, 6/1/2046 | 132 | 107 |
| Mars, Inc.  | Mars, Inc.  | Mars, Inc.  |
| 5.00%, 3/1/2032 (d) | 250 | 253 |
| 5.65%, 5/1/2045 (d) | 540 | 541 |
| Tyson Foods, Inc. 5.70%, 3/15/2034 | 230 | 238 |
|  |  | 3889 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| Atmos Energy Corp. 2.85%, 2/15/2052 | 230 | 142 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Gas Utilities — continued** | **Gas Utilities — continued** | **Gas Utilities — continued** |
| CenterPoint Energy Resources Corp. 1.75%, <br> 10/1/2030<br>| 202 | 176 |
| Southern California Gas Co. 6.35%, 11/15/2052 | 150 | 161 |
|  |  | 479 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| Burlington Northern Santa Fe LLC 5.50%, <br> 3/15/2055<br>| 220 | 218 |
| Canadian Pacific Railway Co. (Canada) 4.70%, <br> 5/1/2048<br>| 178 | 157 |
| CSX Corp. 3.80%, 11/1/2046 | 219 | 170 |
| ERAC USA Finance LLC  | ERAC USA Finance LLC  | ERAC USA Finance LLC  |
| 5.00%, 2/15/2029 (d) | 460 | 471 |
| 5.20%, 10/30/2034 (d) | 220 | 224 |
| Norfolk Southern Corp. 3.05%, 5/15/2050 | 215 | 141 |
| Penske Truck Leasing Co. LP 6.05%, 8/1/2028 (d) | 250 | 260 |
| Triton Container International Ltd. (Bermuda) <br> 2.05%, 4/15/2026 (d)<br>| 700 | 683 |
| Uber Technologies, Inc. 4.80%, 9/15/2034 | 170 | 167 |
| Union Pacific Corp.  | Union Pacific Corp.  | Union Pacific Corp.  |
| 3.55%, 8/15/2039 | 297 | 248 |
| 3.50%, 2/14/2053 | 190 | 135 |
|  |  | 2874 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| Boston Scientific Corp. 4.55%, 3/1/2039 | 68 | 64 |
| DH Europe Finance II SARL 3.25%, 11/15/2039 | 119 | 96 |
| Solventum Corp. 5.60%, 3/23/2034 | 394 | 406 |
|  |  | 566 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| AHS Hospital Corp. 5.02%, 7/1/2045 | 140 | 130 |
| Banner Health 1.90%, 1/1/2031 | 288 | 252 |
| Beth Israel Lahey Health, Inc. Series L, 3.08%, <br> 7/1/2051<br>| 115 | 71 |
| Cencora, Inc.  | Cencora, Inc.  | Cencora, Inc.  |
| 5.13%, 2/15/2034 | 850 | 857 |
| 4.25%, 3/1/2045 | 650 | 532 |
| Children's Hospital of Philadelphia (The) Series <br> 2020, 2.70%, 7/1/2050<br>| 215 | 131 |
| Cigna Group (The) 5.13%, 5/15/2031 | 670 | 689 |
| CommonSpirit Health  | CommonSpirit Health  | CommonSpirit Health  |
| 1.55%, 10/1/2025 | 75 | 74 |
| 2.78%, 10/1/2030 | 170 | 156 |
| 3.91%, 10/1/2050 | 75 | 56 |
| CVS Health Corp. 5.25%, 2/21/2033 | 250 | 252 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 45

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<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** |
| Hackensack Meridian Health, Inc. Series 2020, <br> 2.68%, 9/1/2041<br>| 350 | 244 |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| 3.63%, 3/15/2032 | 125 | 115 |
| 5.60%, 4/1/2034 | 250 | 256 |
| 5.45%, 9/15/2034 | 345 | 348 |
| 5.75%, 3/1/2035 | 300 | 308 |
| 5.50%, 6/15/2047 | 140 | 130 |
| 3.50%, 7/15/2051 | 128 | 85 |
| 5.95%, 9/15/2054 | 145 | 141 |
| 6.10%, 4/1/2064 | 470 | 458 |
| MedStar Health, Inc. Series 20A, 3.63%, <br> 8/15/2049<br>| 150 | 106 |
| MyMichigan Health Series 2020, 3.41%, 6/1/2050 | 45 | 32 |
| PeaceHealth Obligated Group Series 2020, 3.22%, <br> 11/15/2050<br>| 160 | 99 |
| Piedmont Healthcare, Inc. 2.86%, 1/1/2052 | 215 | 131 |
| UnitedHealth Group, Inc. 5.88%, 2/15/2053 | 105 | 105 |
| West Virginia United Health System Obligated Group <br> Series 2020, 3.13%, 6/1/2050<br>| 340 | 213 |
|  |  | 5971 |
| **Health Care REITs — 0.0% ^** | **Health Care REITs — 0.0% ^** | **Health Care REITs — 0.0% ^** |
| DOC DR LLC 2.63%, 11/1/2031 | 130 | 115 |
| Healthpeak OP LLC 2.13%, 12/1/2028 | 323 | 300 |
|  |  | 415 |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| Darden Restaurants, Inc. 4.55%, 10/15/2029 | 500 | 499 |
| Starbucks Corp.  | Starbucks Corp.  | Starbucks Corp.  |
| 4.80%, 2/15/2033 | 330 | 330 |
| 3.35%, 3/12/2050 | 214 | 144 |
|  |  | 973 |
| **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** |
| AES Corp. (The) 5.80%, 3/15/2032 | 375 | 381 |
| Constellation Energy Generation LLC  | Constellation Energy Generation LLC  | Constellation Energy Generation LLC  |
| 5.80%, 3/1/2033 | 49 | 52 |
| 5.75%, 10/1/2041 | 205 | 205 |
| Southern Power Co. 5.15%, 9/15/2041 | 230 | 217 |
|  |  | 855 |
| **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** |
| Honeywell International, Inc. 5.25%, 3/1/2054 | 300 | 285 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** |
| Goodman US Finance Six LLC (Australia) 5.13%, <br> 10/7/2034 (d)<br>| 155 | 155 |
| Prologis LP 5.25%, 3/15/2054 | 374 | 351 |
|  |  | 506 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| Aon North America, Inc.  | Aon North America, Inc.  | Aon North America, Inc.  |
| 5.45%, 3/1/2034 | 450 | 462 |
| 5.75%, 3/1/2054 | 350 | 345 |
| Arthur J Gallagher & Co. 5.75%, 7/15/2054 | 500 | 490 |
| Berkshire Hathaway Finance Corp. 3.85%, <br> 3/15/2052<br>| 180 | 139 |
| Brown & Brown, Inc.  | Brown & Brown, Inc.  | Brown & Brown, Inc.  |
| 2.38%, 3/15/2031 | 422 | 372 |
| 6.25%, 6/23/2055 | 440 | 454 |
| CNO Global Funding 5.88%, 6/4/2027 (d) | 800 | 822 |
| Corebridge Global Funding 5.90%, 9/19/2028 (d) | 190 | 199 |
| Empower Finance 2020 LP (Canada) 3.08%, <br> 9/17/2051 (d)<br>| 316 | 200 |
| F&G Annuities & Life, Inc. 6.50%, 6/4/2029 | 150 | 155 |
| F&G Global Funding 5.88%, 6/10/2027 (d) | 300 | 307 |
| Jackson National Life Global Funding 3.05%, <br> 4/29/2026 (d)<br>| 500 | 494 |
| Mutual of Omaha Cos. Global Funding 5.45%, <br> 12/12/2028 (d)<br>| 400 | 411 |
| Nationwide Mutual Insurance Co. 8.25%, <br> 12/1/2031 (d)<br>| 400 | 461 |
| New York Life Insurance Co. 3.75%, 5/15/2050 (d) | 538 | 398 |
| Northwestern Mutual Global Funding  | Northwestern Mutual Global Funding  | Northwestern Mutual Global Funding  |
| 1.70%, 6/1/2028 (d) | 190 | 177 |
| 5.16%, 5/28/2031 (d) | 680 | 697 |
| Principal Financial Group, Inc. 4.11%, <br> 2/15/2028 (d)<br>| 160 | 159 |
| Protective Life Global Funding 5.47%, <br> 12/8/2028 (d)<br>| 386 | 399 |
| Teachers Insurance & Annuity Association of America  | Teachers Insurance & Annuity Association of America  | Teachers Insurance & Annuity Association of America  |
| 4.27%, 5/15/2047 (d) | 110 | 89 |
| 3.30%, 5/15/2050 (d) | 429 | 287 |
|  |  | 7517 |
| **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** |
| Meta Platforms, Inc.  | Meta Platforms, Inc.  | Meta Platforms, Inc.  |
| 5.60%, 5/15/2053 | 260 | 260 |
| 5.40%, 8/15/2054 | 235 | 229 |
|  |  | 489 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

46 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| Accenture Capital, Inc. 4.50%, 10/4/2034 | 190 | 185 |
| CGI, Inc. (Canada) 1.45%, 9/14/2026 | 204 | 197 |
|  |  | 382 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| Otis Worldwide Corp. 3.11%, 2/15/2040 | 294 | 226 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Charter Communications Operating LLC  | Charter Communications Operating LLC  | Charter Communications Operating LLC  |
| 2.80%, 4/1/2031 | 302 | 269 |
| 3.50%, 3/1/2042 | 160 | 114 |
| 3.70%, 4/1/2051 | 467 | 311 |
| Comcast Corp.  | Comcast Corp.  | Comcast Corp.  |
| 4.65%, 2/15/2033 | 390 | 388 |
| 3.25%, 11/1/2039 | 380 | 298 |
| 2.80%, 1/15/2051 | 380 | 228 |
| 5.35%, 5/15/2053 | 730 | 676 |
|  |  | 2284 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| BHP Billiton Finance USA Ltd. (Australia) 5.13%, <br> 2/21/2032<br>| 255 | 261 |
| Corp. Nacional del Cobre de Chile (Chile) 6.44%, <br> 1/26/2036 (d)<br>| 200 | 209 |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| 2.50%, 9/1/2030 (d) | 346 | 312 |
| 5.63%, 4/4/2034 (d) | 260 | 265 |
| Steel Dynamics, Inc. 1.65%, 10/15/2027 | 275 | 259 |
|  |  | 1306 |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| Berkshire Hathaway Energy Co. 2.85%, 5/15/2051 | 204 | 125 |
| Consumers Energy Co. 4.63%, 5/15/2033 | 285 | 282 |
| DTE Energy Co. 5.10%, 3/1/2029 | 700 | 714 |
| Engie SA (France) 5.63%, 4/10/2034 (d) | 790 | 813 |
| Public Service Enterprise Group, Inc. 5.45%, <br> 4/1/2034<br>| 220 | 225 |
| Puget Energy, Inc.  | Puget Energy, Inc.  | Puget Energy, Inc.  |
| 2.38%, 6/15/2028 | 258 | 244 |
| 5.73%, 3/15/2035 (d) | 170 | 171 |
| San Diego Gas & Electric Co. 2.95%, 8/15/2051 | 350 | 220 |
| Southern Co. Gas Capital Corp. Series 21A, 3.15%, <br> 9/30/2051<br>| 160 | 102 |
| WEC Energy Group, Inc. 1.38%, 10/15/2027 | 236 | 221 |
|  |  | 3117 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** |
| COPT Defense Properties LP 2.75%, 4/15/2031 | 271 | 240 |
| **Oil, Gas & Consumable Fuels — 0.5%** | **Oil, Gas & Consumable Fuels — 0.5%** | **Oil, Gas & Consumable Fuels — 0.5%** |
| Aker BP ASA (Norway) | Aker BP ASA (Norway) | Aker BP ASA (Norway) |
| 5.13%, 10/1/2034 (d) | 170 | 163 |
| 5.80%, 10/1/2054 (d) | 150 | 137 |
| APA Infrastructure Ltd. (Australia) 5.13%, <br> 9/16/2034 (d)<br>| 490 | 481 |
| Boardwalk Pipelines LP 4.45%, 7/15/2027 | 185 | 185 |
| BP Capital Markets America, Inc.  | BP Capital Markets America, Inc.  | BP Capital Markets America, Inc.  |
| 2.77%, 11/10/2050 | 208 | 127 |
| 3.00%, 3/17/2052 | 75 | 47 |
| Cheniere Energy Partners LP 5.55%, <br> 10/30/2035 (d) (f)<br>| 190 | 192 |
| Cheniere Energy, Inc. 5.65%, 4/15/2034 | 180 | 184 |
| Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  |
| 5.10%, 10/1/2031 (d) | 118 | 119 |
| 5.68%, 1/15/2034 (d) | 157 | 159 |
| Columbia Pipelines Operating Co. LLC  | Columbia Pipelines Operating Co. LLC  | Columbia Pipelines Operating Co. LLC  |
| 5.44%, 2/15/2035 (d) | 680 | 684 |
| 5.96%, 2/15/2055 (d) | 470 | 451 |
| ConocoPhillips Co. 5.50%, 1/15/2055 | 405 | 384 |
| Coterra Energy, Inc.  | Coterra Energy, Inc.  | Coterra Energy, Inc.  |
| 3.90%, 5/15/2027 | 140 | 138 |
| 5.40%, 2/15/2035 | 305 | 302 |
| Devon Energy Corp. 5.75%, 9/15/2054 | 320 | 288 |
| Eastern Energy Gas Holdings LLC 6.20%, <br> 1/15/2055<br>| 165 | 171 |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| 5.70%, 3/8/2033 | 200 | 207 |
| 5.63%, 4/5/2034 | 375 | 385 |
| Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
| 5.25%, 7/1/2029 | 350 | 359 |
| 5.00%, 5/15/2044 (g) | 525 | 452 |
| Eni SpA (Italy) 5.95%, 5/15/2054 (d) | 200 | 194 |
| Enterprise Products Operating LLC  | Enterprise Products Operating LLC  | Enterprise Products Operating LLC  |
| 4.95%, 2/15/2035 | 550 | 548 |
| 4.45%, 2/15/2043 | 317 | 274 |
| Exxon Mobil Corp. 3.00%, 8/16/2039 | 643 | 501 |
| Flex Intermediate Holdco LLC 4.32%, <br> 12/30/2039 (d)<br>| 130 | 102 |
| Galaxy Pipeline Assets Bidco Ltd. (United Arab <br> Emirates) 2.94%, 9/30/2040 (d)<br>| 177 | 145 |
| Gray Oak Pipeline LLC  | Gray Oak Pipeline LLC  | Gray Oak Pipeline LLC  |
| 2.60%, 10/15/2025 (d) | 500 | 497 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 47

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<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** |
| 3.45%, 10/15/2027 (d) | 306 | 299 |
| Kinder Morgan, Inc. 7.80%, 8/1/2031 | 550 | 633 |
| MPLX LP  | MPLX LP  | MPLX LP  |
| 5.50%, 6/1/2034 | 410 | 412 |
| 5.40%, 4/1/2035 | 70 | 70 |
| 4.50%, 4/15/2038 | 226 | 200 |
| 5.95%, 4/1/2055 | 150 | 143 |
| NGPL PipeCo LLC 3.25%, 7/15/2031 (d) | 195 | 174 |
| Northern Natural Gas Co. 5.63%, 2/1/2054 (d) | 50 | 48 |
| Occidental Petroleum Corp. 5.20%, 8/1/2029 | 125 | 125 |
| ONEOK, Inc. 4.75%, 10/15/2031 | 560 | 554 |
| Ovintiv, Inc. 6.25%, 7/15/2033 | 450 | 465 |
| Plains All American Pipeline LP 5.95%, 6/15/2035 | 335 | 344 |
| South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) |
| 4.91%, 9/1/2027 (d) | 95 | 96 |
| 5.03%, 10/1/2029 (d) | 105 | 105 |
| Targa Resources Corp. 4.90%, 9/15/2030 | 573 | 578 |
| TotalEnergies Capital International SA (France) <br> 2.99%, 6/29/2041<br>| 429 | 316 |
| TransCanada PipeLines Ltd. (Canada) 5.85%, <br> 3/15/2036<br>| 400 | 412 |
| Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  |
| 5.65%, 3/15/2033 | 150 | 156 |
| 5.60%, 3/15/2035 | 230 | 236 |
| 6.00%, 3/15/2055 | 60 | 60 |
|  |  | 13302 |
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| United Airlines Pass-Through Trust Series 2016-2, <br> Class A Shares, 3.10%, 10/7/2028<br>| 162 | 151 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| Haleon US Capital LLC 4.00%, 3/24/2052 | 350 | 270 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| AstraZeneca plc (United Kingdom) 6.45%, <br> 9/15/2037<br>| 50 | 56 |
| Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  |
| 4.13%, 6/15/2039 | 265 | 236 |
| 3.70%, 3/15/2052 | 205 | 149 |
| 5.55%, 2/22/2054 | 32 | 31 |
| 5.65%, 2/22/2064 | 295 | 286 |
| Eli Lilly & Co. 5.00%, 2/9/2054 | 600 | 561 |
| Merck & Co., Inc.  | Merck & Co., Inc.  | Merck & Co., Inc.  |
| 2.35%, 6/24/2040 | 312 | 219 |
| 4.00%, 3/7/2049 | 60 | 48 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| 2.90%, 12/10/2061 | 65 | 38 |
| Pfizer Investment Enterprises Pte. Ltd. 5.30%, <br> 5/19/2053<br>| 400 | 378 |
| Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) |
| 3.03%, 7/9/2040 | 1065 | 796 |
| 3.18%, 7/9/2050 | 200 | 131 |
| Utah Acquisition Sub, Inc. 3.95%, 6/15/2026 | 137 | 136 |
| Zoetis, Inc. 5.60%, 11/16/2032 | 287 | 303 |
|  |  | 3368 |
| **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** |
| Verisk Analytics, Inc. 5.75%, 4/1/2033 | 180 | 189 |
| **Residential REITs — 0.0% ^** | **Residential REITs — 0.0% ^** | **Residential REITs — 0.0% ^** |
| Essex Portfolio LP 5.50%, 4/1/2034 | 110 | 112 |
| UDR, Inc. 2.10%, 8/1/2032 | 416 | 345 |
|  |  | 457 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| Brixmor Operating Partnership LP  | Brixmor Operating Partnership LP  | Brixmor Operating Partnership LP  |
| 2.25%, 4/1/2028 | 170 | 161 |
| 2.50%, 8/16/2031 | 100 | 87 |
| NNN REIT, Inc.  | NNN REIT, Inc.  | NNN REIT, Inc.  |
| 5.60%, 10/15/2033 | 100 | 103 |
| 5.50%, 6/15/2034 | 170 | 174 |
| Scentre Group Trust 1 (Australia) 3.63%, <br> 1/28/2026 (d)<br>| 565 | 562 |
|  |  | 1087 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| Analog Devices, Inc. 2.80%, 10/1/2041 | 224 | 163 |
| Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
| 1.95%, 2/15/2028 (d) | 470 | 443 |
| 5.05%, 7/12/2029 | 650 | 666 |
| 5.15%, 11/15/2031 | 560 | 576 |
| 4.55%, 2/15/2032 | 323 | 320 |
| 3.19%, 11/15/2036 (d) | 279 | 231 |
| Intel Corp.  | Intel Corp.  | Intel Corp.  |
| 3.73%, 12/8/2047 | 175 | 123 |
| 3.25%, 11/15/2049 | 170 | 108 |
| 3.05%, 8/12/2051 | 170 | 101 |
| KLA Corp. 3.30%, 3/1/2050 | 470 | 326 |
| Marvell Technology, Inc. 5.45%, 7/15/2035 | 520 | 524 |
| NXP BV (Netherlands) | NXP BV (Netherlands) | NXP BV (Netherlands) |
| 5.00%, 1/15/2033 | 260 | 259 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

48 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| 3.25%, 5/11/2041 | 340 | 248 |
| Texas Instruments, Inc. 5.05%, 5/18/2063 | 593 | 544 |
|  |  | 4632 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| Cadence Design Systems, Inc. 4.70%, 9/10/2034 | 445 | 440 |
| Oracle Corp.  | Oracle Corp.  | Oracle Corp.  |
| 4.90%, 2/6/2033 | 230 | 231 |
| 3.80%, 11/15/2037 | 680 | 582 |
| 3.65%, 3/25/2041 | 1000 | 788 |
| 3.60%, 4/1/2050 | 160 | 112 |
| Roper Technologies, Inc. 1.75%, 2/15/2031 | 218 | 187 |
| Synopsys, Inc.  | Synopsys, Inc.  | Synopsys, Inc.  |
| 5.00%, 4/1/2032 | 250 | 253 |
| 5.70%, 4/1/2055 | 325 | 323 |
| VMware LLC  | VMware LLC  | VMware LLC  |
| 1.40%, 8/15/2026 | 394 | 381 |
| 4.70%, 5/15/2030 | 364 | 366 |
|  |  | 3663 |
| **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
| American Tower Corp.  | American Tower Corp.  | American Tower Corp.  |
| 1.50%, 1/31/2028 | 185 | 172 |
| 5.20%, 2/15/2029 | 440 | 450 |
| 1.88%, 10/15/2030 | 1039 | 903 |
| Crown Castle, Inc. 5.80%, 3/1/2034 | 130 | 135 |
| CubeSmart LP 2.00%, 2/15/2031 | 505 | 437 |
| Equinix, Inc.  | Equinix, Inc.  | Equinix, Inc.  |
| 2.90%, 11/18/2026 | 314 | 308 |
| 2.00%, 5/15/2028 | 424 | 397 |
|  |  | 2802 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| Home Depot, Inc. (The) 3.63%, 4/15/2052 | 180 | 131 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| Apple, Inc.  | Apple, Inc.  | Apple, Inc.  |
| 3.45%, 2/9/2045 | 400 | 311 |
| 2.70%, 8/5/2051 | 415 | 259 |
| Dell International LLC  | Dell International LLC  | Dell International LLC  |
| 6.20%, 7/15/2030 | 850 | 910 |
| 5.30%, 4/1/2032 | 740 | 756 |
| Hewlett Packard Enterprise Co. 5.00%, <br> 10/15/2034<br>| 530 | 514 |
|  |  | 2750 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** |
| Altria Group, Inc. 2.45%, 2/4/2032 | 340 | 293 |
| BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |
| 2.26%, 3/25/2028 | 416 | 394 |
| 4.39%, 8/15/2037 | 255 | 228 |
|  |  | 915 |
| **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** |
| Aviation Capital Group LLC 5.13%, 4/10/2030 (d) | 260 | 262 |
| **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** |
| American Water Capital Corp. 5.45%, 3/1/2054 | 600 | 580 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| America Movil SAB de CV (Mexico) 2.88%, <br> 5/7/2030<br>| 220 | 203 |
| T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
| 2.55%, 2/15/2031 | 710 | 636 |
| 3.40%, 10/15/2052 | 540 | 361 |
| Vodafone Group plc (United Kingdom) 5.75%, <br> 6/28/2054<br>| 350 | 335 |
|  |  | 1535 |
| Total Corporate Bonds <br>(Cost $208,118)<br>|  | 200867 |
| **Mortgage-Backed Securities — 5.7%** | **Mortgage-Backed Securities — 5.7%** | **Mortgage-Backed Securities — 5.7%** |
| FHLMC Gold Pools, Other  |  |  |
| Pool # WN1157, 1.80%, 11/1/2028 | 1440 | 1336 |
| Pool # WA1626, 3.45%, 8/1/2032 | 1143 | 1079 |
| Pool # WN3225, 3.80%, 10/1/2034 | 740 | 692 |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # ZL3032, 3.50%, 5/1/2042 | 458 | 430 |
| Pool # QA3570, 2.50%, 10/1/2049 | 175 | 147 |
| Pool # QA5290, 2.50%, 12/1/2049 | 1564 | 1314 |
| Pool # QA6772, 3.50%, 1/1/2050 | 230 | 211 |
| Pool # QA9530, 2.50%, 5/1/2050 | 517 | 437 |
| Pool # QB4026, 2.50%, 10/1/2050 | 1350 | 1140 |
| Pool # QB4045, 2.50%, 10/1/2050 | 841 | 710 |
| Pool # QB4484, 2.50%, 10/1/2050 | 587 | 497 |
| Pool # QB4542, 2.50%, 10/1/2050 | 593 | 502 |
| Pool # QB5092, 2.50%, 11/1/2050 | 375 | 316 |
| Pool # QB8503, 2.50%, 2/1/2051 | 698 | 583 |
| Pool # SD4767, 2.50%, 2/1/2051 | 1294 | 1087 |
| Pool # QC9443, 2.50%, 10/1/2051 | 641 | 537 |
| Pool # RA6132, 2.50%, 10/1/2051 | 1727 | 1440 |
| Pool # SD2841, 2.50%, 10/1/2051 | 1459 | 1223 |
| Pool # SD0781, 3.00%, 11/1/2051 | 1898 | 1653 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 49

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # QD5778, 3.00%, 1/1/2052 | 666 | 583 |
| Pool # SD5768, 3.00%, 1/1/2052 | 2276 | 1988 |
| Pool # QD4686, 4.00%, 1/1/2052 | 235 | 219 |
| Pool # QD7596, 2.50%, 2/1/2052 | 2225 | 1866 |
| Pool # RA6815, 2.50%, 2/1/2052 | 1891 | 1585 |
| Pool # RA6959, 2.50%, 3/1/2052 | 810 | 680 |
| Pool # SD3952, 2.50%, 3/1/2052 | 1497 | 1256 |
| Pool # QE1637, 4.00%, 5/1/2052 | 261 | 245 |
| Pool # QE1832, 4.50%, 5/1/2052 | 333 | 325 |
| Pool # SD4119, 3.00%, 8/1/2052 | 1264 | 1106 |
| Pool # SD3684, 4.50%, 11/1/2052 | 2022 | 1938 |
| Pool # QH9763, 6.00%, 1/1/2054 | 486 | 498 |
| Pool # QH9845, 6.00%, 2/1/2054 | 2104 | 2157 |
| Pool # SD7018, 4.50%, 3/1/2054 | 1940 | 1871 |
| FNMA UMBS, 20 Year Pool # MA4016, 2.50%, <br> 5/1/2040<br>| 1271 | 1156 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # CA2826, 5.50%, 12/1/2048 | 701 | 712 |
| Pool # BK2113, 2.50%, 3/1/2050 | 480 | 403 |
| Pool # CA5658, 2.50%, 5/1/2050 | 153 | 129 |
| Pool # FM3118, 3.00%, 5/1/2050 | 368 | 326 |
| Pool # BP8608, 2.50%, 6/1/2050 | 323 | 271 |
| Pool # BP9250, 2.50%, 7/1/2050 | 1291 | 1089 |
| Pool # FM3778, 2.50%, 8/1/2050 | 260 | 219 |
| Pool # FP0059, 2.50%, 8/1/2050 | 1059 | 883 |
| Pool # BP6749, 2.50%, 9/1/2050 | 1486 | 1246 |
| Pool # BQ2894, 3.00%, 9/1/2050 | 673 | 592 |
| Pool # BQ3996, 2.50%, 10/1/2050 | 575 | 485 |
| Pool # BQ5243, 3.50%, 10/1/2050 | 223 | 203 |
| Pool # CA7398, 3.50%, 10/1/2050 | 774 | 705 |
| Pool # BP7667, 2.50%, 12/1/2050 | 777 | 656 |
| Pool # BR4318, 3.00%, 1/1/2051 | 86 | 76 |
| Pool # CA8637, 4.00%, 1/1/2051 | 1296 | 1223 |
| Pool # FM7082, 2.00%, 4/1/2051 | 741 | 596 |
| Pool # FM6856, 2.50%, 4/1/2051 | 339 | 284 |
| Pool # CB0189, 3.00%, 4/1/2051 | 322 | 281 |
| Pool # CB0458, 2.50%, 5/1/2051 | 494 | 414 |
| Pool # FS7655, 2.50%, 5/1/2051 | 1264 | 1059 |
| Pool # BT0122, 2.50%, 6/1/2051 | 234 | 196 |
| Pool # FM7916, 2.50%, 6/1/2051 | 417 | 350 |
| Pool # CB1301, 2.50%, 8/1/2051 | 771 | 647 |
| Pool # FM8247, 2.50%, 8/1/2051 | 430 | 362 |
| Pool # CB1566, 2.50%, 9/1/2051 | 1490 | 1237 |
| Pool # FM8659, 2.50%, 9/1/2051 | 833 | 698 |
| Pool # CB1873, 3.00%, 10/1/2051 | 1726 | 1507 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # FS4624, 2.50%, 11/1/2051 | 370 | 309 |
| Pool # CB2313, 2.50%, 12/1/2051 | 487 | 409 |
| Pool # FS2559, 3.00%, 12/1/2051 | 1387 | 1212 |
| Pool # CB2637, 2.50%, 1/1/2052 | 743 | 624 |
| Pool # FS9143, 2.50%, 1/1/2052 (f) | 2632 | 2190 |
| Pool # FS0331, 3.00%, 1/1/2052 | 2210 | 1917 |
| Pool # BV4831, 3.00%, 2/1/2052 | 405 | 351 |
| Pool # FS7749, 3.00%, 2/1/2052 | 1353 | 1185 |
| Pool # BV0295, 3.50%, 2/1/2052 | 898 | 818 |
| Pool # BV3950, 4.00%, 2/1/2052 | 419 | 392 |
| Pool # FS4476, 3.00%, 5/1/2052 | 2882 | 2499 |
| Pool # CB3608, 3.50%, 5/1/2052 | 2352 | 2125 |
| Pool # BV6743, 4.50%, 5/1/2052 | 313 | 302 |
| Pool # BV9515, 6.00%, 6/1/2052 | 407 | 418 |
| Pool # BY4714, 5.00%, 6/1/2053 | 996 | 978 |
| Pool # BY4761, 5.00%, 6/1/2053 | 388 | 382 |
| Pool # BY9327, 6.00%, 11/1/2053 | 1168 | 1190 |
| Pool # DA7753, 5.50%, 1/1/2054 | 355 | 357 |
| Pool # DA0425, 6.00%, 2/1/2054 | 464 | 475 |
| Pool # DA7754, 6.00%, 2/1/2054 | 1845 | 1891 |
| Pool # DA9487, 6.00%, 2/1/2054 | 1048 | 1071 |
| Pool # CB8334, 5.50%, 4/1/2054 | 1654 | 1659 |
| Pool # DB6037, 5.50%, 5/1/2054 | 651 | 651 |
| FNMA, Other  |  |  |
| Pool # BS7576, 4.86%, 12/1/2027 | 620 | 629 |
| Pool # AM3010, 5.07%, 3/1/2028 | 489 | 499 |
| Pool # BL8639, 1.09%, 4/1/2028 | 665 | 613 |
| Pool # BS6144, 3.97%, 1/1/2029 | 1505 | 1498 |
| Pool # AM5319, 4.34%, 1/1/2029 | 441 | 444 |
| Pool # BS8149, 4.97%, 9/1/2029 | 900 | 926 |
| Pool # BS7604, 5.16%, 10/1/2029 | 590 | 611 |
| Pool # BS0448, 1.27%, 12/1/2029 | 942 | 830 |
| Pool # BL9748, 1.60%, 12/1/2029 | 382 | 343 |
| Pool # AN7593, 2.99%, 12/1/2029 | 277 | 263 |
| Pool # AN8285, 3.11%, 3/1/2030 | 283 | 271 |
| Pool # BS0154, 1.28%, 4/1/2030 | 273 | 239 |
| Pool # AM8544, 3.08%, 4/1/2030 | 125 | 119 |
| Pool # BS7168, 4.57%, 6/1/2030 | 848 | 859 |
| Pool # BZ0896, 5.43%, 7/1/2030 | 1248 | 1306 |
| Pool # BL9251, 1.45%, 10/1/2030 | 741 | 646 |
| Pool # AM4789, 4.18%, 11/1/2030 | 239 | 238 |
| Pool # BL9891, 1.37%, 12/1/2030 | 513 | 444 |
| Pool # BL9494, 1.46%, 12/1/2030 | 280 | 241 |
| Pool # BS0596, 1.38%, 1/1/2031 | 1690 | 1459 |
| Pool # BS7121, 5.15%, 3/1/2031 | 1178 | 1220 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

50 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BS6203, 4.26%, 4/1/2031 | 565 | 558 |
| Pool # BS8442, 4.74%, 4/1/2031 | 1103 | 1122 |
| Pool # BS7813, 4.83%, 6/1/2031 | 774 | 791 |
| Pool # BS7167, 4.64%, 7/1/2031 | 1611 | 1633 |
| Pool # BS7437, 5.04%, 8/1/2031 | 870 | 897 |
| Pool # BS5580, 3.68%, 1/1/2032 | 1050 | 1008 |
| Pool # BS4654, 2.39%, 3/1/2032 | 844 | 750 |
| Pool # BL5680, 2.44%, 3/1/2032 | 1369 | 1218 |
| Pool # BZ2434, 4.95%, 3/1/2032 | 2488 | 2548 |
| Pool # BS7642, 5.15%, 5/1/2032 | 399 | 412 |
| Pool # AN5952, 3.01%, 7/1/2032 | 358 | 331 |
| Pool # AN6149, 3.14%, 7/1/2032 | 1485 | 1368 |
| Pool # BS5530, 3.30%, 7/1/2032 | 1662 | 1547 |
| Pool # BS6345, 3.91%, 8/1/2032 | 500 | 482 |
| Pool # BZ0884, 5.37%, 9/1/2032 | 1296 | 1353 |
| Pool # BM3226, 3.45%, 10/1/2032 (h) | 1257 | 1197 |
| Pool # BS6822, 3.81%, 10/1/2032 | 960 | 921 |
| Pool # BS8528, 4.31%, 10/1/2032 | 1888 | 1863 |
| Pool # BS6954, 4.93%, 10/1/2032 | 767 | 786 |
| Pool # BM6491, 1.46%, 11/1/2032 (h) | 3858 | 3178 |
| Pool # BM6492, 1.51%, 11/1/2032 (h) | 2325 | 1919 |
| Pool # BS6819, 4.12%, 11/1/2032 | 1100 | 1076 |
| Pool # BS7090, 4.45%, 12/1/2032 | 1030 | 1028 |
| Pool # AN7923, 3.33%, 1/1/2033 | 565 | 524 |
| Pool # BS8428, 4.41%, 1/1/2033 | 1300 | 1288 |
| Pool # BS7398, 4.74%, 2/1/2033 | 835 | 842 |
| Pool # BS5357, 3.41%, 3/1/2033 | 770 | 712 |
| Pool # AN9067, 3.51%, 5/1/2033 | 310 | 291 |
| Pool # BS8416, 4.56%, 5/1/2033 | 605 | 608 |
| Pool # BS5511, 3.45%, 8/1/2033 | 1009 | 935 |
| Pool # BS5127, 3.15%, 9/1/2033 | 580 | 524 |
| Pool # BL1012, 4.03%, 12/1/2033 | 300 | 289 |
| Pool # BL0900, 4.08%, 2/1/2034 | 245 | 237 |
| Pool # BZ0430, 4.32%, 2/1/2034 | 1705 | 1677 |
| Pool # BL7124, 1.93%, 6/1/2035 | 662 | 540 |
| Pool # BZ0217, 5.22%, 8/1/2035 | 1136 | 1169 |
| Pool # AN0375, 3.76%, 12/1/2035 | 630 | 595 |
| Pool # AN4430, 3.61%, 1/1/2037 | 532 | 511 |
| Pool # BF0045, 4.50%, 3/1/2052 | 189 | 181 |
| Pool # BF0109, 4.00%, 2/1/2056 | 332 | 310 |
| Pool # BF0091, 3.50%, 5/1/2056 | 854 | 767 |
| Pool # BF0108, 4.50%, 6/1/2056 | 397 | 383 |
| Pool # BF0219, 3.50%, 9/1/2057 | 1473 | 1323 |
| Pool # BF0230, 5.50%, 1/1/2058 | 1179 | 1216 |
| Pool # BF0497, 3.00%, 7/1/2060 | 558 | 480 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # BF0537, 3.00%, 3/1/2061 | 1321 | 1115 |
| Pool # BF0561, 3.00%, 9/1/2061 | 1702 | 1438 |
| Pool # BF0578, 2.50%, 12/1/2061 | 3435 | 2726 |
| Pool # BF0580, 3.50%, 12/1/2061 | 442 | 394 |
| Pool # BF0732, 2.50%, 6/1/2063 | 1771 | 1442 |
| Pool # BF0733, 3.00%, 6/1/2063 | 1585 | 1339 |
| GNMA II, 30 Year  |  |  |
| Pool # BY3432, 3.50%, 9/20/2050 | 821 | 747 |
| Pool # BR3929, 3.50%, 10/20/2050 | 441 | 401 |
| Pool # BW1726, 3.50%, 10/20/2050 | 477 | 434 |
| Pool # BS8546, 2.50%, 12/20/2050 | 1269 | 1068 |
| Pool # BR3928, 3.00%, 12/20/2050 | 609 | 548 |
| Pool # BU7538, 3.00%, 12/20/2050 | 399 | 359 |
| Pool # 785294, 3.50%, 1/20/2051 | 1214 | 1089 |
| Pool # CA8452, 3.00%, 2/20/2051 | 1795 | 1601 |
| Pool # CA9005, 3.00%, 2/20/2051 | 364 | 333 |
| Pool # CB1543, 3.00%, 2/20/2051 | 1287 | 1138 |
| Pool # CA3588, 3.50%, 2/20/2051 | 1378 | 1253 |
| Pool # CB1536, 3.50%, 2/20/2051 | 1412 | 1291 |
| Pool # CB1542, 3.00%, 3/20/2051 | 847 | 749 |
| Pool # CB4433, 3.00%, 3/20/2051 | 1347 | 1172 |
| Pool # CC0070, 3.00%, 3/20/2051 | 221 | 200 |
| Pool # CC8726, 3.00%, 3/20/2051 | 269 | 238 |
| Pool # CC8738, 3.00%, 3/20/2051 | 356 | 315 |
| Pool # CC8723, 3.50%, 3/20/2051 | 1802 | 1639 |
| Pool # CC0088, 4.00%, 3/20/2051 | 77 | 72 |
| Pool # CC0092, 4.00%, 3/20/2051 | 181 | 170 |
| Pool # CC8727, 3.00%, 4/20/2051 | 461 | 408 |
| Pool # CC8739, 3.00%, 4/20/2051 | 1235 | 1093 |
| Pool # CC8740, 3.00%, 4/20/2051 | 982 | 869 |
| Pool # CC8751, 3.00%, 4/20/2051 | 218 | 193 |
| Pool # CA3563, 3.50%, 7/20/2051 | 851 | 783 |
| Pool # CE2586, 3.50%, 7/20/2051 | 1235 | 1123 |
| Pool # CK1527, 3.50%, 12/20/2051 | 961 | 879 |
| Pool # CJ8184, 3.50%, 1/20/2052 | 1035 | 941 |
| Pool # CK2660, 3.00%, 2/20/2052 | 545 | 483 |
| Pool # CK2716, 3.50%, 2/20/2052 | 820 | 736 |
| Pool # CK8295, 5.00%, 3/20/2052 | 509 | 498 |
| Pool # CN3557, 4.50%, 5/20/2052 | 495 | 481 |
| Pool # MA8148, 3.00%, 7/20/2052 | 100 | 89 |
| Pool # MA8200, 4.00%, 8/20/2052 | 224 | 209 |
| Pool # CN3127, 5.00%, 8/20/2052 | 480 | 473 |
| Pool # MA8874, 3.00%, 5/20/2053 | 1144 | 1022 |
| Pool # CU6748, 6.00%, 9/20/2053 | 952 | 976 |
| Pool # MA9419, 3.50%, 1/20/2054 | 220 | 200 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 51

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # MA9484, 3.50%, 2/20/2054 | 285 | 260 |
| Pool # DA2721, 5.50%, 3/20/2054 | 331 | 333 |
| Pool # DD7557, 6.50%, 9/20/2054 | 730 | 771 |
| GNMA II, Other  |  |  |
| Pool # CT6280, 3.50%, 2/20/2062 | 737 | 656 |
| Pool # CU1093, 5.50%, 6/20/2063 | 342 | 340 |
| Pool # CV1712, 5.50%, 6/20/2063 | 314 | 312 |
| Pool # CU1092, 6.00%, 6/20/2063 | 446 | 450 |
| Pool # CT6283, 6.00%, 7/20/2063 | 767 | 775 |
| Pool # CW0095, 6.00%, 7/20/2063 | 640 | 647 |
| Pool # 785183, 2.94%, 10/20/2070 (h) | 655 | 591 |
| Total Mortgage-Backed Securities <br>(Cost $178,100)<br>|  | 170009 |
| **Asset-Backed Securities — 2.9%** | **Asset-Backed Securities — 2.9%** | **Asset-Backed Securities — 2.9%** |
| Accelerated LLC Series 2021-1H, Class B, 1.90%, <br> 10/20/2040 (d)<br>| 158 | 147 |
| Aligned Data Centers Issuer LLC Series 2021-1A, <br> Class A2, 1.94%, 8/15/2046 (d)<br>| 815 | 788 |
| American Airlines Pass-Through Trust |  |  |
| Series 2016-2, Class AA, 3.20%, 6/15/2028 | 518 | 497 |
| Series 2016-3, Class AA, 3.00%, 10/15/2028 | 361 | 342 |
| Series 2017-2, Class A, 3.60%, 10/15/2029 | 1242 | 1146 |
| Series 2021-1, Class B, 3.95%, 7/11/2030 | 700 | 660 |
| American Credit Acceptance Receivables Trust |  |  |
| Series 2023-1, Class D, 6.35%, 4/12/2029 (d) | 325 | 329 |
| Series 2024-1, Class D, 5.86%, 5/13/2030 (d) | 765 | 772 |
| AMSR Trust |  |  |
| Series 2020-SFR2, Class E1, 4.03%, <br> 7/17/2037 (d)<br>| 585 | 584 |
| Series 2021-SFR2, Class E2, 2.58%, <br> 8/17/2038 (d)<br>| 330 | 319 |
| Series 2024-SFR1, Class D, 4.29%, <br> 7/17/2041 (d) (g)<br>| 895 | 852 |
| Series 2024-SFR2, Class D, 4.15%, <br> 11/17/2041 (d)<br>| 655 | 617 |
| Aqua Finance Issuer Trust |  |  |
| Series 2025-A, Class B, 5.56%, 12/19/2050 (d) | 1175 | 1188 |
| Series 2025-A, Class C, 5.81%, 12/19/2050 (d) | 465 | 470 |
| Aqua Finance Trust Series 2020-AA, Class C, <br> 3.97%, 7/17/2046 (d)<br>| 231 | 225 |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| Series 2024-2A, Class B, 5.57%, <br> 10/20/2028 (d)<br>| 800 | 812 |
| Series 2024-1A, Class A, 5.36%, 6/20/2030 (d) | 580 | 595 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Bridge Trust |  |  |
| Series 2024-SFR1, Class C, 4.30%, <br> 8/17/2040 (d)<br>| 1200 | 1154 |
| Series 2024-SFR1, Class D, 4.30%, <br> 8/17/2040 (d)<br>| 1380 | 1313 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| Series 2024-3, Class C, 5.70%, 7/16/2029 | 1545 | 1563 |
| Series 2024-1, Class D, 6.03%, 11/15/2029 | 580 | 590 |
| Series 2024-2, Class C, 6.07%, 2/15/2030 | 825 | 841 |
| Series 2024-3, Class D, 5.83%, 5/15/2030 | 625 | 638 |
| Series 2025-1, Class D, 5.64%, 11/15/2030 | 1635 | 1656 |
| Business Jet Securities LLC |  |  |
| Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ <br> (d)<br>| 374 | 368 |
| Series 2024-2A, Class A, 5.36%, 9/15/2039 ‡ <br> (d)<br>| 1554 | 1557 |
| BXG Receivables Note Trust Series 2020-A, Class A, <br> 1.55%, 2/28/2036 (d)<br>| 151 | 144 |
| Cascade MH Asset Trust |  |  |
| Series 2021-MH1, Class A1, 1.75%, <br> 2/25/2046 (d)<br>| 723 | 660 |
| Series 2024-MH1, Class A1, 5.69%, <br> 11/25/2056 (d) (h)<br>| 711 | 726 |
| Cherry Securitization Trust Series 2024-1A, Class A, <br> 5.70%, 4/15/2032 (d)<br>| 620 | 624 |
| Consumer Portfolio Services Auto Trust Series <br> 2025-B, Class D, 5.56%, 7/15/2031 (d)<br>| 1615 | 1633 |
| Continental Finance Credit Card ABS Master Trust <br> Series 2024-A, Class A, 5.78%, 12/15/2032 (d)<br>| 735 | 744 |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2023-5A, Class B, 6.71%, 2/15/2034 (d) | 600 | 616 |
| Series 2024-2A, Class C, 6.70%, <br> 10/16/2034 (d)<br>| 1720 | 1786 |
| Series 2024-3A, Class B, 4.85%, <br> 11/15/2034 (d)<br>| 1300 | 1303 |
| Crossroads Asset Trust Series 2025-A, Class A2, <br> 4.91%, 2/20/2032 (d)<br>| 660 | 662 |
| CVS Pass-Through Trust Series 2014, 4.16%, <br> 8/11/2036 (d)<br>| 93 | 86 |
| DataBank Issuer Series 2021-1A, Class A2, 2.06%, <br> 2/27/2051 (d)<br>| 480 | 470 |
| Delta Air Lines Pass-Through Trust Series 2020-1, <br> Class A, 2.50%, 6/10/2028<br>| 471 | 445 |
| Diamond Resorts Owner Trust |  |  |
| Series 2021-1A, Class A, 1.51%, <br> 11/21/2033 (d)<br>| 43 | 43 |
| Series 2021-1A, Class C, 2.70%, <br> 11/21/2033 (d)<br>| 130 | 130 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

52 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Drive Auto Receivables Trust Series 2024-1, Class C, <br> 5.43%, 11/17/2031<br>| 365 | 370 |
| DT Auto Owner Trust Series 2023-2A, Class D, <br> 6.62%, 2/15/2029 (d)<br>| 460 | 472 |
| Elara HGV Timeshare Issuer LLC |  |  |
| Series 2021-A, Class B, 1.74%, 8/27/2035 (d) | 158 | 150 |
| Series 2021-A, Class C, 2.09%, 8/27/2035 (d) | 71 | 67 |
| Enterprise Fleet Financing LLC Series 2024-1, <br> Class A3, 5.16%, 9/20/2030 (d)<br>| 375 | 382 |
| Exeter Automobile Receivables Trust |  |  |
| Series 2023-5A, Class C, 6.85%, 1/16/2029 | 470 | 481 |
| Series 2024-1A, Class D, 5.84%, 6/17/2030 | 585 | 596 |
| Series 2025-3A, Class C, 5.09%, 10/15/2031 | 1964 | 1984 |
| Exeter Select Automobile Receivables Trust Series <br> 2025-1, Class C, 5.40%, 8/15/2031<br>| 1621 | 1644 |
| FHF Issuer Trust Series 2024-1A, Class A2, 5.69%, <br> 2/15/2030 (d)<br>| 551 | 556 |
| FHF Trust Series 2023-1A, Class A2, 6.57%, <br> 6/15/2028 (d)<br>| 234 | 236 |
| FirstKey Homes Trust |  |  |
| Series 2021-SFR2, Class E1, 2.26%, <br> 9/17/2038 (d)<br>| 1145 | 1099 |
| Series 2022-SFR1, Class E1, 5.00%, <br> 5/19/2039 (d)<br>| 395 | 392 |
| Flagship Credit Auto Trust Series 2023-1, Class C, <br> 5.43%, 5/15/2029 (d)<br>| 930 | 932 |
| FMC GMSR Issuer Trust Series 2021-GT2, Class A, <br> 3.85%, 10/25/2026 (d) (h)<br>| 720 | 685 |
| Foundation Finance Trust |  |  |
| Series 2023-2A, Class A, 6.53%, 6/15/2049 (d) | 568 | 592 |
| Series 2024-2A, Class A, 4.60%, 3/15/2050 (d) | 514 | 512 |
| Series 2024-2A, Class B, 4.93%, 3/15/2050 (d) | 253 | 253 |
| GLS Auto Select Receivables Trust Series 2024-1A, <br> Class C, 5.69%, 3/15/2030 (d)<br>| 205 | 209 |
| GS Mortgage-Backed Securities Trust Series <br> 2025-SL1, Class A1, 5.85%, 11/25/2067 (d) <br> (h)<br>| 2111 | 2122 |
| Hilton Grand Vacations Trust Series 2024-1B, <br> Class C, 6.62%, 9/15/2039 (d)<br>| 260 | 264 |
| HINNT LLC |  |  |
| Series 2022-A, Class B, 4.65%, 5/15/2041 (d) | 183 | 182 |
| Series 2024-A, Class B, 5.84%, 3/15/2043 (d) | 574 | 583 |
| Series 2024-A, Class C, 6.32%, 3/15/2043 (d) | 688 | 698 |
| Home Partners of America Trust |  |  |
| Series 2021-2, Class C, 2.40%, 12/17/2026 (d) | 1085 | 1040 |
| Series 2021-3, Class D, 3.00%, 1/17/2041 (d) | 617 | 568 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Huntington Bank Auto Credit-Linked Notes Series <br> 2024-1, Class B1, 6.15%, 5/20/2032 (d)<br>| 147 | 149 |
| Invitation Homes Trust Series 2024-SFR1, Class B, <br> 4.00%, 9/17/2041 (d)<br>| 530 | 510 |
| LAD Auto Receivables Trust Series 2023-4A, <br> Class C, 6.76%, 3/15/2029 (d)<br>| 540 | 559 |
| Lendbuzz Securitization Trust Series 2024-1A, <br> Class B, 6.58%, 9/15/2029 (d)<br>| 470 | 481 |
| Lendmark Funding Trust Series 2024-1A, Class B, <br> 5.88%, 6/21/2032 (d)<br>| 560 | 570 |
| Mariner Finance Issuance Trust |  |  |
| Series 2021-AA, Class A, 1.86%, 3/20/2036 (d) | 1065 | 1031 |
| Series 2024-AA, Class C, 6.00%, 9/22/2036 (d) | 497 | 507 |
| Series 2025-AA, Class A, 4.98%, 5/20/2038 (d) | 1282 | 1299 |
| MVW LLC |  |  |
| Series 2021-2A, Class C, 2.23%, 5/20/2039 (d) | 390 | 367 |
| Series 2021-1WA, Class B, 1.44%, <br> 1/22/2041 (d)<br>| 52 | 49 |
| Series 2025-1A, Class B, 5.21%, 9/22/2042 (d) | 550 | 554 |
| Series 2025-1A, Class C, 5.75%, 9/22/2042 (d) | 1467 | 1478 |
| Series 2024-1A, Class B, 5.51%, 2/20/2043 (d) | 286 | 289 |
| Series 2024-1A, Class C, 6.20%, 2/20/2043 (d) | 344 | 350 |
| NRZ Excess Spread-Collateralized Notes Series <br> 2020-PLS1, Class A, 3.84%, 12/25/2025 (d)<br>| 234 | 231 |
| Octane Receivables Trust |  |  |
| Series 2021-2A, Class C, 2.53%, 5/21/2029 (d) | 1060 | 1044 |
| Series 2023-1A, Class C, 6.37%, 9/20/2029 (d) | 555 | 564 |
| Series 2024-2A, Class C, 5.90%, 7/20/2032 (d) | 1470 | 1500 |
| OneMain Direct Auto Receivables Trust |  |  |
| Series 2022-1A, Class B, 5.07%, 6/14/2029 (d) | 475 | 476 |
| Series 2023-1A, Class A, 5.41%, <br> 11/14/2029 (d)<br>| 715 | 722 |
| OneMain Financial Issuance Trust Series 2020-2A, <br> Class D, 3.45%, 9/14/2035 (d)<br>| 260 | 247 |
| Oportun Issuance Trust |  |  |
| Series 2021-B, Class A, 1.47%, 5/8/2031 (d) | 756 | 737 |
| Series 2025-A, Class B, 5.30%, 2/8/2033 (d) | 270 | 270 |
| Series 2025-A, Class C, 5.89%, 2/8/2033 (d) | 200 | 200 |
| Pagaya AI Debt Selection Trust Series 2021-HG1, <br> Class A, 1.22%, 1/16/2029 (d)<br>| 23 | 23 |
| Pagaya AI Technology in Housing Trust Series <br> 2023-1, Class C, 3.60%, 10/25/2040 (d)<br>| 975 | 917 |
| PRET LLC Series 2021-RN4, Class A1, 5.49%, <br> 10/25/2051 (d) (h)<br>| 787 | 786 |
| Progress Residential Trust |  |  |
| Series 2024-SFR5, Class A, 3.00%, <br> 8/9/2029 (d)<br>| 805 | 757 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 53

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2024-SFR5, Class D, 3.38%, <br> 8/9/2029 (d) (h)<br>| 605 | 556 |
| Series 2024-SFR5, Class E1, 3.38%, <br> 8/9/2029 (d) (h)<br>| 1360 | 1236 |
| Series 2025-SFR3, Class A, 3.39%, <br> 7/17/2030 (d) (f)<br>| 2170 | 2040 |
| Series 2023-SFR1, Class D, 4.65%, <br> 3/17/2040 (d)<br>| 935 | 915 |
| Series 2024-SFR1, Class E1, 3.85%, <br> 2/17/2041 (d)<br>| 285 | 267 |
| Series 2024-SFR2, Class D, 3.40%, <br> 4/17/2041 (d) (h)<br>| 220 | 204 |
| Series 2024-SFR2, Class E1, 3.40%, <br> 4/17/2041 (d) (h)<br>| 355 | 327 |
| Series 2024-SFR3, Class C, 3.50%, <br> 6/17/2041 (d)<br>| 780 | 732 |
| Purchasing Power Funding LLC Series 2024-A, <br> Class B, 6.43%, 8/15/2028 (d)<br>| 570 | 574 |
| Reach ABS Trust |  |  |
| Series 2024-1A, Class B, 6.29%, 2/18/2031 (d) | 725 | 733 |
| Series 2024-2A, Class B, 5.84%, 7/15/2031 (d) | 450 | 455 |
| Regional Management Issuance Trust Series <br> 2021-1, Class A, 1.68%, 3/17/2031 (d)<br>| 39 | 39 |
| Republic Finance Issuance Trust |  |  |
| Series 2021-A, Class A, 2.30%, 12/22/2031 (d) | 508 | 505 |
| Series 2024-A, Class A, 5.91%, 8/20/2032 (d) | 750 | 761 |
| Santander Drive Auto Receivables Trust Series <br> 2024-2, Class C, 5.84%, 6/17/2030<br>| 1210 | 1237 |
| SCF Equipment Leasing LLC |  |  |
| Series 2024-1A, Class C, 5.82%, 9/20/2032 (d) | 380 | 393 |
| Series 2023-1A, Class C, 6.77%, 8/22/2033 (d) | 660 | 686 |
| SFS Auto Receivables Securitization Trust Series <br> 2024-1A, Class C, 5.51%, 1/20/2032 (d)<br>| 1230 | 1256 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| Series 2021-1A, Class B, 1.34%, <br> 11/20/2037 (d)<br>| 70 | 69 |
| Series 2021-2A, Class B, 1.80%, 9/20/2038 (d) | 77 | 75 |
| Series 2024-1A, Class C, 5.94%, 1/20/2043 (d) | 240 | 242 |
| Stream Innovations Issuer Trust Series 2025-1A, <br> Class A, 5.05%, 9/15/2045 (d)<br>| 1175 | 1183 |
| Tricolor Auto Securitization Trust Series 2024-1A, <br> Class B, 6.53%, 12/15/2027 (d)<br>| 495 | 500 |
| Tricon Residential Trust |  |  |
| Series 2024-SFR2, Class A, 4.75%, <br> 6/17/2040 (d)<br>| 853 | 856 |
| Series 2023-SFR2, Class C, 5.00%, <br> 12/17/2040 (d)<br>| 425 | 421 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| United Airlines Pass-Through Trust |  |  |
| Series 2016-2, Class B, 3.65%, 10/7/2025 | 105 | 105 |
| Series 2019-2, Class B, 3.50%, 5/1/2028 | 228 | 219 |
| Series 2018-1, Class A, 3.70%, 3/1/2030 | 422 | 393 |
| Series 2024-1, Class AA, 5.45%, 2/15/2037 | 670 | 676 |
| Upstart Pass-Through Trust Series 2021-ST2, <br> Class A, 2.50%, 4/20/2027 (d)<br>| 3 | 3 |
| Verizon Master Trust Series 2024-7, Class A, <br> 4.35%, 8/20/2032 (d)<br>| 1000 | 1002 |
| VOLT XCIV LLC Series 2021-NPL3, Class A1, 6.24%, <br> 2/27/2051 (d) (g)<br>| 111 | 111 |
| VOLT XCIX LLC Series 2021-NPL8, Class A1, 6.12%, <br> 4/25/2051 (d) (g)<br>| 84 | 84 |
| VOLT XCV LLC Series 2021-NPL4, Class A1, 6.24%, <br> 3/27/2051 (d) (g)<br>| 125 | 125 |
| VOLT XCVI LLC Series 2021-NPL5, Class A1, 6.12%, <br> 3/27/2051 (d) (g)<br>| 58 | 58 |
| VOLT XCVII LLC Series 2021-NPL6, Class A1, <br> 6.24%, 4/25/2051 (d) (g)<br>| 188 | 188 |
| Westgate Resorts LLC |  |  |
| Series 2022-1A, Class B, 2.29%, 8/20/2036 (d) | 95 | 94 |
| Series 2024-1A, Class B, 6.56%, 1/20/2038 (d) | 941 | 954 |
| Series 2024-1A, Class C, 7.06%, 1/20/2038 (d) | 454 | 460 |
| Westlake Automobile Receivables Trust Series <br> 2023-4A, Class C, 6.64%, 11/15/2028 (d)<br>| 400 | 409 |
| Total Asset-Backed Securities <br>(Cost $84,185)<br>|  | 84974 |
| **Collateralized Mortgage Obligations — 1.6%** | **Collateralized Mortgage Obligations — 1.6%** | **Collateralized Mortgage Obligations — 1.6%** |
| Anchor Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.72%, 5/25/2040 ‡ (d) (g)<br>| 465 | 465 |
| CFMT LLC Series 2024-HB14, Class M1, 3.00%, <br> 6/25/2034 ‡ (d) (h)<br>| 920 | 879 |
| Connecticut Avenue Securities Trust Series <br> 2023-R06, Class 1M2, 7.01%, 7/25/2043 (d) <br> (h)<br>| 695 | 717 |
| CRIBS Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.81%, 5/25/2040 (d) (g)<br>| 330 | 333 |
| FARM Mortgage Trust Series 2024-2, Class A, <br> 5.19%, 8/1/2054 (d) (h)<br>| 561 | 552 |
| FHLMC Seasoned Credit Risk Transfer Trust |  |  |
| Series 2018-1, Class M60C, 3.50%, 5/25/2057 | 766 | 703 |
| Series 2017-4, Class M45T, 4.50%, 6/25/2057 | 508 | 490 |
| Series 2019-1, Class MT, 3.50%, 7/25/2058 | 297 | 265 |
| Series 2019-1, Class M55D, 4.00%, 7/25/2058 | 780 | 728 |
| Series 2019-2, Class M55D, 4.00%, 8/25/2058 | 745 | 697 |
| Series 2019-3, Class M55D, 4.00%, <br> 10/25/2058<br>| 766 | 717 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

54 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2019-4, Class M55D, 4.00%, 2/25/2059 | 316 | 294 |
| Series 2020-1, Class M55G, 3.00%, 8/25/2059 | 706 | 633 |
| Series 2020-3, Class M5TW, 3.00%, 5/25/2060 | 906 | 809 |
| Series 2020-3, Class TTW, 3.00%, 5/25/2060 | 733 | 692 |
| Series 2022-1, Class MTU, 3.25%, 11/25/2061 | 294 | 253 |
| Series 2024-2, Class MT, 3.50%, 5/25/2064 | 1103 | 955 |
| FHLMC, REMIC |  |  |
| Series 4396, Class PZ, 3.00%, 6/15/2037 | 851 | 772 |
| Series 4065, Class QB, 3.00%, 6/15/2042 | 675 | 635 |
| Series 4941, Class KG, 2.00%, 12/15/2047 | 1184 | 1009 |
| Series 5147, Class PC, 1.50%, 10/25/2048 | 2688 | 2200 |
| Series 5174, Class IG, IO, 3.00%, 1/25/2050 | 4741 | 610 |
| Series 4995, Class QE, 1.25%, 7/25/2050 | 2957 | 2264 |
| Series 5054, Class PB, 1.00%, 11/25/2050 | 1209 | 943 |
| Series 5052, Class KI, IO, 4.00%, 12/25/2050 | 4539 | 939 |
| Series 5171, Class NI, IO, 3.00%, 7/25/2051 | 4157 | 573 |
| Series 5225, Class QL, 4.00%, 5/25/2052 | 810 | 683 |
| FNMA Trust, Whole Loan Series 2002-W8, Class A1, <br> 6.50%, 6/25/2042<br>| 290 | 303 |
| FNMA, Grantor Trust, Whole Loan Series 2001-T12, <br> Class A1, 6.50%, 8/25/2041<br>| 124 | 125 |
| FNMA, REMIC |  |  |
| Series 2018-72, Class VB, 3.50%, 10/25/2031 | 252 | 246 |
| Series 2018-56, Class VN, 3.50%, 5/25/2038 | 665 | 612 |
| Series 2014-52, Class BW, 3.00%, 9/25/2044 | 785 | 704 |
| Series 2020-54, Class MA, 1.50%, 8/25/2050 | 342 | 284 |
| Series 2021-3, Class ME, 1.00%, 2/25/2051 | 248 | 189 |
| Series 2022-4, Class TA, 1.00%, 4/25/2051 | 767 | 617 |
| Series 2021-22, Class BI, IO, 4.00%, 4/25/2051 | 4655 | 1019 |
| Series 2022-46, Class GZ, 4.50%, 7/25/2052 | 771 | 695 |
| Series 2025-18, Class MA, 0.50%, 9/25/2054 | 1870 | 1535 |
| Series 2019-7, Class CA, 3.50%, 11/25/2057 | 1242 | 1198 |
| Series 2018-75, Class UZ, 4.00%, 10/25/2058 | 2625 | 2467 |
| FNMA, REMIC Trust, Whole Loan Series 2002-W3, <br> Class A4, 6.50%, 11/25/2041<br>| 575 | 586 |
| GNMA |  |  |
| Series 2004-47, Class PD, 6.00%, 6/16/2034 | 178 | 178 |
| Series 2013-82, Class WI, IO, 3.50%, <br> 7/20/2042<br>| 3781 | 432 |
| Series 2016-61, Class A, 2.00%, 9/20/2042 | 265 | 223 |
| Series 2021-83, Class KB, 1.25%, 5/20/2051 | 369 | 288 |
| Series 2022-93, Class JZ, 4.50%, 5/20/2052 | 494 | 338 |
| Series 2022-105, Class SG, IF, IO, 1.75%, <br> 6/20/2052 (h)<br>| 3053 | 318 |
| Series 2024-64, Class YH, 5.00%, 4/20/2054 | 1945 | 1868 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2014-H06, Class HB, 5.10%, <br> 3/20/2064 (h)<br>| 56 | 56 |
| Series 2015-H11, Class FC, 5.00%, <br> 5/20/2065 (h)<br>| 198 | 198 |
| Series 2015-H18, Class FA, 4.90%, <br> 6/20/2065 (h)<br>| 72 | 72 |
| Series 2021-H14, Class YD, 7.26%, <br> 6/20/2071 (h)<br>| 1009 | 855 |
| Legacy Mortgage Asset Trust Series 2021-GS1, <br> Class A1, 5.89%, 10/25/2066 (d) (g)<br>| 322 | 322 |
| LHOME Mortgage Trust Series 2024-RTL5, Class A1, <br> 5.32%, 9/25/2039 (d) (g)<br>| 880 | 878 |
| MFA Trust Series 2024-RTL3, Class A1, 5.91%, <br> 11/25/2039 (d) (g)<br>| 1080 | 1086 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2024-RTL1, Class A1, 6.66%, <br> 3/25/2039 (d) (g)<br>| 1950 | 1965 |
| Series 2024-RTL2, Class A1, 5.44%, <br> 9/25/2039 (d) (g)<br>| 2275 | 2278 |
| NYMT Loan Trust Series 2024-BPL3, Class A1, <br> 5.27%, 9/25/2039 (d) (g)<br>| 505 | 503 |
| Ocwen Loan Investment Trust Series 2024-HB1, <br> Class M1, 3.00%, 2/25/2037 ‡ (d)<br>| 430 | 408 |
| Onity Loan Investment Trust Series 2024-HB2, <br> Class M1, 5.00%, 8/25/2037 ‡ (d) (h)<br>| 400 | 397 |
| Roc Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.63%, 2/25/2040 (d) (g)<br>| 515 | 516 |
| Seasoned Loans Structured Transaction Trust Series <br> 2025-1, Class A1, 3.00%, 5/25/2035<br>| 2669 | 2442 |
| Toorak Mortgage Trust Series 2025-RRTL1, <br> Class A1, 5.52%, 2/25/2040 (d) (g)<br>| 570 | 570 |
| Towd Point Mortgage Trust Series 2021-R1, <br> Class A1, 2.92%, 11/30/2060 (d) (h)<br>| 1688 | 1470 |
| Total Collateralized Mortgage Obligations <br>(Cost $49,871)<br>|  | 49051 |
| **Commercial Mortgage-Backed Securities — 0.6%** | **Commercial Mortgage-Backed Securities — 0.6%** | **Commercial Mortgage-Backed Securities — 0.6%** |
| BXP Trust Series 2017-GM, Class A, 3.38%, <br> 6/13/2039 (d)<br>| 670 | 648 |
| Commercial Mortgage Trust Series 2018-HOME, <br> Class A, 3.94%, 4/10/2033 (d) (h)<br>| 870 | 844 |
| FHLMC, Multi-Family Structured Credit Risk Series <br> 2021-MN2, Class M1, 6.11%, 7/25/2041 (d) <br> (h)<br>| 226 | 222 |
| FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| Series K-1511, Class A1, 3.28%, 10/25/2030 | 583 | 571 |
| Series K754, Class AM, 4.94%, 11/25/2030 (h) | 610 | 628 |
| Series K-1510, Class A2, 3.72%, 1/25/2031 | 265 | 257 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 55

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series K-150, Class A2, 3.71%, 9/25/2032 (h) | 800 | 766 |
| FNMA ACES |  |  |
| Series 2017-M11, Class A2, 2.98%, 8/25/2029 | 496 | 474 |
| Series 2020-M50, Class X1, IO, 1.92%, <br> 10/25/2030 (h)<br>| 1963 | 82 |
| Series 2021-M11, Class A2, 1.51%, <br> 3/25/2031 (h)<br>| 554 | 475 |
| Series 2022-M3, Class A2, 1.76%, <br> 11/25/2031 (h)<br>| 725 | 618 |
| Series 2022-M1S, Class A2, 2.15%, <br> 4/25/2032 (h)<br>| 1590 | 1379 |
| Series 2022-M2S, Class A1, 3.88%, <br> 5/25/2032 (h)<br>| 18 | 18 |
| Series 2023-M8, Class A2, 4.62%, <br> 3/25/2033 (h)<br>| 830 | 832 |
| Series 2024-M2, Class A2, 3.75%, 8/25/2033 | 2925 | 2751 |
| Series 2021-M3, Class 1A1, 1.00%, <br> 11/25/2033<br>| 2 | 2 |
| Series 2021-M3, Class X1, IO, 2.02%, <br> 11/25/2033 (h)<br>| 1223 | 81 |
| FREMF Mortgage Trust |  |  |
| Series 2017-KGX1, Class BFX, 3.71%, <br> 10/25/2027 (d) (h)<br>| 570 | 535 |
| Series 2015-K48, Class C, 3.89%, <br> 8/25/2048 (d) (h)<br>| 13 | 13 |
| Series 2016-K56, Class B, 4.09%, <br> 6/25/2049 (d) (h)<br>| 415 | 410 |
| Series 2016-K58, Class B, 3.87%, <br> 9/25/2049 (d) (h)<br>| 415 | 409 |
| Series 2017-K67, Class C, 4.08%, <br> 9/25/2049 (d) (h)<br>| 1015 | 993 |
| Series 2019-K97, Class B, 3.90%, <br> 9/25/2051 (d) (h)<br>| 900 | 869 |
| Multi-Family Connecticut Avenue Securities Trust |  |  |
| Series 2023-01, Class M7, 8.31%, <br> 11/25/2053 (d) (h)<br>| 776 | 804 |
| Series 2024-01, Class M7, 7.06%, <br> 7/25/2054 (d) (h)<br>| 410 | 413 |
| ROCK Trust Series 2024-CNTR, Class A, 5.39%, <br> 11/13/2041 (d)<br>| 400 | 409 |
| SLG Office Trust Series 2021-OVA, Class A, 2.59%, <br> 7/15/2041 (d)<br>| 925 | 811 |
| WHARF Commercial Mortgage Trust Series <br> 2025-DC, Class A, 5.35%, 7/15/2040 (d) (h)<br>| 505 | 515 |
| Total Commercial Mortgage-Backed Securities <br>(Cost $16,993)<br>|  | 16829 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — 0.1%** | **Foreign Government Securities — 0.1%** | **Foreign Government Securities — 0.1%** |
| Kingdom of Saudi Arabia 2.25%, 2/2/2033 (d) | 200 | 167 |
| Republic of Peru 2.78%, 12/1/2060 | 147 | 79 |
| United Mexican States |  |  |
| 6.00%, 5/13/2030 | 251 | 260 |
| 5.85%, 7/2/2032 (f) | 654 | 662 |
| 3.50%, 2/12/2034 | 730 | 616 |
| 6.88%, 5/13/2037 | 369 | 385 |
| 6.34%, 5/4/2053 | 200 | 184 |
| Total Foreign Government Securities <br>(Cost $2,542)<br>|  | 2353 |
| **Municipal Bonds — 0.0% (i) ^** | **Municipal Bonds — 0.0% (i) ^** | **Municipal Bonds — 0.0% (i) ^** |
| **Texas — 0.0% ^** | **Texas — 0.0% ^** | **Texas — 0.0% ^** |
| Texas Natural Gas Securitization Finance Corp., <br> Customer Rate Relief Bonds Series 2023A-2, <br> Rev., 5.17%, 4/1/2041 (Cost $205)<br>| 205 | 207 |
|  | **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%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (j) <br>(Cost $61,547)<br>| 61547 | 61547 |
| **Total Investments — 100.1%** <br>**(Cost $2,328,092)**<br>|  | **2960307** |
| **Liabilities in Excess of Other Assets — (0.1)%** |  | **(2478)**<br>|
| **NET ASSETS — 100.0%** |  | **2957829** |

---

&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 |
| CME | Chicago Mercantile Exchange |
| ETF | Exchange Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of June <br> 30, 2025. The rate may be subject to a cap and floor.<br>|

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**SEE NOTES TO FINANCIAL STATEMENTS.**

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

56 JPMorgan SmartRetirement® Blend Funds June 30, 2025

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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>|
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the 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;

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| | |
|:---|:---|
| ^ | 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> 2025. <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>|

---

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

&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, 2025.

&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) 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, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) 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, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The rate shown is the current yield as of June 30, 2025.

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**Futures contracts outstanding as of June 30, 2025 (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>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 22128 | &nbsp;&nbsp;&nbsp;&nbsp; 573 |
| S&P MidCap 400 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 29373 | &nbsp;&nbsp;&nbsp;&nbsp; 565 |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 24780 | &nbsp;&nbsp;&nbsp;&nbsp; 573 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 16338 | &nbsp;&nbsp;&nbsp;&nbsp; 403 |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5355 | &nbsp;&nbsp;&nbsp;&nbsp; 219 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 31623 | &nbsp;&nbsp;&nbsp;&nbsp; 130 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2463 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (75)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (8653)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (133)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (436)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (138)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2325 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 57

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JPMorgan SmartRetirement® Blend 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

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| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 64.1%** | **Investment Companies — 64.1%** | **Investment Companies — 64.1%** |
| **Fixed Income — 24.2%** | **Fixed Income — 24.2%** | **Fixed Income — 24.2%** |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 87093 | 630556 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 4684 | 29552 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 19255 | 126122 |
| Total Fixed Income |  | 786230 |
| **International Equity — 3.2%** | **International Equity — 3.2%** | **International Equity — 3.2%** |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 5524 | 103520 |
| **U.S. Equity — 36.7%** | **U.S. Equity — 36.7%** | **U.S. Equity — 36.7%** |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 12806 | 1192592 |
| Total Investment Companies <br>(Cost $1,518,333)<br>|  | 2082342 |
| **Exchange-Traded Funds — 27.7%** | **Exchange-Traded Funds — 27.7%** | **Exchange-Traded Funds — 27.7%** |
| **Alternative Assets — 1.4%** | **Alternative Assets — 1.4%** | **Alternative Assets — 1.4%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 487 | 44886 |
| **International Equity — 20.6%** | **International Equity — 20.6%** | **International Equity — 20.6%** |
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF (a)<br>| 1790 | 104120 |
| JPMorgan BetaBuilders International Equity ETF (a) | 8353 | 563831 |
| Total International Equity |  | 667951 |
| **U.S. Equity — 5.7%** | **U.S. Equity — 5.7%** | **U.S. Equity — 5.7%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 1278 | 124470 |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 929 | 61301 |
| Total U.S. Equity |  | 185771 |
| Total Exchange-Traded Funds <br>(Cost $671,046)<br>|  | 898608 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Corporate Bonds — 1.7%** | **Corporate Bonds — 1.7%** | **Corporate Bonds — 1.7%** |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| Boeing Co. (The)  | Boeing Co. (The)  | Boeing Co. (The)  |
| 2.70%, 2/1/2027 | 664 | 645 |
| 6.53%, 5/1/2034 | 50 | 54 |
| 3.75%, 2/1/2050 | 250 | 177 |
| L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  |
| 5.25%, 6/1/2031 | 230 | 237 |
| 5.40%, 7/31/2033 | 61 | 63 |
| Leidos, Inc. 5.75%, 3/15/2033 | 50 | 52 |
| Northrop Grumman Corp. 3.85%, 4/15/2045 | 90 | 71 |

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| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Aerospace & Defense — continued** | **Aerospace & Defense — continued** | **Aerospace & Defense — continued** |
| RTX Corp.  | RTX Corp.  | RTX Corp.  |
| 3.75%, 11/1/2046 | 80 | 61 |
| 2.82%, 9/1/2051 | 70 | 43 |
|  |  | 1403 |
| **Automobiles — 0.0% ^** | **Automobiles — 0.0% ^** | **Automobiles — 0.0% ^** |
| Hyundai Capital America  | Hyundai Capital America  | Hyundai Capital America  |
| 2.38%, 10/15/2027 (b) | 198 | 188 |
| 4.55%, 9/26/2029 (b) | 100 | 99 |
|  |  | 287 |
| **Banks — 0.5%** | **Banks — 0.5%** | **Banks — 0.5%** |
| ABN AMRO Bank NV (Netherlands) (US Treasury <br> Yield Curve Rate T Note Constant Maturity 1 Year <br> + 1.25%), 5.52%, 12/3/2035 (b) (c)<br>| 200 | 204 |
| AIB Group plc (Ireland) | AIB Group plc (Ireland) | AIB Group plc (Ireland) |
| (SOFR + 2.33%), 6.61%, 9/13/2029 (b) (c) | 200 | 212 |
| (SOFR + 1.65%), 5.32%, 5/15/2031 (b) (c) | 200 | 204 |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.95%), 5.37%, <br> 7/15/2028 (c)<br>| 200 | 204 |
| 5.59%, 8/8/2028 | 200 | 207 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| (SOFR + 1.63%), 5.20%, 4/25/2029 (c) | 130 | 133 |
| (SOFR + 1.57%), 5.82%, 9/15/2029 (c) | 130 | 135 |
| (SOFR + 1.33%), 2.97%, 2/4/2033 (c) | 610 | 546 |
| (SOFR + 1.84%), 5.87%, 9/15/2034 (c) | 80 | 84 |
| (SOFR + 1.65%), 5.47%, 1/23/2035 (c) | 30 | 31 |
| Bank of Ireland Group plc (Ireland) (SOFR + <br> 1.62%), 5.60%, 3/20/2030 (b) (c)<br>| 200 | 206 |
| Banque Federative du Credit Mutuel SA (France) <br> 5.54%, 1/22/2030 (b)<br>| 200 | 207 |
| Barclays plc (United Kingdom) | Barclays plc (United Kingdom) | Barclays plc (United Kingdom) |
| (SOFR + 1.88%), 6.50%, 9/13/2027 (c) | 200 | 204 |
| (SOFR + 1.23%), 5.37%, 2/25/2031 (c) | 200 | 204 |
| (SOFR + 1.59%), 5.79%, 2/25/2036 (c) | 200 | 204 |
| (SOFR + 2.42%), 6.04%, 3/12/2055 (c) | 216 | 222 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (SOFR + 1.52%), 5.18%, 1/9/2030 (b) (c) | 275 | 281 |
| (SOFR + 1.59%), 5.50%, 5/20/2030 (b) (c) | 200 | 205 |
| (SOFR + 1.28%), 5.28%, 11/19/2030 (b) (c) | 280 | 285 |
| (SOFR + 1.62%), 5.79%, 1/13/2033 (b) (c) | 200 | 208 |
| BPCE SA (France) | BPCE SA (France) | BPCE SA (France) |
| 5.28%, 5/30/2029 (b) | 250 | 257 |
| (SOFR + 1.58%), 5.39%, 5/28/2031 (b) (c) | 250 | 255 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

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

58 JPMorgan SmartRetirement® Blend Funds June 30, 2025

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| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (SOFR + 1.85%), 5.94%, 5/30/2035 (b) (c) | 250 | 256 |
| (SOFR + 1.96%), 6.03%, 5/28/2036 (b) (c) | 250 | 258 |
| CaixaBank SA (Spain) | CaixaBank SA (Spain) | CaixaBank SA (Spain) |
| (SOFR + 2.08%), 6.68%, 9/13/2027 (b) (c) | 200 | 205 |
| (SOFR + 1.79%), 5.58%, 7/3/2036 (b) (c) | 200 | 202 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| (3-MONTH CME TERM SOFR + 1.41%), 3.52%, <br> 10/27/2028 (c)<br>| 400 | 392 |
| (SOFR + 1.36%), 5.17%, 2/13/2030 (c) | 630 | 643 |
| (SOFR + 1.34%), 4.54%, 9/19/2030 (c) | 684 | 681 |
| (SOFR + 1.35%), 3.06%, 1/25/2033 (c) | 268 | 240 |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| (SOFR + 1.13%), 5.23%, 1/9/2029 (b) (c) | 250 | 254 |
| (SOFR + 1.69%), 5.34%, 1/10/2030 (b) (c) | 250 | 256 |
| Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 4.61%, <br> 10/2/2030 (b) (c)<br>| 200 | 199 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.93%), 5.02%, <br> 3/4/2031 (b) (c)<br>| 200 | 202 |
| DNB Bank ASA (Norway) (SOFR + 1.05%), 4.85%, <br> 11/5/2030 (b) (c)<br>| 305 | 308 |
| Federation des Caisses Desjardins du Quebec <br> (Canada) 5.25%, 4/26/2029 (b)<br>| 200 | 205 |
| Fifth Third Bancorp (SOFR + 1.84%), 5.63%, <br> 1/29/2032 (c)<br>| 316 | 329 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (SOFR + 1.73%), 2.01%, 9/22/2028 (c) | 650 | 616 |
| (SOFR + 1.29%), 5.29%, 11/19/2030 (c) | 245 | 250 |
| Huntington Bancshares, Inc. (SOFR + 1.28%), <br> 5.27%, 1/15/2031 (c)<br>| 80 | 82 |
| KeyCorp (SOFRINDX + 1.23%), 5.12%, <br> 4/4/2031 (c)<br>| 330 | 334 |
| Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.65%), 5.74%, <br> 5/27/2031 (c)<br>| 250 | 261 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.07%), 5.32%, <br> 7/8/2036 (c) (d)<br>| 200 | 200 |
| NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) |
| (3-MONTH SOFR + 1.87%), 4.45%, <br> 5/8/2030 (c)<br>| 400 | 397 |

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| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.22%), 4.96%, <br> 8/15/2030 (c)<br>| 275 | 278 |
| PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  |
| (SOFR + 1.33%), 4.90%, 5/13/2031 (c) | 115 | 117 |
| (SOFR + 1.93%), 5.07%, 1/24/2034 (c) | 266 | 267 |
| Royal Bank of Canada (Canada) (SOFRINDX + <br> 1.08%), 4.65%, 10/18/2030 (c)<br>| 170 | 170 |
| Santander Holdings USA, Inc. (SOFR + 2.50%), <br> 6.17%, 1/9/2030 (c)<br>| 75 | 78 |
| Santander UK Group Holdings plc (United Kingdom) <br> (SOFRINDX + 1.55%), 4.86%, 9/11/2030 (c)<br>| 215 | 215 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| 5.25%, 2/19/2027 (b) | 200 | 202 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.95%), 6.69%, <br> 1/10/2034 (b) (c)<br>| 400 | 427 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.10%), 6.07%, <br> 1/19/2035 (b) (c)<br>| 200 | 206 |
| Standard Chartered plc (United Kingdom) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.20%), 7.02%, <br> 2/8/2030 (b) (c)<br>| 350 | 376 |
| Truist Financial Corp.  | Truist Financial Corp.  | Truist Financial Corp.  |
| (SOFR + 2.45%), 7.16%, 10/30/2029 (c) | 65 | 70 |
| (SOFR + 1.31%), 5.07%, 5/20/2031 (c) | 150 | 152 |
| (SOFR + 1.85%), 5.12%, 1/26/2034 (c) | 185 | 185 |
| (SOFR + 1.92%), 5.71%, 1/24/2035 (c) | 62 | 64 |
| US Bancorp (SOFR + 1.30%), 5.08%, <br> 5/15/2031 (c)<br>| 115 | 117 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| (SOFR + 1.37%), 4.97%, 4/23/2029 (c) | 100 | 101 |
| (SOFR + 1.74%), 5.57%, 7/25/2029 (c) | 85 | 88 |
| (SOFR + 1.50%), 5.20%, 1/23/2030 (c) | 30 | 31 |
| (SOFR + 1.99%), 5.56%, 7/25/2034 (c) | 330 | 341 |
| (SOFR + 1.78%), 5.50%, 1/23/2035 (c) | 300 | 308 |
| (SOFR + 1.38%), 5.21%, 12/3/2035 (c) | 265 | 266 |
| (SOFR + 2.53%), 3.07%, 4/30/2041 (c) | 18 | 14 |
| (SOFR + 2.13%), 4.61%, 4/25/2053 (c) | 120 | 102 |
|  |  | 15643 |
| **Beverages — 0.0% ^** | **Beverages — 0.0% ^** | **Beverages — 0.0% ^** |
| Constellation Brands, Inc. 4.50%, 5/9/2047 | 210 | 174 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 59

------

JPMorgan SmartRetirement® Blend 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

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| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| AbbVie, Inc.  | AbbVie, Inc.  | AbbVie, Inc.  |
| 5.05%, 3/15/2034 | 255 | 260 |
| 4.05%, 11/21/2039 | 300 | 263 |
| Amgen, Inc. 5.65%, 3/2/2053 | 335 | 327 |
| Biogen, Inc. 5.75%, 5/15/2035 | 80 | 82 |
| Gilead Sciences, Inc. 2.60%, 10/1/2040 | 332 | 238 |
|  |  | 1170 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| Amazon.com, Inc. 3.95%, 4/13/2052 | 150 | 118 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| Trane Technologies Financing Ltd. 5.25%, <br> 3/3/2033<br>| 40 | 41 |
| **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |
| Bank of New York Mellon Corp. (The) (SOFR + <br> 1.85%), 6.47%, 10/25/2034 (c)<br>| 60 | 66 |
| Brookfield Finance, Inc. (Canada) 3.50%, <br> 3/30/2051<br>| 62 | 42 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 1.22%), 2.31%, 11/16/2027 (c) | 300 | 291 |
| (SOFR + 1.32%), 2.55%, 1/7/2028 (c) | 150 | 146 |
| (SOFR + 1.21%), 5.37%, 1/10/2029 (c) | 150 | 153 |
| (SOFR + 3.18%), 6.72%, 1/18/2029 (c) | 350 | 368 |
| (SOFR + 1.72%), 5.30%, 5/9/2031 (c) | 155 | 157 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| (SOFR + 1.77%), 6.48%, 10/24/2029 (c) | 80 | 85 |
| (SOFR + 1.27%), 5.73%, 4/25/2030 (c) | 175 | 182 |
| (SOFR + 1.21%), 5.05%, 7/23/2030 (c) | 185 | 188 |
| (SOFR + 1.55%), 5.33%, 7/23/2035 (c) | 385 | 388 |
| Macquarie Group Ltd. (Australia) (SOFR + 1.53%), <br> 2.87%, 1/14/2033 (b) (c)<br>| 150 | 131 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| (SOFR + 1.73%), 5.12%, 2/1/2029 (c) | 110 | 112 |
| (SOFR + 1.59%), 5.16%, 4/20/2029 (c) | 105 | 107 |
| (SOFR + 1.63%), 5.45%, 7/20/2029 (c) | 20 | 21 |
| (SOFR + 1.26%), 5.66%, 4/18/2030 (c) | 140 | 145 |
| (SOFR + 1.22%), 5.04%, 7/19/2030 (c) | 70 | 71 |
| (SOFR + 1.20%), 2.51%, 10/20/2032 (c) | 550 | 482 |
| (SOFR + 1.73%), 5.47%, 1/18/2035 (c) | 40 | 41 |
| (SOFR + 1.56%), 5.32%, 7/19/2035 (c) | 95 | 96 |
| (SOFR + 1.49%), 3.22%, 4/22/2042 (c) | 40 | 30 |
| State Street Corp. (SOFR + 1.57%), 4.82%, <br> 1/26/2034 (c)<br>| 40 | 40 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |
| (USD SOFR ICE Swap Rate 1 Year + 1.34%), <br> 5.62%, 9/13/2030 (b) (c)<br>| 260 | 270 |
| (USD SOFR ICE Swap Rate 1 Year + 1.86%), <br> 5.38%, 9/6/2045 (b) (c)<br>| 310 | 299 |
|  |  | 3911 |
| **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** |
| DuPont de Nemours, Inc. 5.32%, 11/15/2038 | 304 | 315 |
| EIDP, Inc.  | EIDP, Inc.  | EIDP, Inc.  |
| 5.13%, 5/15/2032 | 155 | 158 |
| 4.80%, 5/15/2033 | 75 | 74 |
| RPM International, Inc. 2.95%, 1/15/2032 | 61 | 54 |
|  |  | 601 |
| **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** |
| Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) |
| 6.32%, 12/4/2028 (b) | 200 | 211 |
| 5.04%, 3/25/2030 (b) | 95 | 96 |
|  |  | 307 |
| **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** |
| AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) |
| 2.45%, 10/29/2026 | 300 | 292 |
| 6.10%, 1/15/2027 | 400 | 409 |
| Aircastle Ltd. 5.25%, 3/15/2030 (b) | 150 | 151 |
| American Express Co. (SOFRINDX + 1.32%), <br> 5.44%, 1/30/2036 (c)<br>| 120 | 123 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 5.50%, 1/15/2026 (b) | 259 | 259 |
| 2.53%, 11/18/2027 (b) | 369 | 351 |
| 4.95%, 1/15/2028 (b) | 95 | 95 |
| 5.75%, 3/1/2029 (b) | 304 | 312 |
| 5.75%, 11/15/2029 (b) | 205 | 210 |
| 5.15%, 1/15/2030 (b) | 150 | 151 |
| Capital One Financial Corp. (SOFR + 1.91%), <br> 5.70%, 2/1/2030 (c)<br>| 60 | 62 |
| Hyundai Capital Services, Inc. (South Korea) 5.13%, <br> 2/5/2029 (b)<br>| 200 | 202 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) |
| 5.20%, 3/27/2028 (b) | 165 | 167 |
| 5.15%, 3/17/2030 (b) | 75 | 75 |
|  |  | 2859 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

60 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** |
| Kroger Co. (The)  | Kroger Co. (The)  | Kroger Co. (The)  |
| 5.00%, 9/15/2034 | 50 | 50 |
| 5.50%, 9/15/2054 | 40 | 38 |
|  |  | 88 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| Graphic Packaging International LLC 1.51%, <br> 4/15/2026 (b)<br>| 49 | 48 |
| Smurfit Westrock Financing DAC (Ireland) 5.42%, <br> 1/15/2035<br>| 200 | 203 |
| Sonoco Products Co. 5.00%, 9/1/2034 | 100 | 97 |
|  |  | 348 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| University of Miami Series 2022, 4.06%, 4/1/2052 | 20 | 16 |
| **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** |
| Safehold GL Holdings LLC 2.85%, 1/15/2032 | 80 | 70 |
| WP Carey, Inc.  | WP Carey, Inc.  | WP Carey, Inc.  |
| 2.40%, 2/1/2031 | 36 | 32 |
| 2.45%, 2/1/2032 | 40 | 34 |
|  |  | 136 |
| **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** |
| AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  |
| 3.50%, 6/1/2041 | 128 | 100 |
| 3.55%, 9/15/2055 | 76 | 51 |
| Sprint Capital Corp. 6.88%, 11/15/2028 | 30 | 32 |
| Verizon Communications, Inc.  | Verizon Communications, Inc.  | Verizon Communications, Inc.  |
| 4.78%, 2/15/2035 | 13 | 13 |
| 5.40%, 7/2/2037 (b) | 117 | 118 |
| 2.65%, 11/20/2040 | 44 | 31 |
|  |  | 345 |
| **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** |
| AEP Transmission Co. LLC 5.40%, 3/15/2053 | 60 | 58 |
| Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  |
| 5.40%, 6/1/2053 | 185 | 176 |
| 5.65%, 6/1/2054 | 80 | 79 |
| Consumers 2023 Securitization Funding LLC Series <br> A2, 5.21%, 9/1/2030<br>| 217 | 223 |
| DTE Electric Co.  | DTE Electric Co.  | DTE Electric Co.  |
| Series B, 3.25%, 4/1/2051 | 100 | 68 |
| Series B, 3.65%, 3/1/2052 | 45 | 33 |
| Duke Energy Corp. 6.10%, 9/15/2053 | 70 | 71 |
| Duke Energy Florida LLC 5.95%, 11/15/2052 | 62 | 64 |
| Duke Energy Progress LLC 2.90%, 8/15/2051 | 40 | 25 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Duke Energy Progress SC Storm Funding LLC Series <br> A, 5.40%, 3/1/2044<br>| 521 | 529 |
| Duquesne Light Holdings, Inc. 2.78%, <br> 1/7/2032 (b)<br>| 20 | 17 |
| Electricite de France SA (France) 5.95%, <br> 4/22/2034 (b)<br>| 250 | 260 |
| Emera US Finance LP (Canada) 4.75%, 6/15/2046 | 172 | 143 |
| Entergy Arkansas LLC 5.75%, 6/1/2054 | 70 | 69 |
| Entergy Louisiana LLC  | Entergy Louisiana LLC  | Entergy Louisiana LLC  |
| 4.00%, 3/15/2033 | 40 | 38 |
| 5.70%, 3/15/2054 | 100 | 99 |
| Entergy Mississippi LLC 5.00%, 9/1/2033 | 100 | 100 |
| Evergy Metro, Inc. 4.95%, 4/15/2033 | 89 | 89 |
| Evergy Missouri West Storm Funding I LLC Series <br> A-1, 5.10%, 12/1/2038<br>| 226 | 226 |
| Eversource Energy 3.38%, 3/1/2032 | 290 | 264 |
| Fells Point Funding Trust 3.05%, 1/31/2027 (b) | 215 | 210 |
| FirstEnergy Transmission LLC 4.55%, 4/1/2049 (b) | 274 | 232 |
| Florida Power & Light Co. 5.30%, 4/1/2053 | 50 | 48 |
| Indiana Michigan Power Co. 3.25%, 5/1/2051 | 55 | 36 |
| Interstate Power and Light Co. 4.95%, 9/30/2034 | 55 | 54 |
| ITC Holdings Corp. 5.40%, 6/1/2033 (b) | 200 | 202 |
| Jersey Central Power & Light Co. 5.10%, <br> 1/15/2035<br>| 45 | 45 |
| Massachusetts Electric Co. 4.00%, 8/15/2046 (b) | 13 | 10 |
| MidAmerican Energy Co. 5.85%, 9/15/2054 | 40 | 41 |
| Monongahela Power Co. 5.85%, 2/15/2034 (b) | 30 | 31 |
| Nevada Power Co. 6.00%, 3/15/2054 | 30 | 31 |
| New England Power Co. (United Kingdom) 2.81%, <br> 10/6/2050 (b)<br>| 62 | 38 |
| NextEra Energy Capital Holdings, Inc. 5.55%, <br> 3/15/2054<br>| 110 | 106 |
| Niagara Mohawk Power Corp. 6.00%, 7/3/2055 (b) | 45 | 45 |
| Northern States Power Co. 5.10%, 5/15/2053 | 100 | 92 |
| NRG Energy, Inc. 2.45%, 12/2/2027 (b) | 118 | 112 |
| Ohio Power Co. 5.00%, 6/1/2033 | 70 | 70 |
| Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  |
| 6.15%, 1/15/2033 | 100 | 103 |
| 6.40%, 6/15/2033 | 97 | 101 |
| 5.80%, 5/15/2034 | 53 | 53 |
| 6.00%, 8/15/2035 | 155 | 157 |
| 3.75%, 8/15/2042 (e) | 322 | 230 |
| 6.75%, 1/15/2053 | 5 | 5 |
| 5.90%, 10/1/2054 | 15 | 14 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 61

------

JPMorgan SmartRetirement® Blend 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  |
| Series A-2, 5.23%, 6/1/2042 | 1040 | 1031 |
| Series A-3, 5.54%, 7/15/2047 | 65 | 63 |
| Series A-3, 5.53%, 6/1/2049 | 170 | 167 |
| PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  |
| Series A-2, 4.26%, 6/1/2036 | 30 | 28 |
| Series A-5, 5.10%, 6/1/2052 | 35 | 32 |
| PPL Capital Funding, Inc. 5.25%, 9/1/2034 | 70 | 71 |
| PPL Electric Utilities Corp. 5.25%, 5/15/2053 | 45 | 43 |
| Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  |
| 5.25%, 1/15/2033 | 70 | 71 |
| 5.20%, 1/15/2035 | 30 | 30 |
| SCE Recovery Funding LLC Series A-1, 4.70%, <br> 6/15/2040<br>| 50 | 48 |
| Sierra Pacific Power Co. 5.90%, 3/15/2054 | 60 | 60 |
| Sigeco Securitization I LLC Series A1, 5.03%, <br> 11/15/2036<br>| 47 | 48 |
| Southern California Edison Co.  | Southern California Edison Co.  | Southern California Edison Co.  |
| 5.45%, 6/1/2031 | 170 | 173 |
| Series C, 4.13%, 3/1/2048 | 150 | 109 |
| 5.70%, 3/1/2053 | 25 | 22 |
| 5.88%, 12/1/2053 | 67 | 61 |
| 5.75%, 4/15/2054 | 125 | 112 |
| 5.90%, 3/1/2055 | 70 | 64 |
| Tucson Electric Power Co. 5.50%, 4/15/2053 | 90 | 85 |
| Union Electric Co.  | Union Electric Co.  | Union Electric Co.  |
| 5.20%, 4/1/2034 | 150 | 153 |
| 3.90%, 4/1/2052 | 163 | 124 |
| 5.45%, 3/15/2053 | 50 | 48 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| 6.00%, 4/15/2034 (b) | 74 | 77 |
| 5.70%, 12/30/2034 (b) | 45 | 46 |
|  |  | 7463 |
| **Entertainment — 0.0% ^** | **Entertainment — 0.0% ^** | **Entertainment — 0.0% ^** |
| Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  |
| 5.40%, 6/12/2029 | 250 | 257 |
| 4.00%, 4/14/2032 | 500 | 474 |
|  |  | 731 |
| **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** |
| Fiserv, Inc. 5.15%, 8/12/2034 | 300 | 301 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| Nationwide Building Society (United Kingdom) <br> 5.13%, 7/29/2029 (b)<br>| 250 | 256 |
| Shell International Finance BV 3.13%, 11/7/2049 | 52 | 35 |
|  |  | 592 |
| **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** |
| Bunge Ltd. Finance Corp. 4.65%, 9/17/2034 | 127 | 123 |
| J M Smucker Co. (The)  | J M Smucker Co. (The)  | J M Smucker Co. (The)  |
| 6.20%, 11/15/2033 | 30 | 32 |
| 6.50%, 11/15/2053 | 25 | 27 |
| JBS USA Holding Lux Sarl  | JBS USA Holding Lux Sarl  | JBS USA Holding Lux Sarl  |
| 6.75%, 3/15/2034 | 260 | 284 |
| 5.50%, 1/15/2036 (b) (d) | 110 | 110 |
| 6.38%, 4/15/2066 (b) (d) | 110 | 111 |
| JBS USA Holding Lux SARL 3.00%, 5/15/2032 | 100 | 88 |
| JBS USA LUX Sarl 5.95%, 4/20/2035 (b) | 50 | 52 |
| Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  |
| 4.63%, 10/1/2039 | 55 | 49 |
| 4.38%, 6/1/2046 | 29 | 23 |
| Mars, Inc. 5.65%, 5/1/2045 (b) | 205 | 206 |
|  |  | 1105 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| Atmos Energy Corp. 2.85%, 2/15/2052 | 45 | 28 |
| Southern California Gas Co. 6.35%, 11/15/2052 | 125 | 134 |
|  |  | 162 |
| **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** |
| Burlington Northern Santa Fe LLC 5.50%, <br> 3/15/2055<br>| 80 | 79 |
| Canadian Pacific Railway Co. (Canada) 4.70%, <br> 5/1/2048<br>| 37 | 33 |
| ERAC USA Finance LLC 5.00%, 2/15/2029 (b) | 150 | 153 |
| Penske Truck Leasing Co. LP 6.05%, 8/1/2028 (b) | 80 | 83 |
| Triton Container International Ltd. (Bermuda) <br> 2.05%, 4/15/2026 (b)<br>| 150 | 146 |
| Uber Technologies, Inc. 4.80%, 9/15/2034 | 65 | 64 |
| Union Pacific Corp. 3.55%, 8/15/2039 | 70 | 59 |
|  |  | 617 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| Boston Scientific Corp. 4.55%, 3/1/2039 | 18 | 17 |
| DH Europe Finance II SARL 3.25%, 11/15/2039 | 230 | 185 |
| Solventum Corp. 5.60%, 3/23/2034 | 146 | 150 |
|  |  | 352 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

62 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| AHS Hospital Corp. 5.02%, 7/1/2045 | 40 | 37 |
| Beth Israel Lahey Health, Inc. Series L, 3.08%, <br> 7/1/2051<br>| 25 | 15 |
| Cencora, Inc.  | Cencora, Inc.  | Cencora, Inc.  |
| 5.13%, 2/15/2034 | 290 | 292 |
| 4.25%, 3/1/2045 | 100 | 82 |
| Children's Hospital of Philadelphia (The) Series <br> 2020, 2.70%, 7/1/2050<br>| 70 | 43 |
| CommonSpirit Health 2.78%, 10/1/2030 | 74 | 68 |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| 3.63%, 3/15/2032 | 48 | 44 |
| 5.60%, 4/1/2034 | 310 | 317 |
| 5.45%, 9/15/2034 | 70 | 71 |
| 5.75%, 3/1/2035 | 112 | 115 |
| 5.50%, 6/15/2047 | 25 | 23 |
| 3.50%, 7/15/2051 | 23 | 15 |
| 5.95%, 9/15/2054 | 55 | 54 |
| 6.10%, 4/1/2064 | 140 | 137 |
| Piedmont Healthcare, Inc. 2.86%, 1/1/2052 | 45 | 27 |
| UnitedHealth Group, Inc. 5.88%, 2/15/2053 | 25 | 25 |
|  |  | 1365 |
| **Health Care REITs — 0.0% ^** | **Health Care REITs — 0.0% ^** | **Health Care REITs — 0.0% ^** |
| DOC DR LLC 2.63%, 11/1/2031 | 25 | 22 |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| Darden Restaurants, Inc. 4.55%, 10/15/2029 | 150 | 150 |
| Starbucks Corp. 3.35%, 3/12/2050 | 52 | 35 |
|  |  | 185 |
| **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** |
| AES Corp. (The) 5.80%, 3/15/2032 | 140 | 142 |
| Constellation Energy Generation LLC 5.75%, <br> 10/1/2041<br>| 40 | 40 |
| Southern Power Co. 5.15%, 9/15/2041 | 174 | 165 |
|  |  | 347 |
| **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** |
| Honeywell International, Inc. 5.25%, 3/1/2054 | 110 | 104 |
| **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** |
| Goodman US Finance Six LLC (Australia) 5.13%, <br> 10/7/2034 (b)<br>| 60 | 60 |
| Prologis LP 5.25%, 3/15/2054 | 138 | 129 |
|  |  | 189 |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
| Aon North America, Inc. 5.75%, 3/1/2054 | 130 | 128 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Berkshire Hathaway Finance Corp. 3.85%, <br> 3/15/2052<br>| 40 | 31 |
| Brown & Brown, Inc. 2.38%, 3/15/2031 | 292 | 257 |
| Corebridge Global Funding 5.90%, 9/19/2028 (b) | 60 | 63 |
| F&G Annuities & Life, Inc. 6.50%, 6/4/2029 | 55 | 57 |
| F&G Global Funding 5.88%, 6/10/2027 (b) | 200 | 204 |
| Nationwide Mutual Insurance Co. 8.25%, <br> 12/1/2031 (b)<br>| 200 | 231 |
| New York Life Insurance Co. 3.75%, 5/15/2050 (b) | 156 | 115 |
| Northwestern Mutual Global Funding 1.70%, <br> 6/1/2028 (b)<br>| 40 | 37 |
| Prudential Funding Asia plc (Hong Kong) 3.13%, <br> 4/14/2030<br>| 60 | 57 |
| Teachers Insurance & Annuity Association of America  | Teachers Insurance & Annuity Association of America  | Teachers Insurance & Annuity Association of America  |
| 4.27%, 5/15/2047 (b) | 70 | 57 |
| 3.30%, 5/15/2050 (b) | 96 | 64 |
|  |  | 1301 |
| **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** |
| Meta Platforms, Inc. 5.40%, 8/15/2054 | 100 | 97 |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| CGI, Inc. (Canada) 2.30%, 9/14/2031 | 75 | 65 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| Otis Worldwide Corp. 3.11%, 2/15/2040 | 86 | 66 |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| Charter Communications Operating LLC  | Charter Communications Operating LLC  | Charter Communications Operating LLC  |
| 2.80%, 4/1/2031 | 392 | 349 |
| 3.50%, 3/1/2042 | 35 | 25 |
| 3.70%, 4/1/2051 | 96 | 64 |
| Comcast Corp.  | Comcast Corp.  | Comcast Corp.  |
| 3.25%, 11/1/2039 | 334 | 262 |
| 2.80%, 1/15/2051 | 130 | 78 |
| 5.35%, 5/15/2053 | 180 | 167 |
|  |  | 945 |
| **Metals & Mining — 0.0% ^** | **Metals & Mining — 0.0% ^** | **Metals & Mining — 0.0% ^** |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| 5.40%, 5/8/2028 (b) | 75 | 77 |
| 5.37%, 4/4/2029 (b) | 240 | 246 |
| 5.63%, 4/4/2034 (b) | 100 | 102 |
|  |  | 425 |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| Berkshire Hathaway Energy Co. 2.85%, 5/15/2051 | 44 | 27 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 63

------

JPMorgan SmartRetirement® Blend 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| Consolidated Edison Co. of New York, Inc. 3.20%, <br> 12/1/2051<br>| 70 | 46 |
| Consumers Energy Co. 3.25%, 8/15/2046 | 30 | 22 |
| DTE Energy Co. 5.10%, 3/1/2029 | 200 | 204 |
| Engie SA (France) 5.63%, 4/10/2034 (b) | 290 | 299 |
| NiSource, Inc. 5.20%, 7/1/2029 | 100 | 103 |
| Public Service Enterprise Group, Inc. 5.45%, <br> 4/1/2034<br>| 80 | 82 |
| Puget Energy, Inc. 5.73%, 3/15/2035 (b) | 45 | 45 |
| San Diego Gas & Electric Co. 2.95%, 8/15/2051 | 70 | 44 |
| Southern Co. Gas Capital Corp. 5.75%, 9/15/2033 | 250 | 262 |
|  |  | 1134 |
| **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** |
| COPT Defense Properties LP 2.75%, 4/15/2031 | 54 | 48 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| APA Infrastructure Ltd. (Australia) 5.13%, <br> 9/16/2034 (b)<br>| 180 | 176 |
| BP Capital Markets America, Inc. 2.77%, <br> 11/10/2050<br>| 44 | 27 |
| Cheniere Energy Partners LP 5.55%, <br> 10/30/2035 (b) (d)<br>| 55 | 55 |
| Cheniere Energy, Inc. 5.65%, 4/15/2034 | 70 | 72 |
| Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  |
| 5.10%, 10/1/2031 (b) | 44 | 44 |
| 5.68%, 1/15/2034 (b) | 192 | 194 |
| Columbia Pipelines Operating Co. LLC 5.70%, <br> 10/1/2054 (b)<br>| 93 | 86 |
| ConocoPhillips Co. 5.50%, 1/15/2055 | 170 | 161 |
| Coterra Energy, Inc. 5.40%, 2/15/2035 | 115 | 114 |
| Devon Energy Corp. 5.75%, 9/15/2054 | 115 | 104 |
| Eastern Energy Gas Holdings LLC 6.20%, <br> 1/15/2055<br>| 60 | 62 |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| 5.70%, 3/8/2033 | 60 | 62 |
| 5.63%, 4/5/2034 | 150 | 154 |
| Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
| 5.25%, 7/1/2029 | 150 | 154 |
| 5.00%, 5/15/2044 (e) | 105 | 90 |
| 6.00%, 6/15/2048 | 55 | 53 |
| Exxon Mobil Corp. 3.00%, 8/16/2039 | 146 | 114 |
| Flex Intermediate Holdco LLC 4.32%, <br> 12/30/2039 (b)<br>| 30 | 24 |
| Gray Oak Pipeline LLC 2.60%, 10/15/2025 (b) | 498 | 495 |
| Kinder Morgan, Inc. 7.80%, 8/1/2031 | 300 | 345 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| MPLX LP  | MPLX LP  | MPLX LP  |
| 5.50%, 6/1/2034 | 150 | 151 |
| 5.40%, 4/1/2035 | 65 | 65 |
| 4.50%, 4/15/2038 | 52 | 46 |
| 5.95%, 4/1/2055 | 55 | 52 |
| NGPL PipeCo LLC 3.25%, 7/15/2031 (b) | 40 | 36 |
| Northern Natural Gas Co. 5.63%, 2/1/2054 (b) | 20 | 19 |
| Occidental Petroleum Corp. 5.20%, 8/1/2029 | 50 | 50 |
| Ovintiv, Inc. 6.25%, 7/15/2033 | 150 | 155 |
| Plains All American Pipeline LP 5.95%, 6/15/2035 | 125 | 128 |
| South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) |
| 4.91%, 9/1/2027 (b) | 35 | 35 |
| 5.03%, 10/1/2029 (b) | 40 | 40 |
| TotalEnergies Capital International SA (France) <br> 2.99%, 6/29/2041<br>| 96 | 71 |
| TransCanada PipeLines Ltd. (Canada) 5.85%, <br> 3/15/2036<br>| 150 | 155 |
| Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  |
| 5.65%, 3/15/2033 | 40 | 42 |
| 5.60%, 3/15/2035 | 85 | 87 |
| 6.00%, 3/15/2055 | 25 | 25 |
|  |  | 3743 |
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| United Airlines Pass-Through Trust Series 2016-2, <br> Class A Shares, 3.10%, 10/7/2028<br>| 31 | 29 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| Kenvue, Inc. 5.20%, 3/22/2063 | 70 | 65 |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  |
| 3.70%, 3/15/2052 | 84 | 61 |
| 5.55%, 2/22/2054 | 13 | 13 |
| 5.65%, 2/22/2064 | 125 | 121 |
| Eli Lilly & Co. 5.00%, 2/9/2054 | 210 | 196 |
| Merck & Co., Inc.  | Merck & Co., Inc.  | Merck & Co., Inc.  |
| 4.00%, 3/7/2049 | 50 | 40 |
| 2.90%, 12/10/2061 | 55 | 32 |
| Pfizer Investment Enterprises Pte. Ltd. 5.30%, <br> 5/19/2053<br>| 110 | 104 |
| Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) |
| 3.03%, 7/9/2040 | 400 | 299 |
| 3.18%, 7/9/2050 | 200 | 131 |
| Utah Acquisition Sub, Inc. 3.95%, 6/15/2026 | 37 | 37 |
|  |  | 1034 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

64 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Residential REITs — 0.0% ^** | **Residential REITs — 0.0% ^** | **Residential REITs — 0.0% ^** |
| Essex Portfolio LP 5.50%, 4/1/2034 | 40 | 41 |
| UDR, Inc. 2.10%, 8/1/2032 | 88 | 73 |
|  |  | 114 |
| **Retail REITs — 0.0% ^** | **Retail REITs — 0.0% ^** | **Retail REITs — 0.0% ^** |
| Brixmor Operating Partnership LP  | Brixmor Operating Partnership LP  | Brixmor Operating Partnership LP  |
| 2.25%, 4/1/2028 | 40 | 38 |
| 2.50%, 8/16/2031 | 20 | 17 |
| NNN REIT, Inc.  | NNN REIT, Inc.  | NNN REIT, Inc.  |
| 5.60%, 10/15/2033 | 50 | 52 |
| 5.50%, 6/15/2034 | 60 | 61 |
|  |  | 168 |
| **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** |
| Analog Devices, Inc. 2.80%, 10/1/2041 | 46 | 34 |
| Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
| 5.05%, 7/12/2029 | 250 | 256 |
| 4.55%, 2/15/2032 | 151 | 150 |
| 3.19%, 11/15/2036 (b) | 148 | 123 |
| Intel Corp.  | Intel Corp.  | Intel Corp.  |
| 3.73%, 12/8/2047 | 50 | 35 |
| 3.25%, 11/15/2049 | 70 | 44 |
| 3.05%, 8/12/2051 | 70 | 42 |
| KLA Corp. 3.30%, 3/1/2050 | 130 | 90 |
| Marvell Technology, Inc. 2.95%, 4/15/2031 | 220 | 200 |
| NXP BV (Netherlands) | NXP BV (Netherlands) | NXP BV (Netherlands) |
| 2.50%, 5/11/2031 | 70 | 61 |
| 5.00%, 1/15/2033 | 30 | 30 |
| 3.25%, 5/11/2041 | 75 | 55 |
| QUALCOMM, Inc. 4.50%, 5/20/2052 | 30 | 25 |
| Texas Instruments, Inc. 5.05%, 5/18/2063 | 249 | 228 |
|  |  | 1373 |
| **Software — 0.0% ^** | **Software — 0.0% ^** | **Software — 0.0% ^** |
| Cadence Design Systems, Inc. 4.70%, 9/10/2034 | 164 | 162 |
| Oracle Corp.  | Oracle Corp.  | Oracle Corp.  |
| 4.90%, 2/6/2033 | 60 | 60 |
| 3.80%, 11/15/2037 | 184 | 158 |
| 3.65%, 3/25/2041 | 130 | 103 |
| 3.60%, 4/1/2050 | 50 | 35 |
| Roper Technologies, Inc. 1.75%, 2/15/2031 | 47 | 40 |
| Synopsys, Inc. 5.70%, 4/1/2055 | 125 | 124 |
|  |  | 682 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Specialized REITs — 0.0% ^** | **Specialized REITs — 0.0% ^** | **Specialized REITs — 0.0% ^** |
| American Tower Corp. 5.00%, 1/31/2030 | 135 | 138 |
| Crown Castle, Inc. 5.80%, 3/1/2034 | 35 | 36 |
|  |  | 174 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| Home Depot, Inc. (The) 3.63%, 4/15/2052 | 45 | 33 |
| **Technology Hardware, Storage & Peripherals — 0.0% ^** | **Technology Hardware, Storage & Peripherals — 0.0% ^** | **Technology Hardware, Storage & Peripherals — 0.0% ^** |
| Apple, Inc. 2.70%, 8/5/2051 | 120 | 75 |
| Dell International LLC 5.30%, 4/1/2032 | 280 | 286 |
| Hewlett Packard Enterprise Co. 5.00%, <br> 10/15/2034<br>| 200 | 194 |
|  |  | 555 |
| **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** |
| Altria Group, Inc. 2.45%, 2/4/2032 | 70 | 61 |
| BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |
| 2.26%, 3/25/2028 | 92 | 87 |
| 4.39%, 8/15/2037 | 55 | 49 |
|  |  | 197 |
| **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** |
| Aviation Capital Group LLC 5.13%, 4/10/2030 (b) | 100 | 101 |
| **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** |
| American Water Capital Corp. 5.45%, 3/1/2054 | 230 | 222 |
| **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** |
| T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
| 2.55%, 2/15/2031 | 100 | 89 |
| 3.40%, 10/15/2052 | 185 | 124 |
| Vodafone Group plc (United Kingdom) 5.75%, <br> 6/28/2054<br>| 150 | 144 |
|  |  | 357 |
| Total Corporate Bonds <br>(Cost $54,685)<br>|  | 53609 |
| **Mortgage-Backed Securities — 1.5%** | **Mortgage-Backed Securities — 1.5%** | **Mortgage-Backed Securities — 1.5%** |
| FHLMC Gold Pools, Other  |  |  |
| Pool # WN1157, 1.80%, 11/1/2028 | 335 | 311 |
| Pool # WA1626, 3.45%, 8/1/2032 | 476 | 449 |
| Pool # WN3225, 3.80%, 10/1/2034 | 200 | 187 |
| Pool # WS4004, 4.40%, 9/1/2036 | 295 | 285 |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # QA5290, 2.50%, 12/1/2049 | 426 | 358 |
| Pool # QB8503, 2.50%, 2/1/2051 | 220 | 184 |
| Pool # SD4767, 2.50%, 2/1/2051 | 477 | 401 |
| Pool # QC9443, 2.50%, 10/1/2051 | 478 | 400 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 65

------

JPMorgan SmartRetirement® Blend 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # SD5768, 3.00%, 1/1/2052 | 836 | 730 |
| Pool # QD7596, 2.50%, 2/1/2052 | 813 | 682 |
| Pool # RA6815, 2.50%, 2/1/2052 | 743 | 623 |
| Pool # SD3952, 2.50%, 3/1/2052 | 875 | 734 |
| Pool # SD1373, 3.00%, 5/1/2052 | 474 | 415 |
| Pool # QE1637, 4.00%, 5/1/2052 | 58 | 54 |
| Pool # QE1832, 4.50%, 5/1/2052 | 76 | 74 |
| Pool # SD4119, 3.00%, 8/1/2052 | 403 | 352 |
| Pool # SD3684, 4.50%, 11/1/2052 | 754 | 723 |
| Pool # QH9763, 6.00%, 1/1/2054 | 169 | 173 |
| Pool # QI5618, 6.50%, 5/1/2054 | 668 | 696 |
| FNMA UMBS, 20 Year Pool # MA4016, 2.50%, <br> 5/1/2040<br>| 394 | 358 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # BO1362, 4.00%, 6/1/2049 | 75 | 72 |
| Pool # BK2113, 2.50%, 3/1/2050 | 178 | 149 |
| Pool # CA5658, 2.50%, 5/1/2050 | 58 | 49 |
| Pool # FM3118, 3.00%, 5/1/2050 | 127 | 113 |
| Pool # BP8608, 2.50%, 6/1/2050 | 121 | 102 |
| Pool # BP9250, 2.50%, 7/1/2050 | 675 | 570 |
| Pool # CA6635, 2.50%, 8/1/2050 | 108 | 91 |
| Pool # FP0059, 2.50%, 8/1/2050 | 386 | 322 |
| Pool # BP7667, 2.50%, 12/1/2050 | 286 | 242 |
| Pool # BR4318, 3.00%, 1/1/2051 | 152 | 134 |
| Pool # BQ8009, 4.00%, 2/1/2051 | 352 | 332 |
| Pool # BQ8010, 4.00%, 2/1/2051 | 285 | 269 |
| Pool # CB0189, 3.00%, 4/1/2051 | 111 | 96 |
| Pool # CB0458, 2.50%, 5/1/2051 | 571 | 478 |
| Pool # FM7916, 2.50%, 6/1/2051 | 108 | 91 |
| Pool # FM7957, 2.50%, 7/1/2051 | 1069 | 898 |
| Pool # CB1301, 2.50%, 8/1/2051 | 279 | 234 |
| Pool # FM8247, 2.50%, 8/1/2051 | 153 | 129 |
| Pool # CB1908, 2.50%, 10/1/2051 | 868 | 727 |
| Pool # FM9491, 2.50%, 11/1/2051 | 592 | 497 |
| Pool # FS4624, 2.50%, 11/1/2051 | 140 | 117 |
| Pool # CB2170, 3.00%, 11/1/2051 | 206 | 179 |
| Pool # BU1805, 2.50%, 12/1/2051 | 222 | 185 |
| Pool # CB2313, 2.50%, 12/1/2051 | 175 | 147 |
| Pool # FS2559, 3.00%, 12/1/2051 | 465 | 406 |
| Pool # CB2637, 2.50%, 1/1/2052 | 533 | 448 |
| Pool # FS7749, 3.00%, 2/1/2052 | 496 | 434 |
| Pool # BV0295, 3.50%, 2/1/2052 | 195 | 178 |
| Pool # CB3608, 3.50%, 5/1/2052 | 637 | 576 |
| Pool # BV6743, 4.50%, 5/1/2052 | 73 | 71 |
| Pool # BV9515, 6.00%, 6/1/2052 | 92 | 94 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # CB5380, 5.00%, 10/1/2052 | 311 | 306 |
| Pool # BY4714, 5.00%, 6/1/2053 | 284 | 279 |
| Pool # DA7753, 5.50%, 1/1/2054 | 139 | 139 |
| Pool # DA0425, 6.00%, 2/1/2054 | 159 | 163 |
| Pool # DA7754, 6.00%, 2/1/2054 | 624 | 639 |
| Pool # CB8334, 5.50%, 4/1/2054 | 885 | 887 |
| Pool # DB3860, 6.00%, 4/1/2054 | 420 | 427 |
| Pool # DB3885, 6.50%, 5/1/2054 | 668 | 695 |
| FNMA, Other  |  |  |
| Pool # AM4660, 3.77%, 12/1/2025 | 57 | 57 |
| Pool # BL2588, 2.97%, 8/1/2026 | 290 | 285 |
| Pool # BS7576, 4.86%, 12/1/2027 | 266 | 270 |
| Pool # AM3010, 5.07%, 3/1/2028 | 101 | 103 |
| Pool # BS6144, 3.97%, 1/1/2029 | 345 | 343 |
| Pool # AM5319, 4.34%, 1/1/2029 | 88 | 89 |
| Pool # BL1460, 3.74%, 2/1/2029 | 800 | 789 |
| Pool # BS8149, 4.97%, 9/1/2029 | 300 | 309 |
| Pool # BS4290, 1.95%, 10/1/2029 | 500 | 454 |
| Pool # BL4956, 2.41%, 11/1/2029 | 306 | 285 |
| Pool # BS7361, 4.76%, 1/1/2030 | 520 | 531 |
| Pool # BL9252, 1.37%, 3/1/2030 | 109 | 96 |
| Pool # BS0154, 1.28%, 4/1/2030 | 74 | 65 |
| Pool # BZ0896, 5.43%, 7/1/2030 | 795 | 832 |
| Pool # AM4789, 4.18%, 11/1/2030 | 51 | 51 |
| Pool # BL9494, 1.46%, 12/1/2030 | 75 | 65 |
| Pool # BL9652, 1.56%, 12/1/2030 | 379 | 333 |
| Pool # BS6024, 3.96%, 2/1/2031 | 209 | 205 |
| Pool # BS7290, 5.64%, 2/1/2031 | 540 | 570 |
| Pool # BS7121, 5.15%, 3/1/2031 | 400 | 414 |
| Pool # BS6203, 4.26%, 4/1/2031 | 146 | 144 |
| Pool # BS8442, 4.74%, 4/1/2031 | 310 | 315 |
| Pool # BS2915, 1.87%, 5/1/2031 | 60 | 52 |
| Pool # BL2999, 3.15%, 6/1/2031 | 780 | 737 |
| Pool # BS7813, 4.83%, 6/1/2031 | 206 | 210 |
| Pool # BS6802, 4.93%, 6/1/2031 | 300 | 306 |
| Pool # BL3774, 2.77%, 8/1/2031 | 100 | 92 |
| Pool # BL3648, 2.85%, 8/1/2031 | 100 | 93 |
| Pool # BL3700, 2.92%, 8/1/2031 | 99 | 92 |
| Pool # BS5580, 3.68%, 1/1/2032 | 230 | 221 |
| Pool # BS4654, 2.39%, 3/1/2032 | 234 | 208 |
| Pool # BL5680, 2.44%, 3/1/2032 | 363 | 323 |
| Pool # BZ2434, 4.95%, 3/1/2032 | 1140 | 1167 |
| Pool # AN5952, 3.01%, 7/1/2032 | 97 | 90 |
| Pool # AN6149, 3.14%, 7/1/2032 | 130 | 120 |
| Pool # BS5530, 3.30%, 7/1/2032 | 422 | 393 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

66 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BS8070, 5.35%, 7/1/2032 | 400 | 418 |
| Pool # BS6345, 3.91%, 8/1/2032 | 115 | 111 |
| Pool # BZ0884, 5.37%, 9/1/2032 | 943 | 985 |
| Pool # BS6822, 3.81%, 10/1/2032 | 220 | 211 |
| Pool # BS8528, 4.31%, 10/1/2032 | 520 | 513 |
| Pool # BS6872, 4.41%, 10/1/2032 | 85 | 85 |
| Pool # BS6928, 4.55%, 10/1/2032 | 90 | 91 |
| Pool # BS6954, 4.93%, 10/1/2032 | 175 | 179 |
| Pool # BM6491, 1.46%, 11/1/2032 (f) | 675 | 556 |
| Pool # BM6492, 1.51%, 11/1/2032 (f) | 853 | 704 |
| Pool # BS6819, 4.12%, 11/1/2032 | 275 | 269 |
| Pool # BS7090, 4.45%, 12/1/2032 | 508 | 507 |
| Pool # BS8428, 4.41%, 1/1/2033 | 355 | 352 |
| Pool # BS5357, 3.41%, 3/1/2033 | 169 | 156 |
| Pool # BS8416, 4.56%, 5/1/2033 | 165 | 166 |
| Pool # AN9752, 3.65%, 7/1/2033 | 310 | 294 |
| Pool # BS5511, 3.45%, 8/1/2033 | 220 | 204 |
| Pool # BS5127, 3.15%, 9/1/2033 | 130 | 117 |
| Pool # BZ0430, 4.32%, 2/1/2034 | 450 | 443 |
| Pool # BL7124, 1.93%, 6/1/2035 | 152 | 124 |
| Pool # BZ0217, 5.22%, 8/1/2035 | 346 | 356 |
| Pool # AN0375, 3.76%, 12/1/2035 | 159 | 151 |
| Pool # BF0045, 4.50%, 3/1/2052 | 50 | 48 |
| Pool # BF0091, 3.50%, 5/1/2056 | 224 | 201 |
| Pool # BF0108, 4.50%, 6/1/2056 | 104 | 100 |
| Pool # BF0189, 3.00%, 6/1/2057 | 133 | 115 |
| Pool # BF0219, 3.50%, 9/1/2057 | 545 | 490 |
| Pool # BF0230, 5.50%, 1/1/2058 | 204 | 210 |
| Pool # BF0497, 3.00%, 7/1/2060 | 117 | 100 |
| Pool # BF0537, 3.00%, 3/1/2061 | 487 | 411 |
| Pool # BF0561, 3.00%, 9/1/2061 | 630 | 532 |
| Pool # BF0578, 2.50%, 12/1/2061 | 962 | 763 |
| Pool # BF0580, 3.50%, 12/1/2061 | 112 | 100 |
| Pool # BF0732, 2.50%, 6/1/2063 | 654 | 533 |
| Pool # BF0733, 3.00%, 6/1/2063 | 581 | 491 |
| GNMA II, 30 Year  |  |  |
| Pool # 783525, 4.50%, 12/20/2031 | 15 | 15 |
| Pool # 784602, 4.00%, 5/20/2038 | 67 | 66 |
| Pool # BS8546, 2.50%, 12/20/2050 | 238 | 200 |
| Pool # 785294, 3.50%, 1/20/2051 | 242 | 217 |
| Pool # CA8452, 3.00%, 2/20/2051 | 365 | 326 |
| Pool # CA9005, 3.00%, 2/20/2051 | 336 | 307 |
| Pool # CB1543, 3.00%, 2/20/2051 | 253 | 224 |
| Pool # CA3588, 3.50%, 2/20/2051 | 260 | 236 |
| Pool # CB1536, 3.50%, 2/20/2051 | 599 | 548 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # CB1542, 3.00%, 3/20/2051 | 257 | 228 |
| Pool # CB4433, 3.00%, 3/20/2051 | 413 | 359 |
| Pool # CC0070, 3.00%, 3/20/2051 | 42 | 38 |
| Pool # CC8726, 3.00%, 3/20/2051 | 52 | 46 |
| Pool # CC8738, 3.00%, 3/20/2051 | 66 | 59 |
| Pool # CC8723, 3.50%, 3/20/2051 | 647 | 588 |
| Pool # CC0088, 4.00%, 3/20/2051 | 16 | 15 |
| Pool # CC0092, 4.00%, 3/20/2051 | 30 | 28 |
| Pool # CC8727, 3.00%, 4/20/2051 | 88 | 78 |
| Pool # CC8739, 3.00%, 4/20/2051 | 253 | 224 |
| Pool # CC8740, 3.00%, 4/20/2051 | 202 | 179 |
| Pool # CC8751, 3.00%, 4/20/2051 | 46 | 41 |
| Pool # CE9911, 3.00%, 7/20/2051 | 128 | 113 |
| Pool # CE9913, 3.00%, 7/20/2051 | 73 | 65 |
| Pool # CE9914, 3.00%, 7/20/2051 | 68 | 60 |
| Pool # CE9915, 3.00%, 7/20/2051 | 121 | 108 |
| Pool # CA3563, 3.50%, 7/20/2051 | 252 | 232 |
| Pool # CE2586, 3.50%, 7/20/2051 | 268 | 244 |
| Pool # CK1527, 3.50%, 12/20/2051 | 191 | 175 |
| Pool # CJ8184, 3.50%, 1/20/2052 | 206 | 187 |
| Pool # CK2716, 3.50%, 2/20/2052 | 183 | 164 |
| Pool # CK8295, 5.00%, 3/20/2052 | 138 | 135 |
| Pool # CN3557, 4.50%, 5/20/2052 | 109 | 106 |
| Pool # CN3127, 5.00%, 8/20/2052 | 130 | 128 |
| Pool # CU6748, 6.00%, 9/20/2053 | 262 | 269 |
| Pool # DA2721, 5.50%, 3/20/2054 | 111 | 112 |
| Pool # DB0470, 5.50%, 3/20/2054 | 739 | 741 |
| GNMA II, Other  |  |  |
| Pool # CT6280, 3.50%, 2/20/2062 | 205 | 182 |
| Pool # CV6672, 5.00%, 7/20/2062 | 131 | 127 |
| Pool # CU1093, 5.50%, 6/20/2063 | 94 | 93 |
| Pool # CU1092, 6.00%, 6/20/2063 | 123 | 124 |
| Pool # CT6283, 6.00%, 7/20/2063 | 206 | 208 |
| Pool # CW0095, 6.00%, 7/20/2063 | 174 | 176 |
| Total Mortgage-Backed Securities <br>(Cost $51,058)<br>|  | 49720 |
| **U.S. Treasury Obligations — 1.5%** | **U.S. Treasury Obligations — 1.5%** | **U.S. Treasury Obligations — 1.5%** |
| U.S. Treasury Bonds |  |  |
| 4.63%, 2/15/2040 | 760 | 764 |
| 3.13%, 2/15/2043 | 4950 | 3981 |
| 3.88%, 2/15/2043 | 605 | 542 |
| 3.63%, 8/15/2043 | 147 | 126 |
| 3.00%, 8/15/2048 | 6630 | 4903 |
| 1.63%, 11/15/2050 | 2599 | 1369 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 67

------

JPMorgan SmartRetirement® Blend 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** |
| 4.13%, 8/15/2053 | 1645 | 1469 |
| 4.25%, 2/15/2054 | 720 | 657 |
| 4.50%, 11/15/2054 | 145 | 138 |
| U.S. Treasury Notes |  |  |
| 4.00%, 12/15/2025 (g) | 850 | 849 |
| 4.25%, 1/31/2026 (g) | 4641 | 4641 |
| 4.25%, 11/30/2026 | 2620 | 2634 |
| 3.50%, 1/31/2028 | 3645 | 3626 |
| 3.75%, 4/15/2028 | 2050 | 2053 |
| 1.38%, 10/31/2028 | 3690 | 3421 |
| 4.25%, 1/31/2030 | 5285 | 5389 |
| 4.88%, 10/31/2030 | 7800 | 8188 |
| 3.50%, 2/15/2033 | 205 | 198 |
| 3.88%, 8/15/2034 | 1930 | 1884 |
| 4.25%, 5/15/2035 | 1040 | 1042 |
| U.S. Treasury STRIPS Bonds <br>5.03%, 11/15/2040 (h)<br>| 210 | 100 |
| Total U.S. Treasury Obligations <br>(Cost $48,739)<br>|  | 47974 |
| **Asset-Backed Securities — 0.9%** | **Asset-Backed Securities — 0.9%** | **Asset-Backed Securities — 0.9%** |
| Accelerated LLC Series 2021-1H, Class B, 1.90%, <br> 10/20/2040 (b)<br>| 33 | 30 |
| Aligned Data Centers Issuer LLC Series 2021-1A, <br> Class A2, 1.94%, 8/15/2046 (b)<br>| 170 | 164 |
| American Airlines Pass-Through Trust |  |  |
| Series 2016-2, Class AA, 3.20%, 6/15/2028 | 105 | 101 |
| Series 2016-3, Class AA, 3.00%, 10/15/2028 | 72 | 68 |
| Series 2017-2, Class A, 3.60%, 10/15/2029 | 621 | 573 |
| Series 2021-1, Class B, 3.95%, 7/11/2030 | 143 | 134 |
| American Credit Acceptance Receivables Trust |  |  |
| Series 2023-1, Class D, 6.35%, 4/12/2029 (b) | 100 | 101 |
| Series 2024-1, Class D, 5.86%, 5/13/2030 (b) | 205 | 207 |
| AMSR Trust |  |  |
| Series 2020-SFR2, Class E1, 4.03%, <br> 7/17/2037 (b)<br>| 202 | 202 |
| Series 2021-SFR2, Class E2, 2.58%, <br> 8/17/2038 (b)<br>| 100 | 97 |
| Series 2024-SFR1, Class D, 4.29%, <br> 7/17/2041 (b) (e)<br>| 330 | 314 |
| Series 2024-SFR2, Class D, 4.15%, <br> 11/17/2041 (b)<br>| 240 | 226 |
| Aqua Finance Trust Series 2021-A, Class A, 1.54%, <br> 7/17/2046 (b)<br>| 404 | 372 |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| Series 2024-2A, Class B, 5.57%, <br> 10/20/2028 (b)<br>| 285 | 289 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2024-1A, Class A, 5.36%, 6/20/2030 (b) | 155 | 159 |
| Bridge Trust |  |  |
| Series 2024-SFR1, Class C, 4.30%, <br> 8/17/2040 (b)<br>| 445 | 428 |
| Series 2024-SFR1, Class D, 4.30%, <br> 8/17/2040 (b)<br>| 510 | 485 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| Series 2024-3, Class C, 5.70%, 7/16/2029 | 570 | 577 |
| Series 2024-1, Class D, 6.03%, 11/15/2029 | 170 | 173 |
| Series 2024-2, Class C, 6.07%, 2/15/2030 | 610 | 622 |
| Series 2025-1, Class D, 5.64%, 11/15/2030 | 610 | 618 |
| Business Jet Securities LLC |  |  |
| Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ <br> (b)<br>| 85 | 84 |
| Series 2024-2A, Class A, 5.36%, 9/15/2039 ‡ <br> (b)<br>| 571 | 572 |
| CarMax Auto Owner Trust Series 2024-1, Class B, <br> 5.17%, 8/15/2029<br>| 250 | 253 |
| Cascade MH Asset Trust |  |  |
| Series 2021-MH1, Class A1, 1.75%, <br> 2/25/2046 (b)<br>| 200 | 183 |
| Series 2024-MH1, Class A1, 5.69%, <br> 11/25/2056 (b) (f)<br>| 264 | 269 |
| CFMT LLC Series 2024-HB13, Class A, 3.00%, <br> 5/25/2034 ‡ (b) (f)<br>| 436 | 428 |
| Cherry Securitization Trust Series 2024-1A, Class A, <br> 5.70%, 4/15/2032 (b)<br>| 230 | 231 |
| Consumer Portfolio Services Auto Trust Series <br> 2025-B, Class D, 5.56%, 7/15/2031 (b)<br>| 350 | 354 |
| Continental Finance Credit Card ABS Master Trust <br> Series 2024-A, Class A, 5.78%, 12/15/2032 (b)<br>| 270 | 273 |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2023-5A, Class B, 6.71%, 2/15/2034 (b) | 155 | 159 |
| Series 2024-2A, Class C, 6.70%, <br> 10/16/2034 (b)<br>| 635 | 659 |
| Crossroads Asset Trust Series 2025-A, Class A2, <br> 4.91%, 2/20/2032 (b)<br>| 185 | 185 |
| DataBank Issuer Series 2021-1A, Class A2, 2.06%, <br> 2/27/2051 (b)<br>| 265 | 259 |
| Diamond Resorts Owner Trust |  |  |
| Series 2021-1A, Class A, 1.51%, <br> 11/21/2033 (b)<br>| 25 | 25 |
| Series 2021-1A, Class C, 2.70%, <br> 11/21/2033 (b)<br>| 28 | 28 |
| Drive Auto Receivables Trust Series 2024-1, Class C, <br> 5.43%, 11/17/2031<br>| 125 | 127 |
| DT Auto Owner Trust Series 2023-2A, Class D, <br> 6.62%, 2/15/2029 (b)<br>| 130 | 133 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

68 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Elara HGV Timeshare Issuer LLC Series 2021-A, <br> Class B, 1.74%, 8/27/2035 (b)<br>| 58 | 55 |
| Enterprise Fleet Financing LLC Series 2024-1, <br> Class A3, 5.16%, 9/20/2030 (b)<br>| 100 | 102 |
| Exeter Automobile Receivables Trust |  |  |
| Series 2023-5A, Class C, 6.85%, 1/16/2029 | 120 | 123 |
| Series 2024-1A, Class D, 5.84%, 6/17/2030 | 250 | 255 |
| Series 2025-3A, Class C, 5.09%, 10/15/2031 | 535 | 541 |
| FHF Issuer Trust |  |  |
| Series 2024-1A, Class A2, 5.69%, <br> 2/15/2030 (b)<br>| 111 | 113 |
| Series 2024-1A, Class B, 6.26%, 3/15/2030 (b) | 235 | 243 |
| FHF Trust Series 2023-1A, Class A2, 6.57%, <br> 6/15/2028 (b)<br>| 65 | 66 |
| FirstKey Homes Trust |  |  |
| Series 2021-SFR2, Class E1, 2.26%, <br> 9/17/2038 (b)<br>| 260 | 250 |
| Series 2022-SFR1, Class E1, 5.00%, <br> 5/19/2039 (b)<br>| 100 | 99 |
| Flagship Credit Auto Trust Series 2023-1, Class C, <br> 5.43%, 5/15/2029 (b)<br>| 240 | 241 |
| FMC GMSR Issuer Trust Series 2021-GT2, Class A, <br> 3.85%, 10/25/2026 (b) (f)<br>| 150 | 143 |
| Foundation Finance Trust |  |  |
| Series 2023-2A, Class A, 6.53%, 6/15/2049 (b) | 156 | 163 |
| Series 2024-2A, Class A, 4.60%, 3/15/2050 (b) | 188 | 187 |
| Series 2024-2A, Class B, 4.93%, 3/15/2050 (b) | 97 | 97 |
| GreatAmerica Leasing Receivables Funding LLC <br> Series 2024-1, Class A4, 5.08%, <br> 12/16/2030 (b)<br>| 785 | 797 |
| GS Mortgage-Backed Securities Trust Series <br> 2025-SL1, Class A1, 5.85%, 11/25/2067 (b) (f)<br>| 788 | 792 |
| Hilton Grand Vacations Trust |  |  |
| Series 2022-2A, Class B, 4.74%, 1/25/2037 (b) | 183 | 181 |
| Series 2024-2A, Class B, 5.65%, 3/25/2038 (b) | 308 | 312 |
| Series 2024-1B, Class B, 5.99%, 9/15/2039 (b) | 286 | 291 |
| Series 2024-1B, Class C, 6.62%, 9/15/2039 (b) | 96 | 98 |
| HINNT LLC |  |  |
| Series 2022-A, Class B, 4.65%, 5/15/2041 (b) | 193 | 192 |
| Series 2024-A, Class B, 5.84%, 3/15/2043 (b) | 205 | 208 |
| Series 2024-A, Class C, 6.32%, 3/15/2043 (b) | 246 | 249 |
| Home Partners of America Trust |  |  |
| Series 2021-2, Class C, 2.40%, 12/17/2026 (b) | 221 | 212 |
| Series 2021-3, Class D, 3.00%, 1/17/2041 (b) | 140 | 128 |
| Invitation Homes Trust Series 2024-SFR1, Class B, <br> 4.00%, 9/17/2041 (b)<br>| 170 | 164 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Lendbuzz Securitization Trust Series 2024-1A, <br> Class B, 6.58%, 9/15/2029 (b)<br>| 250 | 256 |
| Lendmark Funding Trust Series 2024-1A, Class B, <br> 5.88%, 6/21/2032 (b)<br>| 200 | 203 |
| Mariner Finance Issuance Trust |  |  |
| Series 2021-AA, Class A, 1.86%, 3/20/2036 (b) | 195 | 189 |
| Series 2024-AA, Class C, 6.00%, 9/22/2036 (b) | 199 | 203 |
| MVW LLC |  |  |
| Series 2021-2A, Class C, 2.23%, 5/20/2039 (b) | 79 | 75 |
| Series 2024-1A, Class B, 5.51%, 2/20/2043 (b) | 102 | 103 |
| Series 2024-1A, Class C, 6.20%, 2/20/2043 (b) | 126 | 128 |
| New Residential Mortgage Loan Trust Series <br> 2022-SFR1, Class D, 3.30%, 2/17/2039 (b)<br>| 310 | 298 |
| Octane Receivables Trust |  |  |
| Series 2021-2A, Class C, 2.53%, 5/21/2029 (b) | 355 | 350 |
| Series 2023-3A, Class B, 6.48%, 7/20/2029 (b) | 140 | 142 |
| Series 2023-1A, Class C, 6.37%, 9/20/2029 (b) | 145 | 147 |
| OneMain Direct Auto Receivables Trust |  |  |
| Series 2019-1A, Class B, 3.95%, <br> 11/14/2028 (b)<br>| 225 | 224 |
| Series 2022-1A, Class B, 5.07%, 6/14/2029 (b) | 295 | 295 |
| Series 2023-1A, Class A, 5.41%, <br> 11/14/2029 (b)<br>| 190 | 192 |
| Oportun Issuance Trust |  |  |
| Series 2021-B, Class A, 1.47%, 5/8/2031 (b) | 155 | 151 |
| Series 2025-A, Class B, 5.30%, 2/8/2033 (b) | 105 | 105 |
| Series 2025-A, Class C, 5.89%, 2/8/2033 (b) | 100 | 100 |
| Pagaya AI Debt Selection Trust Series 2021-HG1, <br> Class A, 1.22%, 1/16/2029 (b)<br>| 5 | 5 |
| Pagaya AI Technology in Housing Trust Series <br> 2023-1, Class C, 3.60%, 10/25/2040 (b)<br>| 270 | 254 |
| Post Road Equipment Finance LLC Series 2024-1A, <br> Class C, 5.81%, 10/15/2030 (b)<br>| 545 | 553 |
| PRET LLC Series 2021-RN4, Class A1, 5.49%, <br> 10/25/2051 (b) (f)<br>| 54 | 53 |
| Progress Residential Trust |  |  |
| Series 2024-SFR5, Class D, 3.38%, <br> 8/9/2029 (b) (f)<br>| 225 | 207 |
| Series 2024-SFR5, Class E1, 3.38%, <br> 8/9/2029 (b) (f)<br>| 500 | 454 |
| Series 2025-SFR3, Class C, 3.39%, <br> 7/17/2030 (b) (d)<br>| 315 | 287 |
| Series 2023-SFR1, Class D, 4.65%, <br> 3/17/2040 (b)<br>| 250 | 245 |
| Series 2024-SFR1, Class E1, 3.85%, <br> 2/17/2041 (b)<br>| 100 | 94 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 69

------

JPMorgan SmartRetirement® Blend 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2024-SFR2, Class D, 3.40%, <br> 4/17/2041 (b) (f)<br>| 100 | 93 |
| Series 2024-SFR2, Class E1, 3.40%, <br> 4/17/2041 (b) (f)<br>| 125 | 115 |
| Series 2024-SFR3, Class C, 3.50%, <br> 6/17/2041 (b)<br>| 285 | 267 |
| Series 2024-SFR3, Class D, 3.50%, <br> 6/17/2041 (b)<br>| 650 | 603 |
| Series 2024-SFR4, Class C, 3.33%, <br> 7/17/2041 (b)<br>| 565 | 526 |
| Purchasing Power Funding LLC Series 2024-A, <br> Class B, 6.43%, 8/15/2028 (b)<br>| 195 | 196 |
| Reach ABS Trust Series 2024-1A, Class B, 6.29%, <br> 2/18/2031 (b)<br>| 190 | 192 |
| Regional Management Issuance Trust Series <br> 2021-1, Class A, 1.68%, 3/17/2031 (b)<br>| 8 | 8 |
| Republic Finance Issuance Trust |  |  |
| Series 2021-A, Class A, 2.30%, 12/22/2031 (b) | 104 | 103 |
| Series 2024-A, Class A, 5.91%, 8/20/2032 (b) | 600 | 609 |
| Santander Drive Auto Receivables Trust |  |  |
| Series 2023-1, Class C, 5.09%, 5/15/2030 | 120 | 121 |
| Series 2024-2, Class C, 5.84%, 6/17/2030 | 480 | 491 |
| SBNA Auto Lease Trust |  |  |
| Series 2024-B, Class A3, 5.56%, <br> 11/22/2027 (b)<br>| 900 | 907 |
| Series 2024-A, Class A4, 5.24%, 1/22/2029 (b) | 325 | 327 |
| SCF Equipment Leasing LLC |  |  |
| Series 2022-2A, Class C, 6.50%, 8/20/2032 (b) | 195 | 196 |
| Series 2024-1A, Class C, 5.82%, 9/20/2032 (b) | 145 | 150 |
| Series 2023-1A, Class C, 6.77%, 8/22/2033 (b) | 170 | 177 |
| SFS Auto Receivables Securitization Trust Series <br> 2024-1A, Class C, 5.51%, 1/20/2032 (b)<br>| 325 | 332 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| Series 2021-1A, Class B, 1.34%, <br> 11/20/2037 (b)<br>| 29 | 29 |
| Series 2021-2A, Class B, 1.80%, 9/20/2038 (b) | 16 | 15 |
| Series 2022-2A, Class C, 6.36%, 6/20/2040 (b) | 75 | 75 |
| Series 2024-1A, Class C, 5.94%, 1/20/2043 (b) | 87 | 88 |
| Stream Innovations Issuer Trust Series 2025-1A, <br> Class A, 5.05%, 9/15/2045 (b)<br>| 320 | 322 |
| Tricolor Auto Securitization Trust Series 2024-1A, <br> Class B, 6.53%, 12/15/2027 (b)<br>| 295 | 298 |
| Tricon Residential Trust |  |  |
| Series 2024-SFR2, Class A, 4.75%, <br> 6/17/2040 (b)<br>| 379 | 380 |
| Series 2023-SFR2, Class C, 5.00%, <br> 12/17/2040 (b)<br>| 105 | 104 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| United Airlines Pass-Through Trust |  |  |
| Series 2019-2, Class B, 3.50%, 5/1/2028 | 39 | 38 |
| Series 2018-1, Class A, 3.70%, 3/1/2030 | 85 | 79 |
| Series 2024-1, Class AA, 5.45%, 2/15/2037 | 335 | 338 |
| VOLT XCIV LLC Series 2021-NPL3, Class A1, 6.24%, <br> 2/27/2051 (b) (e)<br>| 23 | 23 |
| VOLT XCIX LLC Series 2021-NPL8, Class A1, 6.12%, <br> 4/25/2051 (b) (e)<br>| 20 | 20 |
| VOLT XCV LLC Series 2021-NPL4, Class A1, 6.24%, <br> 3/27/2051 (b) (e)<br>| 37 | 37 |
| VOLT XCVI LLC Series 2021-NPL5, Class A1, 6.12%, <br> 3/27/2051 (b) (e)<br>| 18 | 18 |
| VOLT XCVII LLC Series 2021-NPL6, Class A1, <br> 6.24%, 4/25/2051 (b) (e)<br>| 39 | 39 |
| Westgate Resorts LLC |  |  |
| Series 2024-1A, Class B, 6.56%, 1/20/2038 (b) | 298 | 302 |
| Series 2024-1A, Class C, 7.06%, 1/20/2038 (b) | 186 | 189 |
| Westlake Automobile Receivables Trust |  |  |
| Series 2023-1A, Class C, 5.74%, 8/15/2028 (b) | 200 | 201 |
| Series 2023-4A, Class C, 6.64%, <br> 11/15/2028 (b)<br>| 100 | 102 |
| Total Asset-Backed Securities <br>(Cost $29,436)<br>|  | 29887 |
| **Collateralized Mortgage Obligations — 0.5%** | **Collateralized Mortgage Obligations — 0.5%** | **Collateralized Mortgage Obligations — 0.5%** |
| Anchor Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.72%, 5/25/2040 ‡ (b) (e)<br>| 130 | 130 |
| Connecticut Avenue Securities Trust Series <br> 2023-R06, Class 1M2, 7.01%, 7/25/2043 (b) <br> (f)<br>| 190 | 196 |
| CRIBS Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.81%, 5/25/2040 (b) (e)<br>| 100 | 101 |
| FARM Mortgage Trust Series 2024-2, Class A, <br> 5.19%, 8/1/2054 (b) (f)<br>| 212 | 209 |
| FHLMC Seasoned Credit Risk Transfer Trust |  |  |
| Series 2018-1, Class MT, 3.00%, 5/25/2057 | 212 | 181 |
| Series 2018-1, Class M60C, 3.50%, 5/25/2057 | 154 | 141 |
| Series 2018-3, Class M55D, 4.00%, <br> 8/25/2057 (f)<br>| 201 | 187 |
| Series 2018-2, Class M55D, 4.00%, <br> 11/25/2057<br>| 261 | 244 |
| Series 2018-4, Class M55D, 4.00%, 3/25/2058 | 127 | 119 |
| Series 2019-1, Class MT, 3.50%, 7/25/2058 | 76 | 68 |
| Series 2019-1, Class M55D, 4.00%, 7/25/2058 | 306 | 286 |
| Series 2019-2, Class M55D, 4.00%, 8/25/2058 | 227 | 213 |
| Series 2019-3, Class MB, 3.50%, 10/25/2058 | 225 | 183 |
| Series 2019-3, Class M55D, 4.00%, <br> 10/25/2058<br>| 216 | 202 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

70 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2019-4, Class M55D, 4.00%, 2/25/2059 | 80 | 75 |
| Series 2020-3, Class MT, 2.00%, 5/25/2060 | 640 | 507 |
| Series 2022-1, Class MTU, 3.25%, 11/25/2061 | 75 | 64 |
| Series 2024-2, Class MT, 3.50%, 5/25/2064 | 406 | 351 |
| FHLMC, REMIC |  |  |
| Series 2893, Class PE, 5.00%, 11/15/2034 | 204 | 208 |
| Series 3674, Class HZ, 5.50%, 5/15/2040 | 364 | 384 |
| Series 4065, Class QB, 3.00%, 6/15/2042 | 185 | 174 |
| Series 4116, Class UC, 2.50%, 10/15/2042 | 188 | 137 |
| Series 4941, Class KG, 2.00%, 12/15/2047 | 507 | 432 |
| Series 4941, Class IA, IO, 4.50%, 7/25/2049 | 651 | 148 |
| Series 5174, Class IG, IO, 3.00%, 1/25/2050 | 1769 | 228 |
| Series 5054, Class PB, 1.00%, 11/25/2050 | 403 | 314 |
| Series 5052, Class KI, IO, 4.00%, 12/25/2050 | 1668 | 345 |
| Series 5171, Class NI, IO, 3.00%, 7/25/2051 | 1290 | 178 |
| FNMA Trust, Whole Loan Series 2002-W8, Class A1, <br> 6.50%, 6/25/2042<br>| 60 | 63 |
| FNMA, Grantor Trust, Whole Loan |  |  |
| Series 2001-T12, Class A1, 6.50%, 8/25/2041 | 106 | 107 |
| Series 2002-T4, Class A1, 6.50%, 12/25/2041 | 13 | 13 |
| FNMA, REMIC |  |  |
| Series 2017-35, Class VA, 4.00%, 7/25/2028 | 74 | 74 |
| Series 2018-72, Class VB, 3.50%, 10/25/2031 | 233 | 228 |
| Series 2018-56, Class VN, 3.50%, 5/25/2038 | 180 | 166 |
| Series 2011-41, Class KA, 4.00%, 1/25/2041 | 2 | 2 |
| Series 2011-126, Class JB, 2.50%, 12/25/2041 | 446 | 416 |
| Series 2012-108, Class PL, 3.00%, 10/25/2042 | 122 | 112 |
| Series 2022-4, Class TA, 1.00%, 4/25/2051 | 210 | 169 |
| Series 2021-22, Class BI, IO, 4.00%, 4/25/2051 | 1709 | 374 |
| Series 2025-18, Class MA, 0.50%, 9/25/2054 | 700 | 575 |
| Series 2019-7, Class CA, 3.50%, 11/25/2057 | 250 | 242 |
| Series 2018-75, Class UZ, 4.00%, 10/25/2058 | 889 | 835 |
| FNMA, REMIC Trust, Whole Loan Series 2002-W3, <br> Class A4, 6.50%, 11/25/2041<br>| 119 | 122 |
| GNMA |  |  |
| Series 2013-82, Class WI, IO, 3.50%, <br> 7/20/2042<br>| 995 | 114 |
| Series 2016-61, Class A, 2.00%, 9/20/2042 | 345 | 290 |
| Series 2020-32, Class IA, IO, 4.04%, <br> 3/16/2047 (f)<br>| 2714 | 490 |
| Series 2019-85, Class QY, 3.00%, 7/20/2049 | 300 | 215 |
| Series 2020-185, Class PE, 1.50%, 12/20/2050 | 238 | 185 |
| Series 2021-83, Class KB, 1.25%, 5/20/2051 | 280 | 219 |
| Series 2022-105, Class SG, IF, IO, 1.75%, <br> 6/20/2052 (f)<br>| 1142 | 119 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2022-151, Class B, 4.25%, 9/20/2052 | 150 | 118 |
| Series 2024-64, Class YH, 5.00%, 4/20/2054 | 715 | 687 |
| Series 2012-H31, Class FD, 4.79%, <br> 12/20/2062 (f)<br>| 38 | 38 |
| Series 2024-57, Class PT, 4.50%, 4/20/2064 | 662 | 646 |
| Series 2015-H16, Class FG, 4.89%, <br> 7/20/2065 (f)<br>| 33 | 33 |
| Series 2016-H13, Class FT, 5.03%, <br> 5/20/2066 (f)<br>| 9 | 10 |
| Series 2016-H26, Class FC, 5.45%, <br> 12/20/2066 (f)<br>| 127 | 127 |
| Series 2021-H14, Class YD, 7.26%, <br> 6/20/2071 (f)<br>| 201 | 171 |
| GS Mortgage-Backed Securities Trust Series <br> 2025-RPL3, Class A1, 4.10%, 7/25/2065 ‡ (b) <br> (e)<br>| 685 | 659 |
| Legacy Mortgage Asset Trust Series 2021-GS1, <br> Class A1, 5.89%, 10/25/2066 (b) (e)<br>| 73 | 73 |
| LHOME Mortgage Trust Series 2024-RTL5, Class A1, <br> 5.32%, 9/25/2039 (b) (e)<br>| 325 | 324 |
| MFA Trust Series 2024-RTL3, Class A1, 5.91%, <br> 11/25/2039 (b) (e)<br>| 400 | 402 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2024-RTL1, Class A1, 6.66%, <br> 3/25/2039 (b) (e)<br>| 650 | 655 |
| Series 2024-RTL2, Class A1, 5.44%, <br> 9/25/2039 (b) (e)<br>| 840 | 841 |
| NYMT Loan Trust Series 2024-BPL3, Class A1, <br> 5.27%, 9/25/2039 (b) (e)<br>| 185 | 184 |
| Ocwen Loan Investment Trust Series 2024-HB1, <br> Class M2, 3.00%, 2/25/2037 ‡ (b)<br>| 360 | 338 |
| Roc Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.63%, 2/25/2040 (b) (e)<br>| 195 | 195 |
| Seasoned Loans Structured Transaction Trust Series <br> 2025-1, Class A1, 3.00%, 5/25/2035<br>| 741 | 678 |
| Toorak Mortgage Trust Series 2025-RRTL1, <br> Class A1, 5.52%, 2/25/2040 (b) (e)<br>| 220 | 220 |
| Towd Point Mortgage Trust Series 2021-R1, <br> Class A1, 2.92%, 11/30/2060 (b) (f)<br>| 352 | 306 |
| Total Collateralized Mortgage Obligations <br>(Cost $17,918)<br>|  | 17840 |
| **Commercial Mortgage-Backed Securities — 0.2%** | **Commercial Mortgage-Backed Securities — 0.2%** | **Commercial Mortgage-Backed Securities — 0.2%** |
| BXP Trust Series 2017-GM, Class A, 3.38%, <br> 6/13/2039 (b)<br>| 170 | 164 |
| Commercial Mortgage Trust Series 2018-HOME, <br> Class A, 3.94%, 4/10/2033 (b) (f)<br>| 235 | 228 |
| DBSG ALTA Mortgage Trust Series 2024-ALTA, <br> Class A, 6.14%, 6/10/2037 (b) (f)<br>| 705 | 717 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 71

------

JPMorgan SmartRetirement® Blend 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| FHLMC, Multi-Family Structured Credit Risk Series <br> 2021-MN2, Class M1, 6.11%, 7/25/2041 (b) (f)<br>| 47 | 46 |
| FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| Series K136, Class A2, 2.13%, 11/25/2031 | 259 | 228 |
| Series K140, Class A2, 2.25%, 1/25/2032 | 262 | 231 |
| Series K-150, Class A2, 3.71%, 9/25/2032 (f) | 185 | 177 |
| FNMA ACES |  |  |
| Series 2020-M38, Class X2, IO, 2.10%, <br> 11/25/2028 (f)<br>| 1498 | 66 |
| Series 2017-M11, Class A2, 2.98%, 8/25/2029 | 128 | 122 |
| Series 2020-M50, Class A2, 1.20%, <br> 10/25/2030<br>| 123 | 116 |
| Series 2020-M50, Class X1, IO, 1.92%, <br> 10/25/2030 (f)<br>| 2007 | 84 |
| Series 2022-M3, Class A2, 1.76%, <br> 11/25/2031 (f)<br>| 185 | 158 |
| Series 2022-M1S, Class A2, 2.15%, <br> 4/25/2032 (f)<br>| 365 | 317 |
| Series 2022-M2S, Class A1, 3.88%, <br> 5/25/2032 (f)<br>| 4 | 4 |
| Series 2024-M2, Class A2, 3.75%, 8/25/2033 | 875 | 823 |
| Series 2021-M3, Class 1A1, 1.00%, <br> 11/25/2033<br>| 2 | 3 |
| Series 2021-M3, Class X1, IO, 2.02%, <br> 11/25/2033 (f)<br>| 712 | 47 |
| FREMF Mortgage Trust |  |  |
| Series 2017-KGX1, Class BFX, 3.71%, <br> 10/25/2027 (b) (f)<br>| 125 | 117 |
| Series 2016-K56, Class B, 4.09%, <br> 6/25/2049 (b) (f)<br>| 90 | 89 |
| Series 2016-K58, Class B, 3.87%, <br> 9/25/2049 (b) (f)<br>| 465 | 459 |
| Series 2017-K67, Class C, 4.08%, <br> 9/25/2049 (b) (f)<br>| 375 | 367 |
| Series 2020-K737, Class B, 3.44%, <br> 1/25/2053 (b) (f)<br>| 120 | 118 |
| Multi-Family Connecticut Avenue Securities Trust |  |  |
| Series 2023-01, Class M7, 8.31%, <br> 11/25/2053 (b) (f)<br>| 198 | 205 |
| Series 2024-01, Class M7, 7.06%, <br> 7/25/2054 (b) (f)<br>| 152 | 154 |
| ROCK Trust Series 2024-CNTR, Class A, 5.39%, <br> 11/13/2041 (b)<br>| 150 | 153 |
| SLG Office Trust Series 2021-OVA, Class A, 2.59%, <br> 7/15/2041 (b)<br>| 195 | 171 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| WHARF Commercial Mortgage Trust Series <br> 2025-DC, Class A, 5.35%, 7/15/2040 (b) (f)<br>| 170 | 173 |
| Total Commercial Mortgage-Backed Securities <br>(Cost $5,532)<br>|  | 5537 |
| **Foreign Government Securities — 0.0% ^** | **Foreign Government Securities — 0.0% ^** | **Foreign Government Securities — 0.0% ^** |
| United Mexican States |  |  |
| 5.85%, 7/2/2032 (d) | 200 | 202 |
| 6.00%, 5/7/2036 | 200 | 197 |
| 6.88%, 5/13/2037 | 200 | 209 |
| Total Foreign Government Securities <br>(Cost $598)<br>|  | 608 |
| **Municipal Bonds — 0.0% (i) ^** | **Municipal Bonds — 0.0% (i) ^** | **Municipal Bonds — 0.0% (i) ^** |
| **Texas — 0.0% ^** | **Texas — 0.0% ^** | **Texas — 0.0% ^** |
| Texas Natural Gas Securitization Finance Corp., <br> Customer Rate Relief Bonds Series 2023A-2, <br> Rev., 5.17%, 4/1/2041 (Cost $55)<br>| 55 | 56 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** |
| **Investment Companies — 1.6%** | **Investment Companies — 1.6%** | **Investment Companies — 1.6%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (j) <br>(Cost $51,786)<br>| 51786 | 51786 |
| **Total Investments — 99.7%** <br>**(Cost $2,449,186)**<br>|  | **3237967** |
| **Other Assets in Excess of Liabilities — 0.3%** |  | **9667** |
| **NET ASSETS — 100.0%** |  | **3247634** |

---

&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 |
| CME | Chicago Mercantile Exchange |
| ETF | Exchange Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of June <br> 30, 2025. The rate may be subject to a cap and floor.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

72 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | |
|:---|:---|
| 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>|
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the 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>|
| (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, 2025.<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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;(e) 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, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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, 2025.

&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, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The rate shown is the current yield as of June 30, 2025.

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 24319 | &nbsp;&nbsp;&nbsp;&nbsp; 630 |
| S&P MidCap 400 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 32498 | &nbsp;&nbsp;&nbsp;&nbsp; 625 |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 11773 | &nbsp;&nbsp;&nbsp;&nbsp; 256 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8797 | &nbsp;&nbsp;&nbsp;&nbsp; 217 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 97 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5201 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1090 | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1860 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1309)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1801 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 73

------

JPMorgan SmartRetirement® Blend 2040 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 66.3%** | **Investment Companies — 66.3%** | **Investment Companies — 66.3%** |
| **Fixed Income — 20.6%** | **Fixed Income — 20.6%** | **Fixed Income — 20.6%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 12426 | 128481 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 53181 | 385029 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 2983 | 18822 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 12660 | 82925 |
| Total Fixed Income |  | 615257 |
| **International Equity — 3.7%** | **International Equity — 3.7%** | **International Equity — 3.7%** |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 5826 | 109189 |
| **U.S. Equity — 42.0%** | **U.S. Equity — 42.0%** | **U.S. Equity — 42.0%** |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 13486 | 1255914 |
| Total Investment Companies <br>(Cost $1,383,041)<br>|  | 1980360 |
| **Exchange-Traded Funds — 32.0%** | **Exchange-Traded Funds — 32.0%** | **Exchange-Traded Funds — 32.0%** |
| **Alternative Assets — 1.6%** | **Alternative Assets — 1.6%** | **Alternative Assets — 1.6%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 520 | 47880 |
| **International Equity — 23.6%** | **International Equity — 23.6%** | **International Equity — 23.6%** |
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF (a)<br>| 1888 | 109819 |
| JPMorgan BetaBuilders International Equity ETF (a) | 8799 | 593954 |
| Total International Equity |  | 703773 |
| **U.S. Equity — 6.8%** | **U.S. Equity — 6.8%** | **U.S. Equity — 6.8%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 1395 | 135987 |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 1036 | 68335 |
| Total U.S. Equity |  | 204322 |
| Total Exchange-Traded Funds <br>(Cost $717,553)<br>|  | 955975 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Notes <br>4.25%, 1/31/2026 (b) (Cost $4,234)<br>| 4233 | 4233 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** |
| **Investment Companies — 1.6%** | **Investment Companies — 1.6%** | **Investment Companies — 1.6%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (c) <br>(Cost $48,468)<br>| 48468 | 48468 |
| **Total Investments — 100.0%** <br>**(Cost $2,153,296)**<br>|  | **2989036** |
| **Other Assets in Excess of Liabilities — 0.0% ^** |  | **111** |
| **NET ASSETS — 100.0%** |  | **2989147** |

---

&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;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (b) | 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 current yield as of June 30, <br> 2025.<br>|

---

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

74 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 22347 | &nbsp;&nbsp;&nbsp;&nbsp; 579 |
| S&P MidCap 400 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 29686 | &nbsp;&nbsp;&nbsp;&nbsp; 571 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1150 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 75

------

JPMorgan SmartRetirement® Blend 2045 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 63.0%** | **Investment Companies — 63.0%** | **Investment Companies — 63.0%** |
| **Fixed Income — 12.9%** | **Fixed Income — 12.9%** | **Fixed Income — 12.9%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 6565 | 67880 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 28097 | 203422 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 1585 | 10002 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 7545 | 49420 |
| Total Fixed Income |  | 330724 |
| **International Equity — 4.0%** | **International Equity — 4.0%** | **International Equity — 4.0%** |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 5471 | 102522 |
| **U.S. Equity — 46.1%** | **U.S. Equity — 46.1%** | **U.S. Equity — 46.1%** |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 12708 | 1183496 |
| Total Investment Companies <br>(Cost $1,068,111)<br>|  | 1616742 |
| **Exchange-Traded Funds — 35.2%** | **Exchange-Traded Funds — 35.2%** | **Exchange-Traded Funds — 35.2%** |
| **Alternative Assets — 1.7%** | **Alternative Assets — 1.7%** | **Alternative Assets — 1.7%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 488 | 44955 |
| **International Equity — 25.8%** | **International Equity — 25.8%** | **International Equity — 25.8%** |
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF (a)<br>| 1773 | 103111 |
| JPMorgan BetaBuilders International Equity ETF (a) | 8286 | 559324 |
| Total International Equity |  | 662435 |
| **U.S. Equity — 7.7%** | **U.S. Equity — 7.7%** | **U.S. Equity — 7.7%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 1340 | 130561 |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 1001 | 66090 |
| Total U.S. Equity |  | 196651 |
| Total Exchange-Traded Funds <br>(Cost $689,435)<br>|  | 904041 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** |
| U.S. Treasury Notes <br>4.25%, 1/31/2026 (b) (Cost $3,583)<br>| 3582 | 3582 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** |
| **Investment Companies — 1.8%** | **Investment Companies — 1.8%** | **Investment Companies — 1.8%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (c) <br>(Cost $46,593)<br>| 46593 | 46593 |
| **Total Investments — 100.2%** <br>**(Cost $1,807,722)**<br>|  | **2570958** |
| **Liabilities in Excess of Other Assets — (0.2)%** |  | **(4752)**<br>|
| **NET ASSETS — 100.0%** |  | **2566206** |

---

&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, 2025.

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

76 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19170 | &nbsp;&nbsp;&nbsp;&nbsp; 497 |
| S&P MidCap 400 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 25623 | &nbsp;&nbsp;&nbsp;&nbsp; 493 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 990 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 77

------

JPMorgan SmartRetirement® Blend 2050 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 60.9%** | **Investment Companies — 60.9%** | **Investment Companies — 60.9%** |
| **Fixed Income — 8.0%** | **Fixed Income — 8.0%** | **Fixed Income — 8.0%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 3271 | 33822 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 13999 | 101355 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 844 | 5323 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 4543 | 29758 |
| Total Fixed Income |  | 170258 |
| **International Equity — 4.2%** | **International Equity — 4.2%** | **International Equity — 4.2%** |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 4795 | 89861 |
| **U.S. Equity — 48.7%** | **U.S. Equity — 48.7%** | **U.S. Equity — 48.7%** |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 11147 | 1038072 |
| Total Investment Companies <br>(Cost $839,755)<br>|  | 1298191 |
| **Exchange-Traded Funds — 37.3%** | **Exchange-Traded Funds — 37.3%** | **Exchange-Traded Funds — 37.3%** |
| **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 428 | 39449 |
| **International Equity — 27.2%** | **International Equity — 27.2%** | **International Equity — 27.2%** |
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF (a)<br>| 1553 | 90377 |
| JPMorgan BetaBuilders International Equity ETF (a) | 7263 | 490238 |
| Total International Equity |  | 580615 |
| **U.S. Equity — 8.2%** | **U.S. Equity — 8.2%** | **U.S. Equity — 8.2%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 1189 | 115815 |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 886 | 58476 |
| Total U.S. Equity |  | 174291 |
| Total Exchange-Traded Funds <br>(Cost $613,011)<br>|  | 794355 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Notes <br>4.25%, 1/31/2026 (b) (Cost $2,968)<br>| 2967 | 2967 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** |
| **Investment Companies — 1.9%** | **Investment Companies — 1.9%** | **Investment Companies — 1.9%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (c) <br>(Cost $40,250)<br>| 40250 | 40250 |
| **Total Investments — 100.2%** <br>**(Cost $1,495,984)**<br>|  | **2135763** |
| **Liabilities in Excess of Other Assets — (0.2)%** |  | **(4964)**<br>|
| **NET ASSETS — 100.0%** |  | **2130799** |

---

&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, 2025.

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

78 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 15884 | &nbsp;&nbsp;&nbsp;&nbsp; 411 |
| S&P MidCap 400 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21249 | &nbsp;&nbsp;&nbsp;&nbsp; 409 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 820 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 79

------

JPMorgan SmartRetirement® Blend 2055 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 60.9%** | **Investment Companies — 60.9%** | **Investment Companies — 60.9%** |
| **Fixed Income — 8.0%** | **Fixed Income — 8.0%** | **Fixed Income — 8.0%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 1958 | 20243 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 8379 | 60664 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 505 | 3186 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 2719 | 17811 |
| Total Fixed Income |  | 101904 |
| **International Equity — 4.2%** | **International Equity — 4.2%** | **International Equity — 4.2%** |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 2870 | 53784 |
| **U.S. Equity — 48.7%** | **U.S. Equity — 48.7%** | **U.S. Equity — 48.7%** |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 6671 | 621314 |
| Total Investment Companies <br>(Cost $510,440)<br>|  | 777002 |
| **Exchange-Traded Funds — 37.3%** | **Exchange-Traded Funds — 37.3%** | **Exchange-Traded Funds — 37.3%** |
| **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 256 | 23611 |
| **International Equity — 27.2%** | **International Equity — 27.2%** | **International Equity — 27.2%** |
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF (a)<br>| 930 | 54093 |
| JPMorgan BetaBuilders International Equity ETF (a) | 4347 | 293419 |
| Total International Equity |  | 347512 |
| **U.S. Equity — 8.2%** | **U.S. Equity — 8.2%** | **U.S. Equity — 8.2%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 711 | 69319 |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 531 | 34999 |
| Total U.S. Equity |  | 104318 |
| Total Exchange-Traded Funds <br>(Cost $366,415)<br>|  | 475441 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** |
| U.S. Treasury Notes <br>4.25%, 1/31/2026 (b) (Cost $1,774)<br>| 1774 | 1774 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** |
| **Investment Companies — 1.6%** | **Investment Companies — 1.6%** | **Investment Companies — 1.6%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (c) <br>(Cost $20,672)<br>| 20672 | 20672 |
| **Total Investments — 100.0%** <br>**(Cost $899,301)**<br>|  | **1274889** |
| **Other Assets in Excess of Liabilities — 0.0% ^** |  | **447** |
| **NET ASSETS — 100.0%** |  | **1275336** |

---

&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;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (b) | 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 current yield as of June 30, <br> 2025.<br>|

---

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

80 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9530 | &nbsp;&nbsp;&nbsp;&nbsp; 247 |
| S&P MidCap 400 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 12812 | &nbsp;&nbsp;&nbsp;&nbsp; 246 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 493 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 81

------

JPMorgan SmartRetirement® Blend 2060 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 60.9%** | **Investment Companies — 60.9%** | **Investment Companies — 60.9%** |
| **Fixed Income — 8.0%** | **Fixed Income — 8.0%** | **Fixed Income — 8.0%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 1123 | 11617 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 4808 | 34813 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 290 | 1828 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 1561 | 10222 |
| Total Fixed Income |  | 58480 |
| **International Equity — 4.2%** | **International Equity — 4.2%** | **International Equity — 4.2%** |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 1647 | 30866 |
| **U.S. Equity — 48.7%** | **U.S. Equity — 48.7%** | **U.S. Equity — 48.7%** |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 3829 | 356552 |
| Total Investment Companies <br>(Cost $322,612)<br>|  | 445898 |
| **Exchange-Traded Funds — 37.3%** | **Exchange-Traded Funds — 37.3%** | **Exchange-Traded Funds — 37.3%** |
| **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 147 | 13550 |
| **International Equity — 27.2%** | **International Equity — 27.2%** | **International Equity — 27.2%** |
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF (a)<br>| 534 | 31042 |
| JPMorgan BetaBuilders International Equity ETF (a) | 2494 | 168386 |
| Total International Equity |  | 199428 |
| **U.S. Equity — 8.2%** | **U.S. Equity — 8.2%** | **U.S. Equity — 8.2%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 408 | 39780 |
| JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | 305 | 20085 |
| Total U.S. Equity |  | 59865 |
| Total Exchange-Traded Funds <br>(Cost $218,714)<br>|  | 272843 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Notes <br>4.25%, 1/31/2026 (b) (Cost $1,027)<br>| 1027 | 1027 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** |
| **Investment Companies — 1.8%** | **Investment Companies — 1.8%** | **Investment Companies — 1.8%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (c) <br>(Cost $13,179)<br>| 13179 | 13179 |
| **Total Investments — 100.1%** <br>**(Cost $555,532)**<br>|  | **732947** |
| **Liabilities in Excess of Other Assets — (0.1)%** |  | **(1034)**<br>|
| **NET ASSETS — 100.0%** |  | **731913** |

---

&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, 2025.

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

82 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5477 | &nbsp;&nbsp;&nbsp;&nbsp; 142 |
| S&P MidCap 400 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7187 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 280 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 83

------

JPMorgan SmartRetirement® Blend 2065 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 60.8%** | **Investment Companies — 60.8%** | **Investment Companies — 60.8%** |
| **Fixed Income — 8.0%** | **Fixed Income — 8.0%** | **Fixed Income — 8.0%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 128 | 1325 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 549 | 3971 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 33 | 209 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 178 | 1166 |
| Total Fixed Income |  | 6671 |
| **International Equity — 4.2%** | **International Equity — 4.2%** | **International Equity — 4.2%** |
| JPMorgan Emerging Markets Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 188 | 3522 |
| **U.S. Equity — 48.6%** | **U.S. Equity — 48.6%** | **U.S. Equity — 48.6%** |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 437 | 40678 |
| Total Investment Companies <br>(Cost $44,322)<br>|  | 50871 |
| **Exchange-Traded Funds — 37.0%** | **Exchange-Traded Funds — 37.0%** | **Exchange-Traded Funds — 37.0%** |
| **Alternative Assets — 1.8%** | **Alternative Assets — 1.8%** | **Alternative Assets — 1.8%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 17 | 1546 |
| **International Equity — 27.2%** | **International Equity — 27.2%** | **International Equity — 27.2%** |
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF (a)<br>| 61 | 3542 |
| JPMorgan BetaBuilders International Equity ETF (a) | 284 | 19211 |
| Total International Equity |  | 22753 |
| **U.S. Equity — 8.0%** | **U.S. Equity — 8.0%** | **U.S. Equity — 8.0%** |
| iShares Russell 2000 ETF | 10 | 2197 |
| SPDR S&P MidCap 400 ETF Trust | 8 | 4480 |
| Total U.S. Equity |  | 6677 |
| Total Exchange-Traded Funds <br>(Cost $27,569)<br>|  | 30976 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.3%** | **U.S. Treasury Obligations — 0.3%** | **U.S. Treasury Obligations — 0.3%** |
| U.S. Treasury Notes <br>4.25%, 1/31/2026 (b) (Cost $250)<br>| 250 | 250 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <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%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (c) <br>(Cost $1,862)<br>| 1862 | 1862 |
| **Total Investments — 100.3%** <br>**(Cost $74,003)**<br>|  | **83959** |
| **Liabilities in Excess of Other Assets — (0.3)%** |  | **(282)**<br>|
| **NET ASSETS — 100.0%** |  | **83677** |

---

&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 |
| SPDR | Standard & Poor's Depositary Receipt |

---

&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, 2025.

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

84 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 657 | &nbsp;&nbsp;&nbsp;&nbsp; 17 |
| S&P 500 Micro E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| S&P MidCap 400 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 937 | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 43 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 85

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025

(Amounts in thousands, except per share amounts)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend Income Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2025 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2030 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2035 Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $482237 | &nbsp;&nbsp;&nbsp; $578837 | &nbsp;&nbsp;&nbsp; $766351 | &nbsp;&nbsp;&nbsp; $205231 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 1100619 | &nbsp;&nbsp;&nbsp; 1349172 | &nbsp;&nbsp;&nbsp; 2193956 | &nbsp;&nbsp;&nbsp; 3032736 |
| Cash | &nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp; 159 |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 12254 | &nbsp;&nbsp;&nbsp; 23825 | &nbsp;&nbsp;&nbsp; 37853 | &nbsp;&nbsp;&nbsp; 35627 |
| Investment securities sold — delayed delivery securities | &nbsp;&nbsp;&nbsp; 909 | &nbsp;&nbsp;&nbsp; 1203 | &nbsp;&nbsp;&nbsp; 4501 | &nbsp;&nbsp;&nbsp; — |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 2550 | &nbsp;&nbsp;&nbsp; 1015 | &nbsp;&nbsp;&nbsp; 2440 | &nbsp;&nbsp;&nbsp; 1311 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 3719 | &nbsp;&nbsp;&nbsp; 4510 | &nbsp;&nbsp;&nbsp; 5869 | &nbsp;&nbsp;&nbsp; 1647 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 6 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp; 84 |
| Due from adviser | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 98 |
| Total Assets | &nbsp;&nbsp;&nbsp; 1602639 | &nbsp;&nbsp;&nbsp; 1958982 | &nbsp;&nbsp;&nbsp; 3011366 | &nbsp;&nbsp;&nbsp; 3276899 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 4789 | &nbsp;&nbsp;&nbsp; 7532 | &nbsp;&nbsp;&nbsp; 39874 | &nbsp;&nbsp;&nbsp; 26407 |
| Investment securities purchased — delayed delivery <br> securities<br>| &nbsp;&nbsp;&nbsp; 3793 | &nbsp;&nbsp;&nbsp; 4641 | &nbsp;&nbsp;&nbsp; 11989 | &nbsp;&nbsp;&nbsp; 957 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 1032 | &nbsp;&nbsp;&nbsp; 893 | &nbsp;&nbsp;&nbsp; 1472 | &nbsp;&nbsp;&nbsp; 1682 |
| Accrued liabilities: |  |  |  |  |
| Administration fees | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; 122 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 4 |
| Service fees | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 15 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 24 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 54 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 9748 | &nbsp;&nbsp;&nbsp; 13219 | &nbsp;&nbsp;&nbsp; 53537 | &nbsp;&nbsp;&nbsp; 29265 |
| Net Assets | &nbsp;&nbsp;&nbsp; $1592891 | &nbsp;&nbsp;&nbsp; $1945763 | &nbsp;&nbsp;&nbsp; $2957829 | &nbsp;&nbsp;&nbsp; $3247634 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

86 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend Income Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2025 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2030 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br>**Blend 2035 Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $1441376 | &nbsp;&nbsp;&nbsp; $1658369 | &nbsp;&nbsp;&nbsp; $2385437 | &nbsp;&nbsp;&nbsp; $2509679 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 151515 | &nbsp;&nbsp;&nbsp; 287394 | &nbsp;&nbsp;&nbsp; 572392 | &nbsp;&nbsp;&nbsp; 737955 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $1592891 | &nbsp;&nbsp;&nbsp; $1945763 | &nbsp;&nbsp;&nbsp; $2957829 | &nbsp;&nbsp;&nbsp; $3247634 |
| Net Assets: |  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; $921 | &nbsp;&nbsp;&nbsp; $3376 | &nbsp;&nbsp;&nbsp; $7380 | &nbsp;&nbsp;&nbsp; $1439 |
| Class R2 | &nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp; 1696 | &nbsp;&nbsp;&nbsp; 588 | &nbsp;&nbsp;&nbsp; 260 |
| Class R3 | &nbsp;&nbsp;&nbsp; 3861 | &nbsp;&nbsp;&nbsp; 8987 | &nbsp;&nbsp;&nbsp; 14136 | &nbsp;&nbsp;&nbsp; 16911 |
| Class R4 | &nbsp;&nbsp;&nbsp; 32354 | &nbsp;&nbsp;&nbsp; 30383 | &nbsp;&nbsp;&nbsp; 45699 | &nbsp;&nbsp;&nbsp; 47540 |
| Class R5 | &nbsp;&nbsp;&nbsp; 21475 | &nbsp;&nbsp;&nbsp; 16663 | &nbsp;&nbsp;&nbsp; 20051 | &nbsp;&nbsp;&nbsp; 25514 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1534106 | &nbsp;&nbsp;&nbsp; 1884658 | &nbsp;&nbsp;&nbsp; 2869975 | &nbsp;&nbsp;&nbsp; 3155970 |
| Total | &nbsp;&nbsp;&nbsp; $1592891 | &nbsp;&nbsp;&nbsp; $1945763 | &nbsp;&nbsp;&nbsp; $2957829 | &nbsp;&nbsp;&nbsp; $3247634 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares <br> authorized):<br>|  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp; 264 | &nbsp;&nbsp;&nbsp; 46 |
| Class R2 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 8 |
| Class R3 | &nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp; 363 | &nbsp;&nbsp;&nbsp; 503 | &nbsp;&nbsp;&nbsp; 537 |
| Class R4 | &nbsp;&nbsp;&nbsp; 1680 | &nbsp;&nbsp;&nbsp; 1242 | &nbsp;&nbsp;&nbsp; 1642 | &nbsp;&nbsp;&nbsp; 1516 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1114 | &nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp; 815 |
| Class R6 | &nbsp;&nbsp;&nbsp; 79510 | &nbsp;&nbsp;&nbsp; 76964 | &nbsp;&nbsp;&nbsp; 103015 | &nbsp;&nbsp;&nbsp; 100588 |
| Net Asset Value (a): |  |  |  |  |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; $19.34 | &nbsp;&nbsp;&nbsp; $24.55 | &nbsp;&nbsp;&nbsp; $27.89 | &nbsp;&nbsp;&nbsp; $31.42 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;19.25 | &nbsp;&nbsp;&nbsp;&nbsp;24.33 | &nbsp;&nbsp;&nbsp;&nbsp;27.75 | &nbsp;&nbsp;&nbsp;&nbsp;31.44 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;19.80 | &nbsp;&nbsp;&nbsp;&nbsp;24.78 | &nbsp;&nbsp;&nbsp;&nbsp;28.13 | &nbsp;&nbsp;&nbsp;&nbsp;31.48 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;19.26 | &nbsp;&nbsp;&nbsp;&nbsp;24.46 | &nbsp;&nbsp;&nbsp;&nbsp;27.83 | &nbsp;&nbsp;&nbsp;&nbsp;31.33 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;19.27 | &nbsp;&nbsp;&nbsp;&nbsp;24.49 | &nbsp;&nbsp;&nbsp;&nbsp;27.85 | &nbsp;&nbsp;&nbsp;&nbsp;31.37 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;19.29 | &nbsp;&nbsp;&nbsp;&nbsp;24.49 | &nbsp;&nbsp;&nbsp;&nbsp;27.86 | &nbsp;&nbsp;&nbsp;&nbsp;31.38 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $503867 | &nbsp;&nbsp;&nbsp; $598782 | &nbsp;&nbsp;&nbsp; $791948 | &nbsp;&nbsp;&nbsp; $208021 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 837539 | &nbsp;&nbsp;&nbsp; 997605 | &nbsp;&nbsp;&nbsp; 1536144 | &nbsp;&nbsp;&nbsp; 2241165 |

---

------

(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, 2025 JPMorgan SmartRetirement® Blend Funds 87

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025 (continued)

(Amounts in thousands, except per share amounts)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2040 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2045 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2050 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2055 Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $4233 | &nbsp;&nbsp;&nbsp; $3582 | &nbsp;&nbsp;&nbsp; $2967 | &nbsp;&nbsp;&nbsp; $1774 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 2984803 | &nbsp;&nbsp;&nbsp; 2567376 | &nbsp;&nbsp;&nbsp; 2132796 | &nbsp;&nbsp;&nbsp; 1273115 |
| Cash | &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp; 69 |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 31656 | &nbsp;&nbsp;&nbsp; 22591 | &nbsp;&nbsp;&nbsp; 11504 | &nbsp;&nbsp;&nbsp; 7751 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 1177 | &nbsp;&nbsp;&nbsp; 1399 | &nbsp;&nbsp;&nbsp; 1690 | &nbsp;&nbsp;&nbsp; 1241 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 31 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 2 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 3 |
| Due from adviser | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 3022159 | &nbsp;&nbsp;&nbsp; 2595158 | &nbsp;&nbsp;&nbsp; 2149129 | &nbsp;&nbsp;&nbsp; 1283986 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 32443 | &nbsp;&nbsp;&nbsp; 28210 | &nbsp;&nbsp;&nbsp; 17750 | &nbsp;&nbsp;&nbsp; 8068 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 366 | &nbsp;&nbsp;&nbsp; 563 | &nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp; 466 |
| Accrued liabilities: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 2 |
| Administration fees | &nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 43 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Service fees | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 5 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 7 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 59 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 33012 | &nbsp;&nbsp;&nbsp; 28952 | &nbsp;&nbsp;&nbsp; 18330 | &nbsp;&nbsp;&nbsp; 8650 |
| Net Assets | &nbsp;&nbsp;&nbsp; $2989147 | &nbsp;&nbsp;&nbsp; $2566206 | &nbsp;&nbsp;&nbsp; $2130799 | &nbsp;&nbsp;&nbsp; $1275336 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

88 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2040 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2045 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2050 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br>**Blend 2055 Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $2186071 | &nbsp;&nbsp;&nbsp; $1825654 | &nbsp;&nbsp;&nbsp; $1504644 | &nbsp;&nbsp;&nbsp; $909188 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 803076 | &nbsp;&nbsp;&nbsp; 740552 | &nbsp;&nbsp;&nbsp; 626155 | &nbsp;&nbsp;&nbsp; 366148 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $2989147 | &nbsp;&nbsp;&nbsp; $2566206 | &nbsp;&nbsp;&nbsp; $2130799 | &nbsp;&nbsp;&nbsp; $1275336 |
| Net Assets: |  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; $4204 | &nbsp;&nbsp;&nbsp; $5149 | &nbsp;&nbsp;&nbsp; $1395 | &nbsp;&nbsp;&nbsp; $1055 |
| Class R2 | &nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 1085 | &nbsp;&nbsp;&nbsp; 74 |
| Class R3 | &nbsp;&nbsp;&nbsp; 13192 | &nbsp;&nbsp;&nbsp; 10332 | &nbsp;&nbsp;&nbsp; 11934 | &nbsp;&nbsp;&nbsp; 1943 |
| Class R4 | &nbsp;&nbsp;&nbsp; 41789 | &nbsp;&nbsp;&nbsp; 33429 | &nbsp;&nbsp;&nbsp; 34061 | &nbsp;&nbsp;&nbsp; 19467 |
| Class R5 | &nbsp;&nbsp;&nbsp; 17001 | &nbsp;&nbsp;&nbsp; 14382 | &nbsp;&nbsp;&nbsp; 11765 | &nbsp;&nbsp;&nbsp; 8207 |
| Class R6 | &nbsp;&nbsp;&nbsp; 2912336 | &nbsp;&nbsp;&nbsp; 2502904 | &nbsp;&nbsp;&nbsp; 2070559 | &nbsp;&nbsp;&nbsp; 1244590 |
| Total | &nbsp;&nbsp;&nbsp; $2989147 | &nbsp;&nbsp;&nbsp; $2566206 | &nbsp;&nbsp;&nbsp; $2130799 | &nbsp;&nbsp;&nbsp; $1275336 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares <br> authorized):<br>|  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 30 |
| Class R2 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 2 |
| Class R3 | &nbsp;&nbsp;&nbsp; 388 | &nbsp;&nbsp;&nbsp; 289 | &nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp; 54 |
| Class R4 | &nbsp;&nbsp;&nbsp; 1238 | &nbsp;&nbsp;&nbsp; 937 | &nbsp;&nbsp;&nbsp; 946 | &nbsp;&nbsp;&nbsp; 545 |
| Class R5 | &nbsp;&nbsp;&nbsp; 503 | &nbsp;&nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp; 327 | &nbsp;&nbsp;&nbsp; 230 |
| Class R6 | &nbsp;&nbsp;&nbsp; 86136 | &nbsp;&nbsp;&nbsp; 69968 | &nbsp;&nbsp;&nbsp; 57408 | &nbsp;&nbsp;&nbsp; 34727 |
| Net Asset Value (a): |  |  |  |  |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; $33.84 | &nbsp;&nbsp;&nbsp; $35.73 | &nbsp;&nbsp;&nbsp; $36.17 | &nbsp;&nbsp;&nbsp; $35.84 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;33.55 | &nbsp;&nbsp;&nbsp;&nbsp;35.44 | &nbsp;&nbsp;&nbsp;&nbsp;35.63 | &nbsp;&nbsp;&nbsp;&nbsp;35.65 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;34.03 | &nbsp;&nbsp;&nbsp;&nbsp;35.84 | &nbsp;&nbsp;&nbsp;&nbsp;36.21 | &nbsp;&nbsp;&nbsp;&nbsp;35.74 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;33.76 | &nbsp;&nbsp;&nbsp;&nbsp;35.67 | &nbsp;&nbsp;&nbsp;&nbsp;35.99 | &nbsp;&nbsp;&nbsp;&nbsp;35.73 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;33.81 | &nbsp;&nbsp;&nbsp;&nbsp;35.74 | &nbsp;&nbsp;&nbsp;&nbsp;36.05 | &nbsp;&nbsp;&nbsp;&nbsp;35.82 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;33.81 | &nbsp;&nbsp;&nbsp;&nbsp;35.77 | &nbsp;&nbsp;&nbsp;&nbsp;36.07 | &nbsp;&nbsp;&nbsp;&nbsp;35.84 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $4234 | &nbsp;&nbsp;&nbsp; $3583 | &nbsp;&nbsp;&nbsp; $2968 | &nbsp;&nbsp;&nbsp; $1774 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 2149062 | &nbsp;&nbsp;&nbsp; 1804139 | &nbsp;&nbsp;&nbsp; 1493016 | &nbsp;&nbsp;&nbsp; 897527 |

---

------

(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, 2025 JPMorgan SmartRetirement® Blend Funds 89

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025 (continued)

(Amounts in thousands, except per share amounts)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2060 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2065 Fund**  |
| **ASSETS:** |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $1027 | &nbsp;&nbsp;&nbsp; $6927 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 731920 | &nbsp;&nbsp;&nbsp; 77032 |
| Cash | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 7 |
| Receivables: |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 3522 | &nbsp;&nbsp;&nbsp; 540 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 861 | &nbsp;&nbsp;&nbsp; 355 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 4 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 |
| Due from adviser | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 4 |
| Total Assets | &nbsp;&nbsp;&nbsp; 737398 | &nbsp;&nbsp;&nbsp; 84884 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 5031 | &nbsp;&nbsp;&nbsp; 1076 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp; 106 |
| Accrued liabilities: |  |  |
| Administration fees | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Distribution fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Service fees | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 5 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 20 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 5485 | &nbsp;&nbsp;&nbsp; 1207 |
| Net Assets | &nbsp;&nbsp;&nbsp; $731913 | &nbsp;&nbsp;&nbsp; $83677 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

90 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2060 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br>**Blend 2065 Fund**  |
| **NET ASSETS:** |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $555769 | &nbsp;&nbsp;&nbsp; $73602 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 176144 | &nbsp;&nbsp;&nbsp; 10075 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $731913 | &nbsp;&nbsp;&nbsp; $83677 |
| Net Assets: |  |  |
| Class I | &nbsp;&nbsp;&nbsp; $13759 | &nbsp;&nbsp;&nbsp; $52 |
| Class R2 | &nbsp;&nbsp;&nbsp; 1009 | &nbsp;&nbsp;&nbsp; 30 |
| Class R3 | &nbsp;&nbsp;&nbsp; 444 | &nbsp;&nbsp;&nbsp; 208 |
| Class R4 | &nbsp;&nbsp;&nbsp; 7278 | &nbsp;&nbsp;&nbsp; 31 |
| Class R5 | &nbsp;&nbsp;&nbsp; 3782 | &nbsp;&nbsp;&nbsp; 320 |
| Class R6 | &nbsp;&nbsp;&nbsp; 705641 | &nbsp;&nbsp;&nbsp; 83036 |
| Total | &nbsp;&nbsp;&nbsp; $731913 | &nbsp;&nbsp;&nbsp; $83677 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |
| Class I | &nbsp;&nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp; 2 |
| Class R2 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 1 |
| Class R3 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 10 |
| Class R4 | &nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp; 1 |
| Class R5 | &nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; 15 |
| Class R6 | &nbsp;&nbsp;&nbsp; 25206 | &nbsp;&nbsp;&nbsp; 3749 |
| Net Asset Value (a): |  |  |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; $27.95 | &nbsp;&nbsp;&nbsp; $22.11 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;27.73 | &nbsp;&nbsp;&nbsp;&nbsp;22.04 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;28.23 | &nbsp;&nbsp;&nbsp;&nbsp;22.07 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;27.97 | &nbsp;&nbsp;&nbsp;&nbsp;22.11 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;27.98 | &nbsp;&nbsp;&nbsp;&nbsp;22.13 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;28.00 | &nbsp;&nbsp;&nbsp;&nbsp;22.15 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $1027 | &nbsp;&nbsp;&nbsp; $6410 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 554505 | &nbsp;&nbsp;&nbsp; 67593 |

---

------

(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, 2025 JPMorgan SmartRetirement® Blend Funds 91

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend Income Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2025 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2030 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2035 Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $10968 | &nbsp;&nbsp;&nbsp; $23268 | &nbsp;&nbsp;&nbsp; $28172 | &nbsp;&nbsp;&nbsp; $10489 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 23080 | &nbsp;&nbsp;&nbsp; 47020 | &nbsp;&nbsp;&nbsp; 62689 | &nbsp;&nbsp;&nbsp; 80315 |
| Total investment income | &nbsp;&nbsp;&nbsp; 34048 | &nbsp;&nbsp;&nbsp; 70289 | &nbsp;&nbsp;&nbsp; 90862 | &nbsp;&nbsp;&nbsp; 90806 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 1328 | &nbsp;&nbsp;&nbsp; 3012 | &nbsp;&nbsp;&nbsp; 4221 | &nbsp;&nbsp;&nbsp; 4600 |
| Administration fees | &nbsp;&nbsp;&nbsp; 666 | &nbsp;&nbsp;&nbsp; 1508 | &nbsp;&nbsp;&nbsp; 2113 | &nbsp;&nbsp;&nbsp; 2303 |
| Distribution fees: |  |  |  |  |
| Class R2 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 3 |
| Class R3 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 23 |
| Service fees: |  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 3 |
| Class R2 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Class R3 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 23 |
| Class R4 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 111 |
| Class R5 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 24 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 135 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 5 |
| Professional fees | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 48 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 33 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 66 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; 77 |
| Transfer agency fees (See Note 2.J.) | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 30 |
| Other | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 47 |
| Total expenses | &nbsp;&nbsp;&nbsp; 2357 | &nbsp;&nbsp;&nbsp; 5002 | &nbsp;&nbsp;&nbsp; 6942 | &nbsp;&nbsp;&nbsp; 7532 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (1616)<br>| &nbsp;&nbsp;&nbsp; (3529)<br>| &nbsp;&nbsp;&nbsp; (4878)<br>| &nbsp;&nbsp;&nbsp; (5356)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (272)<br>| &nbsp;&nbsp;&nbsp; (294)<br>| &nbsp;&nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; (737)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 469 | &nbsp;&nbsp;&nbsp; 1179 | &nbsp;&nbsp;&nbsp; 2043 | &nbsp;&nbsp;&nbsp; 1439 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 33579 | &nbsp;&nbsp;&nbsp; 69110 | &nbsp;&nbsp;&nbsp; 88819 | &nbsp;&nbsp;&nbsp; 89367 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

92 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend Income Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2025 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2030 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br>**Blend 2035 Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $(2392)<br>| &nbsp;&nbsp;&nbsp; $(5806)<br>| &nbsp;&nbsp;&nbsp; $(3479)<br>| &nbsp;&nbsp;&nbsp; $(757)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 9030 | &nbsp;&nbsp;&nbsp; 48864 | &nbsp;&nbsp;&nbsp; 21580 | &nbsp;&nbsp;&nbsp; 5799 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (219)<br>| &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 749 | &nbsp;&nbsp;&nbsp; (366)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 6419 | &nbsp;&nbsp;&nbsp; 43136 | &nbsp;&nbsp;&nbsp; 18850 | &nbsp;&nbsp;&nbsp; 4676 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 8880 | &nbsp;&nbsp;&nbsp; 17816 | &nbsp;&nbsp;&nbsp; 17469 | &nbsp;&nbsp;&nbsp; 4984 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 68695 | &nbsp;&nbsp;&nbsp; 72603 | &nbsp;&nbsp;&nbsp; 193242 | &nbsp;&nbsp;&nbsp; 272567 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp; 908 | &nbsp;&nbsp;&nbsp; 2234 | &nbsp;&nbsp;&nbsp; 1821 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 77997 | &nbsp;&nbsp;&nbsp; 91327 | &nbsp;&nbsp;&nbsp; 212945 | &nbsp;&nbsp;&nbsp; 279372 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 84416 | &nbsp;&nbsp;&nbsp; 134463 | &nbsp;&nbsp;&nbsp; 231795 | &nbsp;&nbsp;&nbsp; 284048 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $117995 | &nbsp;&nbsp;&nbsp; $203573 | &nbsp;&nbsp;&nbsp; $320614 | &nbsp;&nbsp;&nbsp; $373415 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 93

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025 (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2040 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2045 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2050 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2055 Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $169 | &nbsp;&nbsp;&nbsp; $145 | &nbsp;&nbsp;&nbsp; $119 | &nbsp;&nbsp;&nbsp; $74 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 72677 | &nbsp;&nbsp;&nbsp; 56898 | &nbsp;&nbsp;&nbsp; 43947 | &nbsp;&nbsp;&nbsp; 26604 |
| Total investment income | &nbsp;&nbsp;&nbsp; 72847 | &nbsp;&nbsp;&nbsp; 57043 | &nbsp;&nbsp;&nbsp; 44068 | &nbsp;&nbsp;&nbsp; 26678 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 4161 | &nbsp;&nbsp;&nbsp; 3571 | &nbsp;&nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 1755 |
| Administration fees | &nbsp;&nbsp;&nbsp; 2083 | &nbsp;&nbsp;&nbsp; 1788 | &nbsp;&nbsp;&nbsp; 1452 | &nbsp;&nbsp;&nbsp; 879 |
| Distribution fees: |  |  |  |  |
| Class R2 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 2 |
| Class R3 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 4 |
| Service fees: |  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 2 |
| Class R2 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1 |
| Class R3 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 4 |
| Class R4 | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 43 |
| Class R5 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 7 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 36 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Professional fees | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 41 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 28 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 69 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 78 |
| Transfer agency fees (See Note 2.J.) | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 17 |
| Other | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 25 |
| Total expenses | &nbsp;&nbsp;&nbsp; 6778 | &nbsp;&nbsp;&nbsp; 5848 | &nbsp;&nbsp;&nbsp; 4811 | &nbsp;&nbsp;&nbsp; 2992 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (4841)<br>| &nbsp;&nbsp;&nbsp; (4092)<br>| &nbsp;&nbsp;&nbsp; (3149)<br>| &nbsp;&nbsp;&nbsp; (1996)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (538)<br>| &nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; (9)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 1399 | &nbsp;&nbsp;&nbsp; 1737 | &nbsp;&nbsp;&nbsp; 1653 | &nbsp;&nbsp;&nbsp; 987 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 71448 | &nbsp;&nbsp;&nbsp; 55306 | &nbsp;&nbsp;&nbsp; 42415 | &nbsp;&nbsp;&nbsp; 25691 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

94 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2040 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2045 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2050 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br>**Blend 2055 Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp;&nbsp; $3 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 5181 | &nbsp;&nbsp;&nbsp; 3737 | &nbsp;&nbsp;&nbsp; 7705 | &nbsp;&nbsp;&nbsp; 2488 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp; (680)<br>| &nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; (478)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 5442 | &nbsp;&nbsp;&nbsp; 3059 | &nbsp;&nbsp;&nbsp; 7860 | &nbsp;&nbsp;&nbsp; 2013 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 2 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 283873 | &nbsp;&nbsp;&nbsp; 260081 | &nbsp;&nbsp;&nbsp; 219328 | &nbsp;&nbsp;&nbsp; 132813 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 1187 | &nbsp;&nbsp;&nbsp; 1022 | &nbsp;&nbsp;&nbsp; 846 | &nbsp;&nbsp;&nbsp; 509 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 285065 | &nbsp;&nbsp;&nbsp; 261107 | &nbsp;&nbsp;&nbsp; 220177 | &nbsp;&nbsp;&nbsp; 133324 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 290507 | &nbsp;&nbsp;&nbsp; 264166 | &nbsp;&nbsp;&nbsp; 228037 | &nbsp;&nbsp;&nbsp; 135337 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $361955 | &nbsp;&nbsp;&nbsp; $319472 | &nbsp;&nbsp;&nbsp; $270452 | &nbsp;&nbsp;&nbsp; $161028 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 95

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025 (continued)

(Amounts in thousands)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2060 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2065 Fund**  |
| **INVESTMENT INCOME:** |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $45 | &nbsp;&nbsp;&nbsp; $4 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 57 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 14921 | &nbsp;&nbsp;&nbsp; 1253 |
| Total investment income | &nbsp;&nbsp;&nbsp; 14966 | &nbsp;&nbsp;&nbsp; 1314 |
| **EXPENSES:** |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 971 | &nbsp;&nbsp;&nbsp; 79 |
| Administration fees | &nbsp;&nbsp;&nbsp; 486 | &nbsp;&nbsp;&nbsp; 40 |
| Distribution fees: |  |  |
| Class R2 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Service fees: |  |  |
| Class I | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 27 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 |
| Professional fees | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 36 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 25 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 26 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 109 |
| Transfer agency fees (See Note 2.J.) | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 3 |
| Other | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 14 |
| Total expenses | &nbsp;&nbsp;&nbsp; 1820 | &nbsp;&nbsp;&nbsp; 360 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (1216)<br>| &nbsp;&nbsp;&nbsp; (118)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp; (206)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 569 | &nbsp;&nbsp;&nbsp; 36 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 14397 | &nbsp;&nbsp;&nbsp; 1278 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |
| Net realized gain (loss) on transactions from: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (78)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 2349 | &nbsp;&nbsp;&nbsp; (459)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; (55)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 2398 | &nbsp;&nbsp;&nbsp; (592)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 326 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 75101 | &nbsp;&nbsp;&nbsp; 6817 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 43 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 75390 | &nbsp;&nbsp;&nbsp; 7186 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 77788 | &nbsp;&nbsp;&nbsp; 6594 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $92185 | &nbsp;&nbsp;&nbsp; $7872 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

96 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend Income Fund** | **JPMorgan** <br>**SmartRetirement® Blend Income Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2025 Fund**  | **JPMorgan** <br>**SmartRetirement® Blend 2025 Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $33579 | &nbsp;&nbsp;&nbsp; $22576 | &nbsp;&nbsp;&nbsp; $69110 | &nbsp;&nbsp;&nbsp; $61952 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 6419 | &nbsp;&nbsp;&nbsp; (10713)<br>| &nbsp;&nbsp;&nbsp; 43136 | &nbsp;&nbsp;&nbsp; (18081)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 77997 | &nbsp;&nbsp;&nbsp; 46033 | &nbsp;&nbsp;&nbsp; 91327 | &nbsp;&nbsp;&nbsp; 140769 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 117995 | &nbsp;&nbsp;&nbsp; 57896 | &nbsp;&nbsp;&nbsp; 203573 | &nbsp;&nbsp;&nbsp; 184640 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp; (97)<br>| &nbsp;&nbsp;&nbsp; (126)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp; (32)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (93)<br>| &nbsp;&nbsp;&nbsp; (30)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (538)<br>| &nbsp;&nbsp;&nbsp; (416)<br>| &nbsp;&nbsp;&nbsp; (930)<br>| &nbsp;&nbsp;&nbsp; (712)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (431)<br>| &nbsp;&nbsp;&nbsp; (295)<br>| &nbsp;&nbsp;&nbsp; (517)<br>| &nbsp;&nbsp;&nbsp; (434)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (24208)<br>| &nbsp;&nbsp;&nbsp; (19758)<br>| &nbsp;&nbsp;&nbsp; (65869)<br>| &nbsp;&nbsp;&nbsp; (55666)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (25192)<br>| &nbsp;&nbsp;&nbsp; (20519)<br>| &nbsp;&nbsp;&nbsp; (67548)<br>| &nbsp;&nbsp;&nbsp; (57000)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 847726 | &nbsp;&nbsp;&nbsp; (53958)<br>| &nbsp;&nbsp;&nbsp; (111299)<br>| &nbsp;&nbsp;&nbsp; (93676)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 940529 | &nbsp;&nbsp;&nbsp; (16581)<br>| &nbsp;&nbsp;&nbsp; 24726 | &nbsp;&nbsp;&nbsp; 33964 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 652362 | &nbsp;&nbsp;&nbsp; 668943 | &nbsp;&nbsp;&nbsp; 1921037 | &nbsp;&nbsp;&nbsp; 1887073 |
| End of period | &nbsp;&nbsp;&nbsp; $1592891 | &nbsp;&nbsp;&nbsp; $652362 | &nbsp;&nbsp;&nbsp; $1945763 | &nbsp;&nbsp;&nbsp; $1921037 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 97

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(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**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $88819 | &nbsp;&nbsp;&nbsp; $73979 | &nbsp;&nbsp;&nbsp; $89367 | &nbsp;&nbsp;&nbsp; $73355 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 18850 | &nbsp;&nbsp;&nbsp; (17590)<br>| &nbsp;&nbsp;&nbsp; 4676 | &nbsp;&nbsp;&nbsp; (18760)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 212945 | &nbsp;&nbsp;&nbsp; 221591 | &nbsp;&nbsp;&nbsp; 279372 | &nbsp;&nbsp;&nbsp; 275831 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 320614 | &nbsp;&nbsp;&nbsp; 277980 | &nbsp;&nbsp;&nbsp; 373415 | &nbsp;&nbsp;&nbsp; 330426 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; (207)<br>| &nbsp;&nbsp;&nbsp; (152)<br>| &nbsp;&nbsp;&nbsp; (32)<br>| &nbsp;&nbsp;&nbsp; (69)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp; (8)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (138)<br>| &nbsp;&nbsp;&nbsp; (40)<br>| &nbsp;&nbsp;&nbsp; (144)<br>| &nbsp;&nbsp;&nbsp; (83)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (1119)<br>| &nbsp;&nbsp;&nbsp; (865)<br>| &nbsp;&nbsp;&nbsp; (1113)<br>| &nbsp;&nbsp;&nbsp; (846)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (560)<br>| &nbsp;&nbsp;&nbsp; (458)<br>| &nbsp;&nbsp;&nbsp; (610)<br>| &nbsp;&nbsp;&nbsp; (483)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (80521)<br>| &nbsp;&nbsp;&nbsp; (65405)<br>| &nbsp;&nbsp;&nbsp; (80771)<br>| &nbsp;&nbsp;&nbsp; (63247)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (82555)<br>| &nbsp;&nbsp;&nbsp; (66926)<br>| &nbsp;&nbsp;&nbsp; (82684)<br>| &nbsp;&nbsp;&nbsp; (64736)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 140569 | &nbsp;&nbsp;&nbsp; (698)<br>| &nbsp;&nbsp;&nbsp; 152342 | &nbsp;&nbsp;&nbsp; 151549 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 378628 | &nbsp;&nbsp;&nbsp; 210356 | &nbsp;&nbsp;&nbsp; 443073 | &nbsp;&nbsp;&nbsp; 417239 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 2579201 | &nbsp;&nbsp;&nbsp; 2368845 | &nbsp;&nbsp;&nbsp; 2804561 | &nbsp;&nbsp;&nbsp; 2387322 |
| End of period | &nbsp;&nbsp;&nbsp; $2957829 | &nbsp;&nbsp;&nbsp; $2579201 | &nbsp;&nbsp;&nbsp; $3247634 | &nbsp;&nbsp;&nbsp; $2804561 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

98 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

&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**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $71448 | &nbsp;&nbsp;&nbsp; $60757 | &nbsp;&nbsp;&nbsp; $55306 | &nbsp;&nbsp;&nbsp; $47545 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 5442 | &nbsp;&nbsp;&nbsp; (12413)<br>| &nbsp;&nbsp;&nbsp; 3059 | &nbsp;&nbsp;&nbsp; (6968)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 285065 | &nbsp;&nbsp;&nbsp; 280585 | &nbsp;&nbsp;&nbsp; 261107 | &nbsp;&nbsp;&nbsp; 256210 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 361955 | &nbsp;&nbsp;&nbsp; 328929 | &nbsp;&nbsp;&nbsp; 319472 | &nbsp;&nbsp;&nbsp; 296787 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; (95)<br>| &nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp; (98)<br>| &nbsp;&nbsp;&nbsp; (119)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; (11)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (113)<br>| &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; (66)<br>| &nbsp;&nbsp;&nbsp; (41)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (851)<br>| &nbsp;&nbsp;&nbsp; (654)<br>| &nbsp;&nbsp;&nbsp; (601)<br>| &nbsp;&nbsp;&nbsp; (436)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (358)<br>| &nbsp;&nbsp;&nbsp; (279)<br>| &nbsp;&nbsp;&nbsp; (281)<br>| &nbsp;&nbsp;&nbsp; (223)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (65196)<br>| &nbsp;&nbsp;&nbsp; (53884)<br>| &nbsp;&nbsp;&nbsp; (50892)<br>| &nbsp;&nbsp;&nbsp; (41782)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (66621)<br>| &nbsp;&nbsp;&nbsp; (54921)<br>| &nbsp;&nbsp;&nbsp; (51949)<br>| &nbsp;&nbsp;&nbsp; (42612)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 138021 | &nbsp;&nbsp;&nbsp; 113406 | &nbsp;&nbsp;&nbsp; 73690 | &nbsp;&nbsp;&nbsp; 156172 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 433355 | &nbsp;&nbsp;&nbsp; 387414 | &nbsp;&nbsp;&nbsp; 341213 | &nbsp;&nbsp;&nbsp; 410347 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 2555792 | &nbsp;&nbsp;&nbsp; 2168378 | &nbsp;&nbsp;&nbsp; 2224993 | &nbsp;&nbsp;&nbsp; 1814646 |
| End of period | &nbsp;&nbsp;&nbsp; $2989147 | &nbsp;&nbsp;&nbsp; $2555792 | &nbsp;&nbsp;&nbsp; $2566206 | &nbsp;&nbsp;&nbsp; $2224993 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 99

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(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** |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $42415 | &nbsp;&nbsp;&nbsp; $36807 | &nbsp;&nbsp;&nbsp; $25691 | &nbsp;&nbsp;&nbsp; $22015 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 7860 | &nbsp;&nbsp;&nbsp; (6605)<br>| &nbsp;&nbsp;&nbsp; 2013 | &nbsp;&nbsp;&nbsp; (3135)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 220177 | &nbsp;&nbsp;&nbsp; 216929 | &nbsp;&nbsp;&nbsp; 133324 | &nbsp;&nbsp;&nbsp; 129425 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 270452 | &nbsp;&nbsp;&nbsp; 247131 | &nbsp;&nbsp;&nbsp; 161028 | &nbsp;&nbsp;&nbsp; 148305 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp; (27)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (5)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (43)<br>| &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; (14)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (587)<br>| &nbsp;&nbsp;&nbsp; (468)<br>| &nbsp;&nbsp;&nbsp; (337)<br>| &nbsp;&nbsp;&nbsp; (240)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (208)<br>| &nbsp;&nbsp;&nbsp; (160)<br>| &nbsp;&nbsp;&nbsp; (152)<br>| &nbsp;&nbsp;&nbsp; (112)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (38953)<br>| &nbsp;&nbsp;&nbsp; (32690)<br>| &nbsp;&nbsp;&nbsp; (23704)<br>| &nbsp;&nbsp;&nbsp; (19025)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (39836)<br>| &nbsp;&nbsp;&nbsp; (33362)<br>| &nbsp;&nbsp;&nbsp; (24242)<br>| &nbsp;&nbsp;&nbsp; (19423)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 104161 | &nbsp;&nbsp;&nbsp; 119240 | &nbsp;&nbsp;&nbsp; 44719 | &nbsp;&nbsp;&nbsp; 120131 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 334777 | &nbsp;&nbsp;&nbsp; 333009 | &nbsp;&nbsp;&nbsp; 181505 | &nbsp;&nbsp;&nbsp; 249013 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 1796022 | &nbsp;&nbsp;&nbsp; 1463013 | &nbsp;&nbsp;&nbsp; 1093831 | &nbsp;&nbsp;&nbsp; 844818 |
| End of period | &nbsp;&nbsp;&nbsp; $2130799 | &nbsp;&nbsp;&nbsp; $1796022 | &nbsp;&nbsp;&nbsp; $1275336 | &nbsp;&nbsp;&nbsp; $1093831 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

100 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend 2060 Fund**  | **JPMorgan** <br>**SmartRetirement® Blend 2060 Fund**  | **JPMorgan** <br>**SmartRetirement® Blend 2065 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2065 Fund** |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| **Year Ended** <br>**June 30, 2024** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $14397 | &nbsp;&nbsp;&nbsp; $11292 | &nbsp;&nbsp;&nbsp; $1278 | &nbsp;&nbsp;&nbsp; $412 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 2398 | &nbsp;&nbsp;&nbsp; (951)<br>| &nbsp;&nbsp;&nbsp; (592)<br>| &nbsp;&nbsp;&nbsp; (7)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 75390 | &nbsp;&nbsp;&nbsp; 67237 | &nbsp;&nbsp;&nbsp; 7186 | &nbsp;&nbsp;&nbsp; 2428 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 92185 | &nbsp;&nbsp;&nbsp; 77578 | &nbsp;&nbsp;&nbsp; 7872 | &nbsp;&nbsp;&nbsp; 2833 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; (248)<br>| &nbsp;&nbsp;&nbsp; (193)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (121)<br>| &nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (73)<br>| &nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (12742)<br>| &nbsp;&nbsp;&nbsp; (9040)<br>| &nbsp;&nbsp;&nbsp; (852)<br>| &nbsp;&nbsp;&nbsp; (203)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (13201)<br>| &nbsp;&nbsp;&nbsp; (9349)<br>| &nbsp;&nbsp;&nbsp; (854)<br>| &nbsp;&nbsp;&nbsp; (204)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 68469 | &nbsp;&nbsp;&nbsp; 123561 | &nbsp;&nbsp;&nbsp; 45777 | &nbsp;&nbsp;&nbsp; 20726 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 147453 | &nbsp;&nbsp;&nbsp; 191790 | &nbsp;&nbsp;&nbsp; 52795 | &nbsp;&nbsp;&nbsp; 23355 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 584460 | &nbsp;&nbsp;&nbsp; 392670 | &nbsp;&nbsp;&nbsp; 30882 | &nbsp;&nbsp;&nbsp; 7527 |
| End of period | &nbsp;&nbsp;&nbsp; $731913 | &nbsp;&nbsp;&nbsp; $584460 | &nbsp;&nbsp;&nbsp; $83677 | &nbsp;&nbsp;&nbsp; $30882 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 101

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(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® Blend 2025 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2025 Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $150 | &nbsp;&nbsp;&nbsp; $81 | &nbsp;&nbsp;&nbsp; $256 | &nbsp;&nbsp;&nbsp; $315 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; 547 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; 126 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (130)<br>| &nbsp;&nbsp;&nbsp; (1464)<br>| &nbsp;&nbsp;&nbsp; (89)<br>| &nbsp;&nbsp;&nbsp; (2244)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp; (1334)<br>| &nbsp;&nbsp;&nbsp; 264 | &nbsp;&nbsp;&nbsp; (1803)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 85 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 32 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (5)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 112 |
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 3337 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 7261 | &nbsp;&nbsp;&nbsp; 529 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; 1126 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 21 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (954)<br>| &nbsp;&nbsp;&nbsp; (549)<br>| &nbsp;&nbsp;&nbsp; (1269)<br>| &nbsp;&nbsp;&nbsp; (2316)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; 3511 | &nbsp;&nbsp;&nbsp; (539)<br>| &nbsp;&nbsp;&nbsp; 6060 | &nbsp;&nbsp;&nbsp; (1766)<br>|
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 4292 | &nbsp;&nbsp;&nbsp; 2652 | &nbsp;&nbsp;&nbsp; 5008 | &nbsp;&nbsp;&nbsp; 4271 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; 14428 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 538 | &nbsp;&nbsp;&nbsp; 416 | &nbsp;&nbsp;&nbsp; 930 | &nbsp;&nbsp;&nbsp; 712 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3762)<br>| &nbsp;&nbsp;&nbsp; (4047)<br>| &nbsp;&nbsp;&nbsp; (5258)<br>| &nbsp;&nbsp;&nbsp; (8488)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; 15496 | &nbsp;&nbsp;&nbsp; (979)<br>| &nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp; (3505)<br>|
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 4907 | &nbsp;&nbsp;&nbsp; 2943 | &nbsp;&nbsp;&nbsp; 1641 | &nbsp;&nbsp;&nbsp; 1509 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; 7384 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 431 | &nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp; 517 | &nbsp;&nbsp;&nbsp; 434 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2960)<br>| &nbsp;&nbsp;&nbsp; (4652)<br>| &nbsp;&nbsp;&nbsp; (1684)<br>| &nbsp;&nbsp;&nbsp; (9523)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 9762 | &nbsp;&nbsp;&nbsp; (1414)<br>| &nbsp;&nbsp;&nbsp; 474 | &nbsp;&nbsp;&nbsp; (7580)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 231922 | &nbsp;&nbsp;&nbsp; 84185 | &nbsp;&nbsp;&nbsp; 384670 | &nbsp;&nbsp;&nbsp; 262733 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; 815101 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 23616 | &nbsp;&nbsp;&nbsp; 18774 | &nbsp;&nbsp;&nbsp; 64108 | &nbsp;&nbsp;&nbsp; 52877 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (252403)<br>| &nbsp;&nbsp;&nbsp; (152651)<br>| &nbsp;&nbsp;&nbsp; (567680)<br>| &nbsp;&nbsp;&nbsp; (394744)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 818236 | &nbsp;&nbsp;&nbsp; (49692)<br>| &nbsp;&nbsp;&nbsp; (118902)<br>| &nbsp;&nbsp;&nbsp; (79134)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $847726 | &nbsp;&nbsp;&nbsp; $(53958)<br>| &nbsp;&nbsp;&nbsp; $(111299)<br>| &nbsp;&nbsp;&nbsp; $(93676)<br>|

---

------

(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, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement® Blend Income Fund** | **JPMorgan**<br> **SmartRetirement® Blend Income Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2025 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2025 Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 15 |
| Shares issued in connection with Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 6 |
| Redeemed | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; (84)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (103)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; (77)<br>| &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; (82)<br>|
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 4 |
| Shares issued in connection with Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 5 |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp; 24 |
| Shares issued in connection with Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp; (53)<br>| &nbsp;&nbsp;&nbsp; (111)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp; (86)<br>|
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp; 195 |
| Shares issued in connection with Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; 789 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 33 |
| Redeemed | &nbsp;&nbsp;&nbsp; (202)<br>| &nbsp;&nbsp;&nbsp; (237)<br>| &nbsp;&nbsp;&nbsp; (224)<br>| &nbsp;&nbsp;&nbsp; (397)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 848 | &nbsp;&nbsp;&nbsp; (60)<br>| &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; (169)<br>|
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 69 |
| Shares issued in connection with Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 20 |
| Redeemed | &nbsp;&nbsp;&nbsp; (159)<br>| &nbsp;&nbsp;&nbsp; (271)<br>| &nbsp;&nbsp;&nbsp; (72)<br>| &nbsp;&nbsp;&nbsp; (442)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 534 | &nbsp;&nbsp;&nbsp; (84)<br>| &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; (353)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 12645 | &nbsp;&nbsp;&nbsp; 4825 | &nbsp;&nbsp;&nbsp; 16571 | &nbsp;&nbsp;&nbsp; 11987 |
| Shares issued in connection with Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; 44517 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 1303 | &nbsp;&nbsp;&nbsp; 1084 | &nbsp;&nbsp;&nbsp; 2790 | &nbsp;&nbsp;&nbsp; 2422 |
| Redeemed | &nbsp;&nbsp;&nbsp; (13575)<br>| &nbsp;&nbsp;&nbsp; (8838)<br>| &nbsp;&nbsp;&nbsp; (24118)<br>| &nbsp;&nbsp;&nbsp; (18112)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 44890 | &nbsp;&nbsp;&nbsp; (2929)<br>| &nbsp;&nbsp;&nbsp; (4757)<br>| &nbsp;&nbsp;&nbsp; (3703)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 103

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(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** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $824 | &nbsp;&nbsp;&nbsp; $282 | &nbsp;&nbsp;&nbsp; $103 | &nbsp;&nbsp;&nbsp; $307 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 68 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (739)<br>| &nbsp;&nbsp;&nbsp; (711)<br>| &nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; (2126)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; (277)<br>| &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; (1751)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; 271 | &nbsp;&nbsp;&nbsp; 63 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 8 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (122)<br>| &nbsp;&nbsp;&nbsp; (472)<br>| &nbsp;&nbsp;&nbsp; (18)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp; (36)<br>| &nbsp;&nbsp;&nbsp; (187)<br>| &nbsp;&nbsp;&nbsp; 53 |
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 10257 | &nbsp;&nbsp;&nbsp; 844 | &nbsp;&nbsp;&nbsp; 11236 | &nbsp;&nbsp;&nbsp; 1489 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; 41 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1927)<br>| &nbsp;&nbsp;&nbsp; (2543)<br>| &nbsp;&nbsp;&nbsp; (1496)<br>| &nbsp;&nbsp;&nbsp; (3825)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; 8428 | &nbsp;&nbsp;&nbsp; (1673)<br>| &nbsp;&nbsp;&nbsp; 9831 | &nbsp;&nbsp;&nbsp; (2295)<br>|
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 7525 | &nbsp;&nbsp;&nbsp; 4858 | &nbsp;&nbsp;&nbsp; 6674 | &nbsp;&nbsp;&nbsp; 6248 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1119 | &nbsp;&nbsp;&nbsp; 865 | &nbsp;&nbsp;&nbsp; 1113 | &nbsp;&nbsp;&nbsp; 846 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (5290)<br>| &nbsp;&nbsp;&nbsp; (7617)<br>| &nbsp;&nbsp;&nbsp; (5184)<br>| &nbsp;&nbsp;&nbsp; (9403)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; 3354 | &nbsp;&nbsp;&nbsp; (1894)<br>| &nbsp;&nbsp;&nbsp; 2603 | &nbsp;&nbsp;&nbsp; (2309)<br>|
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 3114 | &nbsp;&nbsp;&nbsp; 2270 | &nbsp;&nbsp;&nbsp; 3305 | &nbsp;&nbsp;&nbsp; 2333 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 458 | &nbsp;&nbsp;&nbsp; 609 | &nbsp;&nbsp;&nbsp; 481 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3930)<br>| &nbsp;&nbsp;&nbsp; (10655)<br>| &nbsp;&nbsp;&nbsp; (2708)<br>| &nbsp;&nbsp;&nbsp; (8032)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; (256)<br>| &nbsp;&nbsp;&nbsp; (7927)<br>| &nbsp;&nbsp;&nbsp; 1206 | &nbsp;&nbsp;&nbsp; (5218)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 555974 | &nbsp;&nbsp;&nbsp; 328910 | &nbsp;&nbsp;&nbsp; 599042 | &nbsp;&nbsp;&nbsp; 460105 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 78491 | &nbsp;&nbsp;&nbsp; 62030 | &nbsp;&nbsp;&nbsp; 77668 | &nbsp;&nbsp;&nbsp; 59328 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (505879)<br>| &nbsp;&nbsp;&nbsp; (379831)<br>| &nbsp;&nbsp;&nbsp; (537925)<br>| &nbsp;&nbsp;&nbsp; (356364)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 128586 | &nbsp;&nbsp;&nbsp; 11109 | &nbsp;&nbsp;&nbsp; 138785 | &nbsp;&nbsp;&nbsp; 163069 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $140569 | &nbsp;&nbsp;&nbsp; $(698)<br>| &nbsp;&nbsp;&nbsp; $152342 | &nbsp;&nbsp;&nbsp; $151549 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 11 |
| Reinvested | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 3 |
| Redeemed | &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; (31)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (79)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; (65)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

104 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement® Blend 2030 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2030 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2035 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2035 Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 3 |
| Reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; 2 |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 381 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp; 56 |
| Reinvested | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (72)<br>| &nbsp;&nbsp;&nbsp; (113)<br>| &nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp; (147)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp; (77)<br>| &nbsp;&nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp; (90)<br>|
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp; 235 |
| Reinvested | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 32 |
| Redeemed | &nbsp;&nbsp;&nbsp; (200)<br>| &nbsp;&nbsp;&nbsp; (324)<br>| &nbsp;&nbsp;&nbsp; (178)<br>| &nbsp;&nbsp;&nbsp; (364)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; (89)<br>| &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; (97)<br>|
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; 89 |
| Reinvested | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 18 |
| Redeemed | &nbsp;&nbsp;&nbsp; (147)<br>| &nbsp;&nbsp;&nbsp; (449)<br>| &nbsp;&nbsp;&nbsp; (90)<br>| &nbsp;&nbsp;&nbsp; (308)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (336)<br>| &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; (201)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 21206 | &nbsp;&nbsp;&nbsp; 13565 | &nbsp;&nbsp;&nbsp; 20446 | &nbsp;&nbsp;&nbsp; 17172 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3027 | &nbsp;&nbsp;&nbsp; 2563 | &nbsp;&nbsp;&nbsp; 2675 | &nbsp;&nbsp;&nbsp; 2226 |
| Redeemed | &nbsp;&nbsp;&nbsp; (19019)<br>| &nbsp;&nbsp;&nbsp; (15779)<br>| &nbsp;&nbsp;&nbsp; (18179)<br>| &nbsp;&nbsp;&nbsp; (13460)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 5214 | &nbsp;&nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp; 4942 | &nbsp;&nbsp;&nbsp; 5938 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 105

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(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** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $170 | &nbsp;&nbsp;&nbsp; $748 | &nbsp;&nbsp;&nbsp; $34 | &nbsp;&nbsp;&nbsp; $192 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 95 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (504)<br>| &nbsp;&nbsp;&nbsp; (233)<br>| &nbsp;&nbsp;&nbsp; (281)<br>| &nbsp;&nbsp;&nbsp; (1946)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (239)<br>| &nbsp;&nbsp;&nbsp; 584 | &nbsp;&nbsp;&nbsp; (172)<br>| &nbsp;&nbsp;&nbsp; (1659)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 323 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 11 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (405)<br>| &nbsp;&nbsp;&nbsp; (88)<br>| &nbsp;&nbsp;&nbsp; (717)<br>| &nbsp;&nbsp;&nbsp; (11)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; (685)<br>| &nbsp;&nbsp;&nbsp; 323 |
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 9515 | &nbsp;&nbsp;&nbsp; 792 | &nbsp;&nbsp;&nbsp; 6826 | &nbsp;&nbsp;&nbsp; 897 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 16 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1780)<br>| &nbsp;&nbsp;&nbsp; (1905)<br>| &nbsp;&nbsp;&nbsp; (1630)<br>| &nbsp;&nbsp;&nbsp; (2341)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; 7791 | &nbsp;&nbsp;&nbsp; (1102)<br>| &nbsp;&nbsp;&nbsp; 5216 | &nbsp;&nbsp;&nbsp; (1428)<br>|
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 4622 | &nbsp;&nbsp;&nbsp; 3973 | &nbsp;&nbsp;&nbsp; 5780 | &nbsp;&nbsp;&nbsp; 3481 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 851 | &nbsp;&nbsp;&nbsp; 654 | &nbsp;&nbsp;&nbsp; 601 | &nbsp;&nbsp;&nbsp; 436 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2789)<br>| &nbsp;&nbsp;&nbsp; (5726)<br>| &nbsp;&nbsp;&nbsp; (2333)<br>| &nbsp;&nbsp;&nbsp; (4354)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; 2684 | &nbsp;&nbsp;&nbsp; (1099)<br>| &nbsp;&nbsp;&nbsp; 4048 | &nbsp;&nbsp;&nbsp; (437)<br>|
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2730 | &nbsp;&nbsp;&nbsp; 2580 | &nbsp;&nbsp;&nbsp; 2426 | &nbsp;&nbsp;&nbsp; 1977 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 358 | &nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp; 217 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1622)<br>| &nbsp;&nbsp;&nbsp; (7038)<br>| &nbsp;&nbsp;&nbsp; (2132)<br>| &nbsp;&nbsp;&nbsp; (5319)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 1466 | &nbsp;&nbsp;&nbsp; (4180)<br>| &nbsp;&nbsp;&nbsp; 567 | &nbsp;&nbsp;&nbsp; (3125)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 508127 | &nbsp;&nbsp;&nbsp; 388523 | &nbsp;&nbsp;&nbsp; 435057 | &nbsp;&nbsp;&nbsp; 410579 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 62952 | &nbsp;&nbsp;&nbsp; 50554 | &nbsp;&nbsp;&nbsp; 48810 | &nbsp;&nbsp;&nbsp; 38699 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (444954)<br>| &nbsp;&nbsp;&nbsp; (319845)<br>| &nbsp;&nbsp;&nbsp; (419151)<br>| &nbsp;&nbsp;&nbsp; (286780)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 126125 | &nbsp;&nbsp;&nbsp; 119232 | &nbsp;&nbsp;&nbsp; 64716 | &nbsp;&nbsp;&nbsp; 162498 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $138021 | &nbsp;&nbsp;&nbsp; $113406 | &nbsp;&nbsp;&nbsp; $73690 | &nbsp;&nbsp;&nbsp; $156172 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 8 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 3 |
| Redeemed | &nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (66)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (55)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

106 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement® Blend 2040 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2040 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2045 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2045 Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 11 |
| Reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp; 11 |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp; 30 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (57)<br>| &nbsp;&nbsp;&nbsp; (73)<br>| &nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp; (86)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp; (55)<br>|
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp; 117 |
| Reinvested | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 15 |
| Redeemed | &nbsp;&nbsp;&nbsp; (88)<br>| &nbsp;&nbsp;&nbsp; (212)<br>| &nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp; (154)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp; (22)<br>|
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 68 |
| Reinvested | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 7 |
| Redeemed | &nbsp;&nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp; (257)<br>| &nbsp;&nbsp;&nbsp; (63)<br>| &nbsp;&nbsp;&nbsp; (186)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; (155)<br>| &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; (111)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 16174 | &nbsp;&nbsp;&nbsp; 13732 | &nbsp;&nbsp;&nbsp; 13135 | &nbsp;&nbsp;&nbsp; 13856 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2022 | &nbsp;&nbsp;&nbsp; 1793 | &nbsp;&nbsp;&nbsp; 1486 | &nbsp;&nbsp;&nbsp; 1315 |
| Redeemed | &nbsp;&nbsp;&nbsp; (13968)<br>| &nbsp;&nbsp;&nbsp; (11401)<br>| &nbsp;&nbsp;&nbsp; (12574)<br>| &nbsp;&nbsp;&nbsp; (9828)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 4228 | &nbsp;&nbsp;&nbsp; 4124 | &nbsp;&nbsp;&nbsp; 2047 | &nbsp;&nbsp;&nbsp; 5343 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 107

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(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** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $84 | &nbsp;&nbsp;&nbsp; $654 | &nbsp;&nbsp;&nbsp; $29 | &nbsp;&nbsp;&nbsp; $176 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 27 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (366)<br>| &nbsp;&nbsp;&nbsp; (120)<br>| &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (810)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (252)<br>| &nbsp;&nbsp;&nbsp; 551 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; (607)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 833 | &nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 73 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 5 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (579)<br>| &nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp; (354)<br>| &nbsp;&nbsp;&nbsp; (32)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; (280)<br>| &nbsp;&nbsp;&nbsp; 46 |
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 9942 | &nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 989 | &nbsp;&nbsp;&nbsp; 252 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 3 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (778)<br>| &nbsp;&nbsp;&nbsp; (1389)<br>| &nbsp;&nbsp;&nbsp; (398)<br>| &nbsp;&nbsp;&nbsp; (384)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; 9168 | &nbsp;&nbsp;&nbsp; (989)<br>| &nbsp;&nbsp;&nbsp; 599 | &nbsp;&nbsp;&nbsp; (129)<br>|
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 4259 | &nbsp;&nbsp;&nbsp; 3314 | &nbsp;&nbsp;&nbsp; 3061 | &nbsp;&nbsp;&nbsp; 2766 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 587 | &nbsp;&nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp; 337 | &nbsp;&nbsp;&nbsp; 239 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3195)<br>| &nbsp;&nbsp;&nbsp; (4399)<br>| &nbsp;&nbsp;&nbsp; (1391)<br>| &nbsp;&nbsp;&nbsp; (2598)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; 1651 | &nbsp;&nbsp;&nbsp; (617)<br>| &nbsp;&nbsp;&nbsp; 2007 | &nbsp;&nbsp;&nbsp; 407 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2206 | &nbsp;&nbsp;&nbsp; 1729 | &nbsp;&nbsp;&nbsp; 1793 | &nbsp;&nbsp;&nbsp; 1534 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; 112 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1266)<br>| &nbsp;&nbsp;&nbsp; (6044)<br>| &nbsp;&nbsp;&nbsp; (1217)<br>| &nbsp;&nbsp;&nbsp; (4296)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 1148 | &nbsp;&nbsp;&nbsp; (4155)<br>| &nbsp;&nbsp;&nbsp; 728 | &nbsp;&nbsp;&nbsp; (2650)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 383093 | &nbsp;&nbsp;&nbsp; 330932 | &nbsp;&nbsp;&nbsp; 280467 | &nbsp;&nbsp;&nbsp; 271807 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 36282 | &nbsp;&nbsp;&nbsp; 29164 | &nbsp;&nbsp;&nbsp; 23273 | &nbsp;&nbsp;&nbsp; 17551 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (327198)<br>| &nbsp;&nbsp;&nbsp; (235733)<br>| &nbsp;&nbsp;&nbsp; (262117)<br>| &nbsp;&nbsp;&nbsp; (166294)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 92177 | &nbsp;&nbsp;&nbsp; 124363 | &nbsp;&nbsp;&nbsp; 41623 | &nbsp;&nbsp;&nbsp; 123064 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $104161 | &nbsp;&nbsp;&nbsp; $119240 | &nbsp;&nbsp;&nbsp; $44719 | &nbsp;&nbsp;&nbsp; $120131 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 6 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (28)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (21)<br>|

---

------

(a) 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, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement® Blend 2050 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2050 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2055 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2055 Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 3 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; 2 |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 8 |
| Reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; (14)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; (6)<br>|
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 94 |
| Reinvested | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 8 |
| Redeemed | &nbsp;&nbsp;&nbsp; (95)<br>| &nbsp;&nbsp;&nbsp; (156)<br>| &nbsp;&nbsp;&nbsp; (41)<br>| &nbsp;&nbsp;&nbsp; (91)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 11 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 53 |
| Reinvested | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 4 |
| Redeemed | &nbsp;&nbsp;&nbsp; (38)<br>| &nbsp;&nbsp;&nbsp; (212)<br>| &nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp; (151)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; (148)<br>| &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; (94)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 11470 | &nbsp;&nbsp;&nbsp; 11204 | &nbsp;&nbsp;&nbsp; 8425 | &nbsp;&nbsp;&nbsp; 9242 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1098 | &nbsp;&nbsp;&nbsp; 991 | &nbsp;&nbsp;&nbsp; 709 | &nbsp;&nbsp;&nbsp; 600 |
| Redeemed | &nbsp;&nbsp;&nbsp; (9676)<br>| &nbsp;&nbsp;&nbsp; (8056)<br>| &nbsp;&nbsp;&nbsp; (7841)<br>| &nbsp;&nbsp;&nbsp; (5690)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 2892 | &nbsp;&nbsp;&nbsp; 4139 | &nbsp;&nbsp;&nbsp; 1293 | &nbsp;&nbsp;&nbsp; 4152 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 109

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend 2060 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2060 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2065 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2065 Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $34 | &nbsp;&nbsp;&nbsp; $31 | &nbsp;&nbsp;&nbsp; $18 | &nbsp;&nbsp;&nbsp; $5 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp; (171)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 5 |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (48)<br>| &nbsp;&nbsp;&nbsp; (121)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (53)<br>| &nbsp;&nbsp;&nbsp; (191)<br>| &nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp; (150)<br>| &nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1968 | &nbsp;&nbsp;&nbsp; 2042 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (376)<br>| &nbsp;&nbsp;&nbsp; (1170)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; 1713 | &nbsp;&nbsp;&nbsp; 937 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1494 | &nbsp;&nbsp;&nbsp; 1421 | &nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp; 23 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1457)<br>| &nbsp;&nbsp;&nbsp; (1579)<br>| &nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; (116)<br>| &nbsp;&nbsp;&nbsp; 257 | &nbsp;&nbsp;&nbsp; 24 |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 240040 | &nbsp;&nbsp;&nbsp; 209952 | &nbsp;&nbsp;&nbsp; 68476 | &nbsp;&nbsp;&nbsp; 23788 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 12567 | &nbsp;&nbsp;&nbsp; 7908 | &nbsp;&nbsp;&nbsp; 842 | &nbsp;&nbsp;&nbsp; 203 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (186754)<br>| &nbsp;&nbsp;&nbsp; (95130)<br>| &nbsp;&nbsp;&nbsp; (23979)<br>| &nbsp;&nbsp;&nbsp; (3294)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 65853 | &nbsp;&nbsp;&nbsp; 122730 | &nbsp;&nbsp;&nbsp; 45339 | &nbsp;&nbsp;&nbsp; 20697 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $68469 | &nbsp;&nbsp;&nbsp; $123561 | &nbsp;&nbsp;&nbsp; $45777 | &nbsp;&nbsp;&nbsp; $20726 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Reinvested | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 |

---

------

(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, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement® Blend 2060 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2060 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2065 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2065 Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 1 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 1 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 9231 | &nbsp;&nbsp;&nbsp; 9179 | &nbsp;&nbsp;&nbsp; 3320 | &nbsp;&nbsp;&nbsp; 1294 |
| Reinvested | &nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp; 346 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 11 |
| Redeemed | &nbsp;&nbsp;&nbsp; (7080)<br>| &nbsp;&nbsp;&nbsp; (4124)<br>| &nbsp;&nbsp;&nbsp; (1167)<br>| &nbsp;&nbsp;&nbsp; (181)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 2641 | &nbsp;&nbsp;&nbsp; 5401 | &nbsp;&nbsp;&nbsp; 2194 | &nbsp;&nbsp;&nbsp; 1124 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 111

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend Income Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $18.10 | &nbsp;&nbsp; $0.67 | &nbsp;&nbsp; $1.14 | &nbsp;&nbsp; $1.81 | &nbsp;&nbsp; $(0.57)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.57)<br>|
| Year Ended June 30, 2024 | 17.05 | 0.54 | 1.03 | 1.57 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2023 | 16.42 | 0.42 | 0.61 | 1.03 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| Year Ended June 30, 2022 | 19.48 | 0.38 | &nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.78)<br>|
| Year Ended June 30, 2021 | 17.65 | 0.33 | 2.28 | 2.61 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.78)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.06 | 0.65 | 1.06 | 1.71 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2024 | 17.02 | 0.48 | 1.00 | 1.48 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>|
| Year Ended June 30, 2023 | 16.41 | 0.36 | 0.59 | 0.95 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2022 | 19.47 | 0.26 | &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.68)<br>|
| Year Ended June 30, 2021 | 17.64 | 0.24 | 2.28 | 2.52 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.69)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.54 | 0.66 | 1.15 | 1.81 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.55)<br>|
| Year Ended June 30, 2024 | 17.00 | 0.47 | 1.07 | 1.54 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 16.39 | 0.36 | 0.63 | 0.99 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| Year Ended June 30, 2022 | 19.47 | 0.34 | &nbsp;&nbsp; (2.67)<br>| &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.75)<br>|
| Year Ended June 30, 2021 | 17.64 | 0.28 | 2.28 | 2.56 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.73)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.06 | 0.65 | 1.16 | 1.81 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>|
| Year Ended June 30, 2024 | 17.02 | 0.56 | 1.00 | 1.56 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2023 | 16.41 | 0.44 | 0.60 | 1.04 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended June 30, 2022 | 19.48 | 0.39 | &nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.78)<br>|
| Year Ended June 30, 2021 | 17.65 | 0.47 | 2.15 | 2.62 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.79)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.07 | 0.68 | 1.16 | 1.84 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.64)<br>|
| Year Ended June 30, 2024 | 17.03 | 0.59 | 1.00 | 1.59 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.55)<br>|
| Year Ended June 30, 2023 | 16.42 | 0.46 | 0.60 | 1.06 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2022 | 19.48 | 0.41 | &nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.79)<br>|
| Year Ended June 30, 2021 | 17.64 | 0.35 | 2.30 | 2.65 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.81)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.09 | 0.71 | 1.14 | 1.85 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.65)<br>|
| Year Ended June 30, 2024 | 17.05 | 0.61 | 1.00 | 1.61 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.57)<br>|
| Year Ended June 30, 2023 | 16.44 | 0.48 | 0.60 | 1.08 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>|
| Year Ended June 30, 2022 | 19.49 | 0.43 | &nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2021 | 17.65 | 0.39 | 2.28 | 2.67 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.83)<br>|

---

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

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

112 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1534106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 626352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 113

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2025 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $22.95 | &nbsp;&nbsp; $0.76 | &nbsp;&nbsp; $1.59 | &nbsp;&nbsp; $2.35 | &nbsp;&nbsp; $(0.75)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.75)<br>|
| Year Ended June 30, 2024 | 21.42 | 0.66 | 1.49 | 2.15 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.62)<br>|
| Year Ended June 30, 2023 | 20.26 | 0.49 | 1.08 | 1.57 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>|
| Year Ended June 30, 2022 | 24.44 | 0.47 | &nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (1.04)<br>|
| Year Ended June 30, 2021 | 20.88 | 0.39 | 3.98 | 4.37 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.81)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 22.76 | 0.64 | 1.58 | 2.22 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.65)<br>|
| Year Ended June 30, 2024 | 21.27 | 0.56 | 1.45 | 2.01 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2023 | 20.19 | 0.42 | 1.05 | 1.47 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|
| Year Ended June 30, 2022 | 24.43 | 0.36 | &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2021 | 20.88 | 0.27 | 3.97 | 4.24 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.69)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 23.17 | 0.75 | 1.57 | 2.32 | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.71)<br>|
| Year Ended June 30, 2024 | 21.33 | 0.59 | 1.50 | 2.09 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>|
| Year Ended June 30, 2023 | 20.20 | 0.40 | 1.12 | 1.52 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|
| Year Ended June 30, 2022 | 24.40 | 0.41 | &nbsp;&nbsp; (3.60)<br>| &nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (1.01)<br>|
| Year Ended June 30, 2021 | 20.86 | 0.33 | 3.96 | 4.29 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.75)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 22.88 | 0.76 | 1.58 | 2.34 | &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.76)<br>|
| Year Ended June 30, 2024 | 21.35 | 0.66 | 1.48 | 2.14 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>|
| Year Ended June 30, 2023 | 20.28 | 0.51 | 1.06 | 1.57 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2022 | 24.46 | 0.48 | &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (1.04)<br>|
| Year Ended June 30, 2021 | 20.91 | 0.48 | 3.88 | 4.36 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.81)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 22.90 | 0.79 | 1.59 | 2.38 | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.79)<br>|
| Year Ended June 30, 2024 | 21.37 | 0.68 | 1.49 | 2.17 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.64)<br>|
| Year Ended June 30, 2023 | 20.28 | 0.52 | 1.09 | 1.61 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2022 | 24.45 | 0.51 | &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (3.11)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (1.06)<br>|
| Year Ended June 30, 2021 | 20.89 | 0.41 | 3.99 | 4.40 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.84)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 22.90 | 0.81 | 1.59 | 2.40 | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.81)<br>|
| Year Ended June 30, 2024 | 21.38 | 0.72 | 1.47 | 2.19 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.67)<br>|
| Year Ended June 30, 2023 | 20.30 | 0.57 | 1.05 | 1.62 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.54)<br>|
| Year Ended June 30, 2022 | 24.46 | 0.54 | &nbsp;&nbsp; (3.63)<br>| &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (1.07)<br>|
| Year Ended June 30, 2021 | 20.90 | 0.46 | 3.96 | 4.42 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.86)<br>|

---

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

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

114 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1884658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1871274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1826031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1718926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2118605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 115

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2030 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $25.70 | &nbsp;&nbsp; $0.77 | &nbsp;&nbsp; $2.16 | &nbsp;&nbsp; $2.93 | &nbsp;&nbsp; $(0.74)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.74)<br>|
| Year Ended June 30, 2024 | 23.56 | 0.68 | 2.08 | 2.76 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.62)<br>|
| Year Ended June 30, 2023 | 21.86 | 0.48 | 1.64 | 2.12 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2022 | 26.66 | 0.50 | &nbsp;&nbsp; (4.14)<br>| &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.16)<br>|
| Year Ended June 30, 2021 | 21.81 | 0.40 | 5.12 | 5.52 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.67)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 25.59 | 0.66 | 2.13 | 2.79 | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.63)<br>|
| Year Ended June 30, 2024 | 23.46 | 0.55 | 2.07 | 2.62 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49)<br>|
| Year Ended June 30, 2023 | 21.90 | 0.44 | 1.56 | 2.00 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>|
| Year Ended June 30, 2022 | 26.76 | 0.44 | &nbsp;&nbsp; (4.22)<br>| &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.08)<br>|
| Year Ended June 30, 2021 | 21.87 | 0.27 | 5.14 | 5.41 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.52)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 25.91 | 0.76 | 2.14 | 2.90 | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.68)<br>|
| Year Ended June 30, 2024 | 23.43 | 0.60 | 2.10 | 2.70 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22)<br>|
| Year Ended June 30, 2023 | 21.77 | 0.39 | 1.67 | 2.06 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| Year Ended June 30, 2022 | 26.59 | 0.44 | &nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp; (3.69)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.13)<br>|
| Year Ended June 30, 2021 | 21.75 | 0.34 | 5.10 | 5.44 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.60)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 25.64 | 0.77 | 2.16 | 2.93 | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.74)<br>|
| Year Ended June 30, 2024 | 23.50 | 0.67 | 2.08 | 2.75 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>|
| Year Ended June 30, 2023 | 21.87 | 0.52 | 1.60 | 2.12 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49)<br>|
| Year Ended June 30, 2022 | 26.67 | 0.51 | &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.16)<br>|
| Year Ended June 30, 2021 | 21.82 | 0.51 | 5.01 | 5.52 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.67)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 25.66 | 0.81 | 2.16 | 2.97 | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.78)<br>|
| Year Ended June 30, 2024 | 23.51 | 0.70 | 2.09 | 2.79 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.64)<br>|
| Year Ended June 30, 2023 | 21.87 | 0.53 | 1.62 | 2.15 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>|
| Year Ended June 30, 2022 | 26.66 | 0.54 | &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.18)<br>|
| Year Ended June 30, 2021 | 21.80 | 0.42 | 5.14 | 5.56 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.70)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 25.66 | 0.84 | 2.16 | 3.00 | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2024 | 23.53 | 0.74 | 2.07 | 2.81 | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.68)<br>|
| Year Ended June 30, 2023 | 21.90 | 0.58 | 1.59 | 2.17 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.54)<br>|
| Year Ended June 30, 2022 | 26.67 | 0.58 | &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.20)<br>|
| Year Ended June 30, 2021 | 21.81 | 0.48 | 5.11 | 5.59 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.73)<br>|

---

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

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

116 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2869975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2509890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2293258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2051907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2411541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 117

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2035 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $28.62 | &nbsp;&nbsp; $0.80 | &nbsp;&nbsp; $2.74 | &nbsp;&nbsp; $3.54 | &nbsp;&nbsp; $(0.74)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.74)<br>|
| Year Ended June 30, 2024 | 25.81 | 0.67 | 2.77 | 3.44 | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.63)<br>|
| Year Ended June 30, 2023 | 23.50 | 0.49 | 2.24 | 2.73 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2022 | 28.89 | 0.60 | &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp; (4.04)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.35)<br>|
| Year Ended June 30, 2021 | 22.56 | 0.45 | 6.37 | 6.82 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.49)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 28.70 | 0.63 | 2.77 | 3.40 | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.66)<br>|
| Year Ended June 30, 2024 | 25.95 | 0.58 | 2.75 | 3.33 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>|
| Year Ended June 30, 2023 | 23.70 | 0.67 | 1.94 | 2.61 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended June 30, 2022 | 28.90 | 0.20 | &nbsp;&nbsp; (4.42)<br>| &nbsp;&nbsp; (4.22)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2021 | 22.58 | 0.37 | 6.32 | 6.69 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.37)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 28.67 | 0.78 | 2.70 | 3.48 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.67)<br>|
| Year Ended June 30, 2024 | 25.68 | 0.60 | 2.76 | 3.36 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| Year Ended June 30, 2023 | 23.43 | 0.38 | 2.28 | 2.66 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>|
| Year Ended June 30, 2022 | 28.84 | 0.51 | &nbsp;&nbsp; (4.61)<br>| &nbsp;&nbsp; (4.10)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.31)<br>|
| Year Ended June 30, 2021 | 22.53 | 0.40 | 6.34 | 6.74 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.43)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 28.55 | 0.79 | 2.74 | 3.53 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.75)<br>|
| Year Ended June 30, 2024 | 25.73 | 0.69 | 2.74 | 3.43 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>|
| Year Ended June 30, 2023 | 23.52 | 0.53 | 2.19 | 2.72 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>|
| Year Ended June 30, 2022 | 28.91 | 0.59 | &nbsp;&nbsp; (4.63)<br>| &nbsp;&nbsp; (4.04)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.35)<br>|
| Year Ended June 30, 2021 | 22.59 | 0.62 | 6.20 | 6.82 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.50)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 28.58 | 0.84 | 2.74 | 3.58 | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.79)<br>|
| Year Ended June 30, 2024 | 25.76 | 0.73 | 2.75 | 3.48 | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.66)<br>|
| Year Ended June 30, 2023 | 23.54 | 0.55 | 2.20 | 2.75 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.53)<br>|
| Year Ended June 30, 2022 | 28.91 | 0.61 | &nbsp;&nbsp; (4.61)<br>| &nbsp;&nbsp; (4.00)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.37)<br>|
| Year Ended June 30, 2021 | 22.58 | 0.49 | 6.37 | 6.86 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.53)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 28.58 | 0.87 | 2.75 | 3.62 | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.82)<br>|
| Year Ended June 30, 2024 | 25.77 | 0.77 | 2.73 | 3.50 | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.69)<br>|
| Year Ended June 30, 2023 | 23.55 | 0.60 | 2.18 | 2.78 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.56)<br>|
| Year Ended June 30, 2022 | 28.92 | 0.66 | &nbsp;&nbsp; (4.65)<br>| &nbsp;&nbsp; (3.99)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.38)<br>|
| Year Ended June 30, 2021 | 22.58 | 0.56 | 6.33 | 6.89 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.55)<br>|

---

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

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

118 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3155970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2734034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2312149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1949560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2230329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 119

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2040 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $30.52 | &nbsp;&nbsp; $0.73 | &nbsp;&nbsp; $3.30 | &nbsp;&nbsp; $4.03 | &nbsp;&nbsp; $(0.71)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.71)<br>|
| Year Ended June 30, 2024 | 27.16 | 0.67 | 3.31 | 3.98 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.62)<br>|
| Year Ended June 30, 2023 | 24.42 | 0.48 | 2.70 | 3.18 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>|
| Year Ended June 30, 2022 | 30.22 | 0.60 | &nbsp;&nbsp; (4.96)<br>| &nbsp;&nbsp; (4.36)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (1.44)<br>|
| Year Ended June 30, 2021 | 22.92 | 0.46 | 7.29 | 7.75 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 30.29 | 0.63 | 3.20 | 3.83 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.57)<br>|
| Year Ended June 30, 2024 | 27.00 | 0.50 | 3.31 | 3.81 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2023 | 24.40 | 0.71 | 2.33 | 3.04 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>|
| Year Ended June 30, 2022 | 30.25 | 0.40 | &nbsp;&nbsp; (4.91)<br>| &nbsp;&nbsp; (4.51)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (1.34)<br>|
| Year Ended June 30, 2021 | 22.93 | 0.30 | 7.31 | 7.61 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 30.71 | 0.74 | 3.23 | 3.97 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.65)<br>|
| Year Ended June 30, 2024 | 27.01 | 0.58 | 3.33 | 3.91 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.21)<br>|
| Year Ended June 30, 2023 | 24.32 | 0.36 | 2.74 | 3.10 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>|
| Year Ended June 30, 2022 | 30.13 | 0.52 | &nbsp;&nbsp; (4.93)<br>| &nbsp;&nbsp; (4.41)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (1.40)<br>|
| Year Ended June 30, 2021 | 22.86 | 0.39 | 7.27 | 7.66 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 30.45 | 0.74 | 3.28 | 4.02 | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.71)<br>|
| Year Ended June 30, 2024 | 27.09 | 0.67 | 3.29 | 3.96 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.60)<br>|
| Year Ended June 30, 2023 | 24.41 | 0.52 | 2.66 | 3.18 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2022 | 30.21 | 0.60 | &nbsp;&nbsp; (4.96)<br>| &nbsp;&nbsp; (4.36)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (1.44)<br>|
| Year Ended June 30, 2021 | 22.92 | 0.63 | 7.12 | 7.75 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.46)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 30.50 | 0.79 | 3.28 | 4.07 | &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.76)<br>|
| Year Ended June 30, 2024 | 27.12 | 0.69 | 3.33 | 4.02 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.64)<br>|
| Year Ended June 30, 2023 | 24.44 | 0.53 | 2.68 | 3.21 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.53)<br>|
| Year Ended June 30, 2022 | 30.21 | 0.64 | &nbsp;&nbsp; (4.95)<br>| &nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (1.46)<br>|
| Year Ended June 30, 2021 | 22.92 | 0.49 | 7.29 | 7.78 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 30.50 | 0.82 | 3.28 | 4.10 | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.79)<br>|
| Year Ended June 30, 2024 | 27.13 | 0.74 | 3.31 | 4.05 | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.68)<br>|
| Year Ended June 30, 2023 | 24.45 | 0.60 | 2.63 | 3.23 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.55)<br>|
| Year Ended June 30, 2022 | 30.21 | 0.67 | &nbsp;&nbsp; (4.95)<br>| &nbsp;&nbsp; (4.28)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (1.48)<br>|
| Year Ended June 30, 2021 | 22.92 | 0.56 | 7.25 | 7.81 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|

---

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

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

120 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2912336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2497858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2110679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1728200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 121

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2045 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $32.01 | &nbsp;&nbsp; $0.69 | &nbsp;&nbsp; $3.70 | &nbsp;&nbsp; $4.39 | &nbsp;&nbsp; $(0.67)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.67)<br>|
| Year Ended June 30, 2024 | 28.19 | 0.62 | 3.78 | 4.40 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>|
| Year Ended June 30, 2023 | 25.07 | 0.49 | 3.06 | 3.55 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended June 30, 2022 | 31.00 | 0.61 | &nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp; (4.57)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.36)<br>|
| Year Ended June 30, 2021 | 22.97 | 0.45 | 8.02 | 8.47 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 31.77 | 0.42 | 3.77 | 4.19 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2024 | 28.09 | 0.53 | 3.70 | 4.23 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.55)<br>|
| Year Ended June 30, 2023 | 25.06 | 1.05 | 2.36 | 3.41 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| Year Ended June 30, 2022 | 31.02 | 0.34 | &nbsp;&nbsp; (5.06)<br>| &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.24)<br>|
| Year Ended June 30, 2021 | 22.98 | 0.30 | 8.03 | 8.33 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 32.09 | 0.68 | 3.64 | 4.32 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.57)<br>|
| Year Ended June 30, 2024 | 28.07 | 0.52 | 3.81 | 4.33 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>|
| Year Ended June 30, 2023 | 24.98 | 0.33 | 3.14 | 3.47 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| Year Ended June 30, 2022 | 30.93 | 0.52 | &nbsp;&nbsp; (5.15)<br>| &nbsp;&nbsp; (4.63)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.32)<br>|
| Year Ended June 30, 2021 | 22.92 | 0.38 | 8.00 | 8.38 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 31.97 | 0.70 | 3.68 | 4.38 | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.68)<br>|
| Year Ended June 30, 2024 | 28.13 | 0.63 | 3.77 | 4.40 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.56)<br>|
| Year Ended June 30, 2023 | 25.07 | 0.49 | 3.05 | 3.54 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>|
| Year Ended June 30, 2022 | 31.00 | 0.61 | &nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp; (4.57)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.36)<br>|
| Year Ended June 30, 2021 | 22.98 | 0.62 | 7.85 | 8.47 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 32.02 | 0.74 | 3.70 | 4.44 | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72)<br>|
| Year Ended June 30, 2024 | 28.18 | 0.66 | 3.79 | 4.45 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>|
| Year Ended June 30, 2023 | 25.10 | 0.50 | 3.09 | 3.59 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>|
| Year Ended June 30, 2022 | 31.02 | 0.63 | &nbsp;&nbsp; (5.17)<br>| &nbsp;&nbsp; (4.54)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.38)<br>|
| Year Ended June 30, 2021 | 22.98 | 0.46 | 8.06 | 8.52 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 32.05 | 0.78 | 3.69 | 4.47 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.75)<br>|
| Year Ended June 30, 2024 | 28.22 | 0.71 | 3.77 | 4.48 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.65)<br>|
| Year Ended June 30, 2023 | 25.14 | 0.57 | 3.05 | 3.62 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.54)<br>|
| Year Ended June 30, 2022 | 31.04 | 0.68 | &nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp; (4.50)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.40)<br>|
| Year Ended June 30, 2021 | 23.00 | 0.55 | 8.00 | 8.55 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>|

---

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

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

122 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2502904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2176914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1765816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1398380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1584255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 123

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2050 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $32.27 | &nbsp;&nbsp; $0.65 | &nbsp;&nbsp; $3.90 | &nbsp;&nbsp; $4.55 | &nbsp;&nbsp; $(0.65)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.65)<br>|
| Year Ended June 30, 2024 | 28.30 | 0.69 | 3.85 | 4.54 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.57)<br>|
| Year Ended June 30, 2023 | 25.03 | 0.40 | 3.22 | 3.62 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended June 30, 2022 | 31.00 | 0.61 | &nbsp;&nbsp; (5.19)<br>| &nbsp;&nbsp; (4.58)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (1.39)<br>|
| Year Ended June 30, 2021 | 22.96 | 0.44 | 8.04 | 8.48 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 31.83 | 0.49 | 3.83 | 4.32 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2024 | 28.00 | 0.47 | 3.87 | 4.34 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>|
| Year Ended June 30, 2023 | 24.99 | 0.90 | 2.56 | 3.46 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2022 | 30.99 | 0.37 | &nbsp;&nbsp; (5.10)<br>| &nbsp;&nbsp; (4.73)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (1.27)<br>|
| Year Ended June 30, 2021 | 22.95 | 0.28 | 8.05 | 8.33 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 32.32 | 0.72 | 3.75 | 4.47 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>|
| Year Ended June 30, 2024 | 28.10 | 0.50 | 3.96 | 4.46 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24)<br>|
| Year Ended June 30, 2023 | 24.94 | 0.31 | 3.22 | 3.53 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| Year Ended June 30, 2022 | 30.93 | 0.51 | &nbsp;&nbsp; (5.15)<br>| &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (1.35)<br>|
| Year Ended June 30, 2021 | 22.92 | 0.38 | 8.00 | 8.38 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 32.11 | 0.65 | 3.87 | 4.52 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.64)<br>|
| Year Ended June 30, 2024 | 28.14 | 0.60 | 3.92 | 4.52 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.55)<br>|
| Year Ended June 30, 2023 | 25.01 | 0.49 | 3.11 | 3.60 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>|
| Year Ended June 30, 2022 | 30.97 | 0.61 | &nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp; (4.57)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (1.39)<br>|
| Year Ended June 30, 2021 | 22.95 | 0.64 | 7.83 | 8.47 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 32.15 | 0.71 | 3.88 | 4.59 | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.69)<br>|
| Year Ended June 30, 2024 | 28.17 | 0.61 | 3.96 | 4.57 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.59)<br>|
| Year Ended June 30, 2023 | 25.03 | 0.49 | 3.15 | 3.64 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2022 | 30.97 | 0.62 | &nbsp;&nbsp; (5.15)<br>| &nbsp;&nbsp; (4.53)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (1.41)<br>|
| Year Ended June 30, 2021 | 22.94 | 0.47 | 8.04 | 8.51 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 32.17 | 0.74 | 3.88 | 4.62 | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72)<br>|
| Year Ended June 30, 2024 | 28.20 | 0.69 | 3.91 | 4.60 | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.63)<br>|
| Year Ended June 30, 2023 | 25.06 | 0.56 | 3.10 | 3.66 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2022 | 30.99 | 0.68 | &nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp; (4.50)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (1.43)<br>|
| Year Ended June 30, 2021 | 22.96 | 0.55 | 7.99 | 8.54 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>|

---

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

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

124 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2070559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1753755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1420575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1059409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1211998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 125

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2055 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $31.98 | &nbsp;&nbsp; $0.65 | &nbsp;&nbsp; $3.85 | &nbsp;&nbsp; $4.50 | &nbsp;&nbsp; $(0.64)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.64)<br>|
| Year Ended June 30, 2024 | 28.02 | 0.58 | 3.93 | 4.51 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.55)<br>|
| Year Ended June 30, 2023 | 24.84 | 0.45 | 3.13 | 3.58 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| Year Ended June 30, 2022 | 30.75 | 0.60 | &nbsp;&nbsp; (5.12)<br>| &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.39)<br>|
| Year Ended June 30, 2021 | 22.77 | 0.46 | 7.95 | 8.41 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 31.84 | 0.39 | 3.92 | 4.31 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2024 | 27.99 | 0.47 | 3.87 | 4.34 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49)<br>|
| Year Ended June 30, 2023 | 24.81 | 0.97 | 2.48 | 3.45 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.27)<br>|
| Year Ended June 30, 2022 | 30.76 | 0.36 | &nbsp;&nbsp; (5.03)<br>| &nbsp;&nbsp; (4.67)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.28)<br>|
| Year Ended June 30, 2021 | 22.77 | 0.28 | 7.99 | 8.27 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 31.92 | 0.60 | 3.80 | 4.40 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>|
| Year Ended June 30, 2024 | 27.89 | 0.51 | 3.92 | 4.43 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| Year Ended June 30, 2023 | 24.73 | 0.33 | 3.17 | 3.50 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2022 | 30.66 | 0.48 | &nbsp;&nbsp; (5.06)<br>| &nbsp;&nbsp; (4.58)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.35)<br>|
| Year Ended June 30, 2021 | 22.71 | 0.39 | 7.93 | 8.32 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 31.89 | 0.65 | 3.84 | 4.49 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.65)<br>|
| Year Ended June 30, 2024 | 27.93 | 0.60 | 3.89 | 4.49 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.53)<br>|
| Year Ended June 30, 2023 | 24.81 | 0.49 | 3.08 | 3.57 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2022 | 30.72 | 0.60 | &nbsp;&nbsp; (5.12)<br>| &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.39)<br>|
| Year Ended June 30, 2021 | 22.75 | 0.60 | 7.81 | 8.41 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 31.97 | 0.70 | 3.85 | 4.55 | &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.70)<br>|
| Year Ended June 30, 2024 | 27.99 | 0.61 | 3.94 | 4.55 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.57)<br>|
| Year Ended June 30, 2023 | 24.85 | 0.48 | 3.14 | 3.62 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>|
| Year Ended June 30, 2022 | 30.74 | 0.62 | &nbsp;&nbsp; (5.10)<br>| &nbsp;&nbsp; (4.48)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.41)<br>|
| Year Ended June 30, 2021 | 22.76 | 0.47 | 7.98 | 8.45 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 31.99 | 0.74 | 3.84 | 4.58 | &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.73)<br>|
| Year Ended June 30, 2024 | 28.02 | 0.69 | 3.90 | 4.59 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.62)<br>|
| Year Ended June 30, 2023 | 24.88 | 0.56 | 3.09 | 3.65 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>|
| Year Ended June 30, 2022 | 30.76 | 0.68 | &nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.43)<br>|
| Year Ended June 30, 2021 | 22.78 | 0.54 | 7.94 | 8.48 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50)<br>|

---

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

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

126 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1244590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1069375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 127

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2060 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $24.94 | &nbsp;&nbsp; $0.50 | &nbsp;&nbsp; $3.02 | &nbsp;&nbsp; $3.52 | &nbsp;&nbsp; $(0.51)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.51)<br>|
| Year Ended June 30, 2024 | 21.83 | 0.47 | 3.04 | 3.51 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| Year Ended June 30, 2023 | 19.37 | 0.38 | 2.42 | 2.80 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2022 | 23.77 | 0.86 | &nbsp;&nbsp; (4.36)<br>| &nbsp;&nbsp; (3.50)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.90)<br>|
| Year Ended June 30, 2021 | 17.63 | 0.35 | 6.12 | 6.47 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 24.77 | 0.39 | 2.98 | 3.37 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>|
| Year Ended June 30, 2024 | 21.76 | 0.36 | 3.01 | 3.37 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended June 30, 2023 | 19.32 | 0.33 | 2.37 | 2.70 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>|
| Year Ended June 30, 2022 | 23.76 | 0.29 | &nbsp;&nbsp; (3.91)<br>| &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.82)<br>|
| Year Ended June 30, 2021 | 17.61 | 0.23 | 6.14 | 6.37 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 25.26 | 0.59 | 2.91 | 3.50 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.53)<br>|
| Year Ended June 30, 2024 | 21.78 | 0.33 | 3.15 | 3.48 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 19.29 | 0.22 | 2.52 | 2.74 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>|
| Year Ended June 30, 2022 | 23.71 | 0.38 | &nbsp;&nbsp; (3.94)<br>| &nbsp;&nbsp; (3.56)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.86)<br>|
| Year Ended June 30, 2021 | 17.58 | 0.29 | 6.12 | 6.41 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 24.96 | 0.52 | 3.01 | 3.53 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2024 | 21.84 | 0.49 | 3.03 | 3.52 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| Year Ended June 30, 2023 | 19.38 | 0.40 | 2.40 | 2.80 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2022 | 23.80 | 0.47 | &nbsp;&nbsp; (3.99)<br>| &nbsp;&nbsp; (3.52)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.90)<br>|
| Year Ended June 30, 2021 | 17.65 | 0.32 | 6.16 | 6.48 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 24.96 | 0.53 | 3.04 | 3.57 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.55)<br>|
| Year Ended June 30, 2024 | 21.83 | 0.50 | 3.05 | 3.55 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2023 | 19.35 | 0.40 | 2.43 | 2.83 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended June 30, 2022 | 23.74 | 0.50 | &nbsp;&nbsp; (3.98)<br>| &nbsp;&nbsp; (3.48)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.91)<br>|
| Year Ended June 30, 2021 | 17.60 | 0.38 | 6.12 | 6.50 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 24.98 | 0.58 | 3.02 | 3.60 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>|
| Year Ended June 30, 2024 | 21.85 | 0.55 | 3.03 | 3.58 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2023 | 19.37 | 0.45 | 2.40 | 2.85 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| Year Ended June 30, 2022 | 23.75 | 0.53 | &nbsp;&nbsp; (3.99)<br>| &nbsp;&nbsp; (3.46)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.92)<br>|
| Year Ended June 30, 2021 | 17.61 | 0.43 | 6.09 | 6.52 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|

---

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

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

128 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 129

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2065 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $19.72 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $2.27 | &nbsp;&nbsp; $2.70 | &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(0.31)<br>|
| Year Ended June 30, 2024 | 17.19 | 0.39 | 2.37 | 2.76 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.24 | 2.04 | 2.28 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.67 | 0.29 | 2.29 | 2.58 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.21)<br>|
| Year Ended June 30, 2024 | 17.15 | 0.28 | 2.39 | 2.67 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.19 | 2.03 | 2.22 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.70 | 0.48 | 2.15 | 2.63 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.26)<br>|
| Year Ended June 30, 2024 | 17.17 | 0.33 | 2.39 | 2.72 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.21 | 2.04 | 2.25 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.72 | 0.40 | 2.30 | 2.70 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.31)<br>|
| Year Ended June 30, 2024 | 17.19 | 0.37 | 2.39 | 2.76 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.24 | 2.04 | 2.28 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.74 | 0.75 | 1.98 | 2.73 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2024 | 17.20 | 0.43 | 2.37 | 2.80 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.26 | 2.03 | 2.29 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.75 | 0.50 | 2.26 | 2.76 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.36)<br>|
| Year Ended June 30, 2024 | 17.21 | 0.48 | 2.33 | 2.81 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.27)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.32 | 1.98 | 2.30 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) 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. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(i) Commencement of operations.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

130 JPMorgan SmartRetirement® Blend Funds June 30, 2025

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(d)(e) | &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(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.29<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.29<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.89<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.59<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.40<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.34<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.14<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.12<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.88<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.67<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.41<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.73<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.97<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.59<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 131

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**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025

(Dollar values in thousands)

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

**1. Organization**

JPMorgan Trust I ("JPM I") and JPMorgan Trust IV ("JPM IV") (collectively, the "Trusts") were formed on November 12, 2004 and November 11, 2015, respectively, 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 10 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report:

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| | | | |
|:---|:---|:---|:---|
|  | **Classes Offered** | **Trust** | **Diversification Classification** |
| JPMorgan SmartRetirement<sup>®</sup> Blend Income Fund | &nbsp;&nbsp; Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2025 Fund | &nbsp;&nbsp; Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2030 Fund | &nbsp;&nbsp; Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2035 Fund | &nbsp;&nbsp; Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2040 Fund | &nbsp;&nbsp; Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2045 Fund | &nbsp;&nbsp; Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2050 Fund | &nbsp;&nbsp; Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2055 Fund | &nbsp;&nbsp; Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2060 Fund | &nbsp;&nbsp; Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund | &nbsp;&nbsp; Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM IV | Diversified |

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JPMorgan SmartRetirement® Blend Income Fund seeks 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.

JPMorgan SmartRetirement® Blend Income Fund acquired all the assets and liabilities of the JPMorgan SmartRetirement® Blend 2020 Fund in a reorganization on April 25, 2025. Please refer to Note 8 discussing the merger.

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 Trusts (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission ("SEC") Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to

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

132 JPMorgan SmartRetirement® Blend Funds June 30, 2025

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perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services") or may be internally fair valued using methods set forth by the valuation policies approved by the 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.

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; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $56684 | &nbsp;&nbsp;&nbsp;&nbsp; $1483 | &nbsp;&nbsp;&nbsp;&nbsp; $58167 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 29328 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12416 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12416 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 126776 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 126776 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 349792 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 349792 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1817 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1817 |

---

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 133

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**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend Income Fund** <br> (continued)<br>|  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; $671385 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $671385 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 120738 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 120738 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 177 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 132818 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 132818 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 79442 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79442 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $1100619 | &nbsp;&nbsp;&nbsp;&nbsp; $480454 | &nbsp;&nbsp;&nbsp;&nbsp; $1783 | &nbsp;&nbsp;&nbsp;&nbsp; $1582856 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $574 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $574 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(109)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(109)<br>|
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $465 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $465 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2025 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $66424 | &nbsp;&nbsp;&nbsp;&nbsp; $1729 | &nbsp;&nbsp;&nbsp;&nbsp; $68153 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35079 | &nbsp;&nbsp;&nbsp;&nbsp; 3263 | &nbsp;&nbsp;&nbsp;&nbsp; 38342 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14325 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14325 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154022 | &nbsp;&nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp;&nbsp; 154281 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 439290 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 439290 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2107 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2107 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 839328 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 839328 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 142362 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 142362 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 197 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 159070 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 159070 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 70554 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70554 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $1349172 | &nbsp;&nbsp;&nbsp;&nbsp; $573586 | &nbsp;&nbsp;&nbsp;&nbsp; $5251 | &nbsp;&nbsp;&nbsp;&nbsp; $1928009 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1049 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1049 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2030 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $83049 | &nbsp;&nbsp;&nbsp;&nbsp; $1925 | &nbsp;&nbsp;&nbsp;&nbsp; $84974 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46902 | &nbsp;&nbsp;&nbsp;&nbsp; 2149 | &nbsp;&nbsp;&nbsp;&nbsp; 49051 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16829 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16829 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 200607 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 200867 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 713510 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 713510 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2353 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2353 |

---

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

134 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2030 Fund** <br> (continued)<br>|  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; $1418899 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1418899 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 170009 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 170009 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 207 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 242061 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 242061 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 61547 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61547 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $2193956 | &nbsp;&nbsp;&nbsp;&nbsp; $762017 | &nbsp;&nbsp;&nbsp;&nbsp; $4334 | &nbsp;&nbsp;&nbsp;&nbsp; $2960307 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $2463 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2463 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(138)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(138)<br>|
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2325 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2325 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2035 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $28803 | &nbsp;&nbsp;&nbsp;&nbsp; $1084 | &nbsp;&nbsp;&nbsp;&nbsp; $29887 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16713 | &nbsp;&nbsp;&nbsp;&nbsp; 1127 | &nbsp;&nbsp;&nbsp;&nbsp; 17840 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5537 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5537 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53609 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53609 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 898608 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 898608 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 608 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 608 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 2082342 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2082342 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49720 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49720 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47974 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47974 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 51786 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51786 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $3032736 | &nbsp;&nbsp;&nbsp;&nbsp; $203020 | &nbsp;&nbsp;&nbsp;&nbsp; $2211 | &nbsp;&nbsp;&nbsp;&nbsp; $3237967 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1860 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1860 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(59)<br>|
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1801 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1801 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2040 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $955975 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $955975 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 1980360 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1980360 |

---

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 135

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2040 Fund** <br> (continued)<br>|  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4233 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4233 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 48468 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48468 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $2984803 | &nbsp;&nbsp;&nbsp;&nbsp; $4233 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2989036 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1150 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1150 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2045 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $904041 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $904041 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 1616742 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1616742 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3582 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3582 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 46593 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46593 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $2567376 | &nbsp;&nbsp;&nbsp;&nbsp; $3582 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2570958 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $990 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $990 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2050 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $794355 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $794355 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 1298191 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1298191 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2967 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2967 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 40250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40250 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $2132796 | &nbsp;&nbsp;&nbsp;&nbsp; $2967 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2135763 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $820 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $820 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2055 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $475441 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $475441 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 777002 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 777002 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1774 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1774 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 20672 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20672 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $1273115 | &nbsp;&nbsp;&nbsp;&nbsp; $1774 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1274889 |

---

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

136 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2055 Fund** <br> (continued)<br>|  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $493 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $493 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2060 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $272843 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $272843 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 445898 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 445898 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1027 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1027 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 13179 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13179 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $731920 | &nbsp;&nbsp;&nbsp;&nbsp; $1027 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $732947 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $280 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $280 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2065 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $30976 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $30976 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 50871 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50871 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 1862 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1862 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $83709 | &nbsp;&nbsp;&nbsp;&nbsp; $250 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $83959 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $43 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $43 |

---

**B. Restricted Securities**— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of June 30, 2025, the Funds had no investments in restricted securities 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, 2025 JPMorgan SmartRetirement® Blend Funds 137

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

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

**C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments**— JPMorgan SmartRetirement® Blend Income 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 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.

The Funds may be required to post or receive collateral for delayed delivery securities in the form of cash or securities under a Master Securities Forward Transaction Agreement with the counterparties (each, an "MSFTA"). The collateral requirements are generally calculated by netting the mark-to-market amount for a Fund's transactions under the MSFTA and comparing that amount to the value of the collateral pledged by a fund and the counterparty. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by a Fund is held in a segregated account at the Fund's custodian bank and is included on the Statements of Assets and Liabilities as Restricted cash. Collateral received by the Funds is held in a separate segregated account maintained by JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan. These amounts are not reflected on the Funds' Statements of Assets and Liabilities.

JPMorgan SmartRetirement® Blend Income 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, 2025, which are shown as a Receivable for Investment securities sold — delayed delivery securities and/or 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, 2025 are detailed on the SOIs, if any.

**D. 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.

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.

The Funds did not lend out any securities during the year ended June 30, 2025.

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

138 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

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

**E. Investment Transactions with Affiliates**— The Funds invested in Underlying Funds and ETFs advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds' and ETFs' distributions may be reinvested into such Underlying Funds and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF (a)<br>| $12242 | $18329 | $4262 | $229 | $2862 | $29400 | 505 | $536 | $— |
| JPMorgan BetaBuilders International Equity ETF <br> (a)<br>| 63801 | 113334 | 33370 | 2324 | 12858 | 158947 | 2355 | 3522 |  |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 5430 | 8443 | 1641 | 133 | 384 | 12749 | 138 | 229 |  |
| JPMorgan BetaBuilders U.S. Aggregate Bond ETF <br> (a)<br>| 27408 | 15336 | 43153 | 111 | 298 |  |  | 942 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF <br> (a)<br>| 18198 | 31224 | 9868 | 476 | 4438 | 44468 | 456 | 344 |  |
| JPMorgan BetaBuilders U.S. Small Cap Equity ETF <br> (a)<br>| 10034 | 17454 | 5617 | 329 | 2431 | 24631 | 374 | 177 |  |
| JPMorgan BetaBuilders USD High Yield Corporate <br> Bond ETF (a)<br>| 8606 | 1482 | 10165 | 1 | 76 |  |  | 538 |  |
| JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| 68855 | 107927 | 14889 | (1459)<br>| 2998 | 163432 | 22573 | 4925 |  |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 11806 | 18434 | 2410 | 28 | 785 | 28643 | 4539 | 1099 |  |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 12417 | 18419 | 4978 | 262 | 3110 | 29230 | 1560 | 325 |  |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 144220 | 212375 | 60894 | 6656 | 34933 | 337290 | 3622 | 2536 |  |
| JPMorgan High Yield Fund Class R6 Shares (a) | 34834 | 82553 | 6537 | 46 | 1894 | 112790 | 17220 | 4154 |  |
| JPMorgan Inflation Managed Bond ETF (a) | 32853 | 49862 | 4640 | (106)<br>| 1628 | 79597 | 1650 | 1695 |  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 24908 | 219697 | 165163 |  |  | 79442 | 79442 | 2058 |  |
| **Total** | $475612 | $914869 | $367587 | $9030 | $68695 | $1100619 |  | $23080 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan BetaBuilders Emerging Markets <br> Equity ETF (a)<br>| $40469 | $4850 | $11193 | $774 | $3376 | $38276 | 658 | $1206 | $— |
| JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| 210951 | 45651 | 78259 | 9729 | 18883 | 206955 | 3066 | 7055 |  |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 17874 | 2481 | 5008 | 588 | 626 | 16561 | 180 | 531 |  |
| JPMorgan BetaBuilders U.S. Aggregate Bond <br> ETF (a)<br>| 77383 | 53848 | 132342 | 723 | 388 |  |  | 2505 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF <br> (a)<br>| 60091 | 17431 | 26582 | 2611 | 4309 | 57860 | 593 | 825 |  |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 33149 | 10045 | 14608 | 1058 | 2412 | 32056 | 486 | 430 |  |
| JPMorgan BetaBuilders USD High Yield <br> Corporate Bond ETF (a)<br>| 23031 | 2042 | 25250 | 21 | 156 |  |  | 1354 |  |

---

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 139

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(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, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2024**<br>| **Purchases at**<br> **Cost**<br>| **Proceeds from**<br> **Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Value at**<br> **June 30,**<br> **2025**<br>| **Shares at**<br> **June 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| $194396 | $39074 | $40728 | $(4937)<br>| $8452 | $196257 | 27107 | $10011 | $— |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 31498 | 5422 | 4616 | 71 | 1085 | 33460 | 5303 | 2167 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares (a)<br>| 41044 | 7338 | 15027 | 886 | 3811 | 38052 | 2031 | 1009 |  |
| JPMorgan Equity Index Fund Class R6 Shares <br> (a)<br>| 477071 | 63992 | 162469 | 38809 | 21896 | 439299 | 4717 | 6047 |  |
| JPMorgan High Yield Fund Class R6 Shares (a) | 92961 | 62547 | 26372 | (1150)<br>| 4274 | 132260 | 20192 | 7676 |  |
| JPMorgan Inflation Managed Bond ETF (a) | 76902 | 17132 | 9068 | (319)<br>| 2935 | 87582 | 1815 | 3176 |  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 50752 | 391198 | 371396 |  |  | 70554 | 70554 | 3028 |  |
| **Total** | $1427572 | $723051 | $922918 | $48864 | $72603 | $1349172 |  | $47020 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan BetaBuilders Emerging Markets <br> Equity ETF (a)<br>| $68893 | $12691 | $12020 | $369 | $7718 | $77651 | 1335 | $2209 | $— |
| JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| 359756 | 86780 | 81049 | 2462 | 52554 | 420503 | 6229 | 13349 |  |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 30176 | 6061 | 4651 | 544 | 1326 | 33456 | 363 | 967 |  |
| JPMorgan BetaBuilders U.S. Aggregate Bond <br> ETF (a)<br>| 87893 | 11727 | 101125 | 681 | 824 |  |  | 2981 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF <br> (a)<br>| 76965 | 22977 | 22158 | 2073 | 7772 | 87629 | 899 | 1142 |  |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 30816 | 18766 | 10438 | 1295 | 2075 | 42514 | 645 | 427 |  |
| JPMorgan BetaBuilders USD High Yield <br> Corporate Bond ETF (a)<br>| 23196 | 2962 | 26291 | 293 | (160)<br>|  |  | 1413 |  |
| JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| 220802 | 49899 | 17450 | (2103)<br>| 6219 | 257367 | 35548 | 12071 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 31389 | 7489 | 2220 | 4 | 1176 | 37838 | 5996 | 2279 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares (a)<br>| 69911 | 14765 | 16577 | 699 | 8403 | 77201 | 4120 | 1799 |  |
| JPMorgan Equity Index Fund Class R6 Shares <br> (a)<br>| 813083 | 116517 | 153205 | 15604 | 100144 | 892143 | 9580 | 11103 |  |
| JPMorgan High Yield Fund Class R6 Shares (a) | 93744 | 63443 | 6318 | (311)<br>| 3792 | 154350 | 23565 | 8284 |  |

---

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

140 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2024**<br>| **Purchases at**<br> **Cost**<br>| **Proceeds from**<br> **Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Value at**<br> **June 30,**<br> **2025**<br>| **Shares at**<br> **June 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| JPMorgan Inflation Managed Bond ETF (a) | $38143 | $14269 | $2024 | $(30)<br>| $1399 | $51757 | 1073 | $1663 | $— |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 63873 | 308340 | 310666 |  |  | 61547 | 61547 | 3002 |  |
| **Total** | $2008640 | $736686 | $766192 | $21580 | $193242 | $2193956 |  | $62689 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan BetaBuilders Emerging Markets <br> Equity ETF (a)<br>| $90567 | $21006 | $18038 | $241 | $10344 | $104120 | 1790 | $2922 | $— |
| JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| 472866 | 129376 | 111555 | 3098 | 70046 | 563831 | 8353 | 17589 |  |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 39777 | 8372 | 5654 | 591 | 1800 | 44886 | 487 | 1285 |  |
| JPMorgan BetaBuilders U.S. Aggregate Bond <br> ETF (a)<br>| 70393 | 10478 | 82056 | 520 | 665 |  |  | 2398 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| 107048 | 34574 | 30363 | 1214 | 11997 | 124470 | 1278 | 1599 |  |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 52451 | 24643 | 21395 | 1390 | 4212 | 61301 | 929 | 732 |  |
| JPMorgan BetaBuilders USD High Yield <br> Corporate Bond ETF (a)<br>| 18023 | 2444 | 20553 | (54)<br>| 140 |  |  | 1096 |  |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 424401 | 246002 | 47725 | (8777)<br>| 16655 | 630556 | 87093 | 24786 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 24249 | 6041 | 1631 | (29)<br>| 922 | 29552 | 4684 | 1761 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares (a)<br>| 91885 | 26240 | 26270 | 329 | 11336 | 103520 | 5524 | 2387 |  |
| JPMorgan Equity Index Fund Class R6 Shares <br> (a)<br>| 1065700 | 177265 | 199385 | 7634 | 141378 | 1192592 | 12806 | 14656 |  |
| JPMorgan High Yield Fund Class R6 Shares (a) | 72396 | 60306 | 9294 | (358)<br>| 3072 | 126122 | 19255 | 6506 |  |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.27% (a) (b)<br>| 64289 | 359117 | 371620 |  |  | 51786 | 51786 | 2598 |  |
| **Total** | $2594045 | $1105864 | $945539 | $5799 | $272567 | $3032736 |  | $80315 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

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

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 141

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan BetaBuilders Emerging Markets <br> Equity ETF (a)<br>| $98032 | $18352 | $17648 | $166 | $10917 | $109819 | 1888 | $3022 | $— |
| JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| 497610 | 121738 | 100477 | 2150 | 72933 | 593954 | 8799 | 18356 |  |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 41751 | 9341 | 5674 | 587 | 1875 | 47880 | 520 | 1341 |  |
| JPMorgan BetaBuilders U.S. Aggregate Bond <br> ETF (a)<br>| 42819 | 6320 | 49852 | (2130)<br>| 2843 |  |  | 1447 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF <br> (a)<br>| 118574 | 27618 | 24700 | 2215 | 12280 | 135987 | 1395 | 1709 |  |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 57311 | 21047 | 16198 | 1730 | 4445 | 68335 | 1036 | 798 |  |
| JPMorgan BetaBuilders USD High Yield <br> Corporate Bond ETF (a)<br>| 10945 | 1485 | 12482 | (635)<br>| 687 |  |  | 663 |  |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 129006 | 32545 | 36198 | (4370)<br>| 7498 | 128481 | 12426 | 5577 |  |
| JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| 258153 | 150961 | 28824 | (5345)<br>| 10084 | 385029 | 53181 | 14954 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 15071 | 4123 | 925 | (70)<br>| 623 | 18822 | 2983 | 1087 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares (a)<br>| 95306 | 25011 | 23830 | 682 | 12020 | 109189 | 5826 | 2463 |  |
| JPMorgan Equity Index Fund Class R6 Shares <br> (a)<br>| 1103718 | 151414 | 155275 | 10361 | 145696 | 1255914 | 13486 | 15126 |  |
| JPMorgan High Yield Fund Class R6 Shares (a) | 44160 | 40034 | 3081 | (160)<br>| 1972 | 82925 | 12660 | 4029 |  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 40455 | 289156 | 281143 |  |  | 48468 | 48468 | 2105 |  |
| **Total** | $2552911 | $899145 | $756307 | $5181 | $283873 | $2984803 |  | $72677 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan BetaBuilders Emerging Markets <br> Equity ETF (a)<br>| $92320 | $15956 | $15420 | $(48)<br>| $10303 | $103111 | 1773 | $2844 | $— |
| JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| 475788 | 101978 | 88277 | 1793 | 68042 | 559324 | 8286 | 17253 |  |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 39625 | 8632 | 5593 | 596 | 1695 | 44955 | 488 | 1259 |  |
| JPMorgan BetaBuilders U.S. Aggregate Bond <br> ETF (a)<br>| 22903 | 3350 | 26620 | (1074)<br>| 1441 |  |  | 767 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF <br> (a)<br>| 111018 | 31057 | 25045 | 1229 | 12302 | 130561 | 1340 | 1642 |  |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 55829 | 19595 | 15221 | 1697 | 4190 | 66090 | 1001 | 769 |  |
| JPMorgan BetaBuilders USD High Yield <br> Corporate Bond ETF (a)<br>| 14644 | 1966 | 16679 | (922)<br>| 991 |  |  | 878 |  |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 69003 | 18387 | 21142 | (2447)<br>| 4079 | 67880 | 6565 | 2941 |  |
| JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| 138082 | 85284 | 22377 | (4301)<br>| 6734 | 203422 | 28097 | 7870 |  |

---

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

142 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2024**<br>| **Purchases at**<br> **Cost**<br>| **Proceeds from**<br> **Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Value at**<br> **June 30,**<br> **2025**<br>| **Shares at**<br> **June 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| $8056 | $2304 | $650 | $(49)<br>| $341 | $10002 | 1585 | $575 | $— |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares (a)<br>| 90317 | 20374 | 19708 | 296 | 11243 | 102522 | 5471 | 2317 |  |
| JPMorgan Equity Index Fund Class R6 Shares <br> (a)<br>| 1055587 | 139718 | 156532 | 6993 | 137730 | 1183496 | 12708 | 14282 |  |
| JPMorgan High Yield Fund Class R6 Shares (a) | 14769 | 34873 | 1186 | (26)<br>| 990 | 49420 | 7545 | 1686 |  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 32832 | 283837 | 270076 |  |  | 46593 | 46593 | 1815 |  |
| **Total** | $2220773 | $767311 | $684526 | $3737 | $260081 | $2567376 |  | $56898 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan BetaBuilders Emerging Markets <br> Equity ETF (a)<br>| $78426 | $15916 | $12935 | $(53)<br>| $9023 | $90377 | 1553 | $2431 | $— |
| JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| 401386 | 109587 | 80635 | 969 | 58931 | 490238 | 7263 | 14840 |  |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 33660 | 8209 | 4281 | 409 | 1452 | 39449 | 428 | 1080 |  |
| JPMorgan BetaBuilders U.S. Aggregate Bond <br> ETF (a)<br>| 12098 | 1912 | 14194 | (568)<br>| 752 |  |  | 404 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF <br> (a)<br>| 97649 | 22307 | 15954 | 1780 | 10033 | 115815 | 1189 | 1419 |  |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 47799 | 17400 | 11829 | 1412 | 3694 | 58476 | 886 | 663 |  |
| JPMorgan BetaBuilders USD High Yield <br> Corporate Bond ETF (a)<br>| 7865 | 1176 | 9072 | (600)<br>| 631 |  |  | 473 |  |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 36444 | 9217 | 12666 | (1061)<br>| 1888 | 33822 | 3271 | 1533 |  |
| JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| 72928 | 40986 | 13784 | (2576)<br>| 3801 | 101355 | 13999 | 4098 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 4467 | 1173 | 471 | (10)<br>| 164 | 5323 | 844 | 311 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares (a)<br>| 76500 | 20298 | 17238 | 342 | 9959 | 89861 | 4795 | 1976 |  |
| JPMorgan Equity Index Fund Class R6 Shares <br> (a)<br>| 892195 | 141303 | 121479 | 7665 | 118388 | 1038072 | 11147 | 12210 |  |
| JPMorgan High Yield Fund Class R6 Shares (a) | 7957 | 21926 | 733 | (4)<br>| 612 | 29758 | 4543 | 965 |  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 24774 | 254928 | 239452 |  |  | 40250 | 40250 | 1544 |  |
| **Total** | $1794148 | $666338 | $554723 | $7705 | $219328 | $2132796 |  | $43947 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

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

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 143

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan BetaBuilders Emerging Markets <br> Equity ETF (a)<br>| $47957 | $11439 | $10591 | $(85)<br>| $5373 | $54093 | 930 | $1472 | $— |
| JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| 239297 | 74876 | 56379 | 269 | 35356 | 293419 | 4347 | 8946 |  |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 20434 | 4825 | 2756 | 249 | 859 | 23611 | 256 | 655 |  |
| JPMorgan BetaBuilders U.S. Aggregate Bond <br> ETF (a)<br>| 7359 | 1233 | 8701 | (325)<br>| 434 |  |  | 246 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF <br> (a)<br>| 59286 | 17599 | 14629 | 782 | 6281 | 69319 | 711 | 868 |  |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 28922 | 10663 | 7644 | 927 | 2131 | 34999 | 531 | 403 |  |
| JPMorgan BetaBuilders USD High Yield <br> Corporate Bond ETF (a)<br>| 4805 | 740 | 5564 | (342)<br>| 361 |  |  | 288 |  |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 22124 | 5924 | 8299 | (761)<br>| 1255 | 20243 | 1958 | 928 |  |
| JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| 44270 | 25400 | 9727 | (1816)<br>| 2537 | 60664 | 8379 | 2475 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 2683 | 677 | 268 | (2)<br>| 96 | 3186 | 505 | 190 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares (a)<br>| 46443 | 13049 | 11815 | 185 | 5922 | 53784 | 2870 | 1209 |  |
| JPMorgan Equity Index Fund Class R6 Shares <br> (a)<br>| 544948 | 111908 | 110793 | 3418 | 71833 | 621314 | 6671 | 7399 |  |
| JPMorgan High Yield Fund Class R6 Shares (a) | 4830 | 13134 | 517 | (11)<br>| 375 | 17811 | 2719 | 581 |  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 19026 | 193931 | 192285 |  |  | 20672 | 20672 | 944 |  |
| **Total** | $1092384 | $485398 | $439968 | $2488 | $132813 | $1273115 |  | $26604 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF (a)<br>| $25454 | $11081 | $8379 | $(238)<br>| $3124 | $31042 | 534 | $832 | $— |
| JPMorgan BetaBuilders International Equity ETF <br> (a)<br>| 130181 | 57125 | 38701 | (469)<br>| 20250 | 168386 | 2494 | 5056 |  |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 10846 | 3761 | 1602 | 77 | 468 | 13550 | 147 | 366 |  |
| JPMorgan BetaBuilders U.S. Aggregate Bond ETF <br> (a)<br>| 3898 | 980 | 4930 | (100)<br>| 152 |  |  | 134 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 31511 | 15294 | 11162 | 572 | 3565 | 39780 | 408 | 486 |  |
| JPMorgan BetaBuilders U.S. Small Cap Equity ETF <br> (a)<br>| 15376 | 8489 | 5590 | 465 | 1345 | 20085 | 305 | 225 |  |
| JPMorgan BetaBuilders USD High Yield Corporate <br> Bond ETF (a)<br>| 2543 | 607 | 3158 | (115)<br>| 123 |  |  | 157 |  |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 11745 | 4376 | 4759 | (352)<br>| 607 | 11617 | 1123 | 509 |  |
| JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| 23500 | 16734 | 5790 | (1068)<br>| 1437 | 34813 | 4808 | 1362 |  |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 1417 | 553 | 193 | (2)<br>| 53 | 1828 | 290 | 104 |  |

---

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

144 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2060 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2060 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2060 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2060 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2060 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2060 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2060 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2060 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2060 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2060 Fund** (continued) |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2024**<br>| **Purchases at**<br> **Cost**<br>| **Proceeds from**<br> **Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Value at**<br> **June 30,**<br> **2025**<br>| **Shares at**<br> **June 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| $24651 | $10342 | $7635 | $72 | $3436 | $30866 | 1647 | $681 | $— |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 290166 | 89585 | 67041 | 3511 | 40331 | 356552 | 3829 | 4141 |  |
| JPMorgan High Yield Fund Class R6 Shares (a) | 2564 | 7806 | 354 | (4)<br>| 210 | 10222 | 1561 | 323 |  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 8430 | 147616 | 142867 |  |  | 13179 | 13179 | 545 |  |
| **Total** | $582282 | $374349 | $302161 | $2349 | $75101 | $731920 |  | $14921 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2065 Fund**  | **JPMorgan SmartRetirement® Blend 2065 Fund**  | **JPMorgan SmartRetirement® Blend 2065 Fund**  | **JPMorgan SmartRetirement® Blend 2065 Fund**  | **JPMorgan SmartRetirement® Blend 2065 Fund**  | **JPMorgan SmartRetirement® Blend 2065 Fund**  | **JPMorgan SmartRetirement® Blend 2065 Fund**  | **JPMorgan SmartRetirement® Blend 2065 Fund**  | **JPMorgan SmartRetirement® Blend 2065 Fund**  | **JPMorgan SmartRetirement® Blend 2065 Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan BetaBuilders Emerging Markets Equity ETF <br> (a)<br>| $1323 | $3519 | $1613 | $(33)<br>| $346 | $3542 | 61 | $73 | $— |
| JPMorgan BetaBuilders International Equity ETF (a) | 6834 | 13807 | 3437 | (98)<br>| 2105 | 19211 | 284 | 475 |  |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 591 | 1140 | 192 | (4)<br>| 11 | 1546 | 17 | 32 |  |
| JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | 196 | 217 | 416 | 6 | (3)<br>|  |  | 9 |  |
| JPMorgan BetaBuilders USD High Yield Corporate Bond <br> ETF (a)<br>| 128 | 172 | 299 |  | (1)<br>|  |  | 11 |  |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 589 | 1035 | 317 | (5)<br>| 23 | 1325 | 128 | 40 |  |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 1179 | 3176 | 405 | (13)<br>| 34 | 3971 | 549 | 112 |  |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 72 | 137 | 4 | —<br> (b)<br>| 4 | 209 | 33 | 8 |  |
| JPMorgan Emerging Markets Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 1309 | 2058 | 205 | (8)<br>| 368 | 3522 | 188 | 52 |  |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 15145 | 28425 | 6499 | (304)<br>| 3911 | 40678 | 437 | 360 |  |
| JPMorgan High Yield Fund Class R6 Shares (a) | 129 | 1025 | 7 | —<br> (b)<br>| 19 | 1166 | 178 | 29 |  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (c)<br>| 806 | 44789 | 43733 |  |  | 1862 | 1862 | 52 |  |
| **Total** | $28301 | $99500 | $57127 | $(459)<br>| $6817 | $77032 |  | $1253 | $— |

---

&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, 2025.

**F. 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

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 145

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

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.

**G. Futures Contracts**— The Funds used treasury and index 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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend Income** <br>**Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2025** <br>**Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2030** <br>**Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2035** <br>**Fund** <br>|
| **Futures Contracts:** |  |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $21327 | &nbsp;&nbsp; $54091 | &nbsp;&nbsp; $118641 | &nbsp;&nbsp; $73889 |
| Average Notional Balance Short | &nbsp;&nbsp; (1965)<br>| &nbsp;&nbsp; (1572)<br>| &nbsp;&nbsp; (2072)<br>| &nbsp;&nbsp; (1280)<br>|
| Ending Notional Balance Long | &nbsp;&nbsp; 46689 | &nbsp;&nbsp; 61986 | &nbsp;&nbsp; 129597 | &nbsp;&nbsp; 86678 |
| Ending Notional Balance Short | &nbsp;&nbsp; (4576)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9089)<br>| &nbsp;&nbsp; (1309)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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>|
| **Futures Contracts:** |  |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $48459 | &nbsp;&nbsp; $41602 | &nbsp;&nbsp; $33708 | &nbsp;&nbsp; $20396 |
| Average Notional Balance Short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance Long | &nbsp;&nbsp; 52033 | &nbsp;&nbsp; 44793 | &nbsp;&nbsp; 37133 | &nbsp;&nbsp; 22342 |
| Ending Notional Balance Short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2060** <br>**Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2065** <br>**Fund** <br>|
| **Futures Contracts:** |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $11170 | &nbsp;&nbsp; $1013 |
| Average Notional Balance Short | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance Long | &nbsp;&nbsp; 12664 | &nbsp;&nbsp; 1813 |
| Ending Notional Balance Short | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

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

146 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

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

**H. Summary of Derivatives Information**— The following tables present the value of derivatives held as of June 30, 2025, 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 2025** <br>**Fund**<br>| **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>|
| **Equity Risk Exposure:** |  |  |  |  |  |
| Unrealized Appreciation on Futures <br> Contracts \*<br>| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1138 | &nbsp;&nbsp; $1255 | &nbsp;&nbsp; $1150 |
| **Interest Rate Risk Exposure:** |  |  |  |  |  |
| Unrealized Appreciation on Futures <br> Contracts \*<br>| 574 | &nbsp;&nbsp; 1049 | &nbsp;&nbsp; 1325 | &nbsp;&nbsp; 605 | &nbsp;&nbsp; — |
| Unrealized Depreciation on Futures <br> Contracts \*<br>| (109)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (138)<br>| &nbsp;&nbsp; (59)<br>| &nbsp;&nbsp; — |
| **Net Fair Value of Derivative** <br> **Contracts:**<br>|  |  |  |  |  |
| Unrealized Appreciation <br> (Depreciation) on Futures <br> Contracts \*<br>| 465 | &nbsp;&nbsp; 1049 | &nbsp;&nbsp; 2325 | &nbsp;&nbsp; 1801 | &nbsp;&nbsp; 1150 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2060** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2065** <br>**Fund**<br>|
| **Equity Risk Exposure:** |  |  |  |  |  |
| Unrealized Appreciation on Futures <br> Contracts \*<br>| $990 | &nbsp;&nbsp; $820 | &nbsp;&nbsp; $493 | &nbsp;&nbsp; $280 | &nbsp;&nbsp; $43 |
| **Net Fair Value of Derivative** <br> **Contracts:**<br>|  |  |  |  |  |
| Unrealized Appreciation <br> (Depreciation) on Futures <br> Contracts \*<br>| 990 | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 43 |

---

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

 <br> \* 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.

The following tables present the effect of derivatives on the Statements of Operations for the year ended June 30, 2025, by primary underlying risk exposure:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend Income** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2025** <br>**Fund**<br>| **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>|
| **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** |
| **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** |
| Futures Contracts | $— | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $795 | &nbsp;&nbsp; $(566)<br>| &nbsp;&nbsp; $258 |
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | (219)<br>| &nbsp;&nbsp; 74 | &nbsp;&nbsp; (46)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; — |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** |
| **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** |
| Futures Contracts | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1162 | &nbsp;&nbsp; $1296 | &nbsp;&nbsp; $1187 |

---

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 147

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement®**<br> **Blend Income**<br> **Fund**<br>| **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2025**<br> **Fund**<br>| **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>|
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | $422 | &nbsp;&nbsp; $908 | &nbsp;&nbsp; $1072 | &nbsp;&nbsp; $525 | &nbsp;&nbsp; $— |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2060** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2065** <br>**Fund**<br>|
| **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** |
| **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** |
| Futures Contracts | $(680)<br>| &nbsp;&nbsp; $152 | &nbsp;&nbsp; $(478)<br>| &nbsp;&nbsp; $47 | &nbsp;&nbsp; $(55)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** |
| **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** |
| Futures Contracts | $1022 | &nbsp;&nbsp; $846 | &nbsp;&nbsp; $509 | &nbsp;&nbsp; $288 | &nbsp;&nbsp; $43 |

---

**I. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.

Interest income 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 the Funds first learn of the dividend.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

**J. Allocation of Income and Expenses**— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2025, are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** | **Total** |
| **JPMorgan SmartRetirement® Blend Income Fund** |  |  |  |  |  |  |  |
| Transfer agency fees  | $1 | $—<br> (a)<br>| $—<br> (a)<br>| $—<br> (a)<br>| $—<br> (a)<br>| $11 | $12 |
| **JPMorgan SmartRetirement® Blend 2025 Fund** |  |  |  |  |  |  |  |
| Transfer agency fees  | 1 | —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| 20 | 21 |
| **JPMorgan SmartRetirement® Blend 2030 Fund** |  |  |  |  |  |  |  |
| Transfer agency fees  | 1 | —<br> (a)<br>| —<br> (a)<br>| 1 | —<br> (a)<br>| 26 | 28 |
| **JPMorgan SmartRetirement® Blend 2035 Fund** |  |  |  |  |  |  |  |
| Transfer agency fees  | 1 | —<br> (a)<br>| —<br> (a)<br>| 1 | —<br> (a)<br>| 28 | 30 |
| **JPMorgan SmartRetirement® Blend 2040 Fund** |  |  |  |  |  |  |  |
| Transfer agency fees  | 1 | —<br> (a)<br>| —<br> (a)<br>| 1 | —<br> (a)<br>| 27 | 29 |
| **JPMorgan SmartRetirement® Blend 2045 Fund** |  |  |  |  |  |  |  |
| Transfer agency fees  | 1 | —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| 24 | 25 |

---

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

148 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** | **Total** |
| **JPMorgan SmartRetirement® Blend 2050 Fund** |  |  |  |  |  |  |  |
| Transfer agency fees  | $1 | $—<br> (a)<br>| $—<br> (a)<br>| $—<br> (a)<br>| $—<br> (a)<br>| $20 | $21 |
| **JPMorgan SmartRetirement® Blend 2055 Fund** |  |  |  |  |  |  |  |
| Transfer agency fees  | 1 | —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| 16 | 17 |
| **JPMorgan SmartRetirement® Blend 2060 Fund** |  |  |  |  |  |  |  |
| Transfer agency fees  | 1 | —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| 12 | 13 |
| **JPMorgan SmartRetirement® Blend 2065 Fund** |  |  |  |  |  |  |  |
| Transfer agency fees  | —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| 3 | 3 |

---

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

(a) Amount rounds to less than one thousand.

The Funds invested in Underlying Funds and, as a result bear a portion of the expenses incurred by these Underlying Funds 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.

**K. Federal Income Taxes**— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of June 30, 2025, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**L. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared and paid at least annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition — "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

The following amounts were reclassified within the capital accounts:

---

| | | | |
|:---|:---|:---|:---|
|  | **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| JPMorgan SmartRetirement® Blend Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $68540 | &nbsp;&nbsp;&nbsp;&nbsp; $(401)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(68139)<br>|
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; (27)<br>|
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|

---

The reclassifications for the Funds relate primarily to merger adjustments and tax adjustments on certain investments.

**M. Segment Reporting** — The Funds adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 149

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

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

**N. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee** — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.15% 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.

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.010% of each Fund's respective average daily net assets in excess of $25 billion. For the year ended June 30, 2025, the effective rate was 0.075% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.

JPMCB 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** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|

---

**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 I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**E. Custodian and Accounting Fees**— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

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

150 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

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

**F. Waivers and Reimbursements**— The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding 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 Funds and ETFs and acquired fund fees incurred by any Underlying Funds and ETFs) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:

---

| |
|:---|
| **Class I** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<sup>(1)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<sup>(1)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<sup>(1)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<sup>(1)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<sup>(1)</sup><br>|

---

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

<sup>(1)</sup> Prior to November 1, 2024, the contractual expense limitations were 0.44%, 0.94%, 0.69%, 0.44%, 0.29% and 0.19% for Class I, Class R2, Class R3, Class R4, Class R5 and Class R6, respectively. 

Except as noted above, the expense limitation agreements were in effect for the year ended June 30, 2025 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2025.

The Underlying Funds 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.

For the year ended June 30, 2025, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |  |
|  | **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** | **Contractual** <br>**Reimbursements**<br>|
| JPMorgan SmartRetirement® Blend Income Fund | &nbsp;&nbsp; $1328 | &nbsp;&nbsp; $287 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $1616 | &nbsp;&nbsp; $272 |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp; 3012 | &nbsp;&nbsp; 516 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3529 | &nbsp;&nbsp; 294 |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp; 4178 | &nbsp;&nbsp; 698 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 4878 | &nbsp;&nbsp; 21 |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 754 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 5356 | &nbsp;&nbsp; 737 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp; 4161 | &nbsp;&nbsp; 679 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 4841 | &nbsp;&nbsp; 538 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp; 3498 | &nbsp;&nbsp; 592 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 4092 | &nbsp;&nbsp; 19 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp; 2646 | &nbsp;&nbsp; 502 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3149 | &nbsp;&nbsp; 9 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp; 1655 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1996 | &nbsp;&nbsp; 9 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp; 971 | &nbsp;&nbsp; 244 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1216 | &nbsp;&nbsp; 35 |
| JPMorgan SmartRetirement® Blend 2065 Fund | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp; 118 | &nbsp;&nbsp; 206 |

---

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

(a) Amount rounds to less than one thousand.

**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, 2025, JPMorgan SmartRetirement Blend Income 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 SEC has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 151

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

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

**4. Investment Transactions** 

During the year ended June 30, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>| **Purchases** <br>**of U.S.** <br>**Government**<br>| **Sales** <br>**of U.S.** <br>**Government**<br>|
| JPMorgan SmartRetirement® Blend Income Fund | $231547 | $260218 | $48397 | $32495 |
| JPMorgan SmartRetirement® Blend 2025 Fund | 523298 | 700069 | 85349 | 69291 |
| JPMorgan SmartRetirement® Blend 2030 Fund | 691760 | 623829 | 126607 | 51932 |
| JPMorgan SmartRetirement® Blend 2035 Fund | 845294 | 671270 | 28824 | 47102 |
| JPMorgan SmartRetirement® Blend 2040 Fund | 609985 | 475159 | 3244 | 3538 |
| JPMorgan SmartRetirement® Blend 2045 Fund | 483474 | 414450 | 2832 | 3030 |
| JPMorgan SmartRetirement® Blend 2050 Fund | 411410 | 315272 | 2287 | 2498 |
| JPMorgan SmartRetirement® Blend 2055 Fund | 291467 | 247683 | 1404 | 1581 |
| JPMorgan SmartRetirement® Blend 2060 Fund | 226733 | 159295 | 777 | 1053 |
| JPMorgan SmartRetirement® Blend 2065 Fund | 60608 | 15322 | 117 | 63 |

---

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| JPMorgan SmartRetirement® Blend Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $1354958 | &nbsp;&nbsp;&nbsp;&nbsp; $258793 | &nbsp;&nbsp;&nbsp;&nbsp; $30430 | &nbsp;&nbsp;&nbsp;&nbsp; $228363 |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1611283 | &nbsp;&nbsp;&nbsp;&nbsp; 351023 | &nbsp;&nbsp;&nbsp;&nbsp; 33248 | &nbsp;&nbsp;&nbsp;&nbsp; 317775 |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2354233 | &nbsp;&nbsp;&nbsp;&nbsp; 649357 | &nbsp;&nbsp;&nbsp;&nbsp; 40958 | &nbsp;&nbsp;&nbsp;&nbsp; 608399 |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2490415 | &nbsp;&nbsp;&nbsp;&nbsp; 781243 | &nbsp;&nbsp;&nbsp;&nbsp; 31890 | &nbsp;&nbsp;&nbsp;&nbsp; 749353 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2191350 | &nbsp;&nbsp;&nbsp;&nbsp; 811244 | &nbsp;&nbsp;&nbsp;&nbsp; 12408 | &nbsp;&nbsp;&nbsp;&nbsp; 798836 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1841795 | &nbsp;&nbsp;&nbsp;&nbsp; 733484 | &nbsp;&nbsp;&nbsp;&nbsp; 3331 | &nbsp;&nbsp;&nbsp;&nbsp; 730153 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1523970 | &nbsp;&nbsp;&nbsp;&nbsp; 614186 | &nbsp;&nbsp;&nbsp;&nbsp; 1573 | &nbsp;&nbsp;&nbsp;&nbsp; 612613 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 916879 | &nbsp;&nbsp;&nbsp;&nbsp; 359153 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp; 358503 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 563117 | &nbsp;&nbsp;&nbsp;&nbsp; 170110 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 170110 |
| JPMorgan SmartRetirement® Blend 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 74648 | &nbsp;&nbsp;&nbsp;&nbsp; 9354 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9354 |

---

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

(a) Amount rounds to less than one thousand.

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to certain derivatives and wash sale loss deferrals.

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

152 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

The tax character of distributions paid during the year ended June 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**Long-Term** <br>**Capital Gains**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| JPMorgan SmartRetirement® Blend Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $25192 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $25192 |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 67548 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67548 |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 82555 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82555 |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 82684 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82684 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 66621 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66621 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 51949 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51949 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 39836 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39836 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 24242 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24242 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 13201 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13201 |
| JPMorgan SmartRetirement® Blend 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 836 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 854 |

---

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

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended June 30, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| JPMorgan SmartRetirement® Blend Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $20519 | &nbsp;&nbsp;&nbsp;&nbsp; $20519 |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 57000 |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 66926 | &nbsp;&nbsp;&nbsp;&nbsp; 66926 |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 64736 | &nbsp;&nbsp;&nbsp;&nbsp; 64736 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 54921 | &nbsp;&nbsp;&nbsp;&nbsp; 54921 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 42612 | &nbsp;&nbsp;&nbsp;&nbsp; 42612 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 33362 | &nbsp;&nbsp;&nbsp;&nbsp; 33362 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 19423 | &nbsp;&nbsp;&nbsp;&nbsp; 19423 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 9349 | &nbsp;&nbsp;&nbsp;&nbsp; 9349 |
| JPMorgan SmartRetirement® Blend 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |

---

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

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 153

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

As of June 30, 2025, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| JPMorgan SmartRetirement® Blend Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $19480 | &nbsp;&nbsp;&nbsp;&nbsp; $(88,442)\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; $220571 |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 32242 | &nbsp;&nbsp;&nbsp;&nbsp; (57034)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 312623 |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 43099 | &nbsp;&nbsp;&nbsp;&nbsp; (73628)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 602974 |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 43180 | &nbsp;&nbsp;&nbsp;&nbsp; (45144)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 742664 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 34345 | &nbsp;&nbsp;&nbsp;&nbsp; (20799)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 792296 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 26313 | &nbsp;&nbsp;&nbsp;&nbsp; (6339)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 724064 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 20227 | &nbsp;&nbsp;&nbsp;&nbsp; (394)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 608133 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 12128 | &nbsp;&nbsp;&nbsp;&nbsp; (1451)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 355520 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 8101 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 169070 |
| JPMorgan SmartRetirement® Blend 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9280 |

---

&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.

The cumulative timing differences primarily consist of certain derivatives, post-October capital loss deferral, straddle loss deferral and wash sale loss deferrals.

As of June 30, 2025, the following Funds had net capital loss carryforwards, which are available to offset future realized gains:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
|  | **Short-Term** | **Long-Term** |
| JPMorgan SmartRetirement® Blend Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $21,377<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; $67,065<br> \*<br>|
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 17561 | &nbsp;&nbsp;&nbsp;&nbsp; 39473 |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 9168 | &nbsp;&nbsp;&nbsp;&nbsp; 64460 |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3456 | &nbsp;&nbsp;&nbsp;&nbsp; 41688 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20799 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6339 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 394 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1451 |

---

&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) incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended June 30, 2025, the Funds deferred to July 1, 2025 the following net capital losses (gains) of:

---

| | | |
|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | **Net Capital Losses (Gains)** |
|  | **Short-Term** | **Long-Term** |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; $386 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2695 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2715 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3439 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1760 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 985 |
| JPMorgan SmartRetirement® Blend 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16 |

---

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

154 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

During the year ended June 30, 2025, the following Funds utilized capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized**  | **Capital Loss Utilized**  |
|  | **Short-Term** | **Long-Term** |
| JPMorgan SmartRetirement® Blend Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $848 | &nbsp;&nbsp;&nbsp;&nbsp; $56 |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 8182 | &nbsp;&nbsp;&nbsp;&nbsp; 29337 |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 12829 | &nbsp;&nbsp;&nbsp;&nbsp; 268 |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 15300 | &nbsp;&nbsp;&nbsp;&nbsp; 217 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 9498 | &nbsp;&nbsp;&nbsp;&nbsp; 5089 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7332 | &nbsp;&nbsp;&nbsp;&nbsp; 7773 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3472 | &nbsp;&nbsp;&nbsp;&nbsp; 11193 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2285 | &nbsp;&nbsp;&nbsp;&nbsp; 5218 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 582 | &nbsp;&nbsp;&nbsp;&nbsp; 3569 |

---

**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 at June 30, 2025. Average borrowings from the Facility during the year ended June 30, 2025 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>|
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp; $7689 | &nbsp;&nbsp;&nbsp;&nbsp; 5.07<br> %<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; $1 |

---

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 28, 2025.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2025.

The Trusts, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion ("Credit Facility") with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted NAV and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted NAV or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate. Effective August 5, 2025, the Credit Facility was amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended June 30, 2025.

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 155

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

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

**7. Risks, Concentrations and Indemnifications**

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of June 30, 2025, the 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;&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 | &nbsp;&nbsp;&nbsp;&nbsp; 59.9<br> %<br>|
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;59.0 |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;60.1 |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;62.0 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;61.0 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;61.7 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;58.4 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;70.5 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;68.4 |
| JPMorgan SmartRetirement® Blend 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;81.0 |

---

Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.

As of June 30, 2025, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds and ETFs:

---

| | |
|:---|:---|
|  | **% of Net Assets** |
| JPMorgan BetaBuilders U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 74.3<br> %<br>|
| JPMorgan Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;64.5 |
| JPMorgan BetaBuilders International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;63.3 |
| JPMorgan BetaBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;62.7 |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;43.3 |
| JPMorgan BetaBuilders MSCI US REIT ETF | &nbsp;&nbsp;&nbsp;&nbsp;30.6 |
| JPMorgan Inflation Managed Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;30.6 |
| JPMorgan Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;28.8 |
| JPMorgan Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;16.0 |
| JPMorgan High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;10.9 |

---

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

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

156 JPMorgan SmartRetirement® Blend Funds June 30, 2025

------

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. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses and could make derivatives more difficult for the Funds to value accurately.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's underlying index or in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

**8. Business Combinations**

On August 20-22, 2024, the Board of Trustees of JPM I approved the Plan of Reorganization of JPMorgan SmartRetirement® Blend 2020 Fund (the "Target Fund") into JPMorgan SmartRetirement® Blend Income Fund (the "Acquiring Fund"). The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. The reorganization was effective after the close of business on April 25, 2025. The Acquiring Fund acquired all of the assets and liabilities of the Target Fund as shown in the table below. The transaction was structured to qualify as a tax-free reorganization under the Code. Pursuant to the Agreement and Plan of Reorganization, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 shareholders of the Target Fund received a number of shares of the corresponding class in the Acquiring Fund, with a value equal to their holdings in the Target Fund as of the close of business on the date of the reorganization. The investment portfolio of the Target Fund, with a fair value of approximately $797,425 and identified cost of approximately $698,412 as of the date of the reorganization, was the principal asset acquired by the Acquiring Fund. For financial statement purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. As of April 25, 2025, the Target Fund had net capital loss carryforwards of $55,230.

The following is a summary of Shares Outstanding, Net Assets, Net Asset Value Per Share and Net Unrealized Appreciation (Depreciation) immediately before and after the reorganization:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Shares** <br>**Outstanding**<br>| **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Asset** <br>**Value** <br>**Per Share (a)**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Target Fund** |  |  |  |  |
| JPMorgan SmartRetirement® Blend 2020 Fund |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $99013 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; $547 | &nbsp;&nbsp;&nbsp;&nbsp; $20.39 |  |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;20.20 |  |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 1126 | &nbsp;&nbsp;&nbsp;&nbsp;20.63 |  |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp; 713 | &nbsp;&nbsp;&nbsp;&nbsp; 14428 | &nbsp;&nbsp;&nbsp;&nbsp;20.24 |  |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp; 7384 | &nbsp;&nbsp;&nbsp;&nbsp;20.25 |  |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 40282 | &nbsp;&nbsp;&nbsp;&nbsp; 815101 | &nbsp;&nbsp;&nbsp;&nbsp;20.24 |  |
| **Acquiring Fund** |  |  |  |  |
| JPMorgan SmartRetirement® Blend Income Fund |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $79122 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; $346 | &nbsp;&nbsp;&nbsp;&nbsp; $18.36 |  |

---

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 157

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Asset**<br> **Value**<br> **Per Share (a)**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;18.30 |  |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp; 2766 | &nbsp;&nbsp;&nbsp;&nbsp;18.81 |  |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp; 909 | &nbsp;&nbsp;&nbsp;&nbsp; 16622 | &nbsp;&nbsp;&nbsp;&nbsp;18.28 |  |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp; 746 | &nbsp;&nbsp;&nbsp;&nbsp; 13641 | &nbsp;&nbsp;&nbsp;&nbsp;18.29 |  |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 36714 | &nbsp;&nbsp;&nbsp;&nbsp; 672237 | &nbsp;&nbsp;&nbsp;&nbsp;18.31 |  |
| **Post Reorganization** |  |  |  |  |
| JPMorgan SmartRetirement® Blend Income Fund |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $178135 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; $893 | &nbsp;&nbsp;&nbsp;&nbsp;18.36 |  |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;18.30 |  |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp;&nbsp; 3892 | &nbsp;&nbsp;&nbsp;&nbsp;18.81 |  |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp; 1698 | &nbsp;&nbsp;&nbsp;&nbsp; 31050 | &nbsp;&nbsp;&nbsp;&nbsp;18.28 |  |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 21025 | &nbsp;&nbsp;&nbsp;&nbsp;18.29 |  |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 81231 | &nbsp;&nbsp;&nbsp;&nbsp; 1487338 | &nbsp;&nbsp;&nbsp;&nbsp;18.31 |  |
| (a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. | (a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. | (a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. | (a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. | (a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |

---

Expenses related to reorganization were incurred by the Acquiring Fund. The Adviser, the Administrator and the Distributor waived their fees and/or reimbursed the Fund in an amount sufficient to offset costs incurred by the Fund relating to the reorganization, excluding brokerage fees and brokerage expenses related to the disposition and acquisition of Fund assets associated with the reorganization.

Assuming the reorganization had been completed on July 1, 2024, the beginning of the annual reporting period, the pro forma results of operations for the year ended June 30, 2025, are as follows:

---

| | |
|:---|:---|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; $58447 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; 104740 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; $163187 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target fund that have been included in the Statements of Operations since April 25, 2025.

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

158 JPMorgan SmartRetirement® Blend Funds June 30, 2025

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust IV and Shareholders of JPMorgan SmartRetirement Blend Income 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 and JPMorgan SmartRetirement Blend 2065 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 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 (nine of the funds constituting JPMorgan Trust I) and JPMorgan SmartRetirement Blend 2065 Fund (one of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the "Funds") as of June 30, 2025, the related statements of operations for the year ended June 30, 2025, the statements of changes in net assets for each of the two years in the period ended June 30, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2025 and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 22, 2025

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

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

June 30, 2025 JPMorgan SmartRetirement® Blend Funds 159

------

**TAX LETTER**

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended June 30, 2025. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2025. The information necessary to complete your income tax returns for the calendar year ending December 31, 2025 will be provided under separate cover.

**Dividends Received Deduction (DRD)**

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2025:

---

| | |
|:---|:---|
|  | **Dividends** <br>**Received** <br>**Deduction**<br>|
| JPMorgan SmartRetirement® Blend Income Fund | 8.21<br> %<br>|
| JPMorgan SmartRetirement® Blend 2025 Fund | 10.01 |
| JPMorgan SmartRetirement® Blend 2030 Fund | 13.83 |
| JPMorgan SmartRetirement® Blend 2035 Fund | 18.27 |
| JPMorgan SmartRetirement® Blend 2040 Fund | 23.35 |
| JPMorgan SmartRetirement® Blend 2045 Fund | 28.42 |
| JPMorgan SmartRetirement® Blend 2050 Fund | 31.56 |
| JPMorgan SmartRetirement® Blend 2055 Fund | 31.47 |
| JPMorgan SmartRetirement® Blend 2060 Fund | 30.62 |
| JPMorgan SmartRetirement® Blend 2065 Fund | 24.60 |

---

**Long Term Capital Gain**

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2025:

---

| | |
|:---|:---|
|  | **Long-Term** <br>**Capital Gain** <br>**Distribution**<br>|
| JPMorgan SmartRetirement® Blend 2065 Fund | &nbsp;&nbsp; $18 |

---

**Qualified Dividend Income (QDI)**

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2025:

---

| | |
|:---|:---|
|  | **Qualified** <br>**Dividend** <br>**Income**<br>|
| JPMorgan SmartRetirement® Blend Income Fund | &nbsp;&nbsp; $7288 |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp; 16978 |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp; 28885 |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp; 39151 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp; 39439 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp; 35865 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp; 30082 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp; 18164 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp; 10063 |
| JPMorgan SmartRetirement® Blend 2065 Fund | &nbsp;&nbsp; 778 |

---

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

160 JPMorgan SmartRetirement® Blend Funds June 30, 2025

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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.

***Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.***

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

![](g76297imgf6259c602.jpg)

------

![](g76297img704725373.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2025. All rights reserved. June 2025.

AN-SRB-625

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

**Statement Regarding Basis for Approval of Investment Advisory Agreements**

Not applicable.

------

Annual Financial Statements

J.P. Morgan Preferred and Income Securities Fund

June 30, 2025

JPMorgan Preferred and Income Securities Fund<br>

![](g77393imgce6d3b3c1.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedule of Portfolio Investments](#xx_4d4c1d57-d6b8-49bf-989d-f12c6dd628aa_SOI-TOC-ScheduleofInvestments-977_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_4d4c1d57-d6b8-49bf-989d-f12c6dd628aa_FS-TOC-FinancialStatement-977_1) | &nbsp;&nbsp; **7** |
| [Financial Highlights](#xx_4d4c1d57-d6b8-49bf-989d-f12c6dd628aa_FIHI-TOC-FinancialHighlights-977_2) | &nbsp;&nbsp; **14** |
| [Notes to Financial Statements](#xx_4d4c1d57-d6b8-49bf-989d-f12c6dd628aa_NTF-NTFRunningFooter-977_1) | &nbsp;&nbsp; **16** |
| [Report of Independent Registered Public Accounting Firm](#xx_4d4c1d57-d6b8-49bf-989d-f12c6dd628aa_AUD-TOC-AuditorsReport-977_1) | &nbsp;&nbsp; **25** |
| [Tax Letter](#xx_4d4c1d57-d6b8-49bf-989d-f12c6dd628aa_TL-TAXLETTERCC-977_1) | &nbsp;&nbsp; **26** |

---

**Investments in the 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 the Fund's share price is lower than when you invested.**

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

Prospective investors should refer to the Fund's prospectuses for a discussion of the Fund's 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 the Fund, including management fees and other expenses. Please read it carefully before investing.

------

JPMorgan Preferred and Income Securities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Corporate Bonds — 83.1%** | **Corporate Bonds — 83.1%** | **Corporate Bonds — 83.1%** |
| **Banks — 45.5%** | **Banks — 45.5%** | **Banks — 45.5%** |
| Banco Bilbao Vizcaya Argentaria SA (Spain) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 5.10%), 9.38%, <br> 3/19/2029 (a) (b) (c) (d)<br>| 19650 | 21686 |
| Banco Santander SA (Spain) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 Year + <br> 5.30%), 9.63%, 5/21/2033 (a) (b) (c) (d)<br>| 27400 | 31954 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| Series RR, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.76%), <br> 4.38%, 1/27/2027 (b) (c) (d)<br>| 13709 | 13452 |
| Series TT, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.23%), <br> 6.13%, 4/27/2027 (b) (c) (d)<br>| 4879 | 4958 |
| Series FF, (3-MONTH CME TERM SOFR + 3.19%), <br> 5.88%, 3/15/2028 (b) (c) (d)<br>| 6746 | 6862 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.68%), 6.63%, <br> 5/1/2030 (b) (c) (d)<br>| 28490 | 29506 |
| Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.45%), 7.70%, <br> 5/26/2084 (a) (d)<br>| 4650 | 4801 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.01%), 7.30%, <br> 11/26/2084 (a) (d)<br>| 8355 | 8535 |
| Bank of Nova Scotia (The) (Canada) (US Treasury <br> Yield Curve Rate T Note Constant Maturity 5 Year <br> + 4.39%), 8.63%, 10/27/2082 (a) (d)<br>| 12200 | 12947 |
| Barclays plc (United Kingdom) | Barclays plc (United Kingdom) | Barclays plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 5.43%), 8.00%, <br> 3/15/2029 (a) (b) (c) (d)<br>| 7084 | 7431 |
| (USD SOFR ICE Swap Rate 5 Year + 5.78%), <br> 9.63%, 12/15/2029 (a) (b) (c) (d)<br>| 9340 | 10374 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.97%), 9.25%, <br> 11/17/2027 (a) (b) (c) (d) (e)<br>| 14145 | 15155 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.90%), 7.75%, <br> 8/16/2029 (a) (b) (c) (d) (e)<br>| 26433 | 27802 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| Series Z, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.21%), <br> 7.38%, 5/15/2028 (b) (c) (d)<br>| 5000 | 5260 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Series AA, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.21%), <br> 7.63%, 11/15/2028 (b) (c) (d)<br>| 11000 | 11576 |
| Series EE, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.57%), <br> 6.75%, 2/15/2030 (b) (c) (d)<br>| 3950 | 3979 |
| Series FF, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.73%), <br> 6.95%, 2/15/2030 (b) (c) (d)<br>| 7268 | 7423 |
| Series DD, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 10 Year + 2.76%), <br> 7.00%, 8/15/2034 (b) (c) (d)<br>| 25847 | 27169 |
| Commerzbank AG (Germany) (USD SOFR ICE Swap <br> Rate 5 Year + 4.32%), 7.50%, <br> 10/9/2030 (a) (b) (c) (d) (f)<br>| 6200 | 6306 |
| Credit Agricole SA (France) (USD SOFR ICE Swap <br> Rate 5 Year + 3.60%), 6.70%, <br> 9/23/2034 (a) (b) (c) (d) (e)<br>| 16755 | 16393 |
| Fifth Third Bancorp  | Fifth Third Bancorp  | Fifth Third Bancorp  |
| Series L, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.22%), <br> 4.50%, 9/30/2025 (b) (c) (d)<br>| 668 | 665 |
| Series H, (3-MONTH CME TERM SOFR + 3.29%), <br> 7.59%, 8/2/2025 (b) (c) (d)<br>| 6008 | 6044 |
| Series J, (3-MONTH CME TERM SOFR + 3.39%), <br> 7.69%, 8/2/2025 (b) (c) (d)<br>| 2925 | 2923 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.86%), 8.00%, <br> 3/7/2028 (a) (b) (c) (d)<br>| 12721 | 13310 |
| (USD ICE Swap Rate 5 Year + 3.61%), 6.50%, <br> 3/23/2028 (a) (b) (c) (d)<br>| 4000 | 4025 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.99%), 7.05%, <br> 6/5/2030 (a) (b) (c) (d)<br>| 6800 | 6879 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.65%), 4.60%, <br> 12/17/2030 (a) (b) (c) (d)<br>| 13297 | 12114 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.19%), 6.95%, <br> 3/11/2034 (a) (b) (c) (d)<br>| 12000 | 12064 |
| Huntington Bancshares, Inc.  | Huntington Bancshares, Inc.  | Huntington Bancshares, Inc.  |
| Series G, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 7 Year + 4.05%), <br> 4.45%, 10/15/2027 (b) (c) (d)<br>| 370 | 366 |
| Series F, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 10 Year + 4.95%), <br> 5.63%, 7/15/2030 (b) (c) (d)<br>| 6214 | 6313 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Preferred and Income Securities Fund 1

------

JPMorgan Preferred and Income Securities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| ING Groep NV (Netherlands) | ING Groep NV (Netherlands) | ING Groep NV (Netherlands) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.34%), 5.75%, <br> 11/16/2026 (a) (b) (c) (d)<br>| 16690 | 16598 |
| (USD SOFR ICE Swap Rate 5 Year + 4.36%), <br> 8.00%, 5/16/2030 (a) (b) (c) (d) (f)<br>| 8250 | 8766 |
| Intesa Sanpaolo SpA (Italy) 7.80%, <br> 11/28/2053 (e)<br>| 10865 | 12708 |
| Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.82%), 6.75%, <br> 6/27/2026 (a) (b) (c) (d)<br>| 9530 | 9581 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.15%), 6.75%, <br> 9/27/2031 (a) (b) (c) (d)<br>| 4000 | 3914 |
| NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 5.63%), 6.00%, <br> 12/29/2025 (a) (b) (c) (d)<br>| 7986 | 7973 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.75%), 8.13%, <br> 11/10/2033 (a) (b) (c) (d)<br>| 12725 | 13726 |
| Nordea Bank Abp (Finland) | Nordea Bank Abp (Finland) | Nordea Bank Abp (Finland) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.11%), 6.63%, <br> 3/26/2026 (a) (b) (c) (d) (e)<br>| 8700 | 8750 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.66%), 6.30%, <br> 9/25/2031 (a) (b) (c) (d) (e)<br>| 2580 | 2513 |
| PNC Financial Services Group, Inc. (The) Series T, <br> (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.60%), 3.40%, <br> 9/15/2026 (b) (c) (d)<br>| 32428 | 31317 |
| Royal Bank of Canada (Canada) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 Year + <br> 2.89%), 7.50%, 5/2/2084 (a) (d)<br>| 3510 | 3627 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 5.39%), 9.38%, <br> 11/22/2027 (a) (b) (c) (d) (e)<br>| 12215 | 12963 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 5.45%), 10.00%, <br> 11/14/2028 (a) (b) (c) (d) (e)<br>| 7770 | 8480 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.79%), 8.13%, <br> 11/21/2029 (a) (b) (c) (d) (e)<br>| 7550 | 7704 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.98%), 7.75%, <br> 8/15/2027 (a) (b) (c) (d) (e)<br>| 8610 | 8915 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.57%), 7.88%, <br> 3/8/2030 (a) (b) (c) (d) (e)<br>| 5500 | 5723 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.81%), 4.75%, <br> 1/14/2031 (a) (b) (c) (d) (e)<br>| 7000 | 6307 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.28%), 6.60%, <br> 6/5/2034 (a) (b) (c) (d)<br>| 9496 | 9517 |
| Svenska Handelsbanken AB (Sweden) (US Treasury <br> Yield Curve Rate T Note Constant Maturity 5 Year <br> + 4.05%), 4.75%, 3/1/2031 (a) (b) (c) (d) (f)<br>| 6200 | 5694 |
| Toronto-Dominion Bank (The) (Canada) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.08%), 8.13%, <br> 10/31/2082 (a) (d)<br>| 15305 | 15985 |
| Truist Financial Corp. Series N, (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 Year + <br> 3.00%), 6.67%, 9/1/2025 (b) (c) (d)<br>| 21047 | 21076 |
| US Bancorp (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.54%), 3.70%, <br> 1/15/2027 (b) (c) (d)<br>| 17865 | 17175 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| Series BB, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.45%), <br> 3.90%, 3/15/2026 (b) (c) (d)<br>| 30744 | 30429 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.61%), 7.63%, <br> 9/15/2028 (b) (c) (d)<br>| 3865 | 4151 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.77%), 6.85%, <br> 9/15/2029 (b) (c) (d)<br>| 10290 | 10813 |
|  |  | 622677 |
| **Capital Markets — 12.2%** | **Capital Markets — 12.2%** | **Capital Markets — 12.2%** |
| Bank of New York Mellon Corp. (The)  | Bank of New York Mellon Corp. (The)  | Bank of New York Mellon Corp. (The)  |
| Series H, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.35%), <br> 3.70%, 3/20/2026 (b) (c) (d)<br>| 2500 | 2476 |
| Series F, (3-MONTH CME TERM SOFR + 3.39%), <br> 4.63%, 9/20/2026 (b) (c) (d)<br>| 4852 | 4820 |
| Series I, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.63%), <br> 3.75%, 12/20/2026 (b) (c) (d)<br>| 6729 | 6572 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

2 J.P. Morgan Preferred and Income Securities Fund June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.30%), 6.30%, <br> 3/20/2030 (b) (c) (d)<br>| 3059 | 3143 |
| Charles Schwab Corp. (The)  | Charles Schwab Corp. (The)  | Charles Schwab Corp. (The)  |
| Series I, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.17%), <br> 4.00%, 6/1/2026 (b) (c) (d)<br>| 9704 | 9558 |
| Series H, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 10 Year + 3.08%), <br> 4.00%, 12/1/2030 (b) (c) (d)<br>| 21467 | 19914 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| Series U, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.92%), <br> 3.65%, 8/10/2026 (b) (c) (d)<br>| 2500 | 2447 |
| Series W, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.16%), <br> 7.50%, 2/10/2029 (b) (c) (d)<br>| 5050 | 5362 |
| Series X, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.81%), <br> 7.50%, 5/10/2029 (b) (c) (d)<br>| 22500 | 23691 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.46%), 6.85%, <br> 2/10/2030 (b) (c) (d)<br>| 13290 | 13715 |
| Series Y, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 10 Year + 2.40%), <br> 6.13%, 11/10/2034 (b) (c) (d)<br>| 8310 | 8321 |
| State Street Corp.  | State Street Corp.  | State Street Corp.  |
| Series I, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.61%), <br> 6.70%, 3/15/2029 (b) (c) (d)<br>| 16931 | 17681 |
| Series J, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.63%), <br> 6.70%, 9/15/2029 (b) (c) (d)<br>| 8000 | 8366 |
| UBS Group AG (Switzerland) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 Year + <br> 4.76%), 9.25%, 11/13/2033 (a) (b) (c) (d) (e)<br>| 36075 | 41718 |
|  |  | 167784 |
| **Consumer Finance — 2.6%** | **Consumer Finance — 2.6%** | **Consumer Finance — 2.6%** |
| AerCap Ireland Capital DAC (Ireland) (US Treasury <br> Yield Curve Rate T Note Constant Maturity 5 Year <br> + 2.72%), 6.95%, 3/10/2055 (d)<br>| 2390 | 2484 |
| Ally Financial, Inc. Series C, (US Treasury Yield <br> Curve Rate T Note Constant Maturity 7 Year + <br> 3.48%), 4.70%, 5/15/2028 (b) (c) (d)<br>| 10610 | 9516 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| American Express Co. (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + 2.85%), <br> 3.55%, 9/15/2026 (b) (c) (d)<br>| 13606 | 13288 |
| Capital One Financial Corp. Series M, (US Treasury <br> Yield Curve Rate T Note Constant Maturity 5 Year <br> + 3.16%), 3.95%, 9/1/2026 (b) (c) (d)<br>| 10812 | 10549 |
|  |  | 35837 |
| **Electric Utilities — 5.6%** | **Electric Utilities — 5.6%** | **Electric Utilities — 5.6%** |
| Duke Energy Corp. (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.59%), 6.45%, <br> 9/1/2054 (d)<br>| 10440 | 10730 |
| Electricite de France SA (France) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 Year + <br> 5.41%), 9.13%, 3/15/2033 (b) (c) (d) (e)<br>| 7630 | 8606 |
| Emera, Inc. (Canada) Series 16-A, (3-MONTH SOFR <br> + 5.44%), 6.75%, 6/15/2076 (d)<br>| 11696 | 11769 |
| Entergy Corp. (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.67%), 7.13%, <br> 12/1/2054 (d)<br>| 5550 | 5742 |
| Exelon Corp. (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 1.98%), 6.50%, <br> 3/15/2055 (d)<br>| 2940 | 2990 |
| Nevada Power Co. (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 1.94%), 6.25%, <br> 5/15/2055 (d)<br>| 4165 | 4145 |
| NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.46%), 6.75%, <br> 6/15/2054 (d)<br>| 4820 | 5001 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.36%), 6.70%, <br> 9/1/2054 (d)<br>| 4000 | 4122 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.05%), 6.38%, <br> 8/15/2055 (d)<br>| 3265 | 3334 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 1.98%), 6.50%, <br> 8/15/2055 (d)<br>| 2860 | 2923 |
| PG&E Corp. (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.88%), 7.38%, <br> 3/15/2055 (d)<br>| 5500 | 5209 |
| PPL Capital Funding, Inc. Series A, (3-MONTH CME <br> TERM SOFR + 2.93%), 7.22%, 3/30/2067 (d)<br>| 4320 | 4298 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Preferred and Income Securities Fund 3

------

JPMorgan Preferred and Income Securities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Southern Co. (The)  | Southern Co. (The)  | Southern Co. (The)  |
| Series B, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.73%), <br> 4.00%, 1/15/2051 (d)<br>| 5103 | 5074 |
| Series 2025, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.07%), <br> 6.38%, 3/15/2055 (d)<br>| 2714 | 2793 |
|  |  | 76736 |
| **Financial Services — 1.4%** | **Financial Services — 1.4%** | **Financial Services — 1.4%** |
| Corebridge Financial, Inc. (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + 3.85%), <br> 6.88%, 12/15/2052 (d)<br>| 11215 | 11569 |
| Voya Financial, Inc. Series A, (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 Year + <br> 3.36%), 7.76%, 9/15/2028 (b) (c) (d)<br>| 6747 | 7124 |
|  |  | 18693 |
| **Insurance — 4.8%** | **Insurance — 4.8%** | **Insurance — 4.8%** |
| Allianz SE (Germany) | Allianz SE (Germany) | Allianz SE (Germany) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.97%), 3.50%, <br> 11/17/2025 (a) (b) (c) (d) (e)<br>| 6200 | 6096 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.77%), 5.60%, <br> 9/3/2054 (d) (e)<br>| 3600 | 3589 |
| Allstate Corp. (The) (3-MONTH SOFR + 2.12%), <br> 6.50%, 5/15/2057 (d)<br>| 3615 | 3707 |
| Meiji Yasuda Life Insurance Co. (Japan) (US Treasury <br> Yield Curve Rate T Note Constant Maturity 5 Year <br> + 2.91%), 6.10%, 6/11/2055 (d) (e)<br>| 10000 | 9981 |
| MetLife Capital Trust IV 8.25%, 12/15/2037 (e) | 4049 | 4439 |
| MetLife, Inc. 9.25%, 4/8/2038 (e) | 13675 | 16236 |
| PartnerRe Finance B LLC (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + 3.82%), <br> 4.50%, 10/1/2050 (d)<br>| 2500 | 2352 |
| Prudential Financial, Inc.  | Prudential Financial, Inc.  | Prudential Financial, Inc.  |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.23%), 6.00%, <br> 9/1/2052 (d)<br>| 3793 | 3825 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.85%), 6.75%, <br> 3/1/2053 (d)<br>| 5120 | 5363 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.40%), 6.50%, <br> 3/15/2054 (d)<br>| 9340 | 9594 |
|  |  | 65182 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Multi-Utilities — 4.0%** | **Multi-Utilities — 4.0%** | **Multi-Utilities — 4.0%** |
| CMS Energy Corp.  | CMS Energy Corp.  | CMS Energy Corp.  |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.12%), 4.75%, <br> 6/1/2050 (d)<br>| 4320 | 4198 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.90%), 3.75%, <br> 12/1/2050 (d)<br>| 7118 | 6398 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 1.96%), 6.50%, <br> 6/1/2055 (d)<br>| 2500 | 2506 |
| Dominion Energy, Inc.  | Dominion Energy, Inc.  | Dominion Energy, Inc.  |
| Series C, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.20%), <br> 4.35%, 1/15/2027 (b) (c) (d)<br>| 4800 | 4713 |
| Series B, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.51%), <br> 7.00%, 6/1/2054 (d)<br>| 2430 | 2607 |
| Series A, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.39%), <br> 6.88%, 2/1/2055 (d)<br>| 8230 | 8658 |
| NiSource, Inc.  | NiSource, Inc.  | NiSource, Inc.  |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.45%), 6.95%, <br> 11/30/2054 (d)<br>| 9880 | 10285 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.53%), 6.38%, <br> 3/31/2055 (d)<br>| 5060 | 5089 |
| Sempra  | Sempra  | Sempra  |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.87%), 4.13%, <br> 4/1/2052 (d)<br>| 2350 | 2260 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.79%), 6.88%, <br> 10/1/2054 (d)<br>| 8590 | 8662 |
|  |  | 55376 |
| **Oil, Gas & Consumable Fuels — 5.6%** | **Oil, Gas & Consumable Fuels — 5.6%** | **Oil, Gas & Consumable Fuels — 5.6%** |
| BP Capital Markets plc  | BP Capital Markets plc  | BP Capital Markets plc  |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.40%), 4.88%, <br> 3/22/2030 (b) (c) (d)<br>| 1725 | 1707 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.15%), 6.45%, <br> 12/1/2033 (b) (c) (d)<br>| 5540 | 5663 |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| Series 20-A, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 5.31%), <br> 5.75%, 7/15/2080 (d)<br>| 15490 | 15447 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

4 J.P. Morgan Preferred and Income Securities Fund June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<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** |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.42%), 7.63%, <br> 1/15/2083 (d)<br>| 2530 | 2668 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.43%), 8.50%, <br> 1/15/2084 (d)<br>| 17270 | 19228 |
| Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
| Series H, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 5.69%), <br> 6.50%, 11/15/2026 (b) (c) (d)<br>| 2500 | 2511 |
| Series G, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 5.31%), <br> 7.13%, 5/15/2030 (b) (c) (d)<br>| 13106 | 13351 |
| Transcanada Trust (Canada) | Transcanada Trust (Canada) | Transcanada Trust (Canada) |
| (SOFR + 4.42%), 5.50%, 9/15/2079 (d) | 6854 | 6786 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.99%), 5.60%, <br> 3/7/2082 (d)<br>| 10245 | 9952 |
|  |  | 77313 |
| **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** |
| Air Lease Corp.  | Air Lease Corp.  | Air Lease Corp.  |
| Series B, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.08%), <br> 4.65%, 6/15/2026 (b) (c) (d)<br>| 4089 | 4065 |
| Series D, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.56%), <br> 6.00%, 9/24/2029 (b) (c) (d)<br>| 2750 | 2689 |
|  |  | 6754 |
| **Wireless Telecommunication Services — 0.9%** | **Wireless Telecommunication Services — 0.9%** | **Wireless Telecommunication Services — 0.9%** |
| Rogers Communications, Inc. (Canada) (US Treasury <br> Yield Curve Rate T Note Constant Maturity 5 Year <br> + 3.59%), 5.25%, 3/15/2082 (d) (e)<br>| 9560 | 9478 |
| Vodafone Group plc (United Kingdom) (US Treasury <br> Yield Curve Rate T Note Constant Maturity 5 Year <br> + 2.77%), 4.13%, 6/4/2081 (d)<br>| 2750 | 2513 |
|  |  | 11991 |
| Total Corporate Bonds <br>(Cost $1,078,458)<br>|  | 1138343 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Preferred Stocks — 8.8%** | **Preferred Stocks — 8.8%** | **Preferred Stocks — 8.8%** |
| **Banks — 0.9%** | **Banks — 0.9%** | **Banks — 0.9%** |
| Bank of America Corp. Series LL, 5.00%, 8/2/2025 <br> ($25 par value) (g)<br>| 50 | 1015 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Regions Financial Corp. 6.95%, 9/15/2029 ($25 <br> par value) (g)<br>| 101 | 2510 |
| Wells Fargo & Co. Series Z, 4.75%, 9/15/2025 <br> ($25 par value) (g)<br>| 450 | 8568 |
|  |  | 12093 |
| **Capital Markets — 3.8%** | **Capital Markets — 3.8%** | **Capital Markets — 3.8%** |
| Bank of New York Mellon Corp. (The) Series K, <br> 6.15%, 3/20/2030 ($25 par value) (g)<br>| 330 | 8461 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley |
| Series I, 6.38%, 10/15/2025 ($25 par value) (g) | 1 | 14 |
| Series O, 4.25%, 1/15/2027 ($25 par value) (g) | 200 | 3447 |
| Series K, 5.85%, 4/15/2027 ($25 par value) (g) | 53 | 1239 |
| Series P, 6.50%, 10/15/2027 ($25 par value) (g) | 606 | 15594 |
| Series Q, 6.63%, 10/15/2029 ($25 par value) (g) | 883 | 22832 |
|  |  | 51587 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| Series A, 5.00%, 8/2/2025 ($25 par value) (g) | 40 | 806 |
| Series C, 4.75%, 8/2/2025 ($25 par value) (g) | 261 | 4978 |
| 5.35%, 11/1/2066 ($25 par value) | 50 | 1110 |
|  |  | 6894 |
| **Electric Utilities — 2.4%** | **Electric Utilities — 2.4%** | **Electric Utilities — 2.4%** |
| NextEra Energy Capital Holdings, Inc. Series U, <br> 6.50%, 6/1/2085 ($25 par value)<br>| 754 | 18853 |
| SCE Trust VII Series M, 7.50%, 11/22/2028 ($25 <br> par value) (g)<br>| 230 | 5111 |
| SCE Trust VIII Series N, 6.95%, 5/13/2029 ($25 <br> par value) (g)<br>| 450 | 9639 |
|  |  | 33603 |
| **Insurance — 0.9%** | **Insurance — 0.9%** | **Insurance — 0.9%** |
| Allstate Corp. (The) Series J, 7.38%, 7/15/2028 <br> ($25 par value) (g)<br>| 134 | 3496 |
| Athene Holding Ltd. Series E, 7.75%, 12/30/2027 <br> ($25 par value) (g)<br>| 125 | 3199 |
| Lincoln National Corp. Series D, 9.00%, 12/1/2027 <br> ($25 par value) (g)<br>| 127 | 3382 |
| MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
| Series E, 5.63%, 8/2/2025 ($25 par value) (g) | 45 | 1052 |
| Series F, 4.75%, 9/15/2025 ($25 par value) (g) | 89 | 1746 |
|  |  | 12875 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Preferred and Income Securities Fund 5

------

JPMorgan Preferred and Income Securities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Preferred Stocks — continued** | **Preferred Stocks — continued** | **Preferred Stocks — continued** |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| CMS Energy Corp. 5.88%, 3/1/2079 ($25 par <br> value)<br>| 161 | 3576 |
| Total Preferred Stocks <br>(Cost $122,051)<br>|  | 120628 |
| **Exchange-Traded Funds — 3.3%** | **Exchange-Traded Funds — 3.3%** | **Exchange-Traded Funds — 3.3%** |
| **Fixed Income — 3.3%** | **Fixed Income — 3.3%** | **Fixed Income — 3.3%** |
| Invesco Preferred ETF <br>(Cost $45,538)<br>| 3997 | 44480 |
| **Short-Term Investments — 4.3%** | **Short-Term Investments — 4.3%** | **Short-Term Investments — 4.3%** |
| **Investment Companies — 4.3%** | **Investment Companies — 4.3%** | **Investment Companies — 4.3%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (h) (i) <br>(Cost $58,960)<br>| 58954 | 58966 |
| **Total Investments — 99.5%** <br>**(Cost $1,305,007)**<br>|  | **1362417** |
| **Other Assets in Excess of Liabilities — 0.5%** |  | **7286** |
| **NET ASSETS — 100.0%** |  | **1369703** |

---

&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** |  |
| CME | Chicago Mercantile Exchange |
| ETF | Exchange Traded Fund |

---

ICE Intercontinental Exchange <br> SOFR Secured Overnight Financing Rate <br> USD United States Dollar

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Contingent Capital security ("CoCo"). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a pre-specified trigger event occurs. The total value of aggregate CoCo holdings at June 30, 2025 is $416,326 or 30.40% of the Fund's net assets as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Security is an interest bearing note with preferred security characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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;(f) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Investment in an 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;(i) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

6 J.P. Morgan Preferred and Income Securities Fund June 30, 2025

------

**STATEMENT OF ASSETS AND LIABILITIES**

AS OF June 30, 2025

(Amounts in thousands, except per share amounts)

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Preferred and Income** <br>**Securities Fund**  |
| **ASSETS:** |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $1303451 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 58966 |
| Cash | &nbsp;&nbsp;&nbsp; 2433 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Receivables: |  |
| Due from custodian | &nbsp;&nbsp;&nbsp; 1252 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 2039 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 12403 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 746 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 7 |
| Total Assets | &nbsp;&nbsp;&nbsp; 1381297 |
| **LIABILITIES:** |  |
| Payables: |  |
| Distributions | &nbsp;&nbsp;&nbsp; 18 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 6433 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 4368 |
| Accrued liabilities: |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 520 |
| Administration fees | &nbsp;&nbsp;&nbsp; 64 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 15 |
| Service fees | &nbsp;&nbsp;&nbsp; 25 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 7 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 144 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 11594 |
| Net Assets | &nbsp;&nbsp;&nbsp; $1369703 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Preferred and Income Securities Fund 7

------

**STATEMENT OF ASSETS AND LIABILITIES**

AS OF June 30, 2025 (continued)

(Amounts in thousands, except per share amounts)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Preferred and Income**<br>**Securities Fund**  |
| **NET ASSETS:** |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $1322187 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 47516 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $1369703 |
| Net Assets: |  |
| Class A | &nbsp;&nbsp;&nbsp; $22895 |
| Class C | &nbsp;&nbsp;&nbsp; 17176 |
| Class I | &nbsp;&nbsp;&nbsp; 577940 |
| Class R6 | &nbsp;&nbsp;&nbsp; 751692 |
| Total | &nbsp;&nbsp;&nbsp; $1369703 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |
| Class A | &nbsp;&nbsp;&nbsp; 2348 |
| Class C | &nbsp;&nbsp;&nbsp; 1763 |
| Class I | &nbsp;&nbsp;&nbsp; 59314 |
| Class R6 | &nbsp;&nbsp;&nbsp; 77133 |
| Net Asset Value (a): |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $9.75 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;9.74 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;9.74 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;9.75 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $10.13 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $1246047 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 58960 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; —<br> (c)<br>|

---

------

(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.

(c) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

8 J.P. Morgan Preferred and Income Securities Fund June 30, 2025

------

**STATEMENT OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025

(Amounts in thousands)

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Preferred and Income** <br>**Securities Fund**  |
| **INVESTMENT INCOME:** |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $66241 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 9 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 6514 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 1811 |
| Total investment income | &nbsp;&nbsp;&nbsp; 74575 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 5978 |
| Administration fees | &nbsp;&nbsp;&nbsp; 898 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp;&nbsp; 49 |
| Class C | &nbsp;&nbsp;&nbsp; 112 |
| Service fees: |  |
| Class A | &nbsp;&nbsp;&nbsp; 49 |
| Class C | &nbsp;&nbsp;&nbsp; 37 |
| Class I | &nbsp;&nbsp;&nbsp; 1297 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 47 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 3 |
| Professional fees | &nbsp;&nbsp;&nbsp; 104 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 28 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 52 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 43 |
| Transfer agency fees (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 12 |
| Other | &nbsp;&nbsp;&nbsp; 29 |
| Total expenses | &nbsp;&nbsp;&nbsp; 8738 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (1763)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 6975 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 67600 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
| Net realized gain (loss) on transactions from: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 12057 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (11)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 12046 |
| Change in net unrealized appreciation/depreciation on: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 23482 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 6 |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 23488 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 35534 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $103134 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Preferred and Income Securities Fund 9

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Preferred and Income Securities Fund**  | **JPMorgan Preferred and Income Securities Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $67600 | &nbsp;&nbsp;&nbsp; $43711 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 12046 | &nbsp;&nbsp;&nbsp; 2974 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 23488 | &nbsp;&nbsp;&nbsp; 51178 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 103134 | &nbsp;&nbsp;&nbsp; 97863 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1043)<br>| &nbsp;&nbsp;&nbsp; (823)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (725)<br>| &nbsp;&nbsp;&nbsp; (574)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (28992)<br>| &nbsp;&nbsp;&nbsp; (17248)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (36265)<br>| &nbsp;&nbsp;&nbsp; (25808)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (67025)<br>| &nbsp;&nbsp;&nbsp; (44453)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 344939 | &nbsp;&nbsp;&nbsp; 349997 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 381048 | &nbsp;&nbsp;&nbsp; 403407 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 988655 | &nbsp;&nbsp;&nbsp; 585248 |
| End of period | &nbsp;&nbsp;&nbsp; $1369703 | &nbsp;&nbsp;&nbsp; $988655 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

10 J.P. Morgan Preferred and Income Securities Fund June 30, 2025

------

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Preferred and Income Securities Fund** | **JPMorgan Preferred and Income Securities Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $9903 | &nbsp;&nbsp;&nbsp; $4526 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1043 | &nbsp;&nbsp;&nbsp; 822 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4350)<br>| &nbsp;&nbsp;&nbsp; (6327)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 6596 | &nbsp;&nbsp;&nbsp; (979)<br>|
| **Class C** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 6484 | &nbsp;&nbsp;&nbsp; 4239 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp; 573 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3486)<br>| &nbsp;&nbsp;&nbsp; (4028)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 3723 | &nbsp;&nbsp;&nbsp; 784 |
| **Class I** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 277984 | &nbsp;&nbsp;&nbsp; 178558 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 28326 | &nbsp;&nbsp;&nbsp; 17243 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (143610)<br>| &nbsp;&nbsp;&nbsp; (77050)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 162700 | &nbsp;&nbsp;&nbsp; 118751 |
| **Class R6** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 337108 | &nbsp;&nbsp;&nbsp; 391308 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 36160 | &nbsp;&nbsp;&nbsp; 25701 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (201348)<br>| &nbsp;&nbsp;&nbsp; (185568)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 171920 | &nbsp;&nbsp;&nbsp; 231441 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $344939 | &nbsp;&nbsp;&nbsp; $349997 |
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp; 497 |
| Reinvested | &nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 91 |
| Redeemed | &nbsp;&nbsp;&nbsp; (452)<br>| &nbsp;&nbsp;&nbsp; (715)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 681 | &nbsp;&nbsp;&nbsp; (127)<br>|
| **Class C** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 671 | &nbsp;&nbsp;&nbsp; 459 |
| Reinvested | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 63 |
| Redeemed | &nbsp;&nbsp;&nbsp; (364)<br>| &nbsp;&nbsp;&nbsp; (444)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 383 | &nbsp;&nbsp;&nbsp; 78 |
| **Class I** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 28967 | &nbsp;&nbsp;&nbsp; 19479 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2934 | &nbsp;&nbsp;&nbsp; 1892 |
| Redeemed | &nbsp;&nbsp;&nbsp; (14919)<br>| &nbsp;&nbsp;&nbsp; (8535)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 16982 | &nbsp;&nbsp;&nbsp; 12836 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Preferred and Income Securities Fund 11

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**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Preferred and Income Securities** <br> **Fund** | **JPMorgan Preferred and Income Securities** <br> **Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |
| **Class R6** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 35024 | &nbsp;&nbsp;&nbsp; 42865 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3744 | &nbsp;&nbsp;&nbsp; 2817 |
| Redeemed | &nbsp;&nbsp;&nbsp; (20919)<br>| &nbsp;&nbsp;&nbsp; (20443)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 17849 | &nbsp;&nbsp;&nbsp; 25239 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

12 J.P. Morgan Preferred and Income Securities Fund June 30, 2025

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THIS PAGE IS INTENTIONALLY LEFT BLANK

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

13 <br>

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**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net asset <br>value, <br>end of <br>period<br>|
| **JPMorgan Preferred and Income Securities Fund** |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |
| Year Ended June 30, 2025  | $9.45 | &nbsp;&nbsp; $0.52 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.81 | &nbsp;&nbsp; $(0.51)<br>| &nbsp;&nbsp; $9.75 |
| Year Ended June 30, 2024  | 8.79 | 0.49 | 0.67 | 1.16 | &nbsp;&nbsp; (0.50)<br>| 9.45 |
| March 1, 2023 through June 30, 2023 (e) | 9.28 | 0.16 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.13)<br>| 8.79 |
| March 31, 2022 (g) through February 28, 2023  | 10.00 | 0.42 | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.35)<br>| 9.28 |
| **Class C** |  |  |  |  |  |  |
| Year Ended June 30, 2025  | 9.44 | 0.47 | 0.30 | 0.77 | &nbsp;&nbsp; (0.47)<br>| 9.74 |
| Year Ended June 30, 2024  | 8.78 | 0.44 | 0.67 | 1.11 | &nbsp;&nbsp; (0.45)<br>| 9.44 |
| March 1, 2023 through June 30, 2023 (e) | 9.27 | 0.14 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.12)<br>| 8.78 |
| August 1, 2022 (h) through February 28, 2023  | 9.46 | 0.24 | &nbsp;&nbsp; (0.21)<br>| 0.03 | &nbsp;&nbsp; (0.22)<br>| 9.27 |
| **Class I** |  |  |  |  |  |  |
| Year Ended June 30, 2025  | 9.45 | 0.54 | 0.29 | 0.83 | &nbsp;&nbsp; (0.54)<br>| 9.74 |
| Year Ended June 30, 2024  | 8.78 | 0.51 | 0.68 | 1.19 | &nbsp;&nbsp; (0.52)<br>| 9.45 |
| March 1, 2023 through June 30, 2023 (e) | 9.28 | 0.17 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.14)<br>| 8.78 |
| March 31, 2022 (g) through February 28, 2023  | 10.00 | 0.44 | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.37)<br>| 9.28 |
| **Class R6** |  |  |  |  |  |  |
| Year Ended June 30, 2025  | 9.45 | 0.55 | 0.29 | 0.84 | &nbsp;&nbsp; (0.54)<br>| 9.75 |
| Year Ended June 30, 2024  | 8.78 | 0.52 | 0.68 | 1.20 | &nbsp;&nbsp; (0.53)<br>| 9.45 |
| March 1, 2023 through June 30, 2023 (e) | 9.28 | 0.17 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.14)<br>| 8.78 |
| March 31, 2022 (g) through February 28, 2023  | 10.00 | 0.43 | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.37)<br>| 9.28 |

---

&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) The Fund changed its fiscal year end from the last day of February to June 30th.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(g) Commencement of operations.

(h) Commencement of offering of class of shares.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

14 J.P. Morgan Preferred and Income Securities Fund June 30, 2025

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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; Total return <br>(excludes 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<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.43<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.56<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 577940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.73<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Preferred and Income Securities Fund 15

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**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025

(Dollar values in thousands)

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

**1. Organization**

JPMorgan Trust IV (the "Trust") was formed on November 11, 2015, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 11, 2015 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The following is a separate fund of the Trust (the "Fund") covered by this report:

---

| | | |
|:---|:---|:---|
|  | **Classes Offered** | **Diversification Classification** |
| JPMorgan Preferred and Income Securities Fund | Class A, Class C, Class I and Class R6 | Diversified |

---

The investment objective of the Fund is to seek to provide a high level of current income and total return.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund's prospectus. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as adviser (the "Adviser") and administrator (the "Administrator") to the Fund.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows 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 Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission ("SEC") Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

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 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 Fund is 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.

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

16 J.P. Morgan Preferred and Income Securities Fund June 30, 2025

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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 Fund's 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 Fund's 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 table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1138343 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1138343 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 44480 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44480 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 120628 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 120628 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 58966 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58966 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $224074 | &nbsp;&nbsp;&nbsp;&nbsp; $1138343 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1362417 |

---

**B. Restricted Securities**— Certain securities held by the Fund 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 Fund.

As of June 30, 2025, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

**C. Securities Lending** — The Fund is authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. ("Citibank") serves as lending agent for the Fund, 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 an affiliated money market fund. The Fund retains the interest earned on cash collateral investments but is 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 Fund). Upon termination of a loan, the Fund is 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 Fund 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 Statement of Operations as Income from securities lending (net). The Fund also receives 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 Statement 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 Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of collateral investments are disclosed on the SOI.

The Fund bears the risk of loss associated with the collateral investments and is 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 Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Fund may use leverage (borrow money) to repay the borrower

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

June 30, 2025 J.P. Morgan Preferred and Income Securities Fund 17

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

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.

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 Fund from losses resulting from a borrower's failure to return a loaned security.

The Fund did not lend out any securities during the year ended June 30, 2025.

**D. Investment Transactions with Affiliates**— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b)<br>| $37312 | $649162 | $627503 | $(11)<br>| $6 | $58966 | 58954 | $1811 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

**E. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.

Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.

Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the dividend.

To the extent such information is publicly available, the Fund records 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 Fund adjusts the estimated amounts of the components of distributions (and consequently its net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

**F. Allocation of Income and Expenses**— Expenses directly attributable to the Fund are charged directly to the 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 Fund for the year ended June 30, 2025, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R6** | **Total** |
| Transfer agency fees  | $1 | $1 | $4 | $6 | $12 |

---

**G. Federal Income Taxes**— The Fund is treated as a separate taxable entity for Federal income tax purposes. The 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 Fund's tax positions for all open tax years and has determined that as of June 30, 2025, no liability for Federal income tax is required in the Fund's 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. The 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;

18 J.P. Morgan Preferred and Income Securities Fund June 30, 2025

------

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

**H. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared daily and paid at least monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed 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>|
| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(231)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $231 |

---

The reclassifications for the Fund relate primarily to tax adjustments on certain investments.

**I. Segment Reporting** — The Fund adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Fund and the Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's CODM. The Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**J. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee**— Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.50% of the Fund's average daily net assets.

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to the 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 the Fund's average daily net assets, plus 0.050% of the Fund's average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund's average daily net assets between $20 billion and $25 billion, plus 0.010% of the Fund's average daily net assets in excess of $25 billion. For the year ended June 30, 2025, the effective rate was 0.075% of the 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 Fund's 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 the Fund's principal underwriter and promotes and arranges for the sale of the Fund's shares.

The Board has adopted a Distribution Plan (the "Distribution Plan") for Class A and Class C Shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Class I and Class R6 Shares of the Fund do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay, with respect to

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

June 30, 2025 J.P. Morgan Preferred and Income Securities Fund 19

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

---

| | |
|:---|:---|
| **Class A** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|

---

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2025, JPMDS retained the following:

---

| | |
|:---|:---|
| **Front-End Sales Charge** | **CDSC** |
| &nbsp;&nbsp;&nbsp;&nbsp; $6 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>|

---

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

(a) Amount rounds to less than one thousand.

**D. Service Fees**— The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | |
|:---|:---|:---|
| **Class A** | **Class C** | **Class I** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund. 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 Fund. For performing these services, the Fund pays 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 Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.

**F. Waivers and Reimbursements**—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees 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 Fund's respective average daily net assets as shown in the table below:

---

| | | | |
|:---|:---|:---|:---|
| **Class A** | **Class C** | **Class I** | **Class R6** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|

---

The expense limitation agreement was in effect for the year ended June 30, 2025 and are in place until at least October 31, 2025.

For the year ended June 30, 2025, the Fund's service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund 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** |
| &nbsp;&nbsp; $369 | &nbsp;&nbsp; $246 | &nbsp;&nbsp; $1107 | &nbsp;&nbsp; $1722 |

---

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

20 J.P. Morgan Preferred and Income Securities Fund June 30, 2025

------

Additionally, the Fund 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 Fund's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the year ended June 30, 2025 was $41.

**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 Fund for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The 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 Statement 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, 2025, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The SEC has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

**4. Investment Transactions** 

During the year ended June 30, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | |
|:---|:---|
| **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>|
| $705033 | $371934 |

---

During the year ended June 30, 2025, there were no purchases or sales of U.S. Government securities.

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $1307327 | &nbsp;&nbsp;&nbsp;&nbsp; $59787 | &nbsp;&nbsp;&nbsp;&nbsp; $4697 | &nbsp;&nbsp;&nbsp;&nbsp; $55090 |

---

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to tax adjustments on certain investments and wash sale loss deferrals.

The tax character of distributions paid during the year ended June 30, 2025 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $67025 | &nbsp;&nbsp;&nbsp;&nbsp; $67025 |

---

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

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

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

June 30, 2025 J.P. Morgan Preferred and Income Securities Fund 21

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

The tax character of distributions paid during the period ended June 30, 2024 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $44453 | &nbsp;&nbsp;&nbsp;&nbsp; $44453 |

---

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

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of June 30, 2025, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $6475 | &nbsp;&nbsp;&nbsp;&nbsp; $(10202)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $55090 |

---

The cumulative timing differences primarily consist of tax adjustments on certain investments, dividends payable and wash sale loss deferrals.

As of June 30, 2025, the Fund had net capital loss carryforwards, which are available to offset future realized gains as follows:

---

| |
|:---|
| **Capital Loss Carryforward Character**  |
| **Short-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $10202 |

---

During the year ended June 30, 2025, the following Fund utilized capital loss carryforwards as follows:

---

| |
|:---|
| **Capital Loss Utilized**  |
| **Short-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $13125 |

---

**6. Borrowings** 

The Fund relies 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 Fund 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 the 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 Fund because the Fund 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 Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended June 30, 2025.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. 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 the Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 28, 2025.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2025.

The Trust, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), 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 NAV and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are

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

22 J.P. Morgan Preferred and Income Securities Fund June 30, 2025

------

outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted NAV or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate. Effective August 5, 2025, the Credit Facility was amended and restated for a term of 364 days, unless extended.

The Fund did not utilize the Credit Facility during the year ended June 30, 2025.

**7. Risks, Concentrations and Indemnifications**

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

As of June 30, 2025, the Fund had one individual shareholder and/or affiliated omnibus account, which owned 97.4% of the Fund's outstanding

shares.

Significant shareholder transactions by these shareholders may impact the Fund's performance and liquidity.

The Fund is subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate loans and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to accurately predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes, and the evaluation of macro-economic and other conditions could cause a change in approach in the future. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.

The Fund is subject to credit risk. The Fund's investments are subject to the risk that an issuer and/or a counterparty will not make payments when due or default completely. Prices of the Fund's investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund's securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer's securities.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's underlying index or in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

The Fund may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the year. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

The Fund invests in contingent convertible securities ("CoCos") and is subject to additional risks from such investments. CoCos are hybrid debt securities that may be convertible into equity or may be written down if a pre-specified trigger event such as a decline in capital ratio below a prescribed threshold occurs. If such a trigger event occurs, the Fund may lose the principal amount invested on a permanent or temporary basis or the CoCo may be converted to equity. Even though the Fund does not invest in common stock as a principal investment strategy, the Fund will be subject to increased equity market risk in the event that such securities are converted to equity. In addition to being subject to a possible write-down upon the occurrence of a trigger event, CoCos may also be subject to a permanent write-down or conversion into equity (in whole or in part), if the applicable bank regulator or other public administrative authority having responsibility for managing the orderly dissolution of an institution has determined that the issuer is not viable. Coupon payments on CoCos may be discretionary and may be cancelled by the issuer. Holders of CoCos may

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

June 30, 2025 J.P. Morgan Preferred and Income Securities Fund 23

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

suffer a loss of capital when comparable equity holders do not. As CoCos may be perpetual or have long-dated maturities, they may face greater

interest rate sensitivity and may be subject to greater fluctuations in value than securities with shorter maturity dates. Such securities also may be subject to prepayment risk due to optional or mandatory redemption provisions.

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

24 J.P. Morgan Preferred and Income Securities Fund June 30, 2025

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of JPMorgan Trust IV and Shareholders of JPMorgan Preferred and Income Securities Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Preferred and Income Securities Fund (one of the funds constituting JPMorgan Trust IV, referred to hereafter as the "Fund") as of June 30, 2025, the related statement of operations for the year ended June 30, 2025, the statement of changes in net assets for each of the two years in the period ended June 30, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2025 and the financial highlights for each of periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 22, 2025

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

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

June 30, 2025 J.P. Morgan Preferred and Income Securities Fund 25

------

**TAX LETTER**

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund's income and distributions for the taxable year ended June 30, 2025. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2025. The information necessary to complete your income tax returns for the calendar year ending December 31, 2025 will be provided under separate cover.

**Dividends Received Deduction (DRD)**

The Fund had 38.03%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2025.

**Qualified Dividend Income (QDI)**

The Fund had $52,993, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2025.

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

26 J.P. Morgan Preferred and Income Securities Fund June 30, 2025

------

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 Fund.

***Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.***

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

![](g77393img1ae5a08c2.jpg)

------

![](g77393imgd54d04173.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2025. All rights reserved. June 2025.

AN-FI-625

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statement of Operations within the Fund's Financial Statements.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

------

Annual Financial Statements

J.P. Morgan Large Cap Funds

June 30, 2025

---

| |
|:---|
| JPMorgan Equity Income Fund |
| JPMorgan Equity Index Fund |
| JPMorgan Equity Premium Income Fund |
| JPMorgan Hedged Equity Fund |
| JPMorgan Hedged Equity 2 Fund |
| JPMorgan Hedged Equity 3 Fund |
| JPMorgan Large Cap Growth Fund |
| JPMorgan Large Cap Value Fund |
| JPMorgan U.S. Applied Data Science Value Fund |
| JPMorgan U.S. Equity Fund |
| JPMorgan U.S. GARP Equity Fund |
| JPMorgan U.S. Large Cap Core Plus Fund |
| JPMorgan U.S. Research Enhanced Equity Fund |
| JPMorgan U.S. Sustainable Leaders Fund |
| JPMorgan U.S. Value Fund |

---

![](g76196imga6ddf3501.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_edf97810-fd8f-4024-9860-1c3d0ed082fd_SOI-TOC-ScheduleofInvestments-825_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_edf97810-fd8f-4024-9860-1c3d0ed082fd_FS-TOC-FinancialStatement-825_1) | &nbsp;&nbsp; **62** |
| [Financial Highlights](#xx_edf97810-fd8f-4024-9860-1c3d0ed082fd_FIHI-TOC-FinancialHighlights-761_1) | &nbsp;&nbsp; **108** |
| [Notes to Financial Statements](#xx_edf97810-fd8f-4024-9860-1c3d0ed082fd_NTF-NTFRunningFooter-761_1) | &nbsp;&nbsp; **140** |
| [Report of Independent Registered Public Accounting Firm](#xx_edf97810-fd8f-4024-9860-1c3d0ed082fd_AUD-TOC-AuditorsReport-825_1) | &nbsp;&nbsp; **167** |
| [Tax Letter](#xx_edf97810-fd8f-4024-9860-1c3d0ed082fd_TL-TAXLETTERCC-825_1) | &nbsp;&nbsp; **168** |

---

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

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

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

------

JPMorgan Equity Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.7%** | **Common Stocks — 99.7%** | **Common Stocks — 99.7%** |
| **Aerospace & Defense — 3.3%** | **Aerospace & Defense — 3.3%** | **Aerospace & Defense — 3.3%** |
| General Dynamics Corp. | 2575 | 751018 |
| RTX Corp. | 4658 | 680203 |
|  |  | 1431221 |
| **Banks — 8.1%** | **Banks — 8.1%** | **Banks — 8.1%** |
| Bank of America Corp. | 28203 | 1334584 |
| PNC Financial Services Group, Inc. (The) | 2636 | 491376 |
| Wells Fargo & Co. | 21335 | 1709379 |
|  |  | 3535339 |
| **Beverages — 1.8%** | **Beverages — 1.8%** | **Beverages — 1.8%** |
| Coca-Cola Co. (The) | 6805 | 481443 |
| PepsiCo, Inc. | 2262 | 298682 |
|  |  | 780125 |
| **Biotechnology — 1.2%** | **Biotechnology — 1.2%** | **Biotechnology — 1.2%** |
| AbbVie, Inc. | 2772 | 514599 |
| **Capital Markets — 10.4%** | **Capital Markets — 10.4%** | **Capital Markets — 10.4%** |
| Ares Management Corp. | 2797 | 484467 |
| Bank of New York Mellon Corp. (The) | 6638 | 604761 |
| Blackrock, Inc. | 310 | 325061 |
| Blackstone, Inc. | 2992 | 447613 |
| Charles Schwab Corp. (The) | 11973 | 1092368 |
| CME Group, Inc. | 936 | 258044 |
| Goldman Sachs Group, Inc. (The) | 886 | 627021 |
| Morgan Stanley | 5193 | 731462 |
|  |  | 4570797 |
| **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
| Air Products and Chemicals, Inc. | 3035 | 855921 |
| **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |
| Republic Services, Inc. | 726 | 178939 |
| **Consumer Finance — 3.9%** | **Consumer Finance — 3.9%** | **Consumer Finance — 3.9%** |
| American Express Co. | 2808 | 895543 |
| Capital One Financial Corp. | 3881 | 825770 |
|  |  | 1721313 |
| **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** |
| Walmart, Inc. | 5702 | 557555 |
| **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** |
| Packaging Corp. of America | 1117 | 210458 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| Verizon Communications, Inc. | 7582 | 328081 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** |
| NextEra Energy, Inc. | 6493 | 450763 |
| Xcel Energy, Inc. | 5788 | 394122 |
|  |  | 844885 |
| **Electrical Equipment — 2.1%** | **Electrical Equipment — 2.1%** | **Electrical Equipment — 2.1%** |
| Eaton Corp. plc | 2638 | 941557 |
| **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** |
| Corning, Inc. | 7309 | 384396 |
| **Financial Services — 1.0%** | **Financial Services — 1.0%** | **Financial Services — 1.0%** |
| Fidelity National Information Services, Inc. | 5589 | 455005 |
| **Food Products — 1.3%** | **Food Products — 1.3%** | **Food Products — 1.3%** |
| Hershey Co. (The) | 1182 | 196188 |
| Mondelez International, Inc., Class A | 5392 | 363639 |
|  |  | 559827 |
| **Ground Transportation — 3.3%** | **Ground Transportation — 3.3%** | **Ground Transportation — 3.3%** |
| Norfolk Southern Corp. | 3171 | 811570 |
| Union Pacific Corp. | 2844 | 654393 |
|  |  | 1465963 |
| **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** |
| Abbott Laboratories | 4504 | 612601 |
| Becton Dickinson & Co. | 1823 | 313905 |
| Medtronic plc | 1262 | 110016 |
|  |  | 1036522 |
| **Health Care Providers & Services — 5.5%** | **Health Care Providers & Services — 5.5%** | **Health Care Providers & Services — 5.5%** |
| Cencora, Inc. | 1000 | 299884 |
| Cigna Group (The) | 1580 | 522108 |
| CVS Health Corp. | 9062 | 625102 |
| Quest Diagnostics, Inc. | 1293 | 232214 |
| UnitedHealth Group, Inc. | 2404 | 750060 |
|  |  | 2429368 |
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Ventas, Inc. | 5657 | 357240 |
| **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** |
| McDonald's Corp. | 2457 | 717965 |
| Yum! Brands, Inc. | 1868 | 276806 |
|  |  | 994771 |
| **Household Products — 1.4%** | **Household Products — 1.4%** | **Household Products — 1.4%** |
| Procter & Gamble Co. (The) | 3914 | 623626 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Large Cap Funds 1

------

JPMorgan Equity Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Industrial Conglomerates — 1.6%** | **Industrial Conglomerates — 1.6%** | **Industrial Conglomerates — 1.6%** |
| 3M Co. | 3265 | 496981 |
| Honeywell International, Inc. | 856 | 199368 |
|  |  | 696349 |
| **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** |
| Prologis, Inc. | 2885 | 303242 |
| **Insurance — 3.8%** | **Insurance — 3.8%** | **Insurance — 3.8%** |
| Arthur J Gallagher & Co. | 1570 | 502698 |
| Chubb Ltd. | 996 | 288641 |
| Marsh & McLennan Cos., Inc. | 544 | 118875 |
| Progressive Corp. (The) | 1844 | 492148 |
| Travelers Cos., Inc. (The) | 968 | 258946 |
|  |  | 1661308 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| International Business Machines Corp. | 745 | 219594 |
| **Machinery — 4.5%** | **Machinery — 4.5%** | **Machinery — 4.5%** |
| Deere & Co. | 1674 | 851278 |
| Dover Corp. | 3514 | 643953 |
| Parker-Hannifin Corp. | 708 | 494226 |
|  |  | 1989457 |
| **Media — 1.6%** | **Media — 1.6%** | **Media — 1.6%** |
| Comcast Corp., Class A | 19793 | 706425 |
| **Multi-Utilities — 2.5%** | **Multi-Utilities — 2.5%** | **Multi-Utilities — 2.5%** |
| CMS Energy Corp. | 4492 | 311199 |
| Dominion Energy, Inc. | 9000 | 508668 |
| Public Service Enterprise Group, Inc. | 3096 | 260682 |
|  |  | 1080549 |
| **Oil, Gas & Consumable Fuels — 5.8%** | **Oil, Gas & Consumable Fuels — 5.8%** | **Oil, Gas & Consumable Fuels — 5.8%** |
| Chevron Corp. | 5190 | 743205 |
| ConocoPhillips | 9508 | 853198 |
| EOG Resources, Inc. | 5044 | 603360 |
| Exxon Mobil Corp. | 3045 | 328202 |
|  |  | 2527965 |
| **Pharmaceuticals — 4.2%** | **Pharmaceuticals — 4.2%** | **Pharmaceuticals — 4.2%** |
| Bristol-Myers Squibb Co. | 11487 | 531763 |
| Eli Lilly & Co. | 316 | 246110 |
| Johnson & Johnson | 4463 | 681690 |
| Merck & Co., Inc. | 4722 | 373787 |
|  |  | 1833350 |
| **Residential REITs — 0.5%** | **Residential REITs — 0.5%** | **Residential REITs — 0.5%** |
| AvalonBay Communities, Inc. | 991 | 201714 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — 4.7%** | **Semiconductors & Semiconductor Equipment — 4.7%** | **Semiconductors & Semiconductor Equipment — 4.7%** |
| Analog Devices, Inc. | 2845 | 677202 |
| Lam Research Corp. | 1939 | 188787 |
| NXP Semiconductors NV (Netherlands) | 2417 | 527993 |
| Texas Instruments, Inc. | 3306 | 686285 |
|  |  | 2080267 |
| **Software — 2.2%** | **Software — 2.2%** | **Software — 2.2%** |
| Microsoft Corp. | 1919 | 954567 |
| **Specialized REITs — 1.0%** | **Specialized REITs — 1.0%** | **Specialized REITs — 1.0%** |
| American Tower Corp. | 962 | 212652 |
| Digital Realty Trust, Inc. | 1368 | 238530 |
|  |  | 451182 |
| **Specialty Retail — 4.4%** | **Specialty Retail — 4.4%** | **Specialty Retail — 4.4%** |
| Home Depot, Inc. (The) | 1744 | 639289 |
| Lowe's Cos., Inc. | 3272 | 726041 |
| TJX Cos., Inc. (The) | 4576 | 565094 |
|  |  | 1930424 |
| **Technology Hardware, Storage & Peripherals — 2.3%** | **Technology Hardware, Storage & Peripherals — 2.3%** | **Technology Hardware, Storage & Peripherals — 2.3%** |
| Apple, Inc. | 368 | 75566 |
| Hewlett Packard Enterprise Co. | 19861 | 406149 |
| Seagate Technology Holdings plc | 3765 | 543446 |
|  |  | 1025161 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| NIKE, Inc., Class B | 2839 | 201702 |
| **Tobacco — 2.5%** | **Tobacco — 2.5%** | **Tobacco — 2.5%** |
| Philip Morris International, Inc. | 5956 | 1084830 |
| Total Common Stocks <br>(Cost $26,943,744)<br>|  | 43725594 |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b) <br>(Cost $76,334)<br>| 76326 | 76341 |
| **Total Investments — 99.9%** <br>**(Cost $27,020,078)**<br>|  | **43801935** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **34087** |
| **NET ASSETS — 100.0%** |  | **43836022** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

2 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Large Cap Funds 3

------

JPMorgan Equity Index Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.6%** | **Common Stocks — 99.6%** | **Common Stocks — 99.6%** |
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |
| Axon Enterprise, Inc. \* | 16 | 13263 |
| Boeing Co. (The) \* | 163 | 34219 |
| GE Aerospace | 231 | 59450 |
| General Dynamics Corp. | 55 | 15914 |
| Howmet Aerospace, Inc. | 87 | 16274 |
| Huntington Ingalls Industries, Inc. | 9 | 2052 |
| L3Harris Technologies, Inc. | 41 | 10157 |
| Lockheed Martin Corp. | 45 | 20918 |
| Northrop Grumman Corp. | 29 | 14651 |
| RTX Corp. | 289 | 42252 |
| Textron, Inc. | 39 | 3139 |
| TransDigm Group, Inc. | 12 | 18498 |
|  |  | 250787 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| CH Robinson Worldwide, Inc. | 26 | 2467 |
| Expeditors International of Washington, Inc. | 29 | 3389 |
| FedEx Corp. | 48 | 10853 |
| United Parcel Service, Inc., Class B | 159 | 16041 |
|  |  | 32750 |
| **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** |
| Aptiv plc (Jersey) \* | 47 | 3217 |
| **Automobiles — 1.9%** | **Automobiles — 1.9%** | **Automobiles — 1.9%** |
| Ford Motor Co. | 846 | 9179 |
| General Motors Co. | 208 | 10247 |
| Tesla, Inc. \* | 607 | 192802 |
|  |  | 212228 |
| **Banks — 3.6%** | **Banks — 3.6%** | **Banks — 3.6%** |
| Bank of America Corp. | 1419 | 67160 |
| Citigroup, Inc. | 404 | 34434 |
| Citizens Financial Group, Inc. | 94 | 4203 |
| Fifth Third Bancorp | 145 | 5946 |
| Huntington Bancshares, Inc. | 315 | 5288 |
| JPMorgan Chase & Co. (a) | 602 | 174507 |
| KeyCorp | 214 | 3722 |
| M&T Bank Corp. | 35 | 6745 |
| PNC Financial Services Group, Inc. (The) | 86 | 15972 |
| Regions Financial Corp. | 195 | 4579 |
| Truist Financial Corp. | 284 | 12194 |
| US Bancorp | 337 | 15270 |
| Wells Fargo & Co. | 705 | 56471 |
|  |  | 406491 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Beverages — 1.1%** | **Beverages — 1.1%** | **Beverages — 1.1%** |
| Brown-Forman Corp., Class B | 40 | 1061 |
| Coca-Cola Co. (The) | 839 | 59359 |
| Constellation Brands, Inc., Class A | 33 | 5394 |
| Keurig Dr Pepper, Inc. | 294 | 9725 |
| Molson Coors Beverage Co., Class B | 37 | 1785 |
| Monster Beverage Corp. \* | 152 | 9527 |
| PepsiCo, Inc. | 297 | 39211 |
|  |  | 126062 |
| **Biotechnology — 1.6%** | **Biotechnology — 1.6%** | **Biotechnology — 1.6%** |
| AbbVie, Inc. | 383 | 71017 |
| Amgen, Inc. | 116 | 32518 |
| Biogen, Inc. \* | 32 | 3986 |
| Gilead Sciences, Inc. | 269 | 29871 |
| Incyte Corp. \* | 35 | 2370 |
| Moderna, Inc. \* | 74 | 2034 |
| Regeneron Pharmaceuticals, Inc. | 22 | 11809 |
| Vertex Pharmaceuticals, Inc. \* | 56 | 24762 |
|  |  | 178367 |
| **Broadline Retail — 4.0%** | **Broadline Retail — 4.0%** | **Broadline Retail — 4.0%** |
| Amazon.com, Inc. \* | 2046 | 448980 |
| eBay, Inc. | 100 | 7435 |
|  |  | 456415 |
| **Building Products — 0.6%** | **Building Products — 0.6%** | **Building Products — 0.6%** |
| A O Smith Corp. | 25 | 1651 |
| Allegion plc | 19 | 2686 |
| Builders FirstSource, Inc. \* | 24 | 2793 |
| Carrier Global Corp. | 173 | 12639 |
| Johnson Controls International plc | 142 | 15054 |
| Lennox International, Inc. | 7 | 3965 |
| Masco Corp. | 46 | 2941 |
| Trane Technologies plc | 48 | 21129 |
|  |  | 62858 |
| **Capital Markets — 3.4%** | **Capital Markets — 3.4%** | **Capital Markets — 3.4%** |
| Ameriprise Financial, Inc. | 21 | 11008 |
| Bank of New York Mellon Corp. (The) | 155 | 14118 |
| Blackrock, Inc. | 32 | 33097 |
| Blackstone, Inc. | 158 | 23639 |
| Cboe Global Markets, Inc. | 23 | 5289 |
| Charles Schwab Corp. (The) | 370 | 33753 |
| CME Group, Inc. | 78 | 21512 |
| Coinbase Global, Inc., Class A \* | 46 | 16049 |
| FactSet Research Systems, Inc. | 8 | 3676 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

4 J.P. Morgan Equity Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| Franklin Resources, Inc. | 67 | 1602 |
| Goldman Sachs Group, Inc. (The) | 66 | 47037 |
| Intercontinental Exchange, Inc. | 124 | 22795 |
| Invesco Ltd. | 97 | 1529 |
| KKR & Co., Inc. | 147 | 19503 |
| MarketAxess Holdings, Inc. | 8 | 1814 |
| Moody's Corp. | 33 | 16808 |
| Morgan Stanley | 268 | 37689 |
| MSCI, Inc. | 17 | 9665 |
| Nasdaq, Inc. | 89 | 8006 |
| Northern Trust Corp. | 42 | 5342 |
| Raymond James Financial, Inc. | 39 | 6032 |
| S&P Global, Inc. | 68 | 35850 |
| State Street Corp. | 62 | 6569 |
| T. Rowe Price Group, Inc. | 48 | 4605 |
|  |  | 386987 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| Air Products and Chemicals, Inc. | 48 | 13596 |
| Albemarle Corp. | 25 | 1597 |
| CF Industries Holdings, Inc. | 35 | 3228 |
| Corteva, Inc. | 148 | 11012 |
| Dow, Inc. | 153 | 4054 |
| DuPont de Nemours, Inc. | 91 | 6217 |
| Eastman Chemical Co. | 25 | 1867 |
| Ecolab, Inc. | 55 | 14725 |
| International Flavors & Fragrances, Inc. | 55 | 4075 |
| Linde plc | 102 | 47836 |
| LyondellBasell Industries NV, Class A | 56 | 3222 |
| Mosaic Co. (The) | 69 | 2507 |
| PPG Industries, Inc. | 49 | 5593 |
| Sherwin-Williams Co. (The) | 50 | 17146 |
|  |  | 136675 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| Cintas Corp. | 74 | 16568 |
| Copart, Inc. \* | 191 | 9344 |
| Republic Services, Inc. | 44 | 10850 |
| Rollins, Inc. | 61 | 3435 |
| Veralto Corp. | 54 | 5419 |
| Waste Management, Inc. | 79 | 18149 |
|  |  | 63765 |
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |
| Arista Networks, Inc. \* | 223 | 22821 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Communications Equipment — continued** | **Communications Equipment — continued** | **Communications Equipment — continued** |
| Cisco Systems, Inc. | 862 | 59783 |
| F5, Inc. \* | 12 | 3661 |
| Juniper Networks, Inc. | 72 | 2863 |
| Motorola Solutions, Inc. | 36 | 15201 |
|  |  | 104329 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| Quanta Services, Inc. | 32 | 12136 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| Martin Marietta Materials, Inc. | 13 | 7168 |
| Vulcan Materials Co. | 29 | 7463 |
|  |  | 14631 |
| **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |
| American Express Co. | 120 | 38238 |
| Capital One Financial Corp. | 139 | 29475 |
| Synchrony Financial | 82 | 5503 |
|  |  | 73216 |
| **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** |
| Costco Wholesale Corp. | 96 | 95132 |
| Dollar General Corp. | 48 | 5449 |
| Dollar Tree, Inc. \* | 43 | 4238 |
| Kroger Co. (The) | 133 | 9517 |
| Sysco Corp. | 105 | 7952 |
| Target Corp. | 98 | 9708 |
| Walgreens Boots Alliance, Inc. | 155 | 1785 |
| Walmart, Inc. | 936 | 91501 |
|  |  | 225282 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Amcor plc | 496 | 4561 |
| Avery Dennison Corp. | 17 | 2971 |
| Ball Corp. | 60 | 3370 |
| International Paper Co. | 114 | 5354 |
| Packaging Corp. of America | 19 | 3647 |
| Smurfit WestRock plc | 108 | 4635 |
|  |  | 24538 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| Genuine Parts Co. | 30 | 3647 |
| LKQ Corp. | 56 | 2069 |
| Pool Corp. | 8 | 2374 |
|  |  | 8090 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Equity Funds 5

------

JPMorgan Equity Index Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| AT&T, Inc. | 1559 | 45104 |
| Verizon Communications, Inc. | 913 | 39512 |
|  |  | 84616 |
| **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** |
| Alliant Energy Corp. | 56 | 3364 |
| American Electric Power Co., Inc. | 116 | 12005 |
| Constellation Energy Corp. | 68 | 21910 |
| Duke Energy Corp. | 168 | 19865 |
| Edison International | 83 | 4300 |
| Entergy Corp. | 97 | 8036 |
| Evergy, Inc. | 50 | 3435 |
| Eversource Energy | 79 | 5063 |
| Exelon Corp. | 219 | 9494 |
| FirstEnergy Corp. | 111 | 4479 |
| NextEra Energy, Inc. | 446 | 30953 |
| NRG Energy, Inc. | 42 | 6800 |
| PG&E Corp. | 476 | 6636 |
| Pinnacle West Capital Corp. | 26 | 2314 |
| PPL Corp. | 160 | 5427 |
| Southern Co. (The) | 238 | 21860 |
| Xcel Energy, Inc. | 125 | 8507 |
|  |  | 174448 |
| **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** |
| AMETEK, Inc. | 50 | 9049 |
| Eaton Corp. plc | 85 | 30256 |
| Emerson Electric Co. | 122 | 16244 |
| GE Vernova, Inc. | 59 | 31281 |
| Generac Holdings, Inc. \* | 13 | 1833 |
| Hubbell, Inc. | 11 | 4721 |
| Rockwell Automation, Inc. | 24 | 8110 |
|  |  | 101494 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| Amphenol Corp., Class A | 262 | 25872 |
| CDW Corp. | 29 | 5094 |
| Corning, Inc. | 167 | 8780 |
| Jabil, Inc. | 23 | 5071 |
| Keysight Technologies, Inc. \* | 37 | 6133 |
| Ralliant Corp. \* |  |  |
| TE Connectivity plc (Switzerland) | 64 | 10834 |
| Teledyne Technologies, Inc. \* | 10 | 5199 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** |
| Trimble, Inc. \* | 52 | 3926 |
| Zebra Technologies Corp., Class A \* | 11 | 3397 |
|  |  | 74306 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co. | 214 | 8227 |
| Halliburton Co. | 186 | 3795 |
| Schlumberger NV | 295 | 9958 |
|  |  | 21980 |
| **Entertainment — 1.8%** | **Entertainment — 1.8%** | **Entertainment — 1.8%** |
| Electronic Arts, Inc. | 49 | 7893 |
| Live Nation Entertainment, Inc. \* | 34 | 5164 |
| Netflix, Inc. \* | 92 | 123436 |
| Take-Two Interactive Software, Inc. \* | 37 | 8912 |
| TKO Group Holdings, Inc. | 15 | 2642 |
| Walt Disney Co. (The) | 389 | 48287 |
| Warner Bros Discovery, Inc. \* | 488 | 5588 |
|  |  | 201922 |
| **Financial Services — 4.3%** | **Financial Services — 4.3%** | **Financial Services — 4.3%** |
| Apollo Global Management, Inc. | 98 | 13873 |
| Berkshire Hathaway, Inc., Class B \* | 397 | 192936 |
| Corpay, Inc. \* | 15 | 5066 |
| Fidelity National Information Services, Inc. | 114 | 9264 |
| Fiserv, Inc. \* | 120 | 20704 |
| Global Payments, Inc. | 53 | 4228 |
| Jack Henry & Associates, Inc. | 16 | 2842 |
| Mastercard, Inc., Class A | 176 | 98726 |
| PayPal Holdings, Inc. \* | 211 | 15655 |
| Visa, Inc., Class A | 370 | 131577 |
|  |  | 494871 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Archer-Daniels-Midland Co. | 104 | 5492 |
| Bunge Global SA | 29 | 2337 |
| Conagra Brands, Inc. | 103 | 2117 |
| General Mills, Inc. | 119 | 6145 |
| Hershey Co. (The) | 32 | 5319 |
| Hormel Foods Corp. | 63 | 1910 |
| J M Smucker Co. (The) | 23 | 2263 |
| Kellanova | 58 | 4631 |
| Kraft Heinz Co. (The) | 187 | 4832 |
| Lamb Weston Holdings, Inc. | 31 | 1585 |
| McCormick & Co., Inc. (Non-Voting) | 55 | 4150 |
| Mondelez International, Inc., Class A | 280 | 18913 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

6 J.P. Morgan Equity Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Food Products — continued** | **Food Products — continued** | **Food Products — continued** |
| The Campbell's Co. | 43 | 1307 |
| Tyson Foods, Inc., Class A | 62 | 3468 |
|  |  | 64469 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| Atmos Energy Corp. | 34 | 5302 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| CSX Corp. | 407 | 13277 |
| JB Hunt Transport Services, Inc. | 17 | 2437 |
| Norfolk Southern Corp. | 49 | 12499 |
| Old Dominion Freight Line, Inc. | 40 | 6537 |
| Uber Technologies, Inc. \* | 453 | 42259 |
| Union Pacific Corp. | 129 | 29774 |
|  |  | 106783 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |
| Abbott Laboratories | 377 | 51254 |
| Align Technology, Inc. \* | 15 | 2794 |
| Baxter International, Inc. | 111 | 3366 |
| Becton Dickinson & Co. | 62 | 10693 |
| Boston Scientific Corp. \* | 320 | 34418 |
| Cooper Cos., Inc. (The) \* | 43 | 3082 |
| Dexcom, Inc. \* | 85 | 7413 |
| Edwards Lifesciences Corp. \* | 127 | 9937 |
| GE HealthCare Technologies, Inc. | 99 | 7346 |
| Hologic, Inc. \* | 48 | 3145 |
| IDEXX Laboratories, Inc. \* | 17 | 9342 |
| Insulet Corp. \* | 15 | 4789 |
| Intuitive Surgical, Inc. \* | 78 | 42185 |
| Medtronic plc | 278 | 24215 |
| ResMed, Inc. | 32 | 8194 |
| Solventum Corp. \* | 30 | 2274 |
| STERIS plc | 21 | 5112 |
| Stryker Corp. | 75 | 29473 |
| Zimmer Biomet Holdings, Inc. | 43 | 3909 |
|  |  | 262941 |
| **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** |
| Cardinal Health, Inc. | 52 | 8685 |
| Cencora, Inc. | 37 | 11203 |
| Centene Corp. \* | 108 | 5850 |
| Cigna Group (The) | 58 | 19128 |
| CVS Health Corp. | 274 | 18900 |
| DaVita, Inc. \* | 9 | 1281 |
| Elevance Health, Inc. | 49 | 19034 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| HCA Healthcare, Inc. | 38 | 14373 |
| Henry Schein, Inc. \* | 26 | 1926 |
| Humana, Inc. | 26 | 6391 |
| Labcorp Holdings, Inc. | 18 | 4759 |
| McKesson Corp. | 27 | 19857 |
| Molina Healthcare, Inc. \* | 12 | 3497 |
| Quest Diagnostics, Inc. | 24 | 4343 |
| UnitedHealth Group, Inc. | 197 | 61296 |
| Universal Health Services, Inc., Class B | 12 | 2244 |
|  |  | 202767 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| Alexandria Real Estate Equities, Inc. | 33 | 2422 |
| Healthpeak Properties, Inc. | 150 | 2635 |
| Ventas, Inc. | 98 | 6172 |
| Welltower, Inc. | 135 | 20686 |
|  |  | 31915 |
| **Hotel & Resort REITs — 0.0% ^** | **Hotel & Resort REITs — 0.0% ^** | **Hotel & Resort REITs — 0.0% ^** |
| Host Hotels & Resorts, Inc. | 150 | 2308 |
| **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** |
| Airbnb, Inc., Class A \* | 94 | 12371 |
| Booking Holdings, Inc. | 7 | 40803 |
| Caesars Entertainment, Inc. \* | 45 | 1279 |
| Carnival Corp. \* | 227 | 6395 |
| Chipotle Mexican Grill, Inc. \* | 292 | 16386 |
| Darden Restaurants, Inc. | 25 | 5525 |
| Domino's Pizza, Inc. | 7 | 3342 |
| DoorDash, Inc., Class A \* | 74 | 18306 |
| Expedia Group, Inc. | 26 | 4442 |
| Hilton Worldwide Holdings, Inc. | 52 | 13712 |
| Las Vegas Sands Corp. | 74 | 3196 |
| Marriott International, Inc., Class A | 49 | 13453 |
| McDonald's Corp. | 155 | 45249 |
| MGM Resorts International \* | 45 | 1541 |
| Norwegian Cruise Line Holdings Ltd. \* | 97 | 1963 |
| Royal Caribbean Cruises Ltd. | 54 | 16945 |
| Starbucks Corp. | 246 | 22553 |
| Wynn Resorts Ltd. | 19 | 1785 |
| Yum! Brands, Inc. | 60 | 8921 |
|  |  | 238167 |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
| DR Horton, Inc. | 60 | 7720 |
| Garmin Ltd. | 33 | 6963 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Equity Funds 7

------

JPMorgan Equity Index Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Household Durables — continued** | **Household Durables — continued** | **Household Durables — continued** |
| Lennar Corp., Class A | 50 | 5563 |
| Mohawk Industries, Inc. \* | 11 | 1178 |
| NVR, Inc. \* | 1 | 4675 |
| PulteGroup, Inc. | 44 | 4578 |
|  |  | 30677 |
| **Household Products — 1.0%** | **Household Products — 1.0%** | **Household Products — 1.0%** |
| Church & Dwight Co., Inc. | 53 | 5127 |
| Clorox Co. (The) | 27 | 3205 |
| Colgate-Palmolive Co. | 175 | 15956 |
| Kimberly-Clark Corp. | 72 | 9265 |
| Procter & Gamble Co. (The) | 508 | 80905 |
|  |  | 114458 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| AES Corp. (The) | 154 | 1622 |
| Vistra Corp. | 74 | 14245 |
|  |  | 15867 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| 3M Co. | 117 | 17746 |
| Honeywell International, Inc. | 139 | 32417 |
|  |  | 50163 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| Prologis, Inc. | 201 | 21127 |
| **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
| Aflac, Inc. | 105 | 11114 |
| Allstate Corp. (The) | 57 | 11547 |
| American International Group, Inc. | 125 | 10684 |
| Aon plc, Class A | 47 | 16686 |
| Arch Capital Group Ltd. | 81 | 7360 |
| Arthur J Gallagher & Co. | 55 | 17757 |
| Assurant, Inc. | 11 | 2169 |
| Brown & Brown, Inc. | 61 | 6730 |
| Chubb Ltd. | 81 | 23386 |
| Cincinnati Financial Corp. | 34 | 5042 |
| Erie Indemnity Co., Class A | 5 | 1873 |
| Everest Group Ltd. | 9 | 3131 |
| Globe Life, Inc. | 18 | 2222 |
| Hartford Insurance Group, Inc. (The) | 61 | 7807 |
| Loews Corp. | 38 | 3455 |
| Marsh & McLennan Cos., Inc. | 107 | 23334 |
| MetLife, Inc. | 122 | 9822 |
| Principal Financial Group, Inc. | 45 | 3549 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Progressive Corp. (The) | 127 | 33884 |
| Prudential Financial, Inc. | 77 | 8238 |
| Travelers Cos., Inc. (The) | 49 | 13129 |
| Willis Towers Watson plc | 21 | 6582 |
| WR Berkley Corp. | 65 | 4769 |
|  |  | 234270 |
| **Interactive Media & Services — 6.6%** | **Interactive Media & Services — 6.6%** | **Interactive Media & Services — 6.6%** |
| Alphabet, Inc., Class A | 1261 | 222151 |
| Alphabet, Inc., Class C | 1017 | 180379 |
| Match Group, Inc. | 53 | 1641 |
| Meta Platforms, Inc., Class A | 470 | 347091 |
|  |  | 751262 |
| **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** |
| Accenture plc, Class A (Ireland) | 136 | 40527 |
| Akamai Technologies, Inc. \* | 32 | 2526 |
| Cognizant Technology Solutions Corp., Class A | 107 | 8331 |
| EPAM Systems, Inc. \* | 12 | 2170 |
| Gartner, Inc. \* | 17 | 6739 |
| GoDaddy, Inc., Class A \* | 31 | 5557 |
| International Business Machines Corp. | 201 | 59340 |
| VeriSign, Inc. | 17 | 5051 |
|  |  | 130241 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| Hasbro, Inc. | 29 | 2106 |
| **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** |
| Agilent Technologies, Inc. | 62 | 7287 |
| Bio-Techne Corp. | 34 | 1747 |
| Charles River Laboratories International, Inc. \* | 11 | 1614 |
| Danaher Corp. | 138 | 27252 |
| IQVIA Holdings, Inc. \* | 36 | 5610 |
| Mettler-Toledo International, Inc. \* | 4 | 5287 |
| Revvity, Inc. | 25 | 2469 |
| Thermo Fisher Scientific, Inc. | 82 | 33152 |
| Waters Corp. \* | 13 | 4499 |
| West Pharmaceutical Services, Inc. | 15 | 3405 |
|  |  | 92322 |
| **Machinery — 1.5%** | **Machinery — 1.5%** | **Machinery — 1.5%** |
| Caterpillar, Inc. | 102 | 39546 |
| Cummins, Inc. | 30 | 9772 |
| Deere & Co. | 55 | 27800 |
| Dover Corp. | 30 | 5441 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

8 J.P. Morgan Equity Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| Fortive Corp. | 73 | 3838 |
| IDEX Corp. | 16 | 2873 |
| Illinois Tool Works, Inc. | 58 | 14279 |
| Ingersoll Rand, Inc. | 87 | 7269 |
| Nordson Corp. | 12 | 2510 |
| Otis Worldwide Corp. | 85 | 8465 |
| PACCAR, Inc. | 114 | 10809 |
| Parker-Hannifin Corp. | 28 | 19331 |
| Pentair plc | 36 | 3658 |
| Snap-on, Inc. | 11 | 3524 |
| Stanley Black & Decker, Inc. | 33 | 2270 |
| Westinghouse Air Brake Technologies Corp. | 37 | 7759 |
| Xylem, Inc. | 53 | 6818 |
|  |  | 175962 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| Charter Communications, Inc., Class A \* | 21 | 8451 |
| Comcast Corp., Class A | 807 | 28789 |
| Fox Corp., Class A | 46 | 2598 |
| Fox Corp., Class B | 29 | 1475 |
| Interpublic Group of Cos., Inc. (The) | 80 | 1961 |
| News Corp., Class A | 82 | 2428 |
| News Corp., Class B | 24 | 828 |
| Omnicom Group, Inc. | 42 | 3040 |
| Paramount Global, Class B | 130 | 1682 |
|  |  | 51252 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| Freeport-McMoRan, Inc. | 311 | 13485 |
| Newmont Corp. | 241 | 14045 |
| Nucor Corp. | 50 | 6474 |
| Steel Dynamics, Inc. | 30 | 3828 |
|  |  | 37832 |
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |
| Ameren Corp. | 59 | 5622 |
| CenterPoint Energy, Inc. | 141 | 5194 |
| CMS Energy Corp. | 65 | 4489 |
| Consolidated Edison, Inc. | 78 | 7831 |
| Dominion Energy, Inc. | 185 | 10440 |
| DTE Energy Co. | 45 | 5954 |
| NiSource, Inc. | 102 | 4113 |
| Public Service Enterprise Group, Inc. | 108 | 9098 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| Sempra | 141 | 10703 |
| WEC Energy Group, Inc. | 69 | 7202 |
|  |  | 70646 |
| **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** |
| BXP, Inc. | 32 | 2129 |
| **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** |
| APA Corp. | 78 | 1429 |
| Chevron Corp. | 352 | 50371 |
| ConocoPhillips | 273 | 24538 |
| Coterra Energy, Inc. | 165 | 4196 |
| Devon Energy Corp. | 139 | 4424 |
| Diamondback Energy, Inc. | 41 | 5565 |
| EOG Resources, Inc. | 118 | 14140 |
| EQT Corp. | 130 | 7562 |
| Expand Energy Corp. | 47 | 5485 |
| Exxon Mobil Corp. | 934 | 100633 |
| Hess Corp. | 60 | 8319 |
| Kinder Morgan, Inc. | 419 | 12310 |
| Marathon Petroleum Corp. | 67 | 11053 |
| Occidental Petroleum Corp. | 153 | 6447 |
| ONEOK, Inc. | 135 | 11044 |
| Phillips 66 | 88 | 10528 |
| Targa Resources Corp. | 47 | 8179 |
| Texas Pacific Land Corp. | 4 | 4313 |
| Valero Energy Corp. | 68 | 9119 |
| Williams Cos., Inc. (The) | 264 | 16611 |
|  |  | 316266 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| Delta Air Lines, Inc. | 141 | 6955 |
| Southwest Airlines Co. | 124 | 4004 |
| United Airlines Holdings, Inc. \* | 71 | 5633 |
|  |  | 16592 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Estee Lauder Cos., Inc. (The), Class A | 51 | 4099 |
| Kenvue, Inc. | 416 | 8703 |
|  |  | 12802 |
| **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** |
| Bristol-Myers Squibb Co. | 441 | 20404 |
| Eli Lilly & Co. | 170 | 132814 |
| Johnson & Johnson | 521 | 79604 |
| Merck & Co., Inc. | 544 | 43053 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Equity Funds 9

------

JPMorgan Equity Index Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| Pfizer, Inc. | 1231 | 29850 |
| Viatris, Inc. | 254 | 2270 |
| Zoetis, Inc. | 97 | 15038 |
|  |  | 323033 |
| **Professional Services — 0.6%** | **Professional Services — 0.6%** | **Professional Services — 0.6%** |
| Automatic Data Processing, Inc. | 88 | 27115 |
| Broadridge Financial Solutions, Inc. | 25 | 6183 |
| Dayforce, Inc. \* | 35 | 1918 |
| Equifax, Inc. | 27 | 6977 |
| Jacobs Solutions, Inc. | 26 | 3421 |
| Leidos Holdings, Inc. | 28 | 4398 |
| Paychex, Inc. | 69 | 10100 |
| Paycom Software, Inc. | 11 | 2443 |
| Verisk Analytics, Inc. | 30 | 9438 |
|  |  | 71993 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| CBRE Group, Inc., Class A \* | 64 | 8912 |
| CoStar Group, Inc. \* | 91 | 7347 |
|  |  | 16259 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| AvalonBay Communities, Inc. | 31 | 6267 |
| Camden Property Trust | 23 | 2608 |
| Equity Residential | 74 | 4998 |
| Essex Property Trust, Inc. | 14 | 3952 |
| Invitation Homes, Inc. | 124 | 4050 |
| Mid-America Apartment Communities, Inc. | 25 | 3753 |
| UDR, Inc. | 65 | 2666 |
|  |  | 28294 |
| **Retail REITs — 0.3%** | **Retail REITs — 0.3%** | **Retail REITs — 0.3%** |
| Federal Realty Investment Trust | 17 | 1597 |
| Kimco Realty Corp. | 147 | 3080 |
| Realty Income Corp. | 196 | 11269 |
| Regency Centers Corp. | 35 | 2520 |
| Simon Property Group, Inc. | 66 | 10684 |
|  |  | 29150 |
| **Semiconductors & Semiconductor Equipment — 12.7%** | **Semiconductors & Semiconductor Equipment — 12.7%** | **Semiconductors & Semiconductor Equipment — 12.7%** |
| Advanced Micro Devices, Inc. \* | 351 | 49833 |
| Analog Devices, Inc. | 107 | 25569 |
| Applied Materials, Inc. | 176 | 32215 |
| Broadcom, Inc. | 1018 | 280725 |
| Enphase Energy, Inc. \* | 28 | 1127 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| First Solar, Inc. \* | 23 | 3845 |
| Intel Corp. | 945 | 21163 |
| KLA Corp. | 29 | 25657 |
| Lam Research Corp. | 277 | 26968 |
| Microchip Technology, Inc. | 116 | 8197 |
| Micron Technology, Inc. | 242 | 29834 |
| Monolithic Power Systems, Inc. | 10 | 7585 |
| NVIDIA Corp. | 5282 | 834532 |
| NXP Semiconductors NV (Netherlands) | 55 | 11955 |
| ON Semiconductor Corp. \* | 91 | 4744 |
| QUALCOMM, Inc. | 238 | 37847 |
| Skyworks Solutions, Inc. | 33 | 2423 |
| Teradyne, Inc. | 35 | 3124 |
| Texas Instruments, Inc. | 197 | 40853 |
|  |  | 1448196 |
| **Software — 11.4%** | **Software — 11.4%** | **Software — 11.4%** |
| Adobe, Inc. \* | 92 | 35714 |
| ANSYS, Inc. \* | 19 | 6688 |
| Autodesk, Inc. \* | 46 | 14345 |
| Cadence Design Systems, Inc. \* | 59 | 18224 |
| Crowdstrike Holdings, Inc., Class A \* | 54 | 27476 |
| Fair Isaac Corp. \* | 5 | 9637 |
| Fortinet, Inc. \* | 138 | 14547 |
| Gen Digital, Inc. | 118 | 3476 |
| Intuit, Inc. | 61 | 47692 |
| Microsoft Corp. | 1610 | 800750 |
| Oracle Corp. | 352 | 77019 |
| Palantir Technologies, Inc., Class A \* | 461 | 62806 |
| Palo Alto Networks, Inc. \* | 143 | 29347 |
| PTC, Inc. \* | 26 | 4477 |
| Roper Technologies, Inc. | 23 | 13200 |
| Salesforce, Inc. | 208 | 56669 |
| ServiceNow, Inc. \* | 45 | 46094 |
| Synopsys, Inc. \* | 34 | 17170 |
| Tyler Technologies, Inc. \* | 9 | 5537 |
| Workday, Inc., Class A \* | 47 | 11261 |
|  |  | 1302129 |
| **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** |
| American Tower Corp. | 102 | 22410 |
| Crown Castle, Inc. | 94 | 9689 |
| Digital Realty Trust, Inc. | 69 | 11954 |
| Equinix, Inc. | 21 | 16854 |
| Extra Space Storage, Inc. | 46 | 6777 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

10 J.P. Morgan Equity Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialized REITs — continued** | **Specialized REITs — continued** | **Specialized REITs — continued** |
| Iron Mountain, Inc. | 64 | 6555 |
| Public Storage | 34 | 10034 |
| SBA Communications Corp. | 23 | 5465 |
| VICI Properties, Inc. | 229 | 7461 |
| Weyerhaeuser Co. | 157 | 4036 |
|  |  | 101235 |
| **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** |
| AutoZone, Inc. \* | 3 | 13449 |
| Best Buy Co., Inc. | 42 | 2801 |
| CarMax, Inc. \* | 33 | 2218 |
| Home Depot, Inc. (The) | 215 | 78929 |
| Lowe's Cos., Inc. | 121 | 26897 |
| O'Reilly Automotive, Inc. \* | 185 | 16688 |
| Ross Stores, Inc. | 71 | 9087 |
| TJX Cos., Inc. (The) | 242 | 29863 |
| Tractor Supply Co. | 115 | 6060 |
| Ulta Beauty, Inc. \* | 10 | 4575 |
| Williams-Sonoma, Inc. | 27 | 4350 |
|  |  | 194917 |
| **Technology Hardware, Storage & Peripherals — 6.2%** | **Technology Hardware, Storage & Peripherals — 6.2%** | **Technology Hardware, Storage & Peripherals — 6.2%** |
| Apple, Inc. | 3235 | 663725 |
| Dell Technologies, Inc., Class C | 65 | 7955 |
| Hewlett Packard Enterprise Co. | 284 | 5818 |
| HP, Inc. | 204 | 4994 |
| NetApp, Inc. | 44 | 4694 |
| Seagate Technology Holdings plc | 46 | 6634 |
| Super Micro Computer, Inc. \* | 111 | 5449 |
| Western Digital Corp. | 76 | 4836 |
|  |  | 704105 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| Deckers Outdoor Corp. \* | 33 | 3388 |
| Lululemon Athletica, Inc. \* | 24 | 5688 |
| NIKE, Inc., Class B | 255 | 18127 |
| Ralph Lauren Corp. | 9 | 2370 |
| Tapestry, Inc. | 45 | 3950 |
|  |  | 33523 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| Altria Group, Inc. | 365 | 21390 |
| Philip Morris International, Inc. | 337 | 61402 |
|  |  | 82792 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
| Fastenal Co. | 249 | 10437 |
| United Rentals, Inc. | 14 | 10606 |
| WW Grainger, Inc. | 9 | 9849 |
|  |  | 30892 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| American Water Works Co., Inc. | 42 | 5876 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| T-Mobile US, Inc. | 103 | 24610 |
| Total Common Stocks <br>(Cost $3,805,100)<br>|  | 11370091 |
|  | **NO. OF** <br> **RIGHTS** <br>**(000)**<br>|  |
| **Rights — 0.0% ^** | **Rights — 0.0% ^** | **Rights — 0.0% ^** |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| ABIOMED, Inc., CVR ‡ \* <br>(Cost $10)<br>| 10 | 10 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** |
| **Investment Companies — 0.3%** | **Investment Companies — 0.3%** | **Investment Companies — 0.3%** |
| JPMorgan U.S. Government Money Market Fund <br> Class Institutional Shares, 4.18% (b) (c) <br>(Cost $29,487)<br>| 29487 | 29487 |
| **Total Investments — 99.9%** <br>**(Cost $3,834,597)**<br>|  | **11399588** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **13142** |
| **NET ASSETS — 100.0%** |  | **11412730** |

---

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

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CVR | Contingent Value Rights |
| REIT | Real Estate Investment Trust |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| \* | Non-income producing security.  |
| (a) | Investment in affiliate. This security is included in an <br> index in which the Fund, as an index fund, tracks.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Equity Funds 11

------

JPMorgan Equity Index Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the current yield as of June 30, 2025.

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 44068 | &nbsp;&nbsp;&nbsp;&nbsp; 1083 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

12 J.P. Morgan Equity Funds June 30, 2025

------

JPMorgan Equity Premium Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 86.3%** | **Common Stocks — 86.3%** | **Common Stocks — 86.3%** |
| **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** |
| Howmet Aerospace, Inc. | 463 | 86133 |
| RTX Corp. | 301 | 44023 |
| TransDigm Group, Inc. | 25 | 37307 |
|  |  | 167463 |
| **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** |
| FedEx Corp. | 79 | 18028 |
| United Parcel Service, Inc., Class B | 401 | 40488 |
|  |  | 58516 |
| **Banks — 0.5%** | **Banks — 0.5%** | **Banks — 0.5%** |
| Bank of America Corp. | 461 | 21828 |
| US Bancorp | 263 | 11881 |
|  |  | 33709 |
| **Beverages — 3.1%** | **Beverages — 3.1%** | **Beverages — 3.1%** |
| Coca-Cola Co. (The) | 826 | 58425 |
| Keurig Dr Pepper, Inc. | 1338 | 44242 |
| Monster Beverage Corp. \* | 250 | 15633 |
| PepsiCo, Inc. | 625 | 82519 |
|  |  | 200819 |
| **Biotechnology — 2.6%** | **Biotechnology — 2.6%** | **Biotechnology — 2.6%** |
| AbbVie, Inc. | 485 | 89940 |
| Regeneron Pharmaceuticals, Inc. | 77 | 40584 |
| Vertex Pharmaceuticals, Inc. \* | 83 | 36863 |
|  |  | 167387 |
| **Broadline Retail — 1.6%** | **Broadline Retail — 1.6%** | **Broadline Retail — 1.6%** |
| Amazon.com, Inc. \* | 456 | 100062 |
| **Building Products — 2.6%** | **Building Products — 2.6%** | **Building Products — 2.6%** |
| Carrier Global Corp. | 868 | 63535 |
| Trane Technologies plc | 235 | 102502 |
|  |  | 166037 |
| **Capital Markets — 2.1%** | **Capital Markets — 2.1%** | **Capital Markets — 2.1%** |
| Ameriprise Financial, Inc. | 139 | 74220 |
| CME Group, Inc. | 154 | 42330 |
| Raymond James Financial, Inc. | 119 | 18327 |
|  |  | 134877 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| Linde plc | 120 | 56264 |
| **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** |
| Motorola Solutions, Inc. | 50 | 21076 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Vulcan Materials Co. | 85 | 22272 |
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
| American Express Co. | 197 | 62943 |
| **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** |
| Walmart, Inc. | 852 | 83330 |
| **Electric Utilities — 3.0%** | **Electric Utilities — 3.0%** | **Electric Utilities — 3.0%** |
| Entergy Corp. | 225 | 18722 |
| NextEra Energy, Inc. | 1178 | 81750 |
| Southern Co. (The) | 1025 | 94108 |
|  |  | 194580 |
| **Electrical Equipment — 2.7%** | **Electrical Equipment — 2.7%** | **Electrical Equipment — 2.7%** |
| Eaton Corp. plc | 240 | 85632 |
| Emerson Electric Co. | 643 | 85710 |
|  |  | 171342 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Baker Hughes Co. | 207 | 7922 |
| **Entertainment — 1.9%** | **Entertainment — 1.9%** | **Entertainment — 1.9%** |
| Netflix, Inc. \* | 30 | 39385 |
| Walt Disney Co. (The) | 653 | 80994 |
|  |  | 120379 |
| **Financial Services — 5.1%** | **Financial Services — 5.1%** | **Financial Services — 5.1%** |
| Berkshire Hathaway, Inc., Class B \* | 91 | 44229 |
| Corpay, Inc. \* | 124 | 41090 |
| Fiserv, Inc. \* | 206 | 35479 |
| Mastercard, Inc., Class A | 183 | 102923 |
| Visa, Inc., Class A | 290 | 103063 |
|  |  | 326784 |
| **Food Products — 1.2%** | **Food Products — 1.2%** | **Food Products — 1.2%** |
| Mondelez International, Inc., Class A | 1119 | 75481 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| CSX Corp. | 572 | 18657 |
| **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** |
| Boston Scientific Corp. \* | 344 | 36969 |
| Medtronic plc | 613 | 53437 |
| Stryker Corp. | 214 | 84637 |
|  |  | 175043 |
| **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| UnitedHealth Group, Inc. | 144 | 44867 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Large Cap Funds 13

------

JPMorgan Equity Premium Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** |
| Ventas, Inc. | 317 | 20030 |
| Welltower, Inc. | 172 | 26476 |
|  |  | 46506 |
| **Hotels, Restaurants & Leisure — 3.5%** | **Hotels, Restaurants & Leisure — 3.5%** | **Hotels, Restaurants & Leisure — 3.5%** |
| Chipotle Mexican Grill, Inc. \* | 1102 | 61895 |
| McDonald's Corp. | 257 | 74924 |
| Yum! Brands, Inc. | 574 | 85024 |
|  |  | 221843 |
| **Household Products — 1.3%** | **Household Products — 1.3%** | **Household Products — 1.3%** |
| Church & Dwight Co., Inc. | 337 | 32381 |
| Procter & Gamble Co. (The) | 319 | 50863 |
|  |  | 83244 |
| **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** |
| Vistra Corp. | 156 | 30201 |
| **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** |
| 3M Co. | 276 | 42035 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| Prologis, Inc. | 158 | 16629 |
| **Insurance — 4.1%** | **Insurance — 4.1%** | **Insurance — 4.1%** |
| Aon plc, Class A | 57 | 20259 |
| Arthur J Gallagher & Co. | 205 | 65673 |
| Chubb Ltd. | 121 | 34988 |
| Progressive Corp. (The) | 356 | 95186 |
| Travelers Cos., Inc. (The) | 161 | 43000 |
|  |  | 259106 |
| **Interactive Media & Services — 3.1%** | **Interactive Media & Services — 3.1%** | **Interactive Media & Services — 3.1%** |
| Alphabet, Inc., Class A | 491 | 86528 |
| Meta Platforms, Inc., Class A | 149 | 110131 |
|  |  | 196659 |
| **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
| Cognizant Technology Solutions Corp., Class A | 759 | 59196 |
| **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** |
| Danaher Corp. | 112 | 22115 |
| Thermo Fisher Scientific, Inc. | 178 | 72197 |
|  |  | 94312 |
| **Machinery — 1.8%** | **Machinery — 1.8%** | **Machinery — 1.8%** |
| Cummins, Inc. | 63 | 20780 |
| Deere & Co. | 64 | 32317 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| Ingersoll Rand, Inc. | 202 | 16792 |
| Otis Worldwide Corp. | 465 | 46094 |
|  |  | 115983 |
| **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** |
| Comcast Corp., Class A | 2325 | 82992 |
| **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** |
| Ameren Corp. | 83 | 8012 |
| CMS Energy Corp. | 400 | 27678 |
| Dominion Energy, Inc. | 245 | 13819 |
| Public Service Enterprise Group, Inc. | 254 | 21423 |
|  |  | 70932 |
| **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** |
| ConocoPhillips | 460 | 41224 |
| EOG Resources, Inc. | 609 | 72856 |
| Exxon Mobil Corp. | 409 | 44128 |
|  |  | 158208 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Kenvue, Inc. | 284 | 5952 |
| **Pharmaceuticals — 3.8%** | **Pharmaceuticals — 3.8%** | **Pharmaceuticals — 3.8%** |
| Bristol-Myers Squibb Co. | 1741 | 80584 |
| Eli Lilly & Co. | 61 | 47646 |
| Johnson & Johnson | 542 | 82752 |
| Merck & Co., Inc. | 406 | 32189 |
|  |  | 243171 |
| **Professional Services — 0.8%** | **Professional Services — 0.8%** | **Professional Services — 0.8%** |
| Automatic Data Processing, Inc. | 106 | 32776 |
| Leidos Holdings, Inc. | 120 | 18868 |
|  |  | 51644 |
| **Semiconductors & Semiconductor Equipment — 7.4%** | **Semiconductors & Semiconductor Equipment — 7.4%** | **Semiconductors & Semiconductor Equipment — 7.4%** |
| Analog Devices, Inc. | 386 | 91806 |
| ASML Holding NV (Registered), NYRS (Netherlands) | 47 | 37458 |
| Broadcom, Inc. | 289 | 79695 |
| Lam Research Corp. | 418 | 40701 |
| NVIDIA Corp. | 652 | 103030 |
| NXP Semiconductors NV (Netherlands) | 231 | 50586 |
| Texas Instruments, Inc. | 338 | 70105 |
|  |  | 473381 |
| **Software — 6.1%** | **Software — 6.1%** | **Software — 6.1%** |
| Cadence Design Systems, Inc. \* | 102 | 31573 |
| Microsoft Corp. | 210 | 104392 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

14 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| Oracle Corp. | 503 | 110029 |
| Salesforce, Inc. | 210 | 57302 |
| ServiceNow, Inc. \* | 87 | 88889 |
|  |  | 392185 |
| **Specialized REITs — 1.9%** | **Specialized REITs — 1.9%** | **Specialized REITs — 1.9%** |
| American Tower Corp. | 93 | 20591 |
| Equinix, Inc. | 70 | 55297 |
| SBA Communications Corp. | 195 | 45769 |
|  |  | 121657 |
| **Specialty Retail — 3.4%** | **Specialty Retail — 3.4%** | **Specialty Retail — 3.4%** |
| AutoZone, Inc. \* | 5 | 16879 |
| Burlington Stores, Inc. \* | 148 | 34491 |
| Lowe's Cos., Inc. | 382 | 84622 |
| Ross Stores, Inc. | 638 | 81426 |
|  |  | 217418 |
| **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** |
| Apple, Inc. | 215 | 44087 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| Altria Group, Inc. | 231 | 13522 |
| Philip Morris International, Inc. | 185 | 33801 |
|  |  | 47323 |
| **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** |
| United Rentals, Inc. | 50 | 37843 |
| Total Common Stocks <br>(Cost $4,373,542)<br>|  | 5522317 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Equity-Linked Notes — 12.7%** | **Equity-Linked Notes — 12.7%** | **Equity-Linked Notes — 12.7%** |
| Barclays Bank plc, ELN, 48.50%, 7/18/2025, (linked <br> to S&P 500 Index) (a)<br>| 10 | 56132 |
| Barclays Bank plc, ELN, 50.15%, 7/21/2025, (linked <br> to S&P 500 Index) (a)<br>| 10 | 55703 |
| BNP Paribas, ELN, 49.30%, 7/11/2025, (linked to <br> S&P 500 Index) (b)<br>| 9 | 51930 |
| BNP Paribas, ELN, 49.90%, 8/4/2025, (linked to S&P <br> 500 Index) (b)<br>| 10 | 58377 |
| BNP Paribas, ELN, 52.56%, 7/14/2025, (linked to <br> S&P 500 Index) (b)<br>| 9 | 51715 |
| BNP Paribas, ELN, 54.30%, 7/29/2025, (linked to <br> S&P 500 Index) (b)<br>| 9 | 53465 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Citigroup Global Markets Holdings, Inc., ELN, 51.86%, <br> 7/22/2025, (linked to S&P 500 Index) (b)<br>| 10 | 56110 |
| Citigroup Global Markets Holdings, Inc., ELN, 56.40%, <br> 7/15/2025, (linked to S&P 500 Index) (b)<br>| 10 | 53226 |
| Morgan Stanley Finance LLC, ELN, 51.41%, <br> 7/25/2025, (linked to S&P 500 Index) (a)<br>| 10 | 55788 |
| Morgan Stanley Finance LLC, ELN, 52.75%, 7/7/2025, <br> (linked to S&P 500 Index) (a)<br>| 9 | 50256 |
| Morgan Stanley Finance LLC, ELN, 55.72%, 7/9/2025, <br> (linked to S&P 500 Index) (a)<br>| 9 | 49778 |
| Societe Generale SA, ELN, 48.04%, 8/1/2025, (linked <br> to S&P 500 Index) (b)<br>| 10 | 58358 |
| Societe Generale SA, ELN, 50.30%, 8/5/2025, (linked <br> to S&P 500 Index) (b)<br>| 10 | 59336 |
| Societe Generale SA, ELN, 53.00%, 7/8/2025, (linked <br> to S&P 500 Index) (b)<br>| 9 | 49019 |
| Societe Generale SA, ELN, 56.41%, 7/28/2025, <br> (linked to S&P 500 Index) (b)<br>| 9 | 54001 |
| Total Equity-Linked Notes <br>(Cost $858,975)<br>|  | 813194 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (c) (d) <br>(Cost $9,909)<br>| 9907 | 9909 |
| **Total Investments — 99.2%** <br>**(Cost $5,242,426)**<br>|  | **6345420** |
| **Other Assets in Excess of Liabilities — 0.8%** |  | **50041** |
| **NET ASSETS — 100.0%** |  | **6395461** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ELN | Equity-Linked Note |
| NYRS | New York Registry Shares |
| REIT | Real Estate Investment Trust |

---

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

\* Non-income producing security. 

(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. 

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Large Cap Funds 15

------

JPMorgan Equity Premium Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

16 J.P. Morgan Large Cap Funds June 30, 2025

------

JPMorgan Hedged Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.5%** | **Common Stocks — 99.5%** | **Common Stocks — 99.5%** |
| **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** |
| Howmet Aerospace, Inc. | 1060 | 197401 |
| RTX Corp. | 871 | 127269 |
| Textron, Inc. | 557 | 44700 |
| TransDigm Group, Inc. | 81 | 122598 |
|  |  | 491968 |
| **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** |
| FedEx Corp. | 232 | 52724 |
| United Parcel Service, Inc., Class B | 713 | 71937 |
|  |  | 124661 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv plc (Jersey) \* | 259 | 17663 |
| **Automobiles — 1.6%** | **Automobiles — 1.6%** | **Automobiles — 1.6%** |
| Tesla, Inc. \* (a) | 1056 | 335335 |
| **Banks — 3.7%** | **Banks — 3.7%** | **Banks — 3.7%** |
| Bank of America Corp. (a) | 5596 | 264788 |
| Citigroup, Inc. | 1157 | 98480 |
| Fifth Third Bancorp | 1986 | 81707 |
| Truist Financial Corp. | 860 | 36953 |
| US Bancorp | 1463 | 66213 |
| Wells Fargo & Co. (a) | 2862 | 229308 |
|  |  | 777449 |
| **Beverages — 1.9%** | **Beverages — 1.9%** | **Beverages — 1.9%** |
| Coca-Cola Co. (The) | 1576 | 111467 |
| Keurig Dr Pepper, Inc. | 3316 | 109636 |
| PepsiCo, Inc. (a) | 1326 | 175125 |
|  |  | 396228 |
| **Biotechnology — 1.9%** | **Biotechnology — 1.9%** | **Biotechnology — 1.9%** |
| AbbVie, Inc. (a) | 1267 | 235147 |
| Neurocrine Biosciences, Inc. \* | 123 | 15521 |
| Regeneron Pharmaceuticals, Inc. | 130 | 68139 |
| Vertex Pharmaceuticals, Inc. \* | 186 | 82626 |
|  |  | 401433 |
| **Broadline Retail — 4.4%** | **Broadline Retail — 4.4%** | **Broadline Retail — 4.4%** |
| Amazon.com, Inc. \* (a) | 4209 | 923328 |
| **Building Products — 1.6%** | **Building Products — 1.6%** | **Building Products — 1.6%** |
| Carrier Global Corp. | 1664 | 121833 |
| Masco Corp. | 690 | 44393 |
| Trane Technologies plc | 384 | 167982 |
|  |  | 334208 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — 2.1%** | **Capital Markets — 2.1%** | **Capital Markets — 2.1%** |
| Ameriprise Financial, Inc. | 178 | 94967 |
| Charles Schwab Corp. (The) | 1932 | 176301 |
| CME Group, Inc. | 382 | 105114 |
| Raymond James Financial, Inc. | 194 | 29764 |
| State Street Corp. | 419 | 44544 |
|  |  | 450690 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Linde plc | 365 | 171121 |
| LyondellBasell Industries NV, Class A | 547 | 31669 |
| PPG Industries, Inc. | 448 | 50953 |
| Sherwin-Williams Co. (The) | 94 | 32362 |
|  |  | 286105 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Arista Networks, Inc. \* | 481 | 49222 |
| Motorola Solutions, Inc. | 67 | 28078 |
|  |  | 77300 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Martin Marietta Materials, Inc. | 62 | 34242 |
| Vulcan Materials Co. | 119 | 30990 |
|  |  | 65232 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
| American Express Co. | 243 | 77417 |
| Capital One Financial Corp. | 310 | 65960 |
|  |  | 143377 |
| **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** |
| Costco Wholesale Corp. | 44 | 44141 |
| Walmart, Inc. | 1931 | 188792 |
|  |  | 232933 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| AT&T, Inc. | 3320 | 96067 |
| **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** |
| Entergy Corp. | 171 | 14249 |
| NextEra Energy, Inc. | 2251 | 156276 |
| NRG Energy, Inc. | 87 | 13879 |
| PG&E Corp. | 2431 | 33881 |
| Southern Co. (The) | 1919 | 176259 |
|  |  | 394544 |
| **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** |
| Eaton Corp. plc | 252 | 89986 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Large Cap Funds 17

------

JPMorgan Hedged Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electrical Equipment — continued** | **Electrical Equipment — continued** | **Electrical Equipment — continued** |
| Emerson Electric Co. | 217 | 28896 |
| GE Vernova, Inc. | 59 | 31152 |
|  |  | 150034 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co. | 1249 | 47896 |
| **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
| Netflix, Inc. \* | 100 | 134166 |
| Walt Disney Co. (The) | 1066 | 132129 |
| Warner Music Group Corp., Class A | 627 | 17087 |
|  |  | 283382 |
| **Financial Services — 6.2%** | **Financial Services — 6.2%** | **Financial Services — 6.2%** |
| Apollo Global Management, Inc. | 393 | 55802 |
| Berkshire Hathaway, Inc., Class B \* (a) | 647 | 314278 |
| Corpay, Inc. \* | 283 | 93994 |
| Fidelity National Information Services, Inc. | 1280 | 104187 |
| Mastercard, Inc., Class A (a) | 634 | 356426 |
| Toast, Inc., Class A \* | 757 | 33534 |
| Visa, Inc., Class A (a) | 930 | 330100 |
| WEX, Inc. \* | 56 | 8167 |
|  |  | 1296488 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Mondelez International, Inc., Class A | 2009 | 135499 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Uber Technologies, Inc. \* | 906 | 84576 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |
| Baxter International, Inc. | 357 | 10828 |
| Boston Scientific Corp. \* | 1223 | 131362 |
| Edwards Lifesciences Corp. \* | 842 | 65842 |
| Medtronic plc | 1300 | 113286 |
| Stryker Corp. | 392 | 155216 |
| Zimmer Biomet Holdings, Inc. | 80 | 7291 |
|  |  | 483825 |
| **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** |
| Cigna Group (The) | 294 | 97217 |
| HCA Healthcare, Inc. | 65 | 24935 |
| Humana, Inc. | 150 | 36603 |
| McKesson Corp. | 53 | 38802 |
| UnitedHealth Group, Inc. (a) | 550 | 171710 |
|  |  | 369267 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Alexandria Real Estate Equities, Inc. | 100 | 7286 |
| Ventas, Inc. | 1459 | 92134 |
| Welltower, Inc. | 414 | 63556 |
|  |  | 162976 |
| **Hotels, Restaurants & Leisure — 3.6%** | **Hotels, Restaurants & Leisure — 3.6%** | **Hotels, Restaurants & Leisure — 3.6%** |
| Booking Holdings, Inc. | 13 | 74583 |
| Carnival Corp. \* | 2334 | 65616 |
| Chipotle Mexican Grill, Inc. \* | 1974 | 110848 |
| DoorDash, Inc., Class A \* | 184 | 45394 |
| Expedia Group, Inc. | 341 | 57572 |
| Hilton Worldwide Holdings, Inc. | 442 | 117627 |
| McDonald's Corp. (a) | 629 | 183857 |
| Yum! Brands, Inc. | 701 | 103936 |
|  |  | 759433 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Lennar Corp., Class A | 199 | 21976 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Church & Dwight Co., Inc. | 290 | 27845 |
| **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** |
| Vistra Corp. | 508 | 98374 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| 3M Co. | 598 | 91105 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| Prologis, Inc. | 551 | 57911 |
| **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** |
| Aon plc, Class A | 252 | 89812 |
| Arthur J Gallagher & Co. | 381 | 122127 |
| Progressive Corp. (The) | 600 | 160176 |
|  |  | 372115 |
| **Interactive Media & Services — 6.7%** | **Interactive Media & Services — 6.7%** | **Interactive Media & Services — 6.7%** |
| Alphabet, Inc., Class A (a) | 2353 | 414708 |
| Alphabet, Inc., Class C (a) | 1270 | 225350 |
| Meta Platforms, Inc., Class A (a) | 1035 | 763528 |
|  |  | 1403586 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Cognizant Technology Solutions Corp., Class A | 1234 | 96300 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| Thermo Fisher Scientific, Inc. | 363 | 147105 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

18 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Machinery — 1.8%** | **Machinery — 1.8%** | **Machinery — 1.8%** |
| Caterpillar, Inc. | 188 | 72850 |
| Deere & Co. | 252 | 128314 |
| Ingersoll Rand, Inc. | 443 | 36794 |
| Otis Worldwide Corp. | 992 | 98240 |
| PACCAR, Inc. | 543 | 51622 |
|  |  | 387820 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Charter Communications, Inc., Class A \* | 171 | 69825 |
| Comcast Corp., Class A | 3159 | 112769 |
|  |  | 182594 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| Freeport-McMoRan, Inc. | 828 | 35887 |
| Nucor Corp. | 147 | 19033 |
|  |  | 54920 |
| **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** |
| ConocoPhillips | 1227 | 110122 |
| Diamondback Energy, Inc. | 339 | 46596 |
| EOG Resources, Inc. | 1091 | 130542 |
| Exxon Mobil Corp. (a) | 2690 | 289948 |
|  |  | 577208 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Delta Air Lines, Inc. | 707 | 34755 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Kenvue, Inc. | 1578 | 33033 |
| **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** |
| Bristol-Myers Squibb Co. | 2349 | 108725 |
| Eli Lilly & Co. (a) | 273 | 213122 |
| Johnson & Johnson (a) | 1218 | 186059 |
| Merck & Co., Inc. | 435 | 34423 |
|  |  | 542329 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Leidos Holdings, Inc. | 486 | 76740 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Equity LifeStyle Properties, Inc. | 508 | 31329 |
| **Semiconductors & Semiconductor Equipment — 13.6%** | **Semiconductors & Semiconductor Equipment — 13.6%** | **Semiconductors & Semiconductor Equipment — 13.6%** |
| Analog Devices, Inc. | 681 | 162140 |
| Broadcom, Inc. (a) | 1856 | 511627 |
| Lam Research Corp. | 1691 | 164612 |
| Micron Technology, Inc. | 765 | 94236 |
| NVIDIA Corp. (a) | 10360 | 1636813 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| NXP Semiconductors NV (Netherlands) | 602 | 131435 |
| Texas Instruments, Inc. (a) | 788 | 163716 |
|  |  | 2864579 |
| **Software — 11.8%** | **Software — 11.8%** | **Software — 11.8%** |
| Cadence Design Systems, Inc. \* | 182 | 56226 |
| Crowdstrike Holdings, Inc., Class A \* | 21 | 10755 |
| Intuit, Inc. | 103 | 81464 |
| Microsoft Corp. (a) | 3380 | 1681159 |
| Oracle Corp. | 1068 | 233417 |
| Palantir Technologies, Inc., Class A \* | 543 | 74016 |
| Salesforce, Inc. (a) | 640 | 174593 |
| ServiceNow, Inc. \* | 162 | 166214 |
|  |  | 2477844 |
| **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** |
| Equinix, Inc. | 88 | 69963 |
| SBA Communications Corp. | 282 | 66191 |
|  |  | 136154 |
| **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** |
| AutoZone, Inc. \* | 9 | 33418 |
| Burlington Stores, Inc. \* | 243 | 56412 |
| Lowe's Cos., Inc. (a) | 832 | 184673 |
| Ross Stores, Inc. | 764 | 97493 |
|  |  | 371996 |
| **Technology Hardware, Storage & Peripherals — 6.4%** | **Technology Hardware, Storage & Peripherals — 6.4%** | **Technology Hardware, Storage & Peripherals — 6.4%** |
| Apple, Inc. (a) | 5851 | 1200542 |
| Seagate Technology Holdings plc | 898 | 129571 |
| Western Digital Corp. | 144 | 9223 |
|  |  | 1339336 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| NIKE, Inc., Class B | 463 | 32858 |
| **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
| Altria Group, Inc. | 676 | 39653 |
| Philip Morris International, Inc. | 534 | 97228 |
|  |  | 136881 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| United Rentals, Inc. | 39 | 29032 |
| Total Common Stocks <br>(Cost $11,494,121)<br>|  | 20947622 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Large Cap Funds 19

------

JPMorgan Hedged Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **CONTRACTS**<br>| **VALUE** <br>**($000)**<br>|
| **Options Purchased — 1.4%** | **Options Purchased — 1.4%** | **Options Purchased — 1.4%** |
| **Put Options Purchased — 1.4%** | **Put Options Purchased — 1.4%** | **Put Options Purchased — 1.4%** |
| S&P 500 Index |  |  |
| 9/30/2025 at USD 5,870.00, European Style |  |  |
| Notional Amount: USD 21,085,041 |  |  |
| Counterparty: Exchange-Traded \* (Cost <br> $288,125)<br>| 33981 | 292067 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 4.8%** | **Short-Term Investments — 4.8%** | **Short-Term Investments — 4.8%** |
| **Investment Companies — 4.8%** | **Investment Companies — 4.8%** | **Investment Companies — 4.8%** |
| JPMorgan U.S. Government Money Market Fund <br> Class Institutional Shares, 4.18% (b) (c) <br>(Cost $1,013,700)<br>| 1013700 | 1013700 |
| **Total Investments — 105.7%** <br>**(Cost $12,795,946)**<br>|  | **22253389** |
| **Liabilities in Excess of Other Assets — (5.7)%** |  | **(1196372)**<br>|
| **NET ASSETS — 100.0%** |  | **21057017** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |
| USD | United States Dollar |

---

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

\* Non-income producing security. 

(a) All or a portion of the security is segregated as collateral for options written. 

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

(c) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

20 J.P. Morgan Large Cap Funds June 30, 2025

------

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 37505 | &nbsp;&nbsp;&nbsp;&nbsp; 1347 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange-Traded | 33981 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 21,085,041<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 6,505.00<br>| 9/30/2025 | &nbsp;&nbsp; (215440)<br>|
| **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange-Traded | 33981 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 21,085,041<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 4,955.00<br>| 9/30/2025 | &nbsp;&nbsp; (60656)<br>|
| Total Written Options Contracts (Premiums Received $276,232) | Total Written Options Contracts (Premiums Received $276,232) | Total Written Options Contracts (Premiums Received $276,232) | Total Written Options Contracts (Premiums Received $276,232) | Total Written Options Contracts (Premiums Received $276,232) | Total Written Options Contracts (Premiums Received $276,232) | &nbsp;&nbsp; (276096)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Large Cap Funds 21

------

JPMorgan Hedged Equity 2 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 105.1%** | **Common Stocks — 105.1%** | **Common Stocks — 105.1%** |
| **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** |
| Howmet Aerospace, Inc. | 276 | 51412 |
| RTX Corp. | 227 | 33146 |
| Textron, Inc. | 145 | 11642 |
| TransDigm Group, Inc. | 21 | 31930 |
|  |  | 128130 |
| **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** |
| FedEx Corp. | 60 | 13731 |
| United Parcel Service, Inc., Class B | 186 | 18736 |
|  |  | 32467 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv plc (Jersey) \* | 67 | 4600 |
| **Automobiles — 1.7%** | **Automobiles — 1.7%** | **Automobiles — 1.7%** |
| Tesla, Inc. \* (a) | 275 | 87336 |
| **Banks — 3.9%** | **Banks — 3.9%** | **Banks — 3.9%** |
| Bank of America Corp. | 1457 | 68963 |
| Citigroup, Inc. | 301 | 25648 |
| Fifth Third Bancorp | 516 | 21230 |
| Truist Financial Corp. | 224 | 9624 |
| US Bancorp | 381 | 17245 |
| Wells Fargo & Co. | 746 | 59722 |
|  |  | 202432 |
| **Beverages — 2.0%** | **Beverages — 2.0%** | **Beverages — 2.0%** |
| Coca-Cola Co. (The) | 410 | 29031 |
| Keurig Dr Pepper, Inc. | 864 | 28554 |
| PepsiCo, Inc. | 346 | 45610 |
|  |  | 103195 |
| **Biotechnology — 2.0%** | **Biotechnology — 2.0%** | **Biotechnology — 2.0%** |
| AbbVie, Inc. | 330 | 61242 |
| Neurocrine Biosciences, Inc. \* | 32 | 4042 |
| Regeneron Pharmaceuticals, Inc. | 34 | 17747 |
| Vertex Pharmaceuticals, Inc. \* | 48 | 21520 |
|  |  | 104551 |
| **Broadline Retail — 4.6%** | **Broadline Retail — 4.6%** | **Broadline Retail — 4.6%** |
| Amazon.com, Inc. \* (a) | 1096 | 240475 |
| **Building Products — 1.7%** | **Building Products — 1.7%** | **Building Products — 1.7%** |
| Carrier Global Corp. | 433 | 31730 |
| Masco Corp. | 180 | 11562 |
| Trane Technologies plc | 100 | 43750 |
|  |  | 87042 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — 2.3%** | **Capital Markets — 2.3%** | **Capital Markets — 2.3%** |
| Ameriprise Financial, Inc. | 47 | 24734 |
| Charles Schwab Corp. (The) | 503 | 45917 |
| CME Group, Inc. | 99 | 27376 |
| Raymond James Financial, Inc. | 51 | 7752 |
| State Street Corp. | 109 | 11602 |
|  |  | 117381 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Linde plc | 95 | 44567 |
| LyondellBasell Industries NV, Class A | 142 | 8248 |
| PPG Industries, Inc. | 117 | 13270 |
| Sherwin-Williams Co. (The) | 25 | 8429 |
|  |  | 74514 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Arista Networks, Inc. \* | 125 | 12819 |
| Motorola Solutions, Inc. | 18 | 7313 |
|  |  | 20132 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Martin Marietta Materials, Inc. | 16 | 8919 |
| Vulcan Materials Co. | 31 | 8071 |
|  |  | 16990 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
| American Express Co. | 63 | 20163 |
| Capital One Financial Corp. | 81 | 17179 |
|  |  | 37342 |
| **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** |
| Costco Wholesale Corp. | 11 | 11496 |
| Walmart, Inc. | 503 | 49154 |
|  |  | 60650 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| AT&T, Inc. | 865 | 25020 |
| **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** |
| Entergy Corp. | 45 | 3711 |
| NextEra Energy, Inc. | 586 | 40701 |
| NRG Energy, Inc. | 22 | 3615 |
| PG&E Corp. | 633 | 8824 |
| Southern Co. (The) | 500 | 45905 |
|  |  | 102756 |
| **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** |
| Eaton Corp. plc | 66 | 23436 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

22 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electrical Equipment — continued** | **Electrical Equipment — continued** | **Electrical Equipment — continued** |
| Emerson Electric Co. | 56 | 7526 |
| GE Vernova, Inc. | 15 | 8113 |
|  |  | 39075 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co. | 325 | 12474 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Netflix, Inc. \* | 26 | 34942 |
| Walt Disney Co. (The) | 278 | 34412 |
| Warner Music Group Corp., Class A | 163 | 4450 |
|  |  | 73804 |
| **Financial Services — 6.5%** | **Financial Services — 6.5%** | **Financial Services — 6.5%** |
| Apollo Global Management, Inc. | 102 | 14533 |
| Berkshire Hathaway, Inc., Class B \* (a) | 169 | 81852 |
| Corpay, Inc. \* | 74 | 24480 |
| Fidelity National Information Services, Inc. | 333 | 27135 |
| Mastercard, Inc., Class A (a) | 165 | 92829 |
| Toast, Inc., Class A \* | 197 | 8734 |
| Visa, Inc., Class A | 242 | 85972 |
| WEX, Inc. \* | 15 | 2127 |
|  |  | 337662 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Mondelez International, Inc., Class A | 523 | 35290 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Uber Technologies, Inc. \* | 236 | 22027 |
| **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** |
| Baxter International, Inc. | 93 | 2820 |
| Boston Scientific Corp. \* | 319 | 34212 |
| Edwards Lifesciences Corp. \* | 219 | 17148 |
| Medtronic plc | 338 | 29505 |
| Stryker Corp. | 102 | 40425 |
| Zimmer Biomet Holdings, Inc. | 21 | 1899 |
|  |  | 126009 |
| **Health Care Providers & Services — 1.9%** | **Health Care Providers & Services — 1.9%** | **Health Care Providers & Services — 1.9%** |
| Cigna Group (The) | 77 | 25319 |
| HCA Healthcare, Inc. | 17 | 6494 |
| Humana, Inc. | 39 | 9533 |
| McKesson Corp. | 14 | 10106 |
| UnitedHealth Group, Inc. | 143 | 44721 |
|  |  | 96173 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Alexandria Real Estate Equities, Inc. | 26 | 1897 |
| Ventas, Inc. | 380 | 23996 |
| Welltower, Inc. | 108 | 16553 |
|  |  | 42446 |
| **Hotels, Restaurants & Leisure — 3.8%** | **Hotels, Restaurants & Leisure — 3.8%** | **Hotels, Restaurants & Leisure — 3.8%** |
| Booking Holdings, Inc. | 3 | 19423 |
| Carnival Corp. \* | 608 | 17090 |
| Chipotle Mexican Grill, Inc. \* | 514 | 28870 |
| DoorDash, Inc., Class A \* | 48 | 11823 |
| Expedia Group, Inc. | 89 | 14994 |
| Hilton Worldwide Holdings, Inc. | 115 | 30635 |
| McDonald's Corp. | 164 | 47884 |
| Yum! Brands, Inc. | 183 | 27069 |
|  |  | 197788 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Lennar Corp., Class A | 52 | 5724 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Church & Dwight Co., Inc. | 75 | 7252 |
| **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** |
| Vistra Corp. | 132 | 25621 |
| **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** |
| 3M Co. | 156 | 23728 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| Prologis, Inc. | 144 | 15082 |
| **Insurance — 1.9%** | **Insurance — 1.9%** | **Insurance — 1.9%** |
| Aon plc, Class A | 66 | 23391 |
| Arthur J Gallagher & Co. | 99 | 31807 |
| Progressive Corp. (The) | 156 | 41717 |
|  |  | 96915 |
| **Interactive Media & Services — 7.0%** | **Interactive Media & Services — 7.0%** | **Interactive Media & Services — 7.0%** |
| Alphabet, Inc., Class A (a) | 613 | 108008 |
| Alphabet, Inc., Class C | 331 | 58691 |
| Meta Platforms, Inc., Class A (a) | 269 | 198855 |
|  |  | 365554 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Cognizant Technology Solutions Corp., Class A | 321 | 25081 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| Thermo Fisher Scientific, Inc. | 95 | 38312 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Large Cap Funds 23

------

JPMorgan Hedged Equity 2 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Machinery — 1.9%** | **Machinery — 1.9%** | **Machinery — 1.9%** |
| Caterpillar, Inc. | 49 | 18973 |
| Deere & Co. | 66 | 33418 |
| Ingersoll Rand, Inc. | 115 | 9583 |
| Otis Worldwide Corp. | 258 | 25586 |
| PACCAR, Inc. | 142 | 13445 |
|  |  | 101005 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Charter Communications, Inc., Class A \* | 44 | 18186 |
| Comcast Corp., Class A | 823 | 29370 |
|  |  | 47556 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| Freeport-McMoRan, Inc. | 216 | 9347 |
| Nucor Corp. | 38 | 4957 |
|  |  | 14304 |
| **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** |
| ConocoPhillips | 320 | 28681 |
| Diamondback Energy, Inc. | 88 | 12135 |
| EOG Resources, Inc. | 284 | 33999 |
| Exxon Mobil Corp. | 701 | 75515 |
|  |  | 150330 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Delta Air Lines, Inc. | 184 | 9052 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Kenvue, Inc. | 411 | 8603 |
| **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |
| Bristol-Myers Squibb Co. | 612 | 28317 |
| Eli Lilly & Co. | 71 | 55506 |
| Johnson & Johnson | 317 | 48458 |
| Merck & Co., Inc. | 113 | 8965 |
|  |  | 141246 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Leidos Holdings, Inc. | 127 | 19986 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| Equity LifeStyle Properties, Inc. | 132 | 8159 |
| **Semiconductors & Semiconductor Equipment — 14.4%** | **Semiconductors & Semiconductor Equipment — 14.4%** | **Semiconductors & Semiconductor Equipment — 14.4%** |
| Analog Devices, Inc. | 178 | 42228 |
| Broadcom, Inc. (a) | 483 | 133250 |
| Lam Research Corp. | 441 | 42872 |
| Micron Technology, Inc. | 199 | 24543 |
| NVIDIA Corp. (a) | 2698 | 426297 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| NXP Semiconductors NV (Netherlands) | 157 | 34232 |
| Texas Instruments, Inc. | 205 | 42639 |
|  |  | 746061 |
| **Software — 12.4%** | **Software — 12.4%** | **Software — 12.4%** |
| Cadence Design Systems, Inc. \* | 48 | 14639 |
| Crowdstrike Holdings, Inc., Class A \* | 6 | 2801 |
| Intuit, Inc. | 27 | 21216 |
| Microsoft Corp. (a) | 880 | 437847 |
| Oracle Corp. | 278 | 60792 |
| Palantir Technologies, Inc., Class A \* | 141 | 19277 |
| Salesforce, Inc. | 167 | 45472 |
| ServiceNow, Inc. \* | 42 | 43289 |
|  |  | 645333 |
| **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |
| Equinix, Inc. | 23 | 18221 |
| SBA Communications Corp. | 73 | 17239 |
|  |  | 35460 |
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
| AutoZone, Inc. \* | 2 | 8705 |
| Burlington Stores, Inc. \* | 63 | 14692 |
| Lowe's Cos., Inc. | 220 | 48674 |
| Ross Stores, Inc. | 199 | 25391 |
|  |  | 97462 |
| **Technology Hardware, Storage & Peripherals — 6.7%** | **Technology Hardware, Storage & Peripherals — 6.7%** | **Technology Hardware, Storage & Peripherals — 6.7%** |
| Apple, Inc. (a) | 1524 | 312673 |
| Seagate Technology Holdings plc | 234 | 33746 |
| Western Digital Corp. | 37 | 2402 |
|  |  | 348821 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| NIKE, Inc., Class B | 121 | 8558 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| Altria Group, Inc. | 176 | 10327 |
| Philip Morris International, Inc. | 139 | 25323 |
|  |  | 35650 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| United Rentals, Inc. | 10 | 7561 |
| Total Common Stocks <br>(Cost $3,629,528)<br>|  | 5456177 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

24 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **CONTRACTS**<br>| **VALUE** <br>**($000)**<br>|
| **Options Purchased — 0.1%** | **Options Purchased — 0.1%** | **Options Purchased — 0.1%** |
| **Put Options Purchased — 0.1%** | **Put Options Purchased — 0.1%** | **Put Options Purchased — 0.1%** |
| S&P 500 Index |  |  |
| 7/31/2025 at USD 5,270.00, European Style |  |  |
| Notional Amount: USD 5,531,713 |  |  |
| Counterparty: Exchange-Traded \* (Cost $112,254) | 8915 | 4190 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| **Investment Companies — 1.3%** | **Investment Companies — 1.3%** | **Investment Companies — 1.3%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (b) (c) <br>(Cost $64,889)<br>| 64889 | 64889 |
| **Total Investments — 106.5%** <br>**(Cost $3,806,671)**<br>|  | **5525256** |
| **Liabilities in Excess of Other Assets — (6.5)%** |  | **(336238)**<br>|
| **NET ASSETS — 100.0%** |  | **5189018** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |
| USD | United States Dollar |

---

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

\* Non-income producing security. 

(a) All or a portion of the security is segregated as collateral for options written. 

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

(c) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Large Cap Funds 25

------

JPMorgan Hedged Equity 2 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 73446 | &nbsp;&nbsp;&nbsp;&nbsp; 1303 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange-Traded | 8915 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 5,531,713<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 5,880.00<br>| 7/31/2025 | &nbsp;&nbsp; (326512)<br>|
| **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange-Traded | 8915 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 5,531,713<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 4,440.00<br>| 7/31/2025 | &nbsp;&nbsp; (1177)<br>|
| Total Written Options Contracts (Premiums Received $119,287) | Total Written Options Contracts (Premiums Received $119,287) | Total Written Options Contracts (Premiums Received $119,287) | Total Written Options Contracts (Premiums Received $119,287) | Total Written Options Contracts (Premiums Received $119,287) | Total Written Options Contracts (Premiums Received $119,287) | &nbsp;&nbsp; (327689)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

26 J.P. Morgan Large Cap Funds June 30, 2025

------

JPMorgan Hedged Equity 3 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 103.5%** | **Common Stocks — 103.5%** | **Common Stocks — 103.5%** |
| **Aerospace & Defense — 2.4%** | **Aerospace & Defense — 2.4%** | **Aerospace & Defense — 2.4%** |
| Howmet Aerospace, Inc. | 169 | 31470 |
| RTX Corp. | 139 | 20290 |
| Textron, Inc. | 89 | 7126 |
| TransDigm Group, Inc. | 13 | 19545 |
|  |  | 78431 |
| **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** |
| FedEx Corp. | 37 | 8405 |
| United Parcel Service, Inc., Class B | 114 | 11469 |
|  |  | 19874 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv plc (Jersey) \* | 41 | 2816 |
| **Automobiles — 1.7%** | **Automobiles — 1.7%** | **Automobiles — 1.7%** |
| Tesla, Inc. \* (a) | 168 | 53460 |
| **Banks — 3.8%** | **Banks — 3.8%** | **Banks — 3.8%** |
| Bank of America Corp. | 892 | 42213 |
| Citigroup, Inc. | 185 | 15700 |
| Fifth Third Bancorp | 293 | 12052 |
| Truist Financial Corp. | 137 | 5893 |
| US Bancorp | 233 | 10556 |
| Wells Fargo & Co. | 456 | 36557 |
|  |  | 122971 |
| **Beverages — 2.0%** | **Beverages — 2.0%** | **Beverages — 2.0%** |
| Coca-Cola Co. (The) | 251 | 17771 |
| Keurig Dr Pepper, Inc. | 529 | 17478 |
| PepsiCo, Inc. | 211 | 27919 |
|  |  | 63168 |
| **Biotechnology — 2.0%** | **Biotechnology — 2.0%** | **Biotechnology — 2.0%** |
| AbbVie, Inc. | 202 | 37488 |
| Neurocrine Biosciences, Inc. \* | 20 | 2474 |
| Regeneron Pharmaceuticals, Inc. | 21 | 10863 |
| Vertex Pharmaceuticals, Inc. \* | 29 | 13172 |
|  |  | 63997 |
| **Broadline Retail — 4.6%** | **Broadline Retail — 4.6%** | **Broadline Retail — 4.6%** |
| Amazon.com, Inc. \* (a) | 671 | 147200 |
| **Building Products — 1.6%** | **Building Products — 1.6%** | **Building Products — 1.6%** |
| Carrier Global Corp. | 266 | 19423 |
| Masco Corp. | 110 | 7077 |
| Trane Technologies plc | 61 | 26780 |
|  |  | 53280 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — 2.2%** | **Capital Markets — 2.2%** | **Capital Markets — 2.2%** |
| Ameriprise Financial, Inc. | 28 | 15140 |
| Charles Schwab Corp. (The) | 308 | 28105 |
| CME Group, Inc. | 61 | 16757 |
| Raymond James Financial, Inc. | 31 | 4745 |
| State Street Corp. | 67 | 7099 |
|  |  | 71846 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Linde plc | 58 | 27280 |
| LyondellBasell Industries NV, Class A | 87 | 5049 |
| PPG Industries, Inc. | 72 | 8123 |
| Sherwin-Williams Co. (The) | 15 | 5159 |
|  |  | 45611 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Arista Networks, Inc. \* | 77 | 7847 |
| Motorola Solutions, Inc. | 10 | 4476 |
|  |  | 12323 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Martin Marietta Materials, Inc. | 10 | 5459 |
| Vulcan Materials Co. | 19 | 4940 |
|  |  | 10399 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
| American Express Co. | 39 | 12342 |
| Capital One Financial Corp. | 49 | 10516 |
|  |  | 22858 |
| **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** |
| Costco Wholesale Corp. | 7 | 7041 |
| Walmart, Inc. | 308 | 30097 |
|  |  | 37138 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| AT&T, Inc. | 529 | 15315 |
| **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** |
| Entergy Corp. | 27 | 2271 |
| NextEra Energy, Inc. | 359 | 24914 |
| NRG Energy, Inc. | 14 | 2213 |
| PG&E Corp. | 387 | 5397 |
| Southern Co. (The) | 306 | 28100 |
|  |  | 62895 |
| **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** |
| Eaton Corp. plc | 40 | 14346 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Large Cap Funds 27

------

JPMorgan Hedged Equity 3 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electrical Equipment — continued** | **Electrical Equipment — continued** | **Electrical Equipment — continued** |
| Emerson Electric Co. | 35 | 4607 |
| GE Vernova, Inc. | 9 | 4966 |
|  |  | 23919 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co. | 199 | 7636 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Netflix, Inc. \* | 16 | 21389 |
| Walt Disney Co. (The) | 170 | 21064 |
| Warner Music Group Corp., Class A | 96 | 2626 |
|  |  | 45079 |
| **Financial Services — 6.4%** | **Financial Services — 6.4%** | **Financial Services — 6.4%** |
| Apollo Global Management, Inc. | 63 | 8896 |
| Berkshire Hathaway, Inc., Class B \* | 103 | 50103 |
| Corpay, Inc. \* | 45 | 14985 |
| Fidelity National Information Services, Inc. | 204 | 16610 |
| Mastercard, Inc., Class A | 101 | 56822 |
| Toast, Inc., Class A \* | 121 | 5346 |
| Visa, Inc., Class A | 148 | 52625 |
| WEX, Inc. \* | 9 | 1302 |
|  |  | 206689 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Mondelez International, Inc., Class A | 320 | 21602 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Uber Technologies, Inc. \* | 144 | 13483 |
| **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** |
| Baxter International, Inc. | 57 | 1726 |
| Boston Scientific Corp. \* | 195 | 20942 |
| Edwards Lifesciences Corp. \* | 134 | 10496 |
| Medtronic plc | 207 | 18060 |
| Stryker Corp. | 63 | 24745 |
| Zimmer Biomet Holdings, Inc. | 13 | 1163 |
|  |  | 77132 |
| **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** |
| Cigna Group (The) | 47 | 15498 |
| HCA Healthcare, Inc. | 10 | 3975 |
| Humana, Inc. | 24 | 5835 |
| McKesson Corp. | 8 | 6186 |
| UnitedHealth Group, Inc. | 88 | 27375 |
|  |  | 58869 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Alexandria Real Estate Equities, Inc. | 16 | 1162 |
| Ventas, Inc. | 232 | 14688 |
| Welltower, Inc. | 66 | 10132 |
|  |  | 25982 |
| **Hotels, Restaurants & Leisure — 3.8%** | **Hotels, Restaurants & Leisure — 3.8%** | **Hotels, Restaurants & Leisure — 3.8%** |
| Booking Holdings, Inc. | 2 | 11891 |
| Carnival Corp. \* | 372 | 10461 |
| Chipotle Mexican Grill, Inc. \* | 315 | 17672 |
| DoorDash, Inc., Class A \* | 29 | 7237 |
| Expedia Group, Inc. | 55 | 9178 |
| Hilton Worldwide Holdings, Inc. | 70 | 18752 |
| McDonald's Corp. | 100 | 29311 |
| Yum! Brands, Inc. | 112 | 16570 |
|  |  | 121072 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Lennar Corp., Class A | 32 | 3504 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Church & Dwight Co., Inc. | 46 | 4439 |
| **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** |
| Vistra Corp. | 81 | 15682 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| 3M Co. | 95 | 14524 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| Prologis, Inc. | 88 | 9232 |
| **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** |
| Aon plc, Class A | 40 | 14318 |
| Arthur J Gallagher & Co. | 61 | 19470 |
| Progressive Corp. (The) | 96 | 25536 |
|  |  | 59324 |
| **Interactive Media & Services — 6.9%** | **Interactive Media & Services — 6.9%** | **Interactive Media & Services — 6.9%** |
| Alphabet, Inc., Class A | 375 | 66114 |
| Alphabet, Inc., Class C | 203 | 35926 |
| Meta Platforms, Inc., Class A | 165 | 121724 |
|  |  | 223764 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Cognizant Technology Solutions Corp., Class A | 197 | 15352 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| Thermo Fisher Scientific, Inc. | 58 | 23452 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

28 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Machinery — 1.9%** | **Machinery — 1.9%** | **Machinery — 1.9%** |
| Caterpillar, Inc. | 30 | 11614 |
| Deere & Co. | 40 | 20456 |
| Ingersoll Rand, Inc. | 70 | 5866 |
| Otis Worldwide Corp. | 158 | 15661 |
| PACCAR, Inc. | 87 | 8230 |
|  |  | 61827 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Charter Communications, Inc., Class A \* | 27 | 11132 |
| Comcast Corp., Class A | 504 | 17978 |
|  |  | 29110 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| Freeport-McMoRan, Inc. | 132 | 5721 |
| Nucor Corp. | 23 | 3035 |
|  |  | 8756 |
| **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** |
| ConocoPhillips | 195 | 17556 |
| Diamondback Energy, Inc. | 54 | 7428 |
| EOG Resources, Inc. | 174 | 20811 |
| Exxon Mobil Corp. | 429 | 46225 |
|  |  | 92020 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Delta Air Lines, Inc. | 113 | 5541 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Kenvue, Inc. | 252 | 5266 |
| **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |
| Bristol-Myers Squibb Co. | 375 | 17333 |
| Eli Lilly & Co. | 44 | 33977 |
| Johnson & Johnson | 194 | 29662 |
| Merck & Co., Inc. | 69 | 5487 |
|  |  | 86459 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Leidos Holdings, Inc. | 78 | 12234 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| Equity LifeStyle Properties, Inc. | 81 | 4995 |
| **Semiconductors & Semiconductor Equipment — 14.2%** | **Semiconductors & Semiconductor Equipment — 14.2%** | **Semiconductors & Semiconductor Equipment — 14.2%** |
| Analog Devices, Inc. | 108 | 25849 |
| Broadcom, Inc. | 296 | 81565 |
| Lam Research Corp. | 269 | 26243 |
| Micron Technology, Inc. | 122 | 15024 |
| NVIDIA Corp. (a) | 1652 | 260946 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| NXP Semiconductors NV (Netherlands) | 96 | 20954 |
| Texas Instruments, Inc. | 126 | 26100 |
|  |  | 456681 |
| **Software — 12.3%** | **Software — 12.3%** | **Software — 12.3%** |
| Cadence Design Systems, Inc. \* | 29 | 8963 |
| Crowdstrike Holdings, Inc., Class A \* | 3 | 1715 |
| Intuit, Inc. | 16 | 12986 |
| Microsoft Corp. (a) | 539 | 268016 |
| Oracle Corp. | 170 | 37212 |
| Palantir Technologies, Inc., Class A \* | 87 | 11800 |
| Salesforce, Inc. | 102 | 27834 |
| ServiceNow, Inc. \* | 26 | 26498 |
|  |  | 395024 |
| **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |
| Equinix, Inc. | 14 | 11154 |
| SBA Communications Corp. | 45 | 10552 |
|  |  | 21706 |
| **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** |
| AutoZone, Inc. \* | 1 | 5327 |
| Burlington Stores, Inc. \* | 39 | 8993 |
| Lowe's Cos., Inc. | 133 | 29441 |
| Ross Stores, Inc. | 122 | 15543 |
|  |  | 59304 |
| **Technology Hardware, Storage & Peripherals — 6.6%** | **Technology Hardware, Storage & Peripherals — 6.6%** | **Technology Hardware, Storage & Peripherals — 6.6%** |
| Apple, Inc. (a) | 933 | 191394 |
| Seagate Technology Holdings plc | 143 | 20657 |
| Western Digital Corp. | 23 | 1470 |
|  |  | 213521 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| NIKE, Inc., Class B | 74 | 5238 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| Altria Group, Inc. | 108 | 6322 |
| Philip Morris International, Inc. | 85 | 15500 |
|  |  | 21822 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| United Rentals, Inc. | 6 | 4628 |
| Total Common Stocks <br>(Cost $2,252,091)<br>|  | 3338450 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Large Cap Funds 29

------

JPMorgan Hedged Equity 3 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **CONTRACTS**<br>| **VALUE** <br>**($000)**<br>|
| **Options Purchased — 0.5%** | **Options Purchased — 0.5%** | **Options Purchased — 0.5%** |
| **Put Options Purchased — 0.5%** | **Put Options Purchased — 0.5%** | **Put Options Purchased — 0.5%** |
| S&P 500 Index |  |  |
| 8/29/2025 at USD 5,595.00, European Style |  |  |
| Notional Amount: USD 3,365,565 |  |  |
| Counterparty: Exchange-Traded \* (Cost $54,471) | 5424 | 16001 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** |
| **Investment Companies — 0.7%** | **Investment Companies — 0.7%** | **Investment Companies — 0.7%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (b) (c) <br>(Cost $21,549)<br>| 21549 | 21549 |
| **Total Investments — 104.7%** <br>**(Cost $2,328,111)**<br>|  | **3376000** |
| **Liabilities in Excess of Other Assets — (4.7)%** |  | **(152409)**<br>|
| **NET ASSETS — 100.0%** |  | **3223591** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |
| USD | United States Dollar |

---

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

\* Non-income producing security. 

(a) All or a portion of the security is segregated as collateral for options written. 

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

(c) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

30 J.P. Morgan Large Cap Funds June 30, 2025

------

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 25941 | &nbsp;&nbsp;&nbsp;&nbsp; 912 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange-Traded | 5424 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 3,365,565<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 6,210.00<br>| 8/29/2025 | &nbsp;&nbsp; (87381)<br>|
| **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of June 30, 2025 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange-Traded | 5424 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 3,365,565<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 4,710.00<br>| 8/29/2025 | &nbsp;&nbsp; (3607)<br>|
| Total Written Options Contracts (Premiums Received $49,982) | Total Written Options Contracts (Premiums Received $49,982) | Total Written Options Contracts (Premiums Received $49,982) | Total Written Options Contracts (Premiums Received $49,982) | Total Written Options Contracts (Premiums Received $49,982) | Total Written Options Contracts (Premiums Received $49,982) | &nbsp;&nbsp; (90988)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Large Cap Funds 31

------

JPMorgan Large Cap Growth Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.4%** | **Common Stocks — 99.4%** | **Common Stocks — 99.4%** |
| **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** |
| RTX Corp. | 2920 | 426425 |
| TransDigm Group, Inc. | 671 | 1019658 |
|  |  | 1446083 |
| **Automobiles — 2.9%** | **Automobiles — 2.9%** | **Automobiles — 2.9%** |
| Tesla, Inc. \* | 10425 | 3311668 |
| **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** |
| Coca-Cola Co. (The) | 19457 | 1376589 |
| Monster Beverage Corp. \* | 2314 | 144937 |
|  |  | 1521526 |
| **Biotechnology — 2.4%** | **Biotechnology — 2.4%** | **Biotechnology — 2.4%** |
| AbbVie, Inc. | 4339 | 805316 |
| Gilead Sciences, Inc. | 6369 | 706177 |
| Insmed, Inc. \* | 5531 | 556645 |
| Natera, Inc. \* | 3926 | 663301 |
|  |  | 2731439 |
| **Broadline Retail — 6.9%** | **Broadline Retail — 6.9%** | **Broadline Retail — 6.9%** |
| Alibaba Group Holding Ltd., ADR (China) | 7751 | 879069 |
| Amazon.com, Inc. \* | 24156 | 5299473 |
| MercadoLibre, Inc. (Brazil) \* | 632 | 1652917 |
|  |  | 7831459 |
| **Building Products — 0.5%** | **Building Products — 0.5%** | **Building Products — 0.5%** |
| Trane Technologies plc | 1287 | 562894 |
| **Capital Markets — 3.5%** | **Capital Markets — 3.5%** | **Capital Markets — 3.5%** |
| Blackstone, Inc. | 2850 | 426309 |
| Charles Schwab Corp. (The) | 7590 | 692461 |
| Goldman Sachs Group, Inc. (The) | 2048 | 1449673 |
| Intercontinental Exchange, Inc. | 1771 | 324996 |
| KKR & Co., Inc. | 2432 | 323505 |
| Robinhood Markets, Inc., Class A \* | 8248 | 772225 |
|  |  | 3989169 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Arista Networks, Inc. \* | 4413 | 451513 |
| **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** |
| Quanta Services, Inc. | 1502 | 567928 |
| **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** |
| Walmart, Inc. | 21548 | 2106956 |
| **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** |
| Eaton Corp. plc | 1011 | 361048 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** |
| Amphenol Corp., Class A | 6256 | 617819 |
| **Entertainment — 5.2%** | **Entertainment — 5.2%** | **Entertainment — 5.2%** |
| Netflix, Inc. \* | 3106 | 4158804 |
| Sea Ltd., ADR (Singapore) \* | 3008 | 481043 |
| Spotify Technology SA \* (a) | 1650 | 1266483 |
|  |  | 5906330 |
| **Financial Services — 5.2%** | **Financial Services — 5.2%** | **Financial Services — 5.2%** |
| Berkshire Hathaway, Inc., Class B \* | 1615 | 784525 |
| Mastercard, Inc., Class A | 5993 | 3367576 |
| Visa, Inc., Class A | 5159 | 1831795 |
|  |  | 5983896 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| Uber Technologies, Inc. \* | 10929 | 1019687 |
| **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** |
| Abbott Laboratories | 10434 | 1419169 |
| Edwards Lifesciences Corp. \* | 4036 | 315665 |
| Intuitive Surgical, Inc. \* | 1749 | 950254 |
|  |  | 2685088 |
| **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** |
| McKesson Corp. | 1584 | 1161000 |
| **Hotels, Restaurants & Leisure — 3.6%** | **Hotels, Restaurants & Leisure — 3.6%** | **Hotels, Restaurants & Leisure — 3.6%** |
| Booking Holdings, Inc. | 204 | 1181943 |
| DoorDash, Inc., Class A \* | 7510 | 1851197 |
| McDonald's Corp. | 3157 | 922352 |
| Starbucks Corp. | 2035 | 186498 |
|  |  | 4141990 |
| **Household Durables — 0.5%** | **Household Durables — 0.5%** | **Household Durables — 0.5%** |
| DR Horton, Inc. | 4278 | 551461 |
| **Industrial Conglomerates — 1.5%** | **Industrial Conglomerates — 1.5%** | **Industrial Conglomerates — 1.5%** |
| 3M Co. | 10972 | 1670321 |
| **Interactive Media & Services — 9.5%** | **Interactive Media & Services — 9.5%** | **Interactive Media & Services — 9.5%** |
| Alphabet, Inc., Class C | 20970 | 3719813 |
| Meta Platforms, Inc., Class A | 9582 | 7072806 |
|  |  | 10792619 |
| **IT Services — 4.3%** | **IT Services — 4.3%** | **IT Services — 4.3%** |
| Cloudflare, Inc., Class A \* | 2792 | 546807 |
| International Business Machines Corp. | 8844 | 2606953 |
| Shopify, Inc., Class A (Canada) \* | 7728 | 891447 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

32 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **IT Services — continued** | **IT Services — continued** | **IT Services — continued** |
| Snowflake, Inc., Class A \* | 1955 | 437376 |
| Twilio, Inc., Class A \* | 3193 | 397112 |
|  |  | 4879695 |
| **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| Deere & Co. | 840 | 427222 |
| **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** |
| Cheniere Energy, Inc. | 1395 | 339585 |
| **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
| Eli Lilly & Co. | 1779 | 1386692 |
| Johnson & Johnson | 3833 | 585554 |
|  |  | 1972246 |
| **Semiconductors & Semiconductor Equipment — 16.3%** | **Semiconductors & Semiconductor Equipment — 16.3%** | **Semiconductors & Semiconductor Equipment — 16.3%** |
| ASML Holding NV (Registered), NYRS (Netherlands) | 77 | 61779 |
| Broadcom, Inc. | 17130 | 4721779 |
| Lam Research Corp. | 3626 | 352989 |
| NVIDIA Corp. | 81095 | 12812232 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR <br> (Taiwan)<br>| 2963 | 671000 |
|  |  | 18619779 |
| **Software — 16.8%** | **Software — 16.8%** | **Software — 16.8%** |
| AppLovin Corp., Class A \* | 1113 | 389597 |
| Crowdstrike Holdings, Inc., Class A \* | 1209 | 615849 |
| Fair Isaac Corp. \* | 235 | 429052 |
| HubSpot, Inc. \* | 800 | 445365 |
| Intuit, Inc. | 1363 | 1073850 |
| Microsoft Corp. | 25046 | 12457831 |
| Oracle Corp. | 5868 | 1282877 |
| Palo Alto Networks, Inc. \* | 2933 | 600114 |
| ServiceNow, Inc. \* | 1596 | 1641218 |
| Synopsys, Inc. \* | 561 | 287656 |
|  |  | 19223409 |
| **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** |
| AutoZone, Inc. \* | 124 | 460847 |
| Carvana Co. \* | 1375 | 463208 |
|  |  | 924055 |
| **Technology Hardware, Storage & Peripherals — 4.5%** | **Technology Hardware, Storage & Peripherals — 4.5%** | **Technology Hardware, Storage & Peripherals — 4.5%** |
| Apple, Inc. | 24759 | 5079696 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Tobacco — 1.8%** | **Tobacco — 1.8%** | **Tobacco — 1.8%** |
| Philip Morris International, Inc. | 11540 | 2101850 |
| **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| WW Grainger, Inc. | 388 | 403917 |
| Total Common Stocks <br>(Cost $66,468,519)<br>|  | 113383348 |
| **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** |
| **Investment Companies — 0.5%** | **Investment Companies — 0.5%** | **Investment Companies — 0.5%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (b) (c) <br>(Cost $588,912)<br>| 588808 | 588926 |
| **Investment of Cash Collateral from Securities Loaned — 0.0% ^** | **Investment of Cash Collateral from Securities Loaned — 0.0% ^** | **Investment of Cash Collateral from Securities Loaned — 0.0% ^** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (b) (c) <br>(Cost $10,377)<br>| 10377 | 10377 |
| Total Short-Term Investments <br>(Cost $599,289)<br>|  | 599303 |
| **Total Investments — 99.9%** <br>**(Cost $67,067,808)**<br>|  | **113982651** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **81747** |
| **NET ASSETS — 100.0%** |  | **114064398** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| NYRS | New York Registry Shares |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | The security or a portion of this security is on loan at <br> June 30, 2025. The total value of securities on loan at <br> June 30, 2025 is $10,104.<br>|
| (b) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (c) | The rate shown is the current yield as of June 30, <br> 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Large Cap Funds 33

------

JPMorgan Large Cap Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.3%** | **Common Stocks — 99.3%** | **Common Stocks — 99.3%** |
| **Aerospace & Defense — 3.4%** | **Aerospace & Defense — 3.4%** | **Aerospace & Defense — 3.4%** |
| Boeing Co. (The) \* | 182 | 38054 |
| Howmet Aerospace, Inc. | 116 | 21563 |
| RTX Corp. | 558 | 81512 |
| Textron, Inc. | 376 | 30209 |
|  |  | 171338 |
| **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** |
| United Parcel Service, Inc., Class B | 330 | 33288 |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |
| General Motors Co. | 256 | 12588 |
| **Banks — 11.4%** | **Banks — 11.4%** | **Banks — 11.4%** |
| Bank of America Corp. | 3264 | 154447 |
| Citizens Financial Group, Inc. | 900 | 40265 |
| Comerica, Inc. | 393 | 23469 |
| Fifth Third Bancorp | 1515 | 62328 |
| First Citizens BancShares, Inc., Class A | 50 | 97986 |
| First Horizon Corp. | 1931 | 40928 |
| Wells Fargo & Co. | 1951 | 156332 |
|  |  | 575755 |
| **Biotechnology — 1.4%** | **Biotechnology — 1.4%** | **Biotechnology — 1.4%** |
| AbbVie, Inc. | 388 | 72001 |
| **Broadline Retail — 2.3%** | **Broadline Retail — 2.3%** | **Broadline Retail — 2.3%** |
| Amazon.com, Inc. \* | 528 | 115888 |
| **Building Products — 1.1%** | **Building Products — 1.1%** | **Building Products — 1.1%** |
| Carrier Global Corp. | 789 | 57760 |
| **Capital Markets — 1.1%** | **Capital Markets — 1.1%** | **Capital Markets — 1.1%** |
| Ameriprise Financial, Inc. | 107 | 57258 |
| **Chemicals — 2.4%** | **Chemicals — 2.4%** | **Chemicals — 2.4%** |
| Axalta Coating Systems Ltd. \* | 743 | 22053 |
| Chemours Co. (The) | 1434 | 16414 |
| Dow, Inc. | 529 | 14012 |
| FMC Corp. | 1650 | 68890 |
|  |  | 121369 |
| **Construction Materials — 0.5%** | **Construction Materials — 0.5%** | **Construction Materials — 0.5%** |
| Amrize Ltd. \* | 482 | 23880 |
| **Consumer Finance — 2.0%** | **Consumer Finance — 2.0%** | **Consumer Finance — 2.0%** |
| Ally Financial, Inc. | 626 | 24383 |
| American Express Co. | 235 | 75103 |
|  |  | 99486 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** |
| BJ's Wholesale Club Holdings, Inc. \* | 256 | 27606 |
| Performance Food Group Co. \* | 676 | 59133 |
|  |  | 86739 |
| **Containers & Packaging — 2.1%** | **Containers & Packaging — 2.1%** | **Containers & Packaging — 2.1%** |
| Ball Corp. | 1199 | 67247 |
| International Paper Co. | 208 | 9739 |
| Silgan Holdings, Inc. | 504 | 27315 |
|  |  | 104301 |
| **Diversified Telecommunication Services — 1.8%** | **Diversified Telecommunication Services — 1.8%** | **Diversified Telecommunication Services — 1.8%** |
| Verizon Communications, Inc. | 2127 | 92025 |
| **Electric Utilities — 3.4%** | **Electric Utilities — 3.4%** | **Electric Utilities — 3.4%** |
| Edison International | 387 | 19957 |
| NextEra Energy, Inc. | 892 | 61896 |
| Southern Co. (The) | 976 | 89671 |
|  |  | 171524 |
| **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** |
| Emerson Electric Co. | 872 | 116239 |
| **Electronic Equipment, Instruments & Components — 1.8%** | **Electronic Equipment, Instruments & Components — 1.8%** | **Electronic Equipment, Instruments & Components — 1.8%** |
| Corning, Inc. | 399 | 20970 |
| Jabil, Inc. | 129 | 28054 |
| TD SYNNEX Corp. | 328 | 44537 |
|  |  | 93561 |
| **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
| Walt Disney Co. (The) | 540 | 66970 |
| **Financial Services — 3.2%** | **Financial Services — 3.2%** | **Financial Services — 3.2%** |
| Berkshire Hathaway, Inc., Class B \* | 51 | 24951 |
| Corpay, Inc. \* | 161 | 53590 |
| Fiserv, Inc. \* | 122 | 21004 |
| MGIC Investment Corp. | 1178 | 32786 |
| WEX, Inc. \* | 184 | 26980 |
|  |  | 159311 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| Hershey Co. (The) | 149 | 24744 |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| Saia, Inc. \* | 135 | 37066 |
| **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** |
| Align Technology, Inc. \* | 139 | 26368 |
| Medtronic plc | 728 | 63407 |
|  |  | 89775 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

34 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care Providers & Services — 8.2%** | **Health Care Providers & Services — 8.2%** | **Health Care Providers & Services — 8.2%** |
| Cigna Group (The) | 310 | 102596 |
| Elevance Health, Inc. | 147 | 57136 |
| Humana, Inc. | 358 | 87555 |
| Labcorp Holdings, Inc. | 185 | 48600 |
| Quest Diagnostics, Inc. | 250 | 44849 |
| UnitedHealth Group, Inc. | 230 | 71813 |
|  |  | 412549 |
| **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** |
| Carnival Corp. \* | 1193 | 33535 |
| **Household Durables — 0.8%** | **Household Durables — 0.8%** | **Household Durables — 0.8%** |
| Mohawk Industries, Inc. \* | 386 | 40459 |
| **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** |
| 3M Co. | 256 | 38968 |
| **Insurance — 1.3%** | **Insurance — 1.3%** | **Insurance — 1.3%** |
| Arch Capital Group Ltd. | 356 | 32394 |
| Oscar Health, Inc., Class A \* | 1607 | 34464 |
|  |  | 66858 |
| **Interactive Media & Services — 0.9%** | **Interactive Media & Services — 0.9%** | **Interactive Media & Services — 0.9%** |
| Meta Platforms, Inc., Class A | 62 | 45958 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Cognizant Technology Solutions Corp., Class A | 324 | 25272 |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| IQVIA Holdings, Inc. \* | 88 | 13797 |
| Thermo Fisher Scientific, Inc. | 36 | 14771 |
|  |  | 28568 |
| **Machinery — 2.8%** | **Machinery — 2.8%** | **Machinery — 2.8%** |
| AGCO Corp. | 674 | 69494 |
| Gates Industrial Corp. plc \* | 2271 | 52308 |
| Middleby Corp. (The) \* | 143 | 20671 |
|  |  | 142473 |
| **Media — 2.4%** | **Media — 2.4%** | **Media — 2.4%** |
| Comcast Corp., Class A | 2265 | 80847 |
| Omnicom Group, Inc. | 537 | 38583 |
|  |  | 119430 |
| **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** |
| Alcoa Corp. | 875 | 25834 |
| Freeport-McMoRan, Inc. | 1178 | 51058 |
|  |  | 76892 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Multi-Utilities — 1.3%** | **Multi-Utilities — 1.3%** | **Multi-Utilities — 1.3%** |
| Dominion Energy, Inc. | 1155 | 65252 |
| **Oil, Gas & Consumable Fuels — 4.8%** | **Oil, Gas & Consumable Fuels — 4.8%** | **Oil, Gas & Consumable Fuels — 4.8%** |
| EOG Resources, Inc. | 202 | 24140 |
| EQT Corp. | 1334 | 77817 |
| Expand Energy Corp. | 429 | 50182 |
| Exxon Mobil Corp. | 426 | 45924 |
| Hess Corp. | 148 | 20503 |
| Range Resources Corp. | 528 | 21456 |
|  |  | 240022 |
| **Passenger Airlines — 1.5%** | **Passenger Airlines — 1.5%** | **Passenger Airlines — 1.5%** |
| Southwest Airlines Co. (a) | 2316 | 75136 |
| **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** |
| Bristol-Myers Squibb Co. | 962 | 44511 |
| Johnson & Johnson | 564 | 86148 |
|  |  | 130659 |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| Zillow Group, Inc., Class C \* | 219 | 15367 |
| **Residential REITs — 1.3%** | **Residential REITs — 1.3%** | **Residential REITs — 1.3%** |
| American Homes 4 Rent, Class A | 667 | 24049 |
| Equity LifeStyle Properties, Inc. | 673 | 41491 |
|  |  | 65540 |
| **Semiconductors & Semiconductor Equipment — 3.6%** | **Semiconductors & Semiconductor Equipment — 3.6%** | **Semiconductors & Semiconductor Equipment — 3.6%** |
| Lam Research Corp. | 234 | 22796 |
| NXP Semiconductors NV (Netherlands) | 322 | 70464 |
| ON Semiconductor Corp. \* | 451 | 23621 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR <br> (Taiwan)<br>| 289 | 65420 |
|  |  | 182301 |
| **Software — 1.1%** | **Software — 1.1%** | **Software — 1.1%** |
| Salesforce, Inc. | 201 | 54927 |
| **Specialized REITs — 3.5%** | **Specialized REITs — 3.5%** | **Specialized REITs — 3.5%** |
| American Tower Corp. | 367 | 81073 |
| Equinix, Inc. | 119 | 94780 |
|  |  | 175853 |
| **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** |
| Ross Stores, Inc. | 119 | 15157 |
| **Technology Hardware, Storage & Peripherals — 5.2%** | **Technology Hardware, Storage & Peripherals — 5.2%** | **Technology Hardware, Storage & Peripherals — 5.2%** |
| Sandisk Corp. \* | 626 | 28360 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Large Cap Funds 35

------

JPMorgan Large Cap Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Technology Hardware, Storage & Peripherals — continued** | **Technology Hardware, Storage & Peripherals — continued** | **Technology Hardware, Storage & Peripherals — continued** |
| Seagate Technology Holdings plc | 690 | 99630 |
| Western Digital Corp. | 2117 | 135479 |
|  |  | 263469 |
| **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** |
| Kontoor Brands, Inc. | 724 | 47768 |
| **Tobacco — 3.1%** | **Tobacco — 3.1%** | **Tobacco — 3.1%** |
| Philip Morris International, Inc. | 870 | 158505 |
| **Trading Companies & Distributors — 2.2%** | **Trading Companies & Distributors — 2.2%** | **Trading Companies & Distributors — 2.2%** |
| AerCap Holdings NV (Ireland) | 694 | 81215 |
| WESCO International, Inc. | 169 | 31219 |
|  |  | 112434 |
| Total Common Stocks <br>(Cost $4,360,844)<br>|  | 5016218 |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |
| **Investment Companies — 0.6%** | **Investment Companies — 0.6%** | **Investment Companies — 0.6%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (b) (c) <br>(Cost $28,237)<br>| 28234 | 28240 |
| **Investment of Cash Collateral from Securities Loaned — 0.4%** | **Investment of Cash Collateral from Securities Loaned — 0.4%** | **Investment of Cash Collateral from Securities Loaned — 0.4%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (b) (c) <br>(Cost $19,800)<br>| 19800 | 19800 |
| Total Short-Term Investments <br>(Cost $48,037)<br>|  | 48040 |
| **Total Investments — 100.3%** <br>**(Cost $4,408,881)**<br>|  | **5064258** |
| **Liabilities in Excess of Other Assets — (0.3)%** |  | **(14239)**<br>|
| **NET ASSETS — 100.0%** |  | **5050019** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |

---

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

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at June 30, 2025. The total value of securities on loan at June 30, 2025 is $19,464. 

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

(c) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

36 J.P. Morgan Large Cap Funds June 30, 2025

------

JPMorgan U.S. Applied Data Science Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 100.2%** | **Common Stocks — 100.2%** | **Common Stocks — 100.2%** |
| **Aerospace & Defense — 3.7%** | **Aerospace & Defense — 3.7%** | **Aerospace & Defense — 3.7%** |
| Boeing Co. (The) \* | 2 | 404 |
| General Dynamics Corp. | 3 | 914 |
| Northrop Grumman Corp. | 2 | 796 |
| RTX Corp. | 13 | 1937 |
| Textron, Inc. | 7 | 575 |
| TransDigm Group, Inc. | 1 | 858 |
|  |  | 5484 |
| **Automobile Components — 0.3%** | **Automobile Components — 0.3%** | **Automobile Components — 0.3%** |
| Lear Corp. | 5 | 459 |
| **Banks — 7.7%** | **Banks — 7.7%** | **Banks — 7.7%** |
| Bank of America Corp. | 67 | 3197 |
| Citigroup, Inc. | 11 | 956 |
| Citizens Financial Group, Inc. | 21 | 928 |
| M&T Bank Corp. | 7 | 1312 |
| PNC Financial Services Group, Inc. (The) | 8 | 1446 |
| Wells Fargo & Co. | 45 | 3626 |
|  |  | 11465 |
| **Beverages — 1.5%** | **Beverages — 1.5%** | **Beverages — 1.5%** |
| Coca-Cola Co. (The) | 17 | 1164 |
| PepsiCo, Inc. | 8 | 1083 |
|  |  | 2247 |
| **Biotechnology — 1.8%** | **Biotechnology — 1.8%** | **Biotechnology — 1.8%** |
| AbbVie, Inc. | 6 | 1159 |
| Regeneron Pharmaceuticals, Inc. | 1 | 808 |
| Vertex Pharmaceuticals, Inc. \* | 2 | 750 |
|  |  | 2717 |
| **Broadline Retail — 2.5%** | **Broadline Retail — 2.5%** | **Broadline Retail — 2.5%** |
| Amazon.com, Inc. \* | 17 | 3718 |
| **Building Products — 1.2%** | **Building Products — 1.2%** | **Building Products — 1.2%** |
| Fortune Brands Innovations, Inc. | 11 | 578 |
| Trane Technologies plc | 3 | 1191 |
|  |  | 1769 |
| **Capital Markets — 5.4%** | **Capital Markets — 5.4%** | **Capital Markets — 5.4%** |
| Blackrock, Inc. | 2 | 2052 |
| Charles Schwab Corp. (The) | 17 | 1582 |
| CME Group, Inc. | 5 | 1392 |
| Goldman Sachs Group, Inc. (The) | 1 | 459 |
| Morgan Stanley | 18 | 2555 |
|  |  | 8040 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Chemicals — 2.4%** | **Chemicals — 2.4%** | **Chemicals — 2.4%** |
| Axalta Coating Systems Ltd. \* | 43 | 1289 |
| DuPont de Nemours, Inc. | 9 | 603 |
| Linde plc | 4 | 1656 |
|  |  | 3548 |
| **Construction Materials — 0.5%** | **Construction Materials — 0.5%** | **Construction Materials — 0.5%** |
| Vulcan Materials Co. | 3 | 702 |
| **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** |
| Ally Financial, Inc. | 13 | 526 |
| Capital One Financial Corp. | 4 | 853 |
|  |  | 1379 |
| **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** |
| Target Corp. | 3 | 289 |
| Walmart, Inc. | 16 | 1622 |
|  |  | 1911 |
| **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** |
| Amcor plc | 92 | 844 |
| **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** |
| AT&T, Inc. | 64 | 1850 |
| **Electric Utilities — 3.3%** | **Electric Utilities — 3.3%** | **Electric Utilities — 3.3%** |
| Entergy Corp. | 12 | 999 |
| NextEra Energy, Inc. | 27 | 1892 |
| Southern Co. (The) | 11 | 977 |
| Xcel Energy, Inc. | 16 | 1113 |
|  |  | 4981 |
| **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** |
| Eaton Corp. plc | 6 | 2293 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| Teledyne Technologies, Inc. \* | 2 | 982 |
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| Take-Two Interactive Software, Inc. \* | 3 | 685 |
| Walt Disney Co. (The) | 8 | 1000 |
|  |  | 1685 |
| **Financial Services — 5.0%** | **Financial Services — 5.0%** | **Financial Services — 5.0%** |
| Berkshire Hathaway, Inc., Class B \* | 6 | 3122 |
| Block, Inc. \* | 11 | 713 |
| Corpay, Inc. \* | 2 | 706 |
| Fidelity National Information Services, Inc. | 9 | 715 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Large Cap Funds 37

------

JPMorgan U.S. Applied Data Science Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| Fiserv, Inc. \* | 6 | 1059 |
| Mastercard, Inc., Class A | 2 | 1144 |
|  |  | 7459 |
| **Food Products — 1.4%** | **Food Products — 1.4%** | **Food Products — 1.4%** |
| Mondelez International, Inc., Class A | 24 | 1638 |
| Tyson Foods, Inc., Class A | 9 | 502 |
|  |  | 2140 |
| **Ground Transportation — 2.0%** | **Ground Transportation — 2.0%** | **Ground Transportation — 2.0%** |
| CSX Corp. | 43 | 1418 |
| Norfolk Southern Corp. | 6 | 1528 |
|  |  | 2946 |
| **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** |
| Abbott Laboratories | 6 | 747 |
| Boston Scientific Corp. \* | 13 | 1441 |
| Medtronic plc | 20 | 1753 |
|  |  | 3941 |
| **Health Care Providers & Services — 2.5%** | **Health Care Providers & Services — 2.5%** | **Health Care Providers & Services — 2.5%** |
| Cigna Group (The) | 4 | 1314 |
| Humana, Inc. | 2 | 563 |
| UnitedHealth Group, Inc. | 6 | 1848 |
|  |  | 3725 |
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Ventas, Inc. | 19 | 1190 |
| **Hotel & Resort REITs — 0.5%** | **Hotel & Resort REITs — 0.5%** | **Hotel & Resort REITs — 0.5%** |
| Host Hotels & Resorts, Inc. | 49 | 746 |
| **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** |
| Expedia Group, Inc. | 5 | 911 |
| McDonald's Corp. | 6 | 1666 |
| Travel + Leisure Co. | 12 | 597 |
|  |  | 3174 |
| **Household Products — 1.0%** | **Household Products — 1.0%** | **Household Products — 1.0%** |
| Procter & Gamble Co. (The) | 10 | 1536 |
| **Industrial Conglomerates — 1.5%** | **Industrial Conglomerates — 1.5%** | **Industrial Conglomerates — 1.5%** |
| 3M Co. | 7 | 1009 |
| Honeywell International, Inc. | 5 | 1212 |
|  |  | 2221 |
| **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** |
| Prologis, Inc. | 11 | 1130 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Insurance — 3.7%** | **Insurance — 3.7%** | **Insurance — 3.7%** |
| Loews Corp. | 24 | 2160 |
| MetLife, Inc. | 11 | 920 |
| Travelers Cos., Inc. (The) | 9 | 2384 |
|  |  | 5464 |
| **Interactive Media & Services — 3.6%** | **Interactive Media & Services — 3.6%** | **Interactive Media & Services — 3.6%** |
| Alphabet, Inc., Class C | 15 | 2713 |
| Meta Platforms, Inc., Class A | 4 | 2606 |
|  |  | 5319 |
| **IT Services — 1.0%** | **IT Services — 1.0%** | **IT Services — 1.0%** |
| Cognizant Technology Solutions Corp., Class A | 14 | 1057 |
| International Business Machines Corp. | 1 | 408 |
|  |  | 1465 |
| **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |
| Danaher Corp. | 7 | 1364 |
| **Machinery — 3.6%** | **Machinery — 3.6%** | **Machinery — 3.6%** |
| Deere & Co. | 3 | 1805 |
| Dover Corp. | 9 | 1625 |
| Parker-Hannifin Corp. | 3 | 1978 |
|  |  | 5408 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| Comcast Corp., Class A | 50 | 1800 |
| **Multi-Utilities — 1.7%** | **Multi-Utilities — 1.7%** | **Multi-Utilities — 1.7%** |
| CMS Energy Corp. | 18 | 1251 |
| Public Service Enterprise Group, Inc. | 15 | 1250 |
|  |  | 2501 |
| **Oil, Gas & Consumable Fuels — 6.5%** | **Oil, Gas & Consumable Fuels — 6.5%** | **Oil, Gas & Consumable Fuels — 6.5%** |
| Cheniere Energy, Inc. | 6 | 1337 |
| ConocoPhillips | 23 | 2096 |
| Diamondback Energy, Inc. | 6 | 818 |
| EOG Resources, Inc. | 12 | 1488 |
| Exxon Mobil Corp. | 29 | 3142 |
| Phillips 66 | 7 | 833 |
|  |  | 9714 |
| **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** |
| Kenvue, Inc. | 22 | 459 |
| **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** |
| Bristol-Myers Squibb Co. | 32 | 1455 |
| Jazz Pharmaceuticals plc \* | 6 | 653 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

38 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| Johnson & Johnson | 10 | 1581 |
| Merck & Co., Inc. | 6 | 461 |
|  |  | 4150 |
| **Professional Services — 1.0%** | **Professional Services — 1.0%** | **Professional Services — 1.0%** |
| Booz Allen Hamilton Holding Corp. | 6 | 566 |
| SS&C Technologies Holdings, Inc. | 10 | 851 |
|  |  | 1417 |
| **Real Estate Management & Development — 1.0%** | **Real Estate Management & Development — 1.0%** | **Real Estate Management & Development — 1.0%** |
| CBRE Group, Inc., Class A \* | 11 | 1501 |
| **Residential REITs — 0.4%** | **Residential REITs — 0.4%** | **Residential REITs — 0.4%** |
| American Homes 4 Rent, Class A | 15 | 554 |
| **Retail REITs — 0.4%** | **Retail REITs — 0.4%** | **Retail REITs — 0.4%** |
| Regency Centers Corp. | 8 | 574 |
| **Semiconductors & Semiconductor Equipment — 4.4%** | **Semiconductors & Semiconductor Equipment — 4.4%** | **Semiconductors & Semiconductor Equipment — 4.4%** |
| Advanced Micro Devices, Inc. \* | 6 | 838 |
| Analog Devices, Inc. | 7 | 1738 |
| Lam Research Corp. | 5 | 447 |
| Marvell Technology, Inc. | 3 | 259 |
| Micron Technology, Inc. | 6 | 761 |
| NXP Semiconductors NV (Netherlands) | 3 | 778 |
| Texas Instruments, Inc. | 9 | 1784 |
|  |  | 6605 |
| **Software — 2.2%** | **Software — 2.2%** | **Software — 2.2%** |
| Microsoft Corp. | 4 | 1830 |
| Salesforce, Inc. | 5 | 1433 |
|  |  | 3263 |
| **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |
| Digital Realty Trust, Inc. | 6 | 1056 |
| **Specialty Retail — 3.4%** | **Specialty Retail — 3.4%** | **Specialty Retail — 3.4%** |
| AutoZone, Inc. \* |  | 1225 |
| Lowe's Cos., Inc. | 8 | 1762 |
| O'Reilly Automotive, Inc. \* | 10 | 935 |
| TJX Cos., Inc. (The) | 9 | 1083 |
|  |  | 5005 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Technology Hardware, Storage & Peripherals — 1.4%** | **Technology Hardware, Storage & Peripherals — 1.4%** | **Technology Hardware, Storage & Peripherals — 1.4%** |
| Hewlett Packard Enterprise Co. | 39 | 803 |
| Seagate Technology Holdings plc | 9 | 1223 |
|  |  | 2026 |
| **Tobacco — 2.1%** | **Tobacco — 2.1%** | **Tobacco — 2.1%** |
| Philip Morris International, Inc. | 17 | 3071 |
| Total Common Stocks <br>(Cost $110,400)<br>|  | 148998 |
| **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** |
| **Investment Companies — 0.4%** | **Investment Companies — 0.4%** | **Investment Companies — 0.4%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b) <br>(Cost $615)<br>| 615 | 615 |
| **Total Investments — 100.6%** <br>**(Cost $111,015)**<br>|  | **149613** |
| **Liabilities in Excess of Other Assets — (0.6)%** |  | **(919)**<br>|
| **NET ASSETS — 100.0%** |  | **148694** |

---

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

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

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

\* Non-income producing security. <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

June 30, 2025 J.P. Morgan Large Cap Funds 39

------

JPMorgan U.S. Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.5%** | **Common Stocks — 99.5%** | **Common Stocks — 99.5%** |
| **Aerospace & Defense — 3.2%** | **Aerospace & Defense — 3.2%** | **Aerospace & Defense — 3.2%** |
| Howmet Aerospace, Inc. | 2662 | 495582 |
| Northrop Grumman Corp. | 1061 | 530320 |
|  |  | 1025902 |
| **Automobiles — 1.1%** | **Automobiles — 1.1%** | **Automobiles — 1.1%** |
| Tesla, Inc. \* | 1123 | 356788 |
| **Banks — 4.0%** | **Banks — 4.0%** | **Banks — 4.0%** |
| US Bancorp | 5405 | 244603 |
| Wells Fargo & Co. | 13196 | 1057235 |
|  |  | 1301838 |
| **Biotechnology — 3.0%** | **Biotechnology — 3.0%** | **Biotechnology — 3.0%** |
| AbbVie, Inc. | 2785 | 516916 |
| Regeneron Pharmaceuticals, Inc. | 378 | 198540 |
| Vertex Pharmaceuticals, Inc. \* | 555 | 247242 |
|  |  | 962698 |
| **Broadline Retail — 4.7%** | **Broadline Retail — 4.7%** | **Broadline Retail — 4.7%** |
| Amazon.com, Inc. \* | 6947 | 1524126 |
| **Building Products — 2.2%** | **Building Products — 2.2%** | **Building Products — 2.2%** |
| Carrier Global Corp. | 6064 | 443845 |
| Trane Technologies plc | 572 | 249964 |
|  |  | 693809 |
| **Capital Markets — 3.4%** | **Capital Markets — 3.4%** | **Capital Markets — 3.4%** |
| Ameriprise Financial, Inc. | 1050 | 560085 |
| Blackstone, Inc. | 962 | 143914 |
| Morgan Stanley | 2798 | 394178 |
|  |  | 1098177 |
| **Construction Materials — 1.8%** | **Construction Materials — 1.8%** | **Construction Materials — 1.8%** |
| Vulcan Materials Co. | 2239 | 584093 |
| **Consumer Finance — 2.6%** | **Consumer Finance — 2.6%** | **Consumer Finance — 2.6%** |
| American Express Co. | 2577 | 821954 |
| **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** |
| Walmart, Inc. | 7175 | 701538 |
| **Electric Utilities — 3.6%** | **Electric Utilities — 3.6%** | **Electric Utilities — 3.6%** |
| Entergy Corp. | 2048 | 170234 |
| NextEra Energy, Inc. | 6273 | 435461 |
| PG&E Corp. | 10537 | 146882 |
| Southern Co. (The) | 4399 | 404022 |
|  |  | 1156599 |
| **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** |
| Eaton Corp. plc | 2110 | 753097 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Energy Equipment & Services — 2.5%** | **Energy Equipment & Services — 2.5%** | **Energy Equipment & Services — 2.5%** |
| Baker Hughes Co. | 20601 | 789846 |
| **Entertainment — 1.5%** | **Entertainment — 1.5%** | **Entertainment — 1.5%** |
| Walt Disney Co. (The) | 3918 | 485865 |
| **Financial Services — 2.7%** | **Financial Services — 2.7%** | **Financial Services — 2.7%** |
| Mastercard, Inc., Class A | 1553 | 872438 |
| **Food Products — 1.0%** | **Food Products — 1.0%** | **Food Products — 1.0%** |
| Mondelez International, Inc., Class A | 4910 | 331122 |
| **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** |
| CSX Corp. | 10060 | 328274 |
| **Health Care Equipment & Supplies — 4.0%** | **Health Care Equipment & Supplies — 4.0%** | **Health Care Equipment & Supplies — 4.0%** |
| Edwards Lifesciences Corp. \* | 4104 | 320969 |
| Medtronic plc | 4724 | 411831 |
| Stryker Corp. | 1429 | 565281 |
|  |  | 1298081 |
| **Hotels, Restaurants & Leisure — 4.3%** | **Hotels, Restaurants & Leisure — 4.3%** | **Hotels, Restaurants & Leisure — 4.3%** |
| Chipotle Mexican Grill, Inc. \* | 6104 | 342732 |
| Marriott International, Inc., Class A | 1419 | 387764 |
| McDonald's Corp. | 2208 | 645102 |
|  |  | 1375598 |
| **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** |
| Prologis, Inc. | 1848 | 194279 |
| **Insurance — 3.0%** | **Insurance — 3.0%** | **Insurance — 3.0%** |
| Arthur J Gallagher & Co. | 1993 | 638097 |
| Travelers Cos., Inc. (The) | 1245 | 333067 |
|  |  | 971164 |
| **Interactive Media & Services — 6.6%** | **Interactive Media & Services — 6.6%** | **Interactive Media & Services — 6.6%** |
| Alphabet, Inc., Class A | 4626 | 815161 |
| Meta Platforms, Inc., Class A | 1760 | 1299171 |
|  |  | 2114332 |
| **Machinery — 1.2%** | **Machinery — 1.2%** | **Machinery — 1.2%** |
| Deere & Co. | 767 | 389856 |
| **Oil, Gas & Consumable Fuels — 1.8%** | **Oil, Gas & Consumable Fuels — 1.8%** | **Oil, Gas & Consumable Fuels — 1.8%** |
| Exxon Mobil Corp. | 5422 | 584496 |
| **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** |
| Eli Lilly & Co. | 358 | 279141 |
| **Semiconductors & Semiconductor Equipment — 13.1%** | **Semiconductors & Semiconductor Equipment — 13.1%** | **Semiconductors & Semiconductor Equipment — 13.1%** |
| ASML Holding NV (Registered), NYRS (Netherlands) | 163 | 130685 |
| Broadcom, Inc. | 3539 | 975545 |
| Micron Technology, Inc. | 1944 | 239542 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| NVIDIA Corp. | 13851 | 2188335 |
| NXP Semiconductors NV (Netherlands) | 3185 | 695911 |
|  |  | 4230018 |
| **Software — 12.5%** | **Software — 12.5%** | **Software — 12.5%** |
| Intuit, Inc. | 553 | 435847 |
| Microsoft Corp. | 5914 | 2941470 |
| Oracle Corp. | 2963 | 647899 |
|  |  | 4025216 |
| **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** |
| Lowe's Cos., Inc. | 2972 | 659293 |
| **Technology Hardware, Storage & Peripherals — 5.9%** | **Technology Hardware, Storage & Peripherals — 5.9%** | **Technology Hardware, Storage & Peripherals — 5.9%** |
| Apple, Inc. | 9175 | 1882353 |
| **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** |
| United Rentals, Inc. | 295 | 222328 |
| Total Common Stocks <br>(Cost $17,267,135)<br>|  | 32014319 |
| **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** |
| **Investment Companies — 0.8%** | **Investment Companies — 0.8%** | **Investment Companies — 0.8%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (a) (b) <br>(Cost $247,608)<br>| 247573 | 247623 |
| **Total Investments — 100.3%** <br>**(Cost $17,514,743)**<br>|  | **32261942** |
| **Liabilities in Excess of Other Assets — (0.3)%** |  | **(83205)**<br>|
| **NET ASSETS — 100.0%** |  | **32178737** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| NYRS | New York Registry Shares |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 41

------

JPMorgan U.S. GARP Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.2%** | **Common Stocks — 99.2%** | **Common Stocks — 99.2%** |
| **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** |
| GE Aerospace | 22 | 5617 |
| Howmet Aerospace, Inc. | 71 | 13259 |
| RTX Corp. | 58 | 8397 |
| TransDigm Group, Inc. | 6 | 9126 |
|  |  | 36399 |
| **Automobiles — 2.8%** | **Automobiles — 2.8%** | **Automobiles — 2.8%** |
| Tesla, Inc. \* | 162 | 51517 |
| **Banks — 0.4%** | **Banks — 0.4%** | **Banks — 0.4%** |
| Bank of America Corp. | 153 | 7216 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| Coca-Cola Co. (The) | 81 | 5751 |
| PepsiCo, Inc. | 48 | 6333 |
|  |  | 12084 |
| **Biotechnology — 2.4%** | **Biotechnology — 2.4%** | **Biotechnology — 2.4%** |
| AbbVie, Inc. | 180 | 33513 |
| Neurocrine Biosciences, Inc. \* | 33 | 4097 |
| Regeneron Pharmaceuticals, Inc. | 14 | 7208 |
|  |  | 44818 |
| **Broadline Retail — 6.5%** | **Broadline Retail — 6.5%** | **Broadline Retail — 6.5%** |
| Amazon.com, Inc. \* | 556 | 121944 |
| **Building Products — 1.1%** | **Building Products — 1.1%** | **Building Products — 1.1%** |
| Owens Corning | 28 | 3818 |
| Trane Technologies plc | 36 | 15842 |
|  |  | 19660 |
| **Capital Markets — 1.5%** | **Capital Markets — 1.5%** | **Capital Markets — 1.5%** |
| Charles Schwab Corp. (The) | 131 | 11975 |
| Goldman Sachs Group, Inc. (The) | 14 | 9461 |
| S&P Global, Inc. | 12 | 6407 |
|  |  | 27843 |
| **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
| Linde plc | 15 | 7234 |
| **Communications Equipment — 1.4%** | **Communications Equipment — 1.4%** | **Communications Equipment — 1.4%** |
| Arista Networks, Inc. \* | 151 | 15453 |
| Motorola Solutions, Inc. | 27 | 11212 |
|  |  | 26665 |
| **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** |
| Quanta Services, Inc. | 25 | 9437 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Martin Marietta Materials, Inc. | 9 | 5122 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |
| American Express Co. | 33 | 10566 |
| Capital One Financial Corp. | 22 | 4709 |
|  |  | 15275 |
| **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** |
| Costco Wholesale Corp. | 15 | 14122 |
| US Foods Holding Corp. \* | 137 | 10568 |
|  |  | 24690 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| Entergy Corp. | 43 | 3592 |
| NextEra Energy, Inc. | 78 | 5414 |
| Southern Co. (The) | 59 | 5415 |
|  |  | 14421 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| Amphenol Corp., Class A | 120 | 11889 |
| **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** |
| Baker Hughes Co. | 198 | 7585 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Netflix, Inc. \* | 5 | 6835 |
| Spotify Technology SA \* | 8 | 6048 |
| Walt Disney Co. (The) | 108 | 13419 |
|  |  | 26302 |
| **Financial Services — 3.9%** | **Financial Services — 3.9%** | **Financial Services — 3.9%** |
| Fidelity National Information Services, Inc. | 65 | 5265 |
| Mastercard, Inc., Class A | 88 | 49620 |
| Visa, Inc., Class A | 49 | 17543 |
|  |  | 72428 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| Uber Technologies, Inc. \* | 179 | 16722 |
| **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** |
| Boston Scientific Corp. \* | 81 | 8677 |
| Intuitive Surgical, Inc. \* | 13 | 7142 |
| Stryker Corp. | 21 | 8273 |
|  |  | 24092 |
| **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| Cigna Group (The) | 16 | 5189 |
| UnitedHealth Group, Inc. | 27 | 8592 |
|  |  | 13781 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| Ventas, Inc. | 89 | 5608 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hotels, Restaurants & Leisure — 3.0%** | **Hotels, Restaurants & Leisure — 3.0%** | **Hotels, Restaurants & Leisure — 3.0%** |
| Chipotle Mexican Grill, Inc. \* | 226 | 12712 |
| DoorDash, Inc., Class A \* | 84 | 20813 |
| Hilton Worldwide Holdings, Inc. | 56 | 14769 |
| McDonald's Corp. | 27 | 7762 |
|  |  | 56056 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| Arthur J Gallagher & Co. | 27 | 8683 |
| MetLife, Inc. | 65 | 5220 |
|  |  | 13903 |
| **Interactive Media & Services — 10.3%** | **Interactive Media & Services — 10.3%** | **Interactive Media & Services — 10.3%** |
| Alphabet, Inc., Class A | 303 | 53408 |
| Alphabet, Inc., Class C | 204 | 36240 |
| Meta Platforms, Inc., Class A | 129 | 95231 |
| Pinterest, Inc., Class A \* | 215 | 7712 |
|  |  | 192591 |
| **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
| Danaher Corp. | 18 | 3456 |
| **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** |
| EOG Resources, Inc. | 37 | 4435 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Delta Air Lines, Inc. | 85 | 4175 |
| **Pharmaceuticals — 2.2%** | **Pharmaceuticals — 2.2%** | **Pharmaceuticals — 2.2%** |
| Bristol-Myers Squibb Co. | 113 | 5222 |
| Eli Lilly & Co. | 37 | 29115 |
| Johnson & Johnson | 41 | 6304 |
|  |  | 40641 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Booz Allen Hamilton Holding Corp. | 70 | 7329 |
| **Semiconductors & Semiconductor Equipment — 19.1%** | **Semiconductors & Semiconductor Equipment — 19.1%** | **Semiconductors & Semiconductor Equipment — 19.1%** |
| Advanced Micro Devices, Inc. \* | 40 | 5766 |
| Analog Devices, Inc. | 49 | 11576 |
| Broadcom, Inc. | 240 | 66323 |
| Lam Research Corp. | 151 | 14702 |
| NVIDIA Corp. | 1469 | 232063 |
| NXP Semiconductors NV (Netherlands) | 25 | 5417 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR <br> (Taiwan)<br>| 54 | 12162 |
| Texas Instruments, Inc. | 45 | 9346 |
|  |  | 357355 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Software — 19.8%** | **Software — 19.8%** | **Software — 19.8%** |
| Adobe, Inc. \* | 10 | 4019 |
| AppLovin Corp., Class A \* | 16 | 5506 |
| Autodesk, Inc. \* | 17 | 5414 |
| Cadence Design Systems, Inc. \* | 33 | 10087 |
| Crowdstrike Holdings, Inc., Class A \* | 31 | 15929 |
| Fair Isaac Corp. \* | 6 | 10805 |
| Intuit, Inc. | 29 | 22651 |
| Microsoft Corp. | 467 | 232087 |
| Oracle Corp. | 104 | 22719 |
| Palantir Technologies, Inc., Class A \* | 25 | 3468 |
| Salesforce, Inc. | 51 | 13769 |
| ServiceNow, Inc. \* | 24 | 24642 |
|  |  | 371096 |
| **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** |
| Equinix, Inc. | 6 | 4486 |
| **Specialty Retail — 1.5%** | **Specialty Retail — 1.5%** | **Specialty Retail — 1.5%** |
| Lowe's Cos., Inc. | 88 | 19435 |
| TJX Cos., Inc. (The) | 67 | 8293 |
|  |  | 27728 |
| **Technology Hardware, Storage & Peripherals — 8.8%** | **Technology Hardware, Storage & Peripherals — 8.8%** | **Technology Hardware, Storage & Peripherals — 8.8%** |
| Apple, Inc. | 735 | 150905 |
| Seagate Technology Holdings plc | 89 | 12837 |
|  |  | 163742 |
| **Tobacco — 0.4%** | **Tobacco — 0.4%** | **Tobacco — 0.4%** |
| Altria Group, Inc. | 136 | 7955 |
| Total Common Stocks <br>(Cost $929,566)<br>|  | 1857680 |
| **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** |
| **Investment Companies — 0.6%** | **Investment Companies — 0.6%** | **Investment Companies — 0.6%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b) <br>(Cost $10,766)<br>| 10765 | 10767 |
| **Total Investments — 99.8%** <br>**(Cost $940,332)**<br>|  | **1868447** |
| **Other Assets in Excess of Liabilities — 0.2%** |  | **3018** |
| **NET ASSETS — 100.0%** |  | **1871465** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 43

------

JPMorgan U.S. GARP Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the current yield as of June 30, 2025.

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9064 | &nbsp;&nbsp;&nbsp;&nbsp; 311 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44 J.P. Morgan Large Cap Funds June 30, 2025

------

JPMorgan U.S. Large Cap Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Long Positions — 119.7%** | **Long Positions — 119.7%** | **Long Positions — 119.7%** |
| **Common Stocks — 116.6%** | **Common Stocks — 116.6%** | **Common Stocks — 116.6%** |
| **Aerospace & Defense — 5.3%** | **Aerospace & Defense — 5.3%** | **Aerospace & Defense — 5.3%** |
| Boeing Co. (The) \* | 23 | 4744 |
| Howmet Aerospace, Inc. (a) | 361 | 67194 |
| Northrop Grumman Corp. | 32 | 16093 |
| RTX Corp. | 344 | 50254 |
| TransDigm Group, Inc. | 25 | 37730 |
|  |  | 176015 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| FedEx Corp. | 13 | 2982 |
| **Banks — 4.4%** | **Banks — 4.4%** | **Banks — 4.4%** |
| Bank of America Corp. (a) | 935 | 44255 |
| Fifth Third Bancorp | 614 | 25262 |
| Wells Fargo & Co. (a) | 949 | 76024 |
|  |  | 145541 |
| **Beverages — 1.2%** | **Beverages — 1.2%** | **Beverages — 1.2%** |
| Coca-Cola Co. (The) (a) | 344 | 24356 |
| Keurig Dr Pepper, Inc. | 288 | 9520 |
| PepsiCo, Inc. (a) | 53 | 6916 |
|  |  | 40792 |
| **Biotechnology — 2.3%** | **Biotechnology — 2.3%** | **Biotechnology — 2.3%** |
| AbbVie, Inc. (a) | 268 | 49805 |
| Regeneron Pharmaceuticals, Inc. | 18 | 9459 |
| Vertex Pharmaceuticals, Inc. \* (a) | 41 | 18062 |
|  |  | 77326 |
| **Broadline Retail — 5.4%** | **Broadline Retail — 5.4%** | **Broadline Retail — 5.4%** |
| Amazon.com, Inc. \* (a) | 817 | 179147 |
| **Building Products — 2.1%** | **Building Products — 2.1%** | **Building Products — 2.1%** |
| Carrier Global Corp. | 310 | 22705 |
| Trane Technologies plc | 106 | 46163 |
|  |  | 68868 |
| **Capital Markets — 3.3%** | **Capital Markets — 3.3%** | **Capital Markets — 3.3%** |
| Ameriprise Financial, Inc. (a) | 63 | 33413 |
| Blackstone, Inc. | 4 | 595 |
| Charles Schwab Corp. (The) (a) | 394 | 35950 |
| CME Group, Inc. | 21 | 5881 |
| Goldman Sachs Group, Inc. (The) (a) | 24 | 17131 |
| MSCI, Inc. | 26 | 14899 |
| Raymond James Financial, Inc. | 22 | 3332 |
|  |  | 111201 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Ecolab, Inc. | 87 | 23508 |
| Linde plc | 37 | 17037 |
| Sherwin-Williams Co. (The) | 21 | 7304 |
|  |  | 47849 |
| **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** |
| Arista Networks, Inc. \* | 62 | 6353 |
| **Construction Materials — 0.7%** | **Construction Materials — 0.7%** | **Construction Materials — 0.7%** |
| Martin Marietta Materials, Inc. | 45 | 24633 |
| **Consumer Finance — 1.4%** | **Consumer Finance — 1.4%** | **Consumer Finance — 1.4%** |
| American Express Co. (a) | 91 | 29234 |
| Capital One Financial Corp. | 89 | 18895 |
|  |  | 48129 |
| **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** |
| Costco Wholesale Corp. | 15 | 14470 |
| Maplebear, Inc. \* | 85 | 3845 |
| Walmart, Inc. | 204 | 19979 |
|  |  | 38294 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| AT&T, Inc. | 774 | 22390 |
| **Electric Utilities — 3.2%** | **Electric Utilities — 3.2%** | **Electric Utilities — 3.2%** |
| Entergy Corp. (a) | 229 | 19049 |
| NextEra Energy, Inc. | 482 | 33442 |
| Southern Co. (The) | 584 | 53682 |
|  |  | 106173 |
| **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** |
| AMETEK, Inc. | 8 | 1514 |
| Eaton Corp. plc | 66 | 23355 |
| Emerson Electric Co. | 153 | 20433 |
|  |  | 45302 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co. (a) | 182 | 6974 |
| **Entertainment — 1.8%** | **Entertainment — 1.8%** | **Entertainment — 1.8%** |
| Live Nation Entertainment, Inc. \* | 16 | 2373 |
| Walt Disney Co. (The) (a) | 344 | 42717 |
| Warner Bros Discovery, Inc. \* | 375 | 4296 |
| Warner Music Group Corp., Class A | 341 | 9276 |
|  |  | 58662 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 45

------

JPMorgan U.S. Large Cap Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Financial Services — 6.1%** | **Financial Services — 6.1%** | **Financial Services — 6.1%** |
| Affirm Holdings, Inc. \* | 68 | 4701 |
| Apollo Global Management, Inc. | 23 | 3294 |
| Berkshire Hathaway, Inc., Class B \* | 7 | 3230 |
| Corpay, Inc. \* | 103 | 34045 |
| Fidelity National Information Services, Inc. (a) | 633 | 51579 |
| Mastercard, Inc., Class A (a) | 179 | 100352 |
| Toast, Inc., Class A \* | 89 | 3947 |
| WEX, Inc. \* | 11 | 1618 |
|  |  | 202766 |
| **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| Mondelez International, Inc., Class A (a) | 168 | 11306 |
| **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** |
| Canadian Pacific Kansas City Ltd. (Canada) | 374 | 29638 |
| XPO, Inc. \* | 79 | 9997 |
|  |  | 39635 |
| **Health Care Equipment & Supplies — 2.5%** | **Health Care Equipment & Supplies — 2.5%** | **Health Care Equipment & Supplies — 2.5%** |
| Boston Scientific Corp. \* (a) | 214 | 22974 |
| Edwards Lifesciences Corp. \* | 133 | 10387 |
| Intuitive Surgical, Inc. \* | 22 | 12158 |
| Medtronic plc | 116 | 10069 |
| Stryker Corp. (a) | 71 | 28203 |
|  |  | 83791 |
| **Health Care Providers & Services — 1.4%** | **Health Care Providers & Services — 1.4%** | **Health Care Providers & Services — 1.4%** |
| Cigna Group (The) | 22 | 7429 |
| Humana, Inc. | 11 | 2664 |
| McKesson Corp. | 3 | 2203 |
| Tenet Healthcare Corp. \* | 25 | 4338 |
| UnitedHealth Group, Inc. (a) | 101 | 31580 |
|  |  | 48214 |
| **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** |
| Ventas, Inc. | 240 | 15146 |
| Welltower, Inc. | 19 | 2937 |
|  |  | 18083 |
| **Hotels, Restaurants & Leisure — 4.9%** | **Hotels, Restaurants & Leisure — 4.9%** | **Hotels, Restaurants & Leisure — 4.9%** |
| Booking Holdings, Inc. (a) | 4 | 24535 |
| Carnival Corp. \* | 771 | 21673 |
| Chipotle Mexican Grill, Inc. \* (a) | 386 | 21702 |
| Darden Restaurants, Inc. | 19 | 4103 |
| Hilton Worldwide Holdings, Inc. (a) | 106 | 28162 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| McDonald's Corp. (a) | 114 | 33218 |
| Yum! Brands, Inc. (a) | 206 | 30548 |
|  |  | 163941 |
| **Household Products — 0.4%** | **Household Products — 0.4%** | **Household Products — 0.4%** |
| Church & Dwight Co., Inc. | 61 | 5925 |
| Procter & Gamble Co. (The) (a) | 49 | 7783 |
|  |  | 13708 |
| **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** |
| Vistra Corp. | 62 | 12109 |
| **Industrial Conglomerates — 1.1%** | **Industrial Conglomerates — 1.1%** | **Industrial Conglomerates — 1.1%** |
| 3M Co. | 238 | 36184 |
| **Insurance — 3.0%** | **Insurance — 3.0%** | **Insurance — 3.0%** |
| Aon plc, Class A | 119 | 42506 |
| Arch Capital Group Ltd. | 27 | 2419 |
| Arthur J Gallagher & Co. (a) | 123 | 39442 |
| Progressive Corp. (The) (a) | 64 | 17087 |
|  |  | 101454 |
| **Interactive Media & Services — 7.5%** | **Interactive Media & Services — 7.5%** | **Interactive Media & Services — 7.5%** |
| Alphabet, Inc., Class C | 117 | 20809 |
| Alphabet, Inc., Class A (a) | 525 | 92513 |
| Meta Platforms, Inc., Class A (a) | 179 | 131703 |
| Pinterest, Inc., Class A \* | 155 | 5560 |
|  |  | 250585 |
| **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| Cognizant Technology Solutions Corp., Class A | 259 | 20195 |
| **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** |
| Agilent Technologies, Inc. | 41 | 4866 |
| Danaher Corp. | 116 | 22919 |
| Thermo Fisher Scientific, Inc. (a) | 15 | 5885 |
|  |  | 33670 |
| **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** |
| Deere & Co. | 6 | 3150 |
| Ingersoll Rand, Inc. | 121 | 10046 |
| Otis Worldwide Corp. | 168 | 16607 |
|  |  | 29803 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Charter Communications, Inc., Class A \* | 22 | 8890 |
| Omnicom Group, Inc. | 82 | 5948 |
|  |  | 14838 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| Freeport-McMoRan, Inc. | 42 | 1827 |
| **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** |
| Ameren Corp. | 129 | 12432 |
| CMS Energy Corp. | 186 | 12860 |
| Dominion Energy, Inc. | 103 | 5802 |
| NiSource, Inc. | 86 | 3470 |
|  |  | 34564 |
| **Oil, Gas & Consumable Fuels — 3.4%** | **Oil, Gas & Consumable Fuels — 3.4%** | **Oil, Gas & Consumable Fuels — 3.4%** |
| Cheniere Energy, Inc. (a) | 28 | 6728 |
| ConocoPhillips (a) | 22 | 1945 |
| Diamondback Energy, Inc. | 13 | 1813 |
| EOG Resources, Inc. | 163 | 19542 |
| EQT Corp. | 85 | 4939 |
| Exxon Mobil Corp. (a) | 515 | 55562 |
| TC Energy Corp. (Canada) | 498 | 24322 |
|  |  | 114851 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| Delta Air Lines, Inc. | 60 | 2937 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Kenvue, Inc. | 207 | 4339 |
| **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |
| Bristol-Myers Squibb Co. (a) | 303 | 14002 |
| Eli Lilly & Co. (a) | 39 | 30675 |
| Johnson & Johnson (a) | 294 | 44923 |
|  |  | 89600 |
| **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| Leidos Holdings, Inc. | 55 | 8711 |
| **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |
| American Homes 4 Rent, Class A | 197 | 7111 |
| Camden Property Trust | 20 | 2284 |
| Equity LifeStyle Properties, Inc. | 32 | 1938 |
|  |  | 11333 |
| **Semiconductors & Semiconductor Equipment — 16.1%** | **Semiconductors & Semiconductor Equipment — 16.1%** | **Semiconductors & Semiconductor Equipment — 16.1%** |
| Analog Devices, Inc. | 216 | 51486 |
| Applied Materials, Inc. | 9 | 1685 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| ASML Holding NV (Registered), NYRS (Netherlands) | 12 | 9929 |
| Broadcom, Inc. (a) | 126 | 34741 |
| Lam Research Corp. | 127 | 12324 |
| Marvell Technology, Inc. | 22 | 1707 |
| Microchip Technology, Inc. | 32 | 2250 |
| Micron Technology, Inc. | 147 | 18097 |
| NVIDIA Corp. (a) | 1766 | 279001 |
| NXP Semiconductors NV (Netherlands) | 110 | 24078 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR <br> (Taiwan)<br>| 170 | 38454 |
| Texas Instruments, Inc. (a) | 302 | 62709 |
|  |  | 536461 |
| **Software — 11.9%** | **Software — 11.9%** | **Software — 11.9%** |
| Autodesk, Inc. \* | 10 | 3192 |
| Cadence Design Systems, Inc. \* | 21 | 6530 |
| Crowdstrike Holdings, Inc., Class A \* | 8 | 3995 |
| Microsoft Corp. (a) | 560 | 278457 |
| Oracle Corp. | 108 | 23551 |
| Roper Technologies, Inc. | 8 | 4817 |
| Salesforce, Inc. (a) | 114 | 31060 |
| ServiceNow, Inc. \* | 35 | 35507 |
| Synopsys, Inc. \* | 16 | 8470 |
|  |  | 395579 |
| **Specialized REITs — 2.3%** | **Specialized REITs — 2.3%** | **Specialized REITs — 2.3%** |
| American Tower Corp. | 166 | 36683 |
| Equinix, Inc. | 35 | 28063 |
| Extra Space Storage, Inc. | 41 | 6012 |
| SBA Communications Corp. | 22 | 5096 |
|  |  | 75854 |
| **Specialty Retail — 3.0%** | **Specialty Retail — 3.0%** | **Specialty Retail — 3.0%** |
| AutoZone, Inc. \* | 3 | 10635 |
| Burlington Stores, Inc. \* (a) | 134 | 31265 |
| Lowe's Cos., Inc. (a) | 207 | 45850 |
| Ross Stores, Inc. | 73 | 9306 |
| Tractor Supply Co. | 52 | 2777 |
|  |  | 99833 |
| **Technology Hardware, Storage & Peripherals — 6.6%** | **Technology Hardware, Storage & Peripherals — 6.6%** | **Technology Hardware, Storage & Peripherals — 6.6%** |
| Apple, Inc. (a) | 793 | 162674 |
| Hewlett Packard Enterprise Co. | 276 | 5652 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 47

------

JPMorgan U.S. Large Cap Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Technology Hardware, Storage & Peripherals — continued** | **Technology Hardware, Storage & Peripherals — continued** | **Technology Hardware, Storage & Peripherals — continued** |
| Seagate Technology Holdings plc | 286 | 41234 |
| Western Digital Corp. (a) | 143 | 9165 |
|  |  | 218725 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| NIKE, Inc., Class B | 49 | 3513 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| United Rentals, Inc. | 4 | 3372 |
| WW Grainger, Inc. | 2 | 1555 |
|  |  | 4927 |
| Total Common Stocks <br>(Cost $2,445,043)<br>|  | 3889967 |
| **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** |
| **Investment Companies — 3.1%** | **Investment Companies — 3.1%** | **Investment Companies — 3.1%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (b) (c)(Cost $104,254)<br>| 104237 | 104257 |
| Total Long Positions <br>(Cost $2,549,297)<br>|  | 3994224 |
| **Short Positions — (19.5)%** | **Short Positions — (19.5)%** | **Short Positions — (19.5)%** |
| **Common Stocks — (19.5)%** | **Common Stocks — (19.5)%** | **Common Stocks — (19.5)%** |
| **Aerospace & Defense — (0.4)%** | **Aerospace & Defense — (0.4)%** | **Aerospace & Defense — (0.4)%** |
| General Dynamics Corp. | (13)<br>| (3880)<br>|
| Huntington Ingalls Industries, Inc. | (29)<br>| (6974)<br>|
| Lockheed Martin Corp. | (5)<br>| (2413)<br>|
|  |  | (13267)<br>|
| **Air Freight & Logistics — (0.2)%** | **Air Freight & Logistics — (0.2)%** | **Air Freight & Logistics — (0.2)%** |
| Expeditors International of Washington, Inc. | (32)<br>| (3610)<br>|
| United Parcel Service, Inc., Class B | (28)<br>| (2882)<br>|
|  |  | (6492)<br>|
| **Automobiles — (0.3)%** | **Automobiles — (0.3)%** | **Automobiles — (0.3)%** |
| Ford Motor Co. | (1038)<br>| (11259)<br>|
| **Banks — (0.6)%** | **Banks — (0.6)%** | **Banks — (0.6)%** |
| Huntington Bancshares, Inc. | (96)<br>| (1613)<br>|
| M&T Bank Corp. | (25)<br>| (4855)<br>|
| PNC Financial Services Group, Inc. (The) | (71)<br>| (13275)<br>|
|  |  | (19743)<br>|
| **Beverages — (0.1)%** | **Beverages — (0.1)%** | **Beverages — (0.1)%** |
| Molson Coors Beverage Co., Class B | (63)<br>| (3013)<br>|
| **Biotechnology — (0.4)%** | **Biotechnology — (0.4)%** | **Biotechnology — (0.4)%** |
| Amgen, Inc. | (35)<br>| (9751)<br>|

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| Gilead Sciences, Inc. | (27)<br>| (2985)<br>|
| Moderna, Inc. \* | (60)<br>| (1665)<br>|
|  |  | (14401)<br>|
| **Broadline Retail — (0.3)%** | **Broadline Retail — (0.3)%** | **Broadline Retail — (0.3)%** |
| eBay, Inc. | (126)<br>| (9381)<br>|
| **Building Products — (0.2)%** | **Building Products — (0.2)%** | **Building Products — (0.2)%** |
| Johnson Controls International plc | (16)<br>| (1730)<br>|
| Lennox International, Inc. | (8)<br>| (4552)<br>|
|  |  | (6282)<br>|
| **Capital Markets — (1.0)%** | **Capital Markets — (1.0)%** | **Capital Markets — (1.0)%** |
| Bank of New York Mellon Corp. (The) | (52)<br>| (4758)<br>|
| Blackrock, Inc. | (3)<br>| (3436)<br>|
| Carlyle Group, Inc. (The) | (50)<br>| (2569)<br>|
| Cboe Global Markets, Inc. | (13)<br>| (3095)<br>|
| FactSet Research Systems, Inc. | (9)<br>| (3944)<br>|
| Franklin Resources, Inc. | (451)<br>| (10745)<br>|
| LPL Financial Holdings, Inc. | (8)<br>| (3103)<br>|
| Moody's Corp. | (7)<br>| (3216)<br>|
|  |  | (34866)<br>|
| **Chemicals — (0.2)%** | **Chemicals — (0.2)%** | **Chemicals — (0.2)%** |
| Eastman Chemical Co. | (110)<br>| (8243)<br>|
| **Commercial Services & Supplies — (0.2)%** | **Commercial Services & Supplies — (0.2)%** | **Commercial Services & Supplies — (0.2)%** |
| Veralto Corp. | (63)<br>| (6410)<br>|
| **Communications Equipment — (0.1)%** | **Communications Equipment — (0.1)%** | **Communications Equipment — (0.1)%** |
| Cisco Systems, Inc. | (46)<br>| (3208)<br>|
| **Consumer Finance — (0.3)%** | **Consumer Finance — (0.3)%** | **Consumer Finance — (0.3)%** |
| Synchrony Financial | (148)<br>| (9908)<br>|
| **Consumer Staples Distribution & Retail — (1.1)%** | **Consumer Staples Distribution & Retail — (1.1)%** | **Consumer Staples Distribution & Retail — (1.1)%** |
| Dollar Tree, Inc. \* | (74)<br>| (7336)<br>|
| Kroger Co. (The) | (24)<br>| (1731)<br>|
| Sysco Corp. | (201)<br>| (15199)<br>|
| Target Corp. | (112)<br>| (11050)<br>|
|  |  | (35316)<br>|
| **Containers & Packaging — (0.1)%** | **Containers & Packaging — (0.1)%** | **Containers & Packaging — (0.1)%** |
| International Paper Co. | (81)<br>| (3782)<br>|
| **Distributors — (0.1)%** | **Distributors — (0.1)%** | **Distributors — (0.1)%** |
| Pool Corp. | (14)<br>| (3975)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electric Utilities — (1.3)%** | **Electric Utilities — (1.3)%** | **Electric Utilities — (1.3)%** |
| American Electric Power Co., Inc. | (108)<br>| (11216)<br>|
| Eversource Energy | (183)<br>| (11670)<br>|
| FirstEnergy Corp. | (232)<br>| (9334)<br>|
| Pinnacle West Capital Corp. | (34)<br>| (3048)<br>|
| PPL Corp. | (197)<br>| (6677)<br>|
|  |  | (41945)<br>|
| **Electrical Equipment — (0.1)%** | **Electrical Equipment — (0.1)%** | **Electrical Equipment — (0.1)%** |
| Acuity, Inc. | (14)<br>| (4131)<br>|
| **Electronic Equipment, Instruments & Components — (0.2)%** | **Electronic Equipment, Instruments & Components — (0.2)%** | **Electronic Equipment, Instruments & Components — (0.2)%** |
| Corning, Inc. | (127)<br>| (6657)<br>|
| **Energy Equipment & Services — (0.1)%** | **Energy Equipment & Services — (0.1)%** | **Energy Equipment & Services — (0.1)%** |
| Halliburton Co. | (199)<br>| (4047)<br>|
| **Entertainment — (0.2)%** | **Entertainment — (0.2)%** | **Entertainment — (0.2)%** |
| Electronic Arts, Inc. | (20)<br>| (3082)<br>|
| TKO Group Holdings, Inc. | (19)<br>| (3497)<br>|
|  |  | (6579)<br>|
| **Financial Services — (0.6)%** | **Financial Services — (0.6)%** | **Financial Services — (0.6)%** |
| Block, Inc. \* | (24)<br>| (1649)<br>|
| PayPal Holdings, Inc. \* | (141)<br>| (10466)<br>|
| Voya Financial, Inc. | (39)<br>| (2769)<br>|
| Western Union Co. (The) | (496)<br>| (4174)<br>|
|  |  | (19058)<br>|
| **Food Products — (0.2)%** | **Food Products — (0.2)%** | **Food Products — (0.2)%** |
| General Mills, Inc. | (24)<br>| (1229)<br>|
| Kraft Heinz Co. (The) | (202)<br>| (5229)<br>|
|  |  | (6458)<br>|
| **Ground Transportation — (0.2)%** | **Ground Transportation — (0.2)%** | **Ground Transportation — (0.2)%** |
| Uber Technologies, Inc. \* | (69)<br>| (6401)<br>|
| **Health Care Equipment & Supplies — (0.2)%** | **Health Care Equipment & Supplies — (0.2)%** | **Health Care Equipment & Supplies — (0.2)%** |
| Dentsply Sirona, Inc. | (211)<br>| (3356)<br>|
| Zimmer Biomet Holdings, Inc. | (34)<br>| (3105)<br>|
|  |  | (6461)<br>|
| **Health Care Providers & Services — (0.3)%** | **Health Care Providers & Services — (0.3)%** | **Health Care Providers & Services — (0.3)%** |
| Centene Corp. \* | (77)<br>| (4160)<br>|
| Elevance Health, Inc. | (5)<br>| (1875)<br>|
| Molina Healthcare, Inc. \* | (9)<br>| (2807)<br>|
|  |  | (8842)<br>|

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hotels, Restaurants & Leisure — (0.3)%** | **Hotels, Restaurants & Leisure — (0.3)%** | **Hotels, Restaurants & Leisure — (0.3)%** |
| Choice Hotels International, Inc. | (33)<br>| (4188)<br>|
| Starbucks Corp. | (62)<br>| (5667)<br>|
|  |  | (9855)<br>|
| **Insurance — (1.6)%** | **Insurance — (1.6)%** | **Insurance — (1.6)%** |
| Aflac, Inc. | (71)<br>| (7441)<br>|
| Allstate Corp. (The) | (74)<br>| (15005)<br>|
| American International Group, Inc. | (129)<br>| (11047)<br>|
| Globe Life, Inc. | (23)<br>| (2883)<br>|
| Hartford Insurance Group, Inc. (The) | (36)<br>| (4549)<br>|
| Kinsale Capital Group, Inc. | (13)<br>| (6322)<br>|
| RenaissanceRe Holdings Ltd. (Bermuda) | (10)<br>| (2387)<br>|
| Willis Towers Watson plc | (10)<br>| (3057)<br>|
|  |  | (52691)<br>|
| **Interactive Media & Services — (0.1)%** | **Interactive Media & Services — (0.1)%** | **Interactive Media & Services — (0.1)%** |
| Snap, Inc., Class A \* | (479)<br>| (4166)<br>|
| **IT Services — (0.5)%** | **IT Services — (0.5)%** | **IT Services — (0.5)%** |
| Accenture plc (Ireland), Class A | (21)<br>| (6125)<br>|
| Infosys Ltd. (India) | (204)<br>| (3784)<br>|
| International Business Machines Corp. | (13)<br>| (3735)<br>|
| MongoDB, Inc. \* | (13)<br>| (2722)<br>|
| Shopify, Inc. (Canada), Class A \* | (14)<br>| (1648)<br>|
|  |  | (18014)<br>|
| **Life Sciences Tools & Services — (0.5)%** | **Life Sciences Tools & Services — (0.5)%** | **Life Sciences Tools & Services — (0.5)%** |
| Bruker Corp. | (147)<br>| (6069)<br>|
| Illumina, Inc. \* | (49)<br>| (4695)<br>|
| Revvity, Inc. | (57)<br>| (5468)<br>|
|  |  | (16232)<br>|
| **Machinery — (1.0)%** | **Machinery — (1.0)%** | **Machinery — (1.0)%** |
| Donaldson Co., Inc. | (106)<br>| (7324)<br>|
| Illinois Tool Works, Inc. | (55)<br>| (13647)<br>|
| Snap-on, Inc. | (23)<br>| (7050)<br>|
| Stanley Black & Decker, Inc. | (102)<br>| (6939)<br>|
|  |  | (34960)<br>|
| **Media — (0.0)% ^** | **Media — (0.0)% ^** | **Media — (0.0)% ^** |
| Fox Corp., Class A | (3)<br>| (164)<br>|
| **Multi-Utilities — (0.4)%** | **Multi-Utilities — (0.4)%** | **Multi-Utilities — (0.4)%** |
| Consolidated Edison, Inc. | (85)<br>| (8541)<br>|
| WEC Energy Group, Inc. | (54)<br>| (5641)<br>|
|  |  | (14182)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 49

------

JPMorgan U.S. Large Cap Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Office REITs — (0.0)% ^** | **Office REITs — (0.0)% ^** | **Office REITs — (0.0)% ^** |
| SL Green Realty Corp. |  |  |
| **Oil, Gas & Consumable Fuels — (0.9)%** | **Oil, Gas & Consumable Fuels — (0.9)%** | **Oil, Gas & Consumable Fuels — (0.9)%** |
| APA Corp. | (67)<br>| (1218)<br>|
| Devon Energy Corp. | (247)<br>| (7874)<br>|
| Enbridge, Inc. (Canada) | (121)<br>| (5489)<br>|
| Kinder Morgan, Inc. | (179)<br>| (5249)<br>|
| Occidental Petroleum Corp. | (161)<br>| (6762)<br>|
| ONEOK, Inc. | (34)<br>| (2758)<br>|
|  |  | (29350)<br>|
| **Passenger Airlines — (0.1)%** | **Passenger Airlines — (0.1)%** | **Passenger Airlines — (0.1)%** |
| Southwest Airlines Co. | (103)<br>| (3341)<br>|
| **Pharmaceuticals — (0.2)%** | **Pharmaceuticals — (0.2)%** | **Pharmaceuticals — (0.2)%** |
| Pfizer, Inc. | (70)<br>| (1700)<br>|
| Zoetis, Inc. | (29)<br>| (4544)<br>|
|  |  | (6244)<br>|
| **Professional Services — (0.4)%** | **Professional Services — (0.4)%** | **Professional Services — (0.4)%** |
| Automatic Data Processing, Inc. | (10)<br>| (2943)<br>|
| Dayforce, Inc. \* | (67)<br>| (3725)<br>|
| Paychex, Inc. | (19)<br>| (2842)<br>|
| Paycom Software, Inc. | (10)<br>| (2220)<br>|
|  |  | (11730)<br>|
| **Residential REITs — (0.1)%** | **Residential REITs — (0.1)%** | **Residential REITs — (0.1)%** |
| Mid-America Apartment Communities, Inc. | (27)<br>| (3991)<br>|
| **Retail REITs — (0.7)%** | **Retail REITs — (0.7)%** | **Retail REITs — (0.7)%** |
| NNN REIT, Inc. | (182)<br>| (7861)<br>|
| Realty Income Corp. | (223)<br>| (12826)<br>|
| Simon Property Group, Inc. | (8)<br>| (1289)<br>|
|  |  | (21976)<br>|
| **Semiconductors & Semiconductor Equipment — (2.3)%** | **Semiconductors & Semiconductor Equipment — (2.3)%** | **Semiconductors & Semiconductor Equipment — (2.3)%** |
| ARM Holdings plc \* | (107)<br>| (17331)<br>|
| Intel Corp. | (227)<br>| (5087)<br>|
| KLA Corp. | (20)<br>| (17991)<br>|
| Monolithic Power Systems, Inc. | (23)<br>| (16591)<br>|
| ON Semiconductor Corp. \* | (29)<br>| (1535)<br>|
| QUALCOMM, Inc. | (32)<br>| (5153)<br>|
| Skyworks Solutions, Inc. | (116)<br>| (8615)<br>|
| Teradyne, Inc. | (40)<br>| (3594)<br>|
|  |  | (75897)<br>|

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Software — (0.7)%** | **Software — (0.7)%** | **Software — (0.7)%** |
| Adobe, Inc. \* | (26)<br>| (9919)<br>|
| Bill Holdings, Inc. \* | (53)<br>| (2439)<br>|
| Palo Alto Networks, Inc. \* | (6)<br>| (1326)<br>|
| Workday, Inc., Class A \* | (36)<br>| (8563)<br>|
|  |  | (22247)<br>|
| **Specialized REITs — (0.2)%** | **Specialized REITs — (0.2)%** | **Specialized REITs — (0.2)%** |
| Iron Mountain, Inc. | (16)<br>| (1618)<br>|
| Public Storage | (20)<br>| (5825)<br>|
|  |  | (7443)<br>|
| **Specialty Retail — (0.1)%** | **Specialty Retail — (0.1)%** | **Specialty Retail — (0.1)%** |
| Home Depot, Inc. (The) | (11)<br>| (4211)<br>|
| **Technology Hardware, Storage & Peripherals — (0.4)%** | **Technology Hardware, Storage & Peripherals — (0.4)%** | **Technology Hardware, Storage & Peripherals — (0.4)%** |
| Dell Technologies, Inc., Class C | (13)<br>| (1618)<br>|
| HP, Inc. | (141)<br>| (3459)<br>|
| NetApp, Inc. | (75)<br>| (7977)<br>|
|  |  | (13054)<br>|
| **Trading Companies & Distributors — (0.0)% ^** | **Trading Companies & Distributors — (0.0)% ^** | **Trading Companies & Distributors — (0.0)% ^** |
| Fastenal Co. | (18)<br>| (743)<br>|
| Total Common Stocks <br>(Proceeds $(651215))<br>|  | (650616)<br>|
| Total Short Positions <br>(Proceeds $(651215))<br>|  | (650616)<br>|
| **Total Investments — 100.2%** <br>**(Cost $1,898,082)**<br>|  | **3343608** |
| **Liabilities in Excess of Other Assets — (0.2)%** |  | **(5374)**<br>|
| **Net Assets — 100.0%** |  | **3338234** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| NYRS | New York Registry Shares |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | All or a portion of this security is segregated as <br> collateral for short sales. The total value of securities <br> segregated as collateral is $886,527.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the current yield as of June 30, 2025.

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 45318 | &nbsp;&nbsp;&nbsp;&nbsp; 1581 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 51

------

JPMorgan U.S. Research Enhanced Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** |
| **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** |
| Howmet Aerospace, Inc. | 558 | 103809 |
| RTX Corp. | 458 | 66928 |
| Textron, Inc. | 293 | 23506 |
| TransDigm Group, Inc. | 42 | 64472 |
|  |  | 258715 |
| **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** |
| FedEx Corp. | 122 | 27726 |
| United Parcel Service, Inc., Class B | 375 | 37831 |
|  |  | 65557 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv plc (Jersey) \* | 136 | 9288 |
| **Automobiles — 1.6%** | **Automobiles — 1.6%** | **Automobiles — 1.6%** |
| Tesla, Inc. \* | 555 | 176345 |
| **Banks — 3.7%** | **Banks — 3.7%** | **Banks — 3.7%** |
| Bank of America Corp. | 2943 | 139246 |
| Citigroup, Inc. | 608 | 51789 |
| Fifth Third Bancorp | 1045 | 42968 |
| Truist Financial Corp. | 452 | 19433 |
| US Bancorp | 769 | 34820 |
| Wells Fargo & Co. | 1505 | 120588 |
|  |  | 408844 |
| **Beverages — 1.9%** | **Beverages — 1.9%** | **Beverages — 1.9%** |
| Coca-Cola Co. (The) | 829 | 58618 |
| Keurig Dr Pepper, Inc. | 1744 | 57656 |
| PepsiCo, Inc. | 697 | 92094 |
|  |  | 208368 |
| **Biotechnology — 1.9%** | **Biotechnology — 1.9%** | **Biotechnology — 1.9%** |
| AbbVie, Inc. | 666 | 123659 |
| Neurocrine Biosciences, Inc. \* | 65 | 8162 |
| Regeneron Pharmaceuticals, Inc. | 68 | 35833 |
| Vertex Pharmaceuticals, Inc. \* | 98 | 43451 |
|  |  | 211105 |
| **Broadline Retail — 4.4%** | **Broadline Retail — 4.4%** | **Broadline Retail — 4.4%** |
| Amazon.com, Inc. \* | 2213 | 485559 |
| **Building Products — 1.6%** | **Building Products — 1.6%** | **Building Products — 1.6%** |
| Carrier Global Corp. | 875 | 64069 |
| Masco Corp. | 363 | 23346 |
| Trane Technologies plc | 202 | 88338 |
|  |  | 175753 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — 2.1%** | **Capital Markets — 2.1%** | **Capital Markets — 2.1%** |
| Ameriprise Financial, Inc. | 94 | 49941 |
| Charles Schwab Corp. (The) | 1016 | 92713 |
| CME Group, Inc. | 201 | 55277 |
| Raymond James Financial, Inc. | 102 | 15652 |
| State Street Corp. | 220 | 23425 |
|  |  | 237008 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Linde plc | 192 | 89989 |
| LyondellBasell Industries NV, Class A | 288 | 16654 |
| PPG Industries, Inc. | 235 | 26795 |
| Sherwin-Williams Co. (The) | 50 | 17018 |
|  |  | 150456 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Arista Networks, Inc. \* | 253 | 25885 |
| Motorola Solutions, Inc. | 35 | 14765 |
|  |  | 40650 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Martin Marietta Materials, Inc. | 33 | 18007 |
| Vulcan Materials Co. | 62 | 16297 |
|  |  | 34304 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
| American Express Co. | 128 | 40712 |
| Capital One Financial Corp. | 163 | 34687 |
|  |  | 75399 |
| **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** |
| Costco Wholesale Corp. | 24 | 23213 |
| Walmart, Inc. | 1015 | 99282 |
|  |  | 122495 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| AT&T, Inc. | 1746 | 50520 |
| **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** |
| Entergy Corp. | 90 | 7493 |
| NextEra Energy, Inc. | 1184 | 82182 |
| NRG Energy, Inc. | 46 | 7299 |
| PG&E Corp. | 1278 | 17817 |
| Southern Co. (The) | 1009 | 92691 |
|  |  | 207482 |
| **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** |
| Eaton Corp. plc | 132 | 47322 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

52 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electrical Equipment — continued** | **Electrical Equipment — continued** | **Electrical Equipment — continued** |
| Emerson Electric Co. | 114 | 15196 |
| GE Vernova, Inc. | 31 | 16382 |
|  |  | 78900 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co. | 657 | 25188 |
| **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
| Netflix, Inc. \* | 53 | 70555 |
| Walt Disney Co. (The) | 560 | 69484 |
| Warner Music Group Corp., Class A | 330 | 8985 |
|  |  | 149024 |
| **Financial Services — 6.2%** | **Financial Services — 6.2%** | **Financial Services — 6.2%** |
| Apollo Global Management, Inc. | 207 | 29345 |
| Berkshire Hathaway, Inc., Class B \* | 340 | 165272 |
| Corpay, Inc. \* | 149 | 49429 |
| Fidelity National Information Services, Inc. | 673 | 54790 |
| Mastercard, Inc., Class A | 334 | 187437 |
| Toast, Inc., Class A \* | 398 | 17635 |
| Visa, Inc., Class A | 489 | 173592 |
| WEX, Inc. \* | 29 | 4295 |
|  |  | 681795 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Mondelez International, Inc., Class A | 1057 | 71256 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Uber Technologies, Inc. \* | 477 | 44477 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |
| Baxter International, Inc. | 188 | 5694 |
| Boston Scientific Corp. \* | 643 | 69080 |
| Edwards Lifesciences Corp. \* | 443 | 34625 |
| Medtronic plc | 684 | 59575 |
| Stryker Corp. | 206 | 81625 |
| Zimmer Biomet Holdings, Inc. | 42 | 3834 |
|  |  | 254433 |
| **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** |
| Cigna Group (The) | 155 | 51124 |
| HCA Healthcare, Inc. | 34 | 13113 |
| Humana, Inc. | 79 | 19249 |
| McKesson Corp. | 28 | 20405 |
| UnitedHealth Group, Inc. | 289 | 90299 |
|  |  | 194190 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Alexandria Real Estate Equities, Inc. | 53 | 3831 |
| Ventas, Inc. | 767 | 48451 |
| Welltower, Inc. | 217 | 33423 |
|  |  | 85705 |
| **Hotels, Restaurants & Leisure — 3.6%** | **Hotels, Restaurants & Leisure — 3.6%** | **Hotels, Restaurants & Leisure — 3.6%** |
| Booking Holdings, Inc. | 7 | 39222 |
| Carnival Corp. \* | 1227 | 34506 |
| Chipotle Mexican Grill, Inc. \* | 1038 | 58292 |
| DoorDash, Inc., Class A \* | 97 | 23872 |
| Expedia Group, Inc. | 179 | 30276 |
| Hilton Worldwide Holdings, Inc. | 232 | 61858 |
| McDonald's Corp. | 331 | 96686 |
| Yum! Brands, Inc. | 369 | 54658 |
|  |  | 399370 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Lennar Corp., Class A | 104 | 11557 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Church & Dwight Co., Inc. | 152 | 14643 |
| **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** |
| Vistra Corp. | 267 | 51733 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| 3M Co. | 315 | 47910 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| Prologis, Inc. | 290 | 30454 |
| **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** |
| Aon plc, Class A | 132 | 47231 |
| Arthur J Gallagher & Co. | 201 | 64224 |
| Progressive Corp. (The) | 316 | 84233 |
|  |  | 195688 |
| **Interactive Media & Services — 6.7%** | **Interactive Media & Services — 6.7%** | **Interactive Media & Services — 6.7%** |
| Alphabet, Inc., Class A | 1238 | 218086 |
| Alphabet, Inc., Class C | 668 | 118507 |
| Meta Platforms, Inc., Class A | 544 | 401523 |
|  |  | 738116 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Cognizant Technology Solutions Corp., Class A | 649 | 50642 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| Thermo Fisher Scientific, Inc. | 191 | 77359 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 53

------

JPMorgan U.S. Research Enhanced Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Machinery — 1.8%** | **Machinery — 1.8%** | **Machinery — 1.8%** |
| Caterpillar, Inc. | 99 | 38310 |
| Deere & Co. | 133 | 67477 |
| Ingersoll Rand, Inc. | 232 | 19349 |
| Otis Worldwide Corp. | 522 | 51663 |
| PACCAR, Inc. | 285 | 27147 |
|  |  | 203946 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Charter Communications, Inc., Class A \* | 90 | 36720 |
| Comcast Corp., Class A | 1661 | 59303 |
|  |  | 96023 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| Freeport-McMoRan, Inc. | 436 | 18872 |
| Nucor Corp. | 77 | 10009 |
|  |  | 28881 |
| **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** |
| ConocoPhillips | 645 | 57911 |
| Diamondback Energy, Inc. | 178 | 24504 |
| EOG Resources, Inc. | 574 | 68649 |
| Exxon Mobil Corp. | 1415 | 152478 |
|  |  | 303542 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Delta Air Lines, Inc. | 372 | 18277 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Kenvue, Inc. | 830 | 17371 |
| **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** |
| Bristol-Myers Squibb Co. | 1235 | 57176 |
| Eli Lilly & Co. | 144 | 112076 |
| Johnson & Johnson | 640 | 97845 |
| Merck & Co., Inc. | 229 | 18102 |
|  |  | 285199 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Leidos Holdings, Inc. | 256 | 40356 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Equity LifeStyle Properties, Inc. | 267 | 16475 |
| **Semiconductors & Semiconductor Equipment — 13.7%** | **Semiconductors & Semiconductor Equipment — 13.7%** | **Semiconductors & Semiconductor Equipment — 13.7%** |
| Analog Devices, Inc. | 358 | 85266 |
| Broadcom, Inc. | 976 | 269053 |
| Lam Research Corp. | 889 | 86566 |
| Micron Technology, Inc. | 402 | 49557 |
| NVIDIA Corp. | 5448 | 860765 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| NXP Semiconductors NV (Netherlands) | 317 | 69119 |
| Texas Instruments, Inc. | 415 | 86095 |
|  |  | 1506421 |
| **Software — 11.8%** | **Software — 11.8%** | **Software — 11.8%** |
| Cadence Design Systems, Inc. \* | 96 | 29568 |
| Crowdstrike Holdings, Inc., Class A \* | 11 | 5656 |
| Intuit, Inc. | 54 | 42840 |
| Microsoft Corp. | 1777 | 884086 |
| Oracle Corp. | 562 | 122749 |
| Palantir Technologies, Inc., Class A \* | 286 | 38923 |
| Salesforce, Inc. | 337 | 91815 |
| ServiceNow, Inc. \* | 85 | 87408 |
|  |  | 1303045 |
| **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** |
| Equinix, Inc. | 46 | 36792 |
| SBA Communications Corp. | 148 | 34809 |
|  |  | 71601 |
| **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** |
| AutoZone, Inc. \* | 5 | 17574 |
| Burlington Stores, Inc. \* | 127 | 29666 |
| Lowe's Cos., Inc. | 438 | 97116 |
| Ross Stores, Inc. | 402 | 51269 |
|  |  | 195625 |
| **Technology Hardware, Storage & Peripherals — 6.4%** | **Technology Hardware, Storage & Peripherals — 6.4%** | **Technology Hardware, Storage & Peripherals — 6.4%** |
| Apple, Inc. | 3077 | 631340 |
| Seagate Technology Holdings plc | 472 | 68139 |
| Western Digital Corp. | 76 | 4850 |
|  |  | 704329 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| NIKE, Inc., Class B | 243 | 17279 |
| **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
| Altria Group, Inc. | 355 | 20853 |
| Philip Morris International, Inc. | 281 | 51130 |
|  |  | 71983 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| United Rentals, Inc. | 20 | 15268 |
| Total Common Stocks <br>(Cost $6,139,934)<br>|  | 11015909 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

54 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** |
| **Investment Companies — 0.4%** | **Investment Companies — 0.4%** | **Investment Companies — 0.4%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b) <br>(Cost $49,268)<br>| 49265 | 49275 |
| **Total Investments — 100.3%** <br>**(Cost $6,189,202)**<br>|  | **11065184** |
| **Liabilities in Excess of Other Assets — (0.3)%** |  | **(32646)**<br>|
| **NET ASSETS — 100.0%** |  | **11032538** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19377 | &nbsp;&nbsp;&nbsp;&nbsp; 694 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 55

------

JPMorgan U.S. Sustainable Leaders Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 98.8%** | **Common Stocks — 98.8%** | **Common Stocks — 98.8%** |
| **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** |
| Howmet Aerospace, Inc. | 28 | 5187 |
| **Automobiles — 1.2%** | **Automobiles — 1.2%** | **Automobiles — 1.2%** |
| Tesla, Inc. \* | 10 | 3156 |
| **Banks — 3.5%** | **Banks — 3.5%** | **Banks — 3.5%** |
| Bank of America Corp. | 86 | 4039 |
| Fifth Third Bancorp | 42 | 1730 |
| Wells Fargo & Co. | 47 | 3789 |
|  |  | 9558 |
| **Biotechnology — 3.7%** | **Biotechnology — 3.7%** | **Biotechnology — 3.7%** |
| AbbVie, Inc. | 32 | 5944 |
| Regeneron Pharmaceuticals, Inc. | 3 | 1770 |
| Vertex Pharmaceuticals, Inc. \* | 5 | 2260 |
|  |  | 9974 |
| **Broadline Retail — 4.9%** | **Broadline Retail — 4.9%** | **Broadline Retail — 4.9%** |
| Amazon.com, Inc. \* | 61 | 13280 |
| **Building Products — 1.7%** | **Building Products — 1.7%** | **Building Products — 1.7%** |
| Trane Technologies plc | 11 | 4604 |
| **Capital Markets — 2.0%** | **Capital Markets — 2.0%** | **Capital Markets — 2.0%** |
| Ameriprise Financial, Inc. | 3 | 1922 |
| Charles Schwab Corp. (The) | 39 | 3532 |
|  |  | 5454 |
| **Chemicals — 2.2%** | **Chemicals — 2.2%** | **Chemicals — 2.2%** |
| Ecolab, Inc. | 10 | 2596 |
| Linde plc | 7 | 3346 |
|  |  | 5942 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
| American Express Co. | 6 | 1777 |
| **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** |
| AT&T, Inc. | 129 | 3735 |
| **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
| NextEra Energy, Inc. | 51 | 3511 |
| PG&E Corp. | 91 | 1277 |
|  |  | 4788 |
| **Electrical Equipment — 2.0%** | **Electrical Equipment — 2.0%** | **Electrical Equipment — 2.0%** |
| Eaton Corp. plc | 8 | 2807 |
| Emerson Electric Co. | 19 | 2579 |
|  |  | 5386 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Entertainment — 1.7%** | **Entertainment — 1.7%** | **Entertainment — 1.7%** |
| Walt Disney Co. (The) | 30 | 3672 |
| Warner Music Group Corp., Class A | 35 | 963 |
|  |  | 4635 |
| **Financial Services — 7.2%** | **Financial Services — 7.2%** | **Financial Services — 7.2%** |
| Corpay, Inc. \* | 8 | 2627 |
| Fidelity National Information Services, Inc. | 44 | 3599 |
| Mastercard, Inc., Class A | 22 | 12154 |
| Toast, Inc., Class A \* | 25 | 1106 |
|  |  | 19486 |
| **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** |
| CSX Corp. | 71 | 2314 |
| **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** |
| Edwards Lifesciences Corp. \* | 28 | 2166 |
| Medtronic plc | 21 | 1862 |
| Stryker Corp. | 9 | 3625 |
|  |  | 7653 |
| **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** |
| UnitedHealth Group, Inc. | 12 | 3654 |
| **Health Care REITs — 1.1%** | **Health Care REITs — 1.1%** | **Health Care REITs — 1.1%** |
| Alexandria Real Estate Equities, Inc. | 13 | 929 |
| Ventas, Inc. | 31 | 1942 |
|  |  | 2871 |
| **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** |
| Chipotle Mexican Grill, Inc. \* | 62 | 3514 |
| Hilton Worldwide Holdings, Inc. | 10 | 2633 |
|  |  | 6147 |
| **Household Products — 1.7%** | **Household Products — 1.7%** | **Household Products — 1.7%** |
| Procter & Gamble Co. (The) | 30 | 4710 |
| **Insurance — 3.1%** | **Insurance — 3.1%** | **Insurance — 3.1%** |
| Aon plc, Class A | 12 | 4129 |
| Arthur J Gallagher & Co. | 13 | 4175 |
|  |  | 8304 |
| **Interactive Media & Services — 3.1%** | **Interactive Media & Services — 3.1%** | **Interactive Media & Services — 3.1%** |
| Alphabet, Inc., Class A | 48 | 8503 |
| **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** |
| Cognizant Technology Solutions Corp., Class A | 27 | 2113 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

56 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** |
| Danaher Corp. | 8 | 1580 |
| Thermo Fisher Scientific, Inc. | 4 | 1822 |
|  |  | 3402 |
| **Machinery — 2.3%** | **Machinery — 2.3%** | **Machinery — 2.3%** |
| Ingersoll Rand, Inc. | 38 | 3187 |
| Otis Worldwide Corp. | 32 | 3181 |
|  |  | 6368 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| Charter Communications, Inc., Class A \* | 5 | 2181 |
| **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** |
| Bristol-Myers Squibb Co. | 55 | 2523 |
| Eli Lilly & Co. | 2 | 1706 |
|  |  | 4229 |
| **Semiconductors & Semiconductor Equipment — 14.8%** | **Semiconductors & Semiconductor Equipment — 14.8%** | **Semiconductors & Semiconductor Equipment — 14.8%** |
| Analog Devices, Inc. | 12 | 2974 |
| Broadcom, Inc. | 16 | 4425 |
| Micron Technology, Inc. | 13 | 1658 |
| NVIDIA Corp. | 148 | 23304 |
| NXP Semiconductors NV (Netherlands) | 11 | 2420 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR <br> (Taiwan)<br>| 11 | 2492 |
| Texas Instruments, Inc. | 14 | 2859 |
|  |  | 40132 |
| **Software — 13.0%** | **Software — 13.0%** | **Software — 13.0%** |
| Microsoft Corp. | 55 | 27435 |
| Oracle Corp. | 23 | 4966 |
| Salesforce, Inc. | 11 | 2962 |
|  |  | 35363 |
| **Specialized REITs — 1.4%** | **Specialized REITs — 1.4%** | **Specialized REITs — 1.4%** |
| American Tower Corp. | 9 | 2007 |
| Equinix, Inc. | 2 | 1808 |
|  |  | 3815 |
| **Specialty Retail — 3.1%** | **Specialty Retail — 3.1%** | **Specialty Retail — 3.1%** |
| Burlington Stores, Inc. \* | 11 | 2638 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| Lowe's Cos., Inc. | 18 | 3968 |
| Ross Stores, Inc. | 14 | 1784 |
|  |  | 8390 |
| **Technology Hardware, Storage & Peripherals — 6.8%** | **Technology Hardware, Storage & Peripherals — 6.8%** | **Technology Hardware, Storage & Peripherals — 6.8%** |
| Apple, Inc. | 80 | 16403 |
| Western Digital Corp. | 31 | 2017 |
|  |  | 18420 |
| **Trading Companies & Distributors — 0.8%** | **Trading Companies & Distributors — 0.8%** | **Trading Companies & Distributors — 0.8%** |
| United Rentals, Inc. | 3 | 2267 |
| Total Common Stocks <br>(Cost $198,980)<br>|  | 267798 |
| **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** |
| **Investment Companies — 1.1%** | **Investment Companies — 1.1%** | **Investment Companies — 1.1%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b) <br>(Cost $3,095)<br>| 3095 | 3096 |
| **Total Investments — 99.9%** <br>**(Cost $202,075)**<br>|  | **270894** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **213** |
| **NET ASSETS — 100.0%** |  | **271107** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 57

------

JPMorgan U.S. Sustainable Leaders Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

**Futures contracts outstanding as of June 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 54 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

58 J.P. Morgan Large Cap Funds June 30, 2025

------

JPMorgan U.S. Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.0%** | **Common Stocks — 97.0%** | **Common Stocks — 97.0%** |
| **Aerospace & Defense — 3.9%** | **Aerospace & Defense — 3.9%** | **Aerospace & Defense — 3.9%** |
| General Dynamics Corp. | 347 | 101225 |
| Northrop Grumman Corp. | 82 | 41059 |
| RTX Corp. | 714 | 104181 |
|  |  | 246465 |
| **Banks — 8.4%** | **Banks — 8.4%** | **Banks — 8.4%** |
| Bank of America Corp. | 3440 | 162796 |
| First Citizens BancShares, Inc., Class A | 28 | 54196 |
| M&T Bank Corp. | 332 | 64391 |
| PNC Financial Services Group, Inc. (The) | 144 | 26913 |
| Wells Fargo & Co. | 2827 | 226498 |
|  |  | 534794 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| PepsiCo, Inc. | 325 | 42916 |
| **Biotechnology — 2.2%** | **Biotechnology — 2.2%** | **Biotechnology — 2.2%** |
| AbbVie, Inc. | 392 | 72734 |
| Regeneron Pharmaceuticals, Inc. | 58 | 30444 |
| Vertex Pharmaceuticals, Inc. \* | 83 | 37144 |
|  |  | 140322 |
| **Broadline Retail — 1.1%** | **Broadline Retail — 1.1%** | **Broadline Retail — 1.1%** |
| Amazon.com, Inc. \* | 309 | 67831 |
| **Building Products — 2.2%** | **Building Products — 2.2%** | **Building Products — 2.2%** |
| Carrier Global Corp. | 1887 | 138105 |
| **Capital Markets — 7.6%** | **Capital Markets — 7.6%** | **Capital Markets — 7.6%** |
| Ares Management Corp. (a) | 337 | 58310 |
| Blackrock, Inc. | 48 | 50525 |
| Blackstone, Inc. | 370 | 55272 |
| Charles Schwab Corp. (The) | 1527 | 139330 |
| Goldman Sachs Group, Inc. (The) | 118 | 83658 |
| Morgan Stanley | 686 | 96649 |
|  |  | 483744 |
| **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** |
| Air Products and Chemicals, Inc. | 370 | 104411 |
| Axalta Coating Systems Ltd. \* | 1433 | 42539 |
|  |  | 146950 |
| **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |
| Republic Services, Inc. | 115 | 28423 |
| **Construction Materials — 1.2%** | **Construction Materials — 1.2%** | **Construction Materials — 1.2%** |
| Vulcan Materials Co. | 298 | 77701 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Consumer Finance — 3.3%** | **Consumer Finance — 3.3%** | **Consumer Finance — 3.3%** |
| American Express Co. | 321 | 102345 |
| Capital One Financial Corp. | 503 | 107139 |
|  |  | 209484 |
| **Consumer Staples Distribution & Retail — 0.9%** | **Consumer Staples Distribution & Retail — 0.9%** | **Consumer Staples Distribution & Retail — 0.9%** |
| Walmart, Inc. | 619 | 60588 |
| **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** |
| Ball Corp. | 699 | 39201 |
| **Electric Utilities — 2.2%** | **Electric Utilities — 2.2%** | **Electric Utilities — 2.2%** |
| Entergy Corp. | 397 | 32970 |
| NextEra Energy, Inc. | 936 | 64985 |
| Xcel Energy, Inc. | 623 | 42447 |
|  |  | 140402 |
| **Electrical Equipment — 1.9%** | **Electrical Equipment — 1.9%** | **Electrical Equipment — 1.9%** |
| Eaton Corp. plc | 348 | 124131 |
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| Walt Disney Co. (The) | 549 | 68062 |
| **Financial Services — 3.7%** | **Financial Services — 3.7%** | **Financial Services — 3.7%** |
| Berkshire Hathaway, Inc., Class B \* | 241 | 117151 |
| Fidelity National Information Services, Inc. | 592 | 48228 |
| Fiserv, Inc. \* | 408 | 70269 |
|  |  | 235648 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Mondelez International, Inc., Class A | 699 | 47154 |
| **Ground Transportation — 2.5%** | **Ground Transportation — 2.5%** | **Ground Transportation — 2.5%** |
| CSX Corp. | 2600 | 84843 |
| Union Pacific Corp. | 334 | 76743 |
|  |  | 161586 |
| **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** |
| Becton Dickinson & Co. | 216 | 37242 |
| Boston Scientific Corp. \* | 466 | 49996 |
| Medtronic plc | 375 | 32729 |
|  |  | 119967 |
| **Health Care Providers & Services — 4.4%** | **Health Care Providers & Services — 4.4%** | **Health Care Providers & Services — 4.4%** |
| Cardinal Health, Inc. | 329 | 55253 |
| Cigna Group (The) | 231 | 76363 |
| CVS Health Corp. | 714 | 49251 |
| UnitedHealth Group, Inc. | 313 | 97628 |
|  |  | 278495 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 59

------

JPMorgan U.S. Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF June 30, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** |
| Ventas, Inc. | 659 | 41603 |
| **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** |
| Host Hotels & Resorts, Inc. | 2313 | 35531 |
| **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** |
| Booking Holdings, Inc. | 7 | 37086 |
| McDonald's Corp. | 280 | 81922 |
|  |  | 119008 |
| **Household Products — 1.0%** | **Household Products — 1.0%** | **Household Products — 1.0%** |
| Procter & Gamble Co. (The) | 422 | 67243 |
| **Industrial Conglomerates — 0.9%** | **Industrial Conglomerates — 0.9%** | **Industrial Conglomerates — 0.9%** |
| 3M Co. | 394 | 59973 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| Prologis, Inc. | 199 | 20887 |
| **Insurance — 3.2%** | **Insurance — 3.2%** | **Insurance — 3.2%** |
| Arthur J Gallagher & Co. | 189 | 60417 |
| Chubb Ltd. | 202 | 58693 |
| Progressive Corp. (The) | 229 | 61029 |
| Travelers Cos., Inc. (The) | 82 | 21966 |
|  |  | 202105 |
| **Interactive Media & Services — 1.8%** | **Interactive Media & Services — 1.8%** | **Interactive Media & Services — 1.8%** |
| Alphabet, Inc., Class C | 371 | 65865 |
| Meta Platforms, Inc., Class A | 69 | 50550 |
|  |  | 116415 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| International Business Machines Corp. | 153 | 45032 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| Thermo Fisher Scientific, Inc. | 111 | 45104 |
| **Machinery — 3.5%** | **Machinery — 3.5%** | **Machinery — 3.5%** |
| Deere & Co. | 142 | 72223 |
| Dover Corp. | 485 | 88865 |
| Parker-Hannifin Corp. | 92 | 64365 |
|  |  | 225453 |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
| Comcast Corp., Class A | 1866 | 66592 |
| **Multi-Utilities — 1.7%** | **Multi-Utilities — 1.7%** | **Multi-Utilities — 1.7%** |
| CMS Energy Corp. | 860 | 59552 |
| Public Service Enterprise Group, Inc. | 553 | 46580 |
|  |  | 106132 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — 5.6%** | **Oil, Gas & Consumable Fuels — 5.6%** | **Oil, Gas & Consumable Fuels — 5.6%** |
| Chevron Corp. | 728 | 104227 |
| ConocoPhillips | 1240 | 111257 |
| EOG Resources, Inc. | 661 | 79043 |
| Exxon Mobil Corp. | 599 | 64594 |
|  |  | 359121 |
| **Pharmaceuticals — 3.6%** | **Pharmaceuticals — 3.6%** | **Pharmaceuticals — 3.6%** |
| Bristol-Myers Squibb Co. | 1512 | 69992 |
| Eli Lilly & Co. | 44 | 34443 |
| Johnson & Johnson | 514 | 78511 |
| Merck & Co., Inc. | 630 | 49848 |
|  |  | 232794 |
| **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |
| AvalonBay Communities, Inc. | 92 | 18773 |
| **Semiconductors & Semiconductor Equipment — 5.7%** | **Semiconductors & Semiconductor Equipment — 5.7%** | **Semiconductors & Semiconductor Equipment — 5.7%** |
| Advanced Micro Devices, Inc. \* | 264 | 37438 |
| Analog Devices, Inc. | 483 | 114873 |
| Micron Technology, Inc. | 316 | 39019 |
| NXP Semiconductors NV (Netherlands) | 314 | 68560 |
| Texas Instruments, Inc. | 495 | 102772 |
|  |  | 362662 |
| **Software — 1.8%** | **Software — 1.8%** | **Software — 1.8%** |
| Microsoft Corp. | 236 | 117572 |
| **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| American Tower Corp. | 147 | 32439 |
| **Specialty Retail — 5.5%** | **Specialty Retail — 5.5%** | **Specialty Retail — 5.5%** |
| AutoZone, Inc. \* | 14 | 53671 |
| Home Depot, Inc. (The) | 229 | 83862 |
| Lowe's Cos., Inc. | 431 | 95647 |
| O'Reilly Automotive, Inc. \* | 443 | 39935 |
| TJX Cos., Inc. (The) | 655 | 80871 |
|  |  | 353986 |
| **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** |
| Western Digital Corp. | 677 | 43302 |
| **Tobacco — 2.2%** | **Tobacco — 2.2%** | **Tobacco — 2.2%** |
| Philip Morris International, Inc. | 778 | 141750 |
| Total Common Stocks <br>(Cost $4,576,049)<br>|  | 6205446 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — 3.3%** | **Short-Term Investments — 3.3%** | **Short-Term Investments — 3.3%** |
| **Investment Companies — 2.9%** | **Investment Companies — 2.9%** | **Investment Companies — 2.9%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (b) (c) <br>(Cost $184,748)<br>| 184714 | 184750 |
| **Investment of Cash Collateral from Securities Loaned — 0.4%** | **Investment of Cash Collateral from Securities Loaned — 0.4%** | **Investment of Cash Collateral from Securities Loaned — 0.4%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (b) (c) <br>(Cost $23,649)<br>| 23649 | 23649 |
| Total Short-Term Investments <br>(Cost $208,397)<br>|  | 208399 |
| **Total Investments — 100.3%** <br>**(Cost $4,784,446)**<br>|  | **6413845** |
| **Liabilities in Excess of Other Assets — (0.3)%** |  | **(16824)**<br>|
| **NET ASSETS — 100.0%** |  | **6397021** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at June 30, 2025. The total value of securities on loan at June 30, 2025 is $23,174. 

(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(c) The rate shown is the current yield as of June 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 61

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Equity Income** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Equity Index** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Equity Premium** <br>**Income Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Hedged** <br>**Equity Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $43725594 | &nbsp;&nbsp;&nbsp; $11195594 | &nbsp;&nbsp;&nbsp; $6335511 | &nbsp;&nbsp;&nbsp; $20947622 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 76341 | &nbsp;&nbsp;&nbsp; 203994 | &nbsp;&nbsp;&nbsp; 9909 | &nbsp;&nbsp;&nbsp; 1013700 |
| Options purchased, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 292067 |
| Cash | &nbsp;&nbsp;&nbsp; 574 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 55073 | &nbsp;&nbsp;&nbsp; — |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2699 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 75388 |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 86289 | &nbsp;&nbsp;&nbsp; 142614 | &nbsp;&nbsp;&nbsp; 62948 | &nbsp;&nbsp;&nbsp; 848981 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 16489 | &nbsp;&nbsp;&nbsp; 1244 | &nbsp;&nbsp;&nbsp; 9042 | &nbsp;&nbsp;&nbsp; 100369 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 22287 | &nbsp;&nbsp;&nbsp; — |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 41329 | &nbsp;&nbsp;&nbsp; 5772 | &nbsp;&nbsp;&nbsp; 4483 | &nbsp;&nbsp;&nbsp; 12305 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 947 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4156 |
| Due from adviser | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 43946625 | &nbsp;&nbsp;&nbsp; 11552172 | &nbsp;&nbsp;&nbsp; 6499254 | &nbsp;&nbsp;&nbsp; 23295535 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1210 | &nbsp;&nbsp;&nbsp; — |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 2203 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 74278 | &nbsp;&nbsp;&nbsp; 1918799 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 85463 | &nbsp;&nbsp;&nbsp; 138329 | &nbsp;&nbsp;&nbsp; 24994 | &nbsp;&nbsp;&nbsp; 33463 |
| Outstanding options written, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 276096 |
| Accrued liabilities: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 14177 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1291 | &nbsp;&nbsp;&nbsp; 4228 |
| Administration fees | &nbsp;&nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp; 389 | &nbsp;&nbsp;&nbsp; 1026 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 1382 | &nbsp;&nbsp;&nbsp; 257 | &nbsp;&nbsp;&nbsp; 316 | &nbsp;&nbsp;&nbsp; 659 |
| Service fees | &nbsp;&nbsp;&nbsp; 4323 | &nbsp;&nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp; 1091 | &nbsp;&nbsp;&nbsp; 3880 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 114 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp; 1558 | &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp; 253 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 110603 | &nbsp;&nbsp;&nbsp; 139442 | &nbsp;&nbsp;&nbsp; 103793 | &nbsp;&nbsp;&nbsp; 2238518 |
| Net Assets | &nbsp;&nbsp;&nbsp; $43836022 | &nbsp;&nbsp;&nbsp; $11412730 | &nbsp;&nbsp;&nbsp; $6395461 | &nbsp;&nbsp;&nbsp; $21057017 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

62 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Equity Income**<br> **Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Equity Index**<br> **Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Equity Premium**<br> **Income Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Hedged**<br>**Equity Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $25130519 | &nbsp;&nbsp;&nbsp; $4098018 | &nbsp;&nbsp;&nbsp; $6604475 | &nbsp;&nbsp;&nbsp; $13762492 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 18705503 | &nbsp;&nbsp;&nbsp; 7314712 | &nbsp;&nbsp;&nbsp; (209014)<br>| &nbsp;&nbsp;&nbsp; 7294525 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $43836022 | &nbsp;&nbsp;&nbsp; $11412730 | &nbsp;&nbsp;&nbsp; $6395461 | &nbsp;&nbsp;&nbsp; $21057017 |
| Net Assets: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $4653837 | &nbsp;&nbsp;&nbsp; $1055685 | &nbsp;&nbsp;&nbsp; $572077 | &nbsp;&nbsp;&nbsp; $1452343 |
| Class C | &nbsp;&nbsp;&nbsp; 613883 | &nbsp;&nbsp;&nbsp; 77065 | &nbsp;&nbsp;&nbsp; 329783 | &nbsp;&nbsp;&nbsp; 592540 |
| Class I | &nbsp;&nbsp;&nbsp; 15445719 | &nbsp;&nbsp;&nbsp; 1434328 | &nbsp;&nbsp;&nbsp; 4482797 | &nbsp;&nbsp;&nbsp; 16970246 |
| Class R2 | &nbsp;&nbsp;&nbsp; 93165 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 168022 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; 127515 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 691394 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp; 3132 |
| Class R6 | &nbsp;&nbsp;&nbsp; 22042487 | &nbsp;&nbsp;&nbsp; 8845652 | &nbsp;&nbsp;&nbsp; 1010271 | &nbsp;&nbsp;&nbsp; 2038756 |
| Total | &nbsp;&nbsp;&nbsp; $43836022 | &nbsp;&nbsp;&nbsp; $11412730 | &nbsp;&nbsp;&nbsp; $6395461 | &nbsp;&nbsp;&nbsp; $21057017 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 188796 | &nbsp;&nbsp;&nbsp; 11356 | &nbsp;&nbsp;&nbsp; 40712 | &nbsp;&nbsp;&nbsp; 44004 |
| Class C | &nbsp;&nbsp;&nbsp; 25557 | &nbsp;&nbsp;&nbsp; 838 | &nbsp;&nbsp;&nbsp; 23469 | &nbsp;&nbsp;&nbsp; 18107 |
| Class I | &nbsp;&nbsp;&nbsp; 612694 | &nbsp;&nbsp;&nbsp; 15406 | &nbsp;&nbsp;&nbsp; 318944 | &nbsp;&nbsp;&nbsp; 512452 |
| Class R2 | &nbsp;&nbsp;&nbsp; 3803 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 6823 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; 5062 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 27399 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 94 |
| Class R6 | &nbsp;&nbsp;&nbsp; 874434 | &nbsp;&nbsp;&nbsp; 94979 | &nbsp;&nbsp;&nbsp; 71895 | &nbsp;&nbsp;&nbsp; 61418 |
| Net Asset Value (a): |  |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $24.65 | &nbsp;&nbsp;&nbsp; $92.97 | &nbsp;&nbsp;&nbsp; $14.05 | &nbsp;&nbsp;&nbsp; $33.00 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;24.02 | &nbsp;&nbsp;&nbsp;&nbsp;91.98 | &nbsp;&nbsp;&nbsp;&nbsp;14.05 | &nbsp;&nbsp;&nbsp;&nbsp;32.72 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;25.21 | &nbsp;&nbsp;&nbsp;&nbsp;93.10 | &nbsp;&nbsp;&nbsp;&nbsp;14.06 | &nbsp;&nbsp;&nbsp;&nbsp;33.12 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;24.50 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;24.62 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;25.19 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;25.23 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;14.05 | &nbsp;&nbsp;&nbsp;&nbsp;33.18 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;25.21 | &nbsp;&nbsp;&nbsp;&nbsp;93.13 | &nbsp;&nbsp;&nbsp;&nbsp;14.05 | &nbsp;&nbsp;&nbsp;&nbsp;33.19 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $26.02 | &nbsp;&nbsp;&nbsp; $98.12 | &nbsp;&nbsp;&nbsp; $14.83 | &nbsp;&nbsp;&nbsp; $34.83 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $26943744 | &nbsp;&nbsp;&nbsp; $3765701 | &nbsp;&nbsp;&nbsp; $5232517 | &nbsp;&nbsp;&nbsp; $11494121 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 76334 | &nbsp;&nbsp;&nbsp; 68896 | &nbsp;&nbsp;&nbsp; 9909 | &nbsp;&nbsp;&nbsp; 1013700 |
| Cost of options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 288125 |
| Premiums received from options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 276232 |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 63

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025 (continued)

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Hedged** <br>**Equity 2 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Hedged** <br>**Equity 3 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Large Cap** <br>**Growth Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Large Cap** <br>**Value Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $5456177 | &nbsp;&nbsp;&nbsp; $3338450 | &nbsp;&nbsp;&nbsp; $113383348 | &nbsp;&nbsp;&nbsp; $5016218 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 64889 | &nbsp;&nbsp;&nbsp; 21549 | &nbsp;&nbsp;&nbsp; 588926 | &nbsp;&nbsp;&nbsp; 28240 |
| Investments of cash collateral received from securities loaned, at <br> value (See Note 2.C.) <br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10377 | &nbsp;&nbsp;&nbsp; 19800 |
| Options purchased, at value | &nbsp;&nbsp;&nbsp; 4190 | &nbsp;&nbsp;&nbsp; 16001 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Restricted cash for exchange-traded options | &nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; 2156 | &nbsp;&nbsp;&nbsp; 359 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 3044 | &nbsp;&nbsp;&nbsp; 2634 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 2465 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 174236 | &nbsp;&nbsp;&nbsp; 2735 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 3159 | &nbsp;&nbsp;&nbsp; 2186 | &nbsp;&nbsp;&nbsp; 233797 | &nbsp;&nbsp;&nbsp; 2732 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 127 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 3118 | &nbsp;&nbsp;&nbsp; 1899 | &nbsp;&nbsp;&nbsp; 50201 | &nbsp;&nbsp;&nbsp; 7210 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 3 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 |
| Total Assets | &nbsp;&nbsp;&nbsp; 5537325 | &nbsp;&nbsp;&nbsp; 3382892 | &nbsp;&nbsp;&nbsp; 114443113 | &nbsp;&nbsp;&nbsp; 5077426 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 192888 | &nbsp;&nbsp;&nbsp; 1872 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10377 | &nbsp;&nbsp;&nbsp; 19800 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 17687 | &nbsp;&nbsp;&nbsp; 66336 | &nbsp;&nbsp;&nbsp; 125375 | &nbsp;&nbsp;&nbsp; 3093 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Outstanding options written, at value | &nbsp;&nbsp;&nbsp; 327689 | &nbsp;&nbsp;&nbsp; 90988 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 1055 | &nbsp;&nbsp;&nbsp; 662 | &nbsp;&nbsp;&nbsp; 37247 | &nbsp;&nbsp;&nbsp; 1461 |
| Administration fees | &nbsp;&nbsp;&nbsp; 317 | &nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 201 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp; 2482 | &nbsp;&nbsp;&nbsp; 119 |
| Service fees | &nbsp;&nbsp;&nbsp; 969 | &nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp; 7986 | &nbsp;&nbsp;&nbsp; 535 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp; 27 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; 1765 | &nbsp;&nbsp;&nbsp; 299 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 348307 | &nbsp;&nbsp;&nbsp; 159301 | &nbsp;&nbsp;&nbsp; 378715 | &nbsp;&nbsp;&nbsp; 27407 |
| Net Assets | &nbsp;&nbsp;&nbsp; $5189018 | &nbsp;&nbsp;&nbsp; $3223591 | &nbsp;&nbsp;&nbsp; $114064398 | &nbsp;&nbsp;&nbsp; $5050019 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Hedged**<br> **Equity 2 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Hedged**<br> **Equity 3 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Large Cap**<br> **Growth Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Large Cap**<br>**Value Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $4520527 | &nbsp;&nbsp;&nbsp; $2636832 | &nbsp;&nbsp;&nbsp; $61373587 | &nbsp;&nbsp;&nbsp; $4309403 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 668491 | &nbsp;&nbsp;&nbsp; 586759 | &nbsp;&nbsp;&nbsp; 52690811 | &nbsp;&nbsp;&nbsp; 740616 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $5189018 | &nbsp;&nbsp;&nbsp; $3223591 | &nbsp;&nbsp;&nbsp; $114064398 | &nbsp;&nbsp;&nbsp; $5050019 |
| Net Assets: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $251200 | &nbsp;&nbsp;&nbsp; $157121 | &nbsp;&nbsp;&nbsp; $7748457 | &nbsp;&nbsp;&nbsp; $318828 |
| Class C | &nbsp;&nbsp;&nbsp; 243213 | &nbsp;&nbsp;&nbsp; 149074 | &nbsp;&nbsp;&nbsp; 1143570 | &nbsp;&nbsp;&nbsp; 75725 |
| Class I | &nbsp;&nbsp;&nbsp; 4261391 | &nbsp;&nbsp;&nbsp; 2599366 | &nbsp;&nbsp;&nbsp; 29837081 | &nbsp;&nbsp;&nbsp; 2256860 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 273635 | &nbsp;&nbsp;&nbsp; 17020 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 834854 | &nbsp;&nbsp;&nbsp; 14922 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 725170 | &nbsp;&nbsp;&nbsp; 1210 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1081 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 992766 | &nbsp;&nbsp;&nbsp; 29907 |
| Class R6 | &nbsp;&nbsp;&nbsp; 432133 | &nbsp;&nbsp;&nbsp; 317998 | &nbsp;&nbsp;&nbsp; 72508865 | &nbsp;&nbsp;&nbsp; 2335547 |
| Total | &nbsp;&nbsp;&nbsp; $5189018 | &nbsp;&nbsp;&nbsp; $3223591 | &nbsp;&nbsp;&nbsp; $114064398 | &nbsp;&nbsp;&nbsp; $5050019 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 13341 | &nbsp;&nbsp;&nbsp; 8012 | &nbsp;&nbsp;&nbsp; 94189 | &nbsp;&nbsp;&nbsp; 15288 |
| Class C | &nbsp;&nbsp;&nbsp; 12961 | &nbsp;&nbsp;&nbsp; 7632 | &nbsp;&nbsp;&nbsp; 21383 | &nbsp;&nbsp;&nbsp; 3868 |
| Class I | &nbsp;&nbsp;&nbsp; 226047 | &nbsp;&nbsp;&nbsp; 132345 | &nbsp;&nbsp;&nbsp; 351528 | &nbsp;&nbsp;&nbsp; 111042 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3569 | &nbsp;&nbsp;&nbsp; 826 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10081 | &nbsp;&nbsp;&nbsp; 737 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8565 | &nbsp;&nbsp;&nbsp; 58 |
| Class R5 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 11271 | &nbsp;&nbsp;&nbsp; 1448 |
| Class R6 | &nbsp;&nbsp;&nbsp; 22905 | &nbsp;&nbsp;&nbsp; 16174 | &nbsp;&nbsp;&nbsp; 812224 | &nbsp;&nbsp;&nbsp; 114247 |
| Net Asset Value (a): |  |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $18.83 | &nbsp;&nbsp;&nbsp; $19.61 | &nbsp;&nbsp;&nbsp; $82.27 | &nbsp;&nbsp;&nbsp; $20.86 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;18.77 | &nbsp;&nbsp;&nbsp;&nbsp;19.53 | &nbsp;&nbsp;&nbsp;&nbsp;53.48 | &nbsp;&nbsp;&nbsp;&nbsp;19.58 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;18.85 | &nbsp;&nbsp;&nbsp;&nbsp;19.64 | &nbsp;&nbsp;&nbsp;&nbsp;84.88 | &nbsp;&nbsp;&nbsp;&nbsp;20.32 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;76.67 | &nbsp;&nbsp;&nbsp;&nbsp;20.60 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;82.81 | &nbsp;&nbsp;&nbsp;&nbsp;20.26 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;84.67 | &nbsp;&nbsp;&nbsp;&nbsp;20.88 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;18.86 | &nbsp;&nbsp;&nbsp;&nbsp;19.66 | &nbsp;&nbsp;&nbsp;&nbsp;88.09 | &nbsp;&nbsp;&nbsp;&nbsp;20.64 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;18.87 | &nbsp;&nbsp;&nbsp;&nbsp;19.66 | &nbsp;&nbsp;&nbsp;&nbsp;89.27 | &nbsp;&nbsp;&nbsp;&nbsp;20.44 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $19.87 | &nbsp;&nbsp;&nbsp; $20.70 | &nbsp;&nbsp;&nbsp; $86.83 | &nbsp;&nbsp;&nbsp; $22.02 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $3629528 | &nbsp;&nbsp;&nbsp; $2252091 | &nbsp;&nbsp;&nbsp; $66468519 | &nbsp;&nbsp;&nbsp; $4360844 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 64889 | &nbsp;&nbsp;&nbsp; 21549 | &nbsp;&nbsp;&nbsp; 588912 | &nbsp;&nbsp;&nbsp; 28237 |
| Cost of options purchased | &nbsp;&nbsp;&nbsp; 112254 | &nbsp;&nbsp;&nbsp; 54471 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10104 | &nbsp;&nbsp;&nbsp; 19464 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10377 | &nbsp;&nbsp;&nbsp; 19800 |
| Premiums received from options written | &nbsp;&nbsp;&nbsp; 119287 | &nbsp;&nbsp;&nbsp; 49982 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 65

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025 (continued)

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**U.S. Applied** <br>**Data Science** <br>**Value Fund** <br>| &nbsp;&nbsp; **JPMorgan U.S.** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. GARP** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Large** <br>**Cap Core** <br>**Plus Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $148998 | &nbsp;&nbsp;&nbsp; $32014319 | &nbsp;&nbsp;&nbsp; $1857680 | &nbsp;&nbsp;&nbsp; $3889967 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp; 247623 | &nbsp;&nbsp;&nbsp; 10767 | &nbsp;&nbsp;&nbsp; 104257 |
| Cash | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 922 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 350 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp; 1107 | &nbsp;&nbsp;&nbsp; 4248 |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 1264 | &nbsp;&nbsp;&nbsp; 79144 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1862 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 12899 | &nbsp;&nbsp;&nbsp; 2601 | &nbsp;&nbsp;&nbsp; 2677 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 15951 | &nbsp;&nbsp;&nbsp; 676 | &nbsp;&nbsp;&nbsp; 2427 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 12 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 41 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 255 |
| Total Assets | &nbsp;&nbsp;&nbsp; 151024 | &nbsp;&nbsp;&nbsp; 32371183 | &nbsp;&nbsp;&nbsp; 1872935 | &nbsp;&nbsp;&nbsp; 4006096 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Securities sold short, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 650616 |
| Dividend expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 828 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 1264 | &nbsp;&nbsp;&nbsp; 28777 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6535 |
| Interest expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 286 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 977 | &nbsp;&nbsp;&nbsp; 148703 | &nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp; 7638 |
| Accrued liabilities: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 9939 | &nbsp;&nbsp;&nbsp; 373 | &nbsp;&nbsp;&nbsp; 1549 |
| Administration fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 903 | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 87 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 1082 | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 131 |
| Service fees | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 2271 | &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; 100 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 26 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 594 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 66 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 2330 | &nbsp;&nbsp;&nbsp; 192446 | &nbsp;&nbsp;&nbsp; 1470 | &nbsp;&nbsp;&nbsp; 667862 |
| Net Assets | &nbsp;&nbsp;&nbsp; $148694 | &nbsp;&nbsp;&nbsp; $32178737 | &nbsp;&nbsp;&nbsp; $1871465 | &nbsp;&nbsp;&nbsp; $3338234 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

66 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **U.S. Applied**<br> **Data Science**<br> **Value Fund** <br>| &nbsp;&nbsp; **JPMorgan U.S.**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. GARP**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Large**<br> **Cap Core**<br>**Plus Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $101209 | &nbsp;&nbsp;&nbsp; $16797769 | &nbsp;&nbsp;&nbsp; $851290 | &nbsp;&nbsp;&nbsp; $1917987 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 47485 | &nbsp;&nbsp;&nbsp; 15380968 | &nbsp;&nbsp;&nbsp; 1020175 | &nbsp;&nbsp;&nbsp; 1420247 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $148694 | &nbsp;&nbsp;&nbsp; $32178737 | &nbsp;&nbsp;&nbsp; $1871465 | &nbsp;&nbsp;&nbsp; $3338234 |
| Net Assets: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $39134 | &nbsp;&nbsp;&nbsp; $2913795 | &nbsp;&nbsp;&nbsp; $213578 | &nbsp;&nbsp;&nbsp; $362828 |
| Class C | &nbsp;&nbsp;&nbsp; 1839 | &nbsp;&nbsp;&nbsp; 533614 | &nbsp;&nbsp;&nbsp; 11478 | &nbsp;&nbsp;&nbsp; 92937 |
| Class I | &nbsp;&nbsp;&nbsp; 68103 | &nbsp;&nbsp;&nbsp; 5575707 | &nbsp;&nbsp;&nbsp; 339058 | &nbsp;&nbsp;&nbsp; 2027630 |
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3137481 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; 2670 | &nbsp;&nbsp;&nbsp; 315455 | &nbsp;&nbsp;&nbsp; 49843 | &nbsp;&nbsp;&nbsp; 8540 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 277165 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 118291 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 3532 | &nbsp;&nbsp;&nbsp; 1215149 | &nbsp;&nbsp;&nbsp; 166104 | &nbsp;&nbsp;&nbsp; 46122 |
| Class R6 | &nbsp;&nbsp;&nbsp; 33416 | &nbsp;&nbsp;&nbsp; 18092080 | &nbsp;&nbsp;&nbsp; 1091404 | &nbsp;&nbsp;&nbsp; 800177 |
| Total | &nbsp;&nbsp;&nbsp; $148694 | &nbsp;&nbsp;&nbsp; $32178737 | &nbsp;&nbsp;&nbsp; $1871465 | &nbsp;&nbsp;&nbsp; $3338234 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1271 | &nbsp;&nbsp;&nbsp; 112593 | &nbsp;&nbsp;&nbsp; 2417 | &nbsp;&nbsp;&nbsp; 17321 |
| Class C | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 21881 | &nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp; 5825 |
| Class I | &nbsp;&nbsp;&nbsp; 2178 | &nbsp;&nbsp;&nbsp; 214459 | &nbsp;&nbsp;&nbsp; 3712 | &nbsp;&nbsp;&nbsp; 91154 |
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 120331 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 12384 | &nbsp;&nbsp;&nbsp; 593 | &nbsp;&nbsp;&nbsp; 474 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10770 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4558 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp; 46578 | &nbsp;&nbsp;&nbsp; 1859 | &nbsp;&nbsp;&nbsp; 2038 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1066 | &nbsp;&nbsp;&nbsp; 691450 | &nbsp;&nbsp;&nbsp; 12217 | &nbsp;&nbsp;&nbsp; 35351 |
| Net Asset Value (a): |  |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $30.79 | &nbsp;&nbsp;&nbsp; $25.88 | &nbsp;&nbsp;&nbsp; $88.39 | &nbsp;&nbsp;&nbsp; $20.95 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;29.92 | &nbsp;&nbsp;&nbsp;&nbsp;24.39 | &nbsp;&nbsp;&nbsp;&nbsp;83.67 | &nbsp;&nbsp;&nbsp;&nbsp;15.95 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;31.26 | &nbsp;&nbsp;&nbsp;&nbsp;26.00 | &nbsp;&nbsp;&nbsp;&nbsp;91.35 | &nbsp;&nbsp;&nbsp;&nbsp;22.24 |
| Class L — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;26.07 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;30.24 | &nbsp;&nbsp;&nbsp;&nbsp;25.47 | &nbsp;&nbsp;&nbsp;&nbsp;84.01 | &nbsp;&nbsp;&nbsp;&nbsp;18.02 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;25.74 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;25.95 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;31.35 | &nbsp;&nbsp;&nbsp;&nbsp;26.09 | &nbsp;&nbsp;&nbsp;&nbsp;89.33 | &nbsp;&nbsp;&nbsp;&nbsp;22.64 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;31.35 | &nbsp;&nbsp;&nbsp;&nbsp;26.17 | &nbsp;&nbsp;&nbsp;&nbsp;89.33 | &nbsp;&nbsp;&nbsp;&nbsp;22.64 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $32.50 | &nbsp;&nbsp;&nbsp; $27.31 | &nbsp;&nbsp;&nbsp; $93.29 | &nbsp;&nbsp;&nbsp; $22.11 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $110400 | &nbsp;&nbsp;&nbsp; $17267135 | &nbsp;&nbsp;&nbsp; $929566 | &nbsp;&nbsp;&nbsp; $2445043 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp; 247608 | &nbsp;&nbsp;&nbsp; 10766 | &nbsp;&nbsp;&nbsp; 104254 |
| Proceeds from securities sold short | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 651215 |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 67

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF June 30, 2025 (continued)

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**U.S. Research** <br>**Enhanced** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Sustainable** <br>**Leaders Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Value** <br>**Fund**  |
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $11015909 | &nbsp;&nbsp;&nbsp; $267798 | &nbsp;&nbsp;&nbsp; $6205446 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 49275 | &nbsp;&nbsp;&nbsp; 3096 | &nbsp;&nbsp;&nbsp; 184750 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C.)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23649 |
| Cash | &nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 617 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 3948 | &nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6555 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 3132 | &nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp; 7089 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 6295 | &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; 4545 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 22 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 11079105 | &nbsp;&nbsp;&nbsp; 271452 | &nbsp;&nbsp;&nbsp; 6432674 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 318 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23649 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 44179 | &nbsp;&nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp; 8084 |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 1694 | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 1873 |
| Administration fees | &nbsp;&nbsp;&nbsp; 306 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 281 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 373 |
| Service fees | &nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 852 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 34 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 189 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 46567 | &nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp; 35653 |
| Net Assets | &nbsp;&nbsp;&nbsp; $11032538 | &nbsp;&nbsp;&nbsp; $271107 | &nbsp;&nbsp;&nbsp; $6397021 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

68 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **U.S. Research**<br> **Enhanced**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Sustainable**<br> **Leaders Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Value**<br>**Fund**  |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $5908687 | &nbsp;&nbsp;&nbsp; $186887 | &nbsp;&nbsp;&nbsp; $4624316 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 5123851 | &nbsp;&nbsp;&nbsp; 84220 | &nbsp;&nbsp;&nbsp; 1772705 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $11032538 | &nbsp;&nbsp;&nbsp; $271107 | &nbsp;&nbsp;&nbsp; $6397021 |
| Net Assets: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $573535 | &nbsp;&nbsp;&nbsp; $91240 | &nbsp;&nbsp;&nbsp; $1475038 |
| Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4469 | &nbsp;&nbsp;&nbsp; 116915 |
| Class I | &nbsp;&nbsp;&nbsp; 1284221 | &nbsp;&nbsp;&nbsp; 102634 | &nbsp;&nbsp;&nbsp; 2773567 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6751 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13543 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3616 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14215 |
| Class R6 | &nbsp;&nbsp;&nbsp; 9174782 | &nbsp;&nbsp;&nbsp; 72764 | &nbsp;&nbsp;&nbsp; 1993376 |
| Total | &nbsp;&nbsp;&nbsp; $11032538 | &nbsp;&nbsp;&nbsp; $271107 | &nbsp;&nbsp;&nbsp; $6397021 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 12737 | &nbsp;&nbsp;&nbsp; 1142 | &nbsp;&nbsp;&nbsp; 18238 |
| Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 1653 |
| Class I | &nbsp;&nbsp;&nbsp; 28102 | &nbsp;&nbsp;&nbsp; 1271 | &nbsp;&nbsp;&nbsp; 32108 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 83 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 157 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 42 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 163 |
| Class R6 | &nbsp;&nbsp;&nbsp; 201102 | &nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 22871 |
| Net Asset Value (a): |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $45.03 | &nbsp;&nbsp;&nbsp; $79.94 | &nbsp;&nbsp;&nbsp; $80.87 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;78.10 | &nbsp;&nbsp;&nbsp;&nbsp;70.71 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;45.70 | &nbsp;&nbsp;&nbsp;&nbsp;80.79 | &nbsp;&nbsp;&nbsp;&nbsp;86.38 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;81.01 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;86.12 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;86.39 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;87.12 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;45.62 | &nbsp;&nbsp;&nbsp;&nbsp;80.78 | &nbsp;&nbsp;&nbsp;&nbsp;87.16 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $47.53 | &nbsp;&nbsp;&nbsp; $84.37 | &nbsp;&nbsp;&nbsp; $85.35 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $6139934 | &nbsp;&nbsp;&nbsp; $198980 | &nbsp;&nbsp;&nbsp; $4576049 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 49268 | &nbsp;&nbsp;&nbsp; 3095 | &nbsp;&nbsp;&nbsp; 184748 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23174 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23649 |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 69

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Equity Income** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Equity Index** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Equity Premium** <br>**Income Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Hedged** <br>**Equity Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $103 | &nbsp;&nbsp;&nbsp; $464393 | &nbsp;&nbsp;&nbsp; $852 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 1104706 | &nbsp;&nbsp;&nbsp; 140786 | &nbsp;&nbsp;&nbsp; 89706 | &nbsp;&nbsp;&nbsp; 263617 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 6542 | &nbsp;&nbsp;&nbsp; 4576 | &nbsp;&nbsp;&nbsp; 1921 | &nbsp;&nbsp;&nbsp; 13863 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 1111249 | &nbsp;&nbsp;&nbsp; 145478 | &nbsp;&nbsp;&nbsp; 556020 | &nbsp;&nbsp;&nbsp; 278346 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 179024 | &nbsp;&nbsp;&nbsp; 4354 | &nbsp;&nbsp;&nbsp; 15921 | &nbsp;&nbsp;&nbsp; 51582 |
| Administration fees | &nbsp;&nbsp;&nbsp; 15742 | &nbsp;&nbsp;&nbsp; 7949 | &nbsp;&nbsp;&nbsp; 4783 | &nbsp;&nbsp;&nbsp; 12666 |
| Distribution fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 11541 | &nbsp;&nbsp;&nbsp; 2487 | &nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp; 3625 |
| Class C | &nbsp;&nbsp;&nbsp; 5255 | &nbsp;&nbsp;&nbsp; 646 | &nbsp;&nbsp;&nbsp; 2374 | &nbsp;&nbsp;&nbsp; 4206 |
| Class R2 | &nbsp;&nbsp;&nbsp; 481 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Service fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 11541 | &nbsp;&nbsp;&nbsp; 2487 | &nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp; 3625 |
| Class C | &nbsp;&nbsp;&nbsp; 1752 | &nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; 791 | &nbsp;&nbsp;&nbsp; 1402 |
| Class I | &nbsp;&nbsp;&nbsp; 39659 | &nbsp;&nbsp;&nbsp; 3425 | &nbsp;&nbsp;&nbsp; 10927 | &nbsp;&nbsp;&nbsp; 41251 |
| Class R2 | &nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; 424 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 838 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 5 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 1346 | &nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp; 643 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 14 |
| Professional fees | &nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 164 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 79 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 2326 | &nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp; 788 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 69 |
| Transfer agency fees (See Note 2.K.) | &nbsp;&nbsp;&nbsp; 937 | &nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp; 251 |
| Other | &nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 175 |
| Total expenses | &nbsp;&nbsp;&nbsp; 272839 | &nbsp;&nbsp;&nbsp; 22634 | &nbsp;&nbsp;&nbsp; 38679 | &nbsp;&nbsp;&nbsp; 120545 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (155)<br>| &nbsp;&nbsp;&nbsp; (10723)<br>| &nbsp;&nbsp;&nbsp; (57)<br>| &nbsp;&nbsp;&nbsp; (667)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (57)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 272684 | &nbsp;&nbsp;&nbsp; 11854 | &nbsp;&nbsp;&nbsp; 38622 | &nbsp;&nbsp;&nbsp; 119878 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 838565 | &nbsp;&nbsp;&nbsp; 133624 | &nbsp;&nbsp;&nbsp; 517398 | &nbsp;&nbsp;&nbsp; 158468 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

70 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Equity Income**<br> **Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Equity Index**<br> **Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Equity Premium**<br> **Income Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Hedged**<br>**Equity Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $3632065 | &nbsp;&nbsp;&nbsp; $83081 | &nbsp;&nbsp;&nbsp; $(102076)<br>| &nbsp;&nbsp;&nbsp; $1125971 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (53)<br>| &nbsp;&nbsp;&nbsp; 4221 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; — |
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1035773)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2301 | &nbsp;&nbsp;&nbsp; 1553 | &nbsp;&nbsp;&nbsp; 89720 |
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (122882)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 3632012 | &nbsp;&nbsp;&nbsp; 89603 | &nbsp;&nbsp;&nbsp; (100504)<br>| &nbsp;&nbsp;&nbsp; 57036 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 1251884 | &nbsp;&nbsp;&nbsp; 1277494 | &nbsp;&nbsp;&nbsp; 87977 | &nbsp;&nbsp;&nbsp; 1200812 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 50385 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3259 |
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 989 | &nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp; (692)<br>|
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2418)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 1251891 | &nbsp;&nbsp;&nbsp; 1328868 | &nbsp;&nbsp;&nbsp; 87958 | &nbsp;&nbsp;&nbsp; 1200961 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 4883903 | &nbsp;&nbsp;&nbsp; 1418471 | &nbsp;&nbsp;&nbsp; (12546)<br>| &nbsp;&nbsp;&nbsp; 1257997 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $5722468 | &nbsp;&nbsp;&nbsp; $1552095 | &nbsp;&nbsp;&nbsp; $504852 | &nbsp;&nbsp;&nbsp; $1416465 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 71

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025 (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Hedged** <br>**Equity 2 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Hedged** <br>**Equity 3 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Large Cap** <br>**Growth Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Large Cap** <br>**Value Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $194 | &nbsp;&nbsp;&nbsp; $134 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 67069 | &nbsp;&nbsp;&nbsp; 38681 | &nbsp;&nbsp;&nbsp; 643101 | &nbsp;&nbsp;&nbsp; 94814 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 3163 | &nbsp;&nbsp;&nbsp; 2210 | &nbsp;&nbsp;&nbsp; 204620 | &nbsp;&nbsp;&nbsp; 4627 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 142 |
| Total investment income | &nbsp;&nbsp;&nbsp; 70431 | &nbsp;&nbsp;&nbsp; 41025 | &nbsp;&nbsp;&nbsp; 847740 | &nbsp;&nbsp;&nbsp; 99583 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 13027 | &nbsp;&nbsp;&nbsp; 7648 | &nbsp;&nbsp;&nbsp; 453016 | &nbsp;&nbsp;&nbsp; 19299 |
| Administration fees | &nbsp;&nbsp;&nbsp; 3914 | &nbsp;&nbsp;&nbsp; 2298 | &nbsp;&nbsp;&nbsp; 21352 | &nbsp;&nbsp;&nbsp; 3624 |
| Distribution fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 637 | &nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp; 17508 | &nbsp;&nbsp;&nbsp; 780 |
| Class C | &nbsp;&nbsp;&nbsp; 1791 | &nbsp;&nbsp;&nbsp; 976 | &nbsp;&nbsp;&nbsp; 7463 | &nbsp;&nbsp;&nbsp; 602 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1217 | &nbsp;&nbsp;&nbsp; 79 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1894 | &nbsp;&nbsp;&nbsp; 35 |
| Service fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 637 | &nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp; 17508 | &nbsp;&nbsp;&nbsp; 780 |
| Class C | &nbsp;&nbsp;&nbsp; 597 | &nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp; 2487 | &nbsp;&nbsp;&nbsp; 201 |
| Class I | &nbsp;&nbsp;&nbsp; 10386 | &nbsp;&nbsp;&nbsp; 6008 | &nbsp;&nbsp;&nbsp; 62855 | &nbsp;&nbsp;&nbsp; 5483 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 609 | &nbsp;&nbsp;&nbsp; 39 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1894 | &nbsp;&nbsp;&nbsp; 35 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1807 | &nbsp;&nbsp;&nbsp; 4 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp;&nbsp; 35 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; 3105 | &nbsp;&nbsp;&nbsp; 160 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 14 |
| Professional fees | &nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 452 | &nbsp;&nbsp;&nbsp; 72 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 294 | &nbsp;&nbsp;&nbsp; 37 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; 3912 | &nbsp;&nbsp;&nbsp; 289 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 1786 | &nbsp;&nbsp;&nbsp; 277 |
| Transfer agency fees (See Note 2.K.) | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 1621 | &nbsp;&nbsp;&nbsp; 136 |
| Other | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 12809 | &nbsp;&nbsp;&nbsp; 55 |
| Total expenses | &nbsp;&nbsp;&nbsp; 31836 | &nbsp;&nbsp;&nbsp; 18490 | &nbsp;&nbsp;&nbsp; 614531 | &nbsp;&nbsp;&nbsp; 32036 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (84)<br>| &nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp; (60170)<br>| &nbsp;&nbsp;&nbsp; (2831)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (188)<br>| &nbsp;&nbsp;&nbsp; (23)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 31752 | &nbsp;&nbsp;&nbsp; 18434 | &nbsp;&nbsp;&nbsp; 554173 | &nbsp;&nbsp;&nbsp; 29182 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 38679 | &nbsp;&nbsp;&nbsp; 22591 | &nbsp;&nbsp;&nbsp; 293567 | &nbsp;&nbsp;&nbsp; 70401 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

72 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Hedged**<br> **Equity 2 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Hedged**<br> **Equity 3 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Large Cap**<br> **Growth Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Large Cap**<br>**Value Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $186299 | &nbsp;&nbsp;&nbsp; $161486 | &nbsp;&nbsp;&nbsp; $8078742 | &nbsp;&nbsp;&nbsp; $266671 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (342)<br>| &nbsp;&nbsp;&nbsp; 4 |
| Options purchased | &nbsp;&nbsp;&nbsp; (58619)<br>| &nbsp;&nbsp;&nbsp; (108470)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; 8194 | &nbsp;&nbsp;&nbsp; 5142 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp;&nbsp; (3834)<br>| &nbsp;&nbsp;&nbsp; 10015 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 132040 | &nbsp;&nbsp;&nbsp; 68173 | &nbsp;&nbsp;&nbsp; 8078400 | &nbsp;&nbsp;&nbsp; 266675 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 369359 | &nbsp;&nbsp;&nbsp; 199493 | &nbsp;&nbsp;&nbsp; 6169431 | &nbsp;&nbsp;&nbsp; 249086 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp; 3 |
| Options purchased | &nbsp;&nbsp;&nbsp; (67036)<br>| &nbsp;&nbsp;&nbsp; (26215)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; 937 | &nbsp;&nbsp;&nbsp; 723 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp;&nbsp; (87510)<br>| &nbsp;&nbsp;&nbsp; (21205)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 215751 | &nbsp;&nbsp;&nbsp; 152796 | &nbsp;&nbsp;&nbsp; 6169405 | &nbsp;&nbsp;&nbsp; 249089 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 347791 | &nbsp;&nbsp;&nbsp; 220969 | &nbsp;&nbsp;&nbsp; 14247805 | &nbsp;&nbsp;&nbsp; 515764 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $386470 | &nbsp;&nbsp;&nbsp; $243560 | &nbsp;&nbsp;&nbsp; $14541372 | &nbsp;&nbsp;&nbsp; $586165 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 73

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025 (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**U.S. Applied** <br>**Data Science** <br>**Value Fund** <br>| &nbsp;&nbsp; **JPMorgan U.S.** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. GARP** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Large** <br>**Cap Core** <br>**Plus Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $11 | &nbsp;&nbsp;&nbsp; $131 | &nbsp;&nbsp;&nbsp; $41 | &nbsp;&nbsp;&nbsp; $40 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 3337 | &nbsp;&nbsp;&nbsp; 357394 | &nbsp;&nbsp;&nbsp; 11952 | &nbsp;&nbsp;&nbsp; 43048 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp; 11661 | &nbsp;&nbsp;&nbsp; 859 | &nbsp;&nbsp;&nbsp; 2977 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 3467 | &nbsp;&nbsp;&nbsp; 369190 | &nbsp;&nbsp;&nbsp; 12854 | &nbsp;&nbsp;&nbsp; 46065 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 504 | &nbsp;&nbsp;&nbsp; 125310 | &nbsp;&nbsp;&nbsp; 4991 | &nbsp;&nbsp;&nbsp; 18383 |
| Administration fees | &nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 14390 | &nbsp;&nbsp;&nbsp; 1249 | &nbsp;&nbsp;&nbsp; 2124 |
| Distribution fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 6915 | &nbsp;&nbsp;&nbsp; 476 | &nbsp;&nbsp;&nbsp; 857 |
| Class C | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 3802 | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 582 |
| Class R2 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 1535 | &nbsp;&nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp; 40 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 634 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Service fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 6915 | &nbsp;&nbsp;&nbsp; 476 | &nbsp;&nbsp;&nbsp; 857 |
| Class C | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 1267 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 194 |
| Class I | &nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp; 13492 | &nbsp;&nbsp;&nbsp; 657 | &nbsp;&nbsp;&nbsp; 4367 |
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3360 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 767 | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; 20 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 634 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 1268 | &nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp; 45 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 968 | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 117 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Professional fees | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 73 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 32 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 1506 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 100 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 449 | &nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 229 |
| Transfer agency fees (See Note 2.K.) | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 60 |
| Dividend expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15781 |
| Interest expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3730 |
| Other | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 36 |
| Total expenses | &nbsp;&nbsp;&nbsp; 1312 | &nbsp;&nbsp;&nbsp; 184682 | &nbsp;&nbsp;&nbsp; 8922 | &nbsp;&nbsp;&nbsp; 47627 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (461)<br>| &nbsp;&nbsp;&nbsp; (5969)<br>| &nbsp;&nbsp;&nbsp; (1037)<br>| &nbsp;&nbsp;&nbsp; (7171)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (212)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 851 | &nbsp;&nbsp;&nbsp; 178501 | &nbsp;&nbsp;&nbsp; 7884 | &nbsp;&nbsp;&nbsp; 40456 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 2616 | &nbsp;&nbsp;&nbsp; 190689 | &nbsp;&nbsp;&nbsp; 4970 | &nbsp;&nbsp;&nbsp; 5609 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

74 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **U.S. Applied**<br> **Data Science**<br> **Value Fund** <br>| &nbsp;&nbsp; **JPMorgan U.S.**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. GARP**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Large**<br> **Cap Core**<br>**Plus Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $11863 | &nbsp;&nbsp;&nbsp; $1056945 | &nbsp;&nbsp;&nbsp; $122865 | &nbsp;&nbsp;&nbsp; $85084 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 4 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 463 | &nbsp;&nbsp;&nbsp; (527)<br>| &nbsp;&nbsp;&nbsp; 2037 | &nbsp;&nbsp;&nbsp; (560)<br>|
| Securities sold short | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (36704)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 12326 | &nbsp;&nbsp;&nbsp; 1056495 | &nbsp;&nbsp;&nbsp; 124902 | &nbsp;&nbsp;&nbsp; 47824 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 3892 | &nbsp;&nbsp;&nbsp; 2378922 | &nbsp;&nbsp;&nbsp; 108543 | &nbsp;&nbsp;&nbsp; 303060 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 3 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 262 | &nbsp;&nbsp;&nbsp; 1616 |
| Securities sold short | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (24429)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 3888 | &nbsp;&nbsp;&nbsp; 2378950 | &nbsp;&nbsp;&nbsp; 108805 | &nbsp;&nbsp;&nbsp; 280250 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 16214 | &nbsp;&nbsp;&nbsp; 3435445 | &nbsp;&nbsp;&nbsp; 233707 | &nbsp;&nbsp;&nbsp; 328074 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $18830 | &nbsp;&nbsp;&nbsp; $3626134 | &nbsp;&nbsp;&nbsp; $238677 | &nbsp;&nbsp;&nbsp; $333683 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 75

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED June 30, 2025 (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**U.S. Research** <br>**Enhanced** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Sustainable** <br>**Leaders Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Value** <br>**Fund**  |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $411 | &nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp;&nbsp; $— |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 130277 | &nbsp;&nbsp;&nbsp; 2539 | &nbsp;&nbsp;&nbsp; 120790 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 6862 | &nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp; 5203 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Total investment income | &nbsp;&nbsp;&nbsp; 137551 | &nbsp;&nbsp;&nbsp; 2758 | &nbsp;&nbsp;&nbsp; 125994 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 25541 | &nbsp;&nbsp;&nbsp; 706 | &nbsp;&nbsp;&nbsp; 24434 |
| Administration fees | &nbsp;&nbsp;&nbsp; 7615 | &nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; 4588 |
| Distribution fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 699 | &nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp; 3462 |
| Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 896 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 25 |
| Service fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 699 | &nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp; 3462 |
| Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 299 |
| Class I | &nbsp;&nbsp;&nbsp; 2822 | &nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp; 6594 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 25 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 193 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Professional fees | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 77 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 42 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 249 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 324 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 76 |
| Transfer agency fees (See Note 2.K.) | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 222 |
| Other | &nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 66 |
| Total expenses | &nbsp;&nbsp;&nbsp; 38460 | &nbsp;&nbsp;&nbsp; 1727 | &nbsp;&nbsp;&nbsp; 44852 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (10942)<br>| &nbsp;&nbsp;&nbsp; (640)<br>| &nbsp;&nbsp;&nbsp; (3223)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (35)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 27518 | &nbsp;&nbsp;&nbsp; 1087 | &nbsp;&nbsp;&nbsp; 41594 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 110033 | &nbsp;&nbsp;&nbsp; 1671 | &nbsp;&nbsp;&nbsp; 84400 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

76 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **U.S. Research**<br> **Enhanced**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Sustainable**<br> **Leaders Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Value**<br>**Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $490637 | &nbsp;&nbsp;&nbsp; $31751 | &nbsp;&nbsp;&nbsp; $203537 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (9)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; (2554)<br>| &nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 488124 | &nbsp;&nbsp;&nbsp; 31960 | &nbsp;&nbsp;&nbsp; 203528 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 722109 | &nbsp;&nbsp;&nbsp; (4997)<br>| &nbsp;&nbsp;&nbsp; 368895 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 722307 | &nbsp;&nbsp;&nbsp; (4942)<br>| &nbsp;&nbsp;&nbsp; 368897 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 1210431 | &nbsp;&nbsp;&nbsp; 27018 | &nbsp;&nbsp;&nbsp; 572425 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $1320464 | &nbsp;&nbsp;&nbsp; $28689 | &nbsp;&nbsp;&nbsp; $656825 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 77

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Income Fund**  | **JPMorgan Equity Income Fund**  | **JPMorgan Equity Index Fund**  | **JPMorgan Equity Index Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $838565 | &nbsp;&nbsp;&nbsp; $967577 | &nbsp;&nbsp;&nbsp; $133624 | &nbsp;&nbsp;&nbsp; $125583 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 3632012 | &nbsp;&nbsp;&nbsp; 1672053 | &nbsp;&nbsp;&nbsp; 89603 | &nbsp;&nbsp;&nbsp; 2286 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 1251891 | &nbsp;&nbsp;&nbsp; 1970620 | &nbsp;&nbsp;&nbsp; 1328868 | &nbsp;&nbsp;&nbsp; 1877339 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 5722468 | &nbsp;&nbsp;&nbsp; 4610250 | &nbsp;&nbsp;&nbsp; 1552095 | &nbsp;&nbsp;&nbsp; 2005208 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (350071)<br>| &nbsp;&nbsp;&nbsp; (112167)<br>| &nbsp;&nbsp;&nbsp; (8784)<br>| &nbsp;&nbsp;&nbsp; (8930)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (51812)<br>| &nbsp;&nbsp;&nbsp; (18317)<br>| &nbsp;&nbsp;&nbsp; (225)<br>| &nbsp;&nbsp;&nbsp; (423)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (1213461)<br>| &nbsp;&nbsp;&nbsp; (468850)<br>| &nbsp;&nbsp;&nbsp; (15600)<br>| &nbsp;&nbsp;&nbsp; (14562)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (7022)<br>| &nbsp;&nbsp;&nbsp; (2327)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; (13098)<br>| &nbsp;&nbsp;&nbsp; (5254)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; (12783)<br>| &nbsp;&nbsp;&nbsp; (5968)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; (65204)<br>| &nbsp;&nbsp;&nbsp; (33424)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; (1755520)<br>| &nbsp;&nbsp;&nbsp; (659708)<br>| &nbsp;&nbsp;&nbsp; (108455)<br>| &nbsp;&nbsp;&nbsp; (101653)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (3468971)<br>| &nbsp;&nbsp;&nbsp; (1306015)<br>| &nbsp;&nbsp;&nbsp; (133064)<br>| &nbsp;&nbsp;&nbsp; (125568)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (2984260)<br>| &nbsp;&nbsp;&nbsp; (6628397)<br>| &nbsp;&nbsp;&nbsp; (345226)<br>| &nbsp;&nbsp;&nbsp; 437146 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (730763)<br>| &nbsp;&nbsp;&nbsp; (3324162)<br>| &nbsp;&nbsp;&nbsp; 1073805 | &nbsp;&nbsp;&nbsp; 2316786 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 44566785 | &nbsp;&nbsp;&nbsp; 47890947 | &nbsp;&nbsp;&nbsp; 10338925 | &nbsp;&nbsp;&nbsp; 8022139 |
| End of period | &nbsp;&nbsp;&nbsp; $43836022 | &nbsp;&nbsp;&nbsp; $44566785 | &nbsp;&nbsp;&nbsp; $11412730 | &nbsp;&nbsp;&nbsp; $10338925 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

78 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Premium** <br>**Income Fund**  | **JPMorgan Equity Premium** <br>**Income Fund**  | **JPMorgan Hedged Equity Fund**  | **JPMorgan Hedged Equity Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $517398 | &nbsp;&nbsp;&nbsp; $436248 | &nbsp;&nbsp;&nbsp; $158468 | &nbsp;&nbsp;&nbsp; $159643 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (100504)<br>| &nbsp;&nbsp;&nbsp; (458247)<br>| &nbsp;&nbsp;&nbsp; 57036 | &nbsp;&nbsp;&nbsp; (704124)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 87958 | &nbsp;&nbsp;&nbsp; 602515 | &nbsp;&nbsp;&nbsp; 1200961 | &nbsp;&nbsp;&nbsp; 2853258 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 504852 | &nbsp;&nbsp;&nbsp; 580516 | &nbsp;&nbsp;&nbsp; 1416465 | &nbsp;&nbsp;&nbsp; 2308777 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (44323)<br>| &nbsp;&nbsp;&nbsp; (32790)<br>| &nbsp;&nbsp;&nbsp; (7480)<br>| &nbsp;&nbsp;&nbsp; (8877)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (23497)<br>| &nbsp;&nbsp;&nbsp; (17436)<br>| &nbsp;&nbsp;&nbsp; (387)<br>| &nbsp;&nbsp;&nbsp; (1002)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (356815)<br>| &nbsp;&nbsp;&nbsp; (281176)<br>| &nbsp;&nbsp;&nbsp; (126088)<br>| &nbsp;&nbsp;&nbsp; (127914)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (40)<br>| &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp; (63)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (93384)<br>| &nbsp;&nbsp;&nbsp; (105843)<br>| &nbsp;&nbsp;&nbsp; (21402)<br>| &nbsp;&nbsp;&nbsp; (21019)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (518059)<br>| &nbsp;&nbsp;&nbsp; (437278)<br>| &nbsp;&nbsp;&nbsp; (155399)<br>| &nbsp;&nbsp;&nbsp; (158875)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 182010 | &nbsp;&nbsp;&nbsp; 261302 | &nbsp;&nbsp;&nbsp; 104501 | &nbsp;&nbsp;&nbsp; 1532084 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 168803 | &nbsp;&nbsp;&nbsp; 404540 | &nbsp;&nbsp;&nbsp; 1365567 | &nbsp;&nbsp;&nbsp; 3681986 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 6226658 | &nbsp;&nbsp;&nbsp; 5822118 | &nbsp;&nbsp;&nbsp; 19691450 | &nbsp;&nbsp;&nbsp; 16009464 |
| End of period | &nbsp;&nbsp;&nbsp; $6395461 | &nbsp;&nbsp;&nbsp; $6226658 | &nbsp;&nbsp;&nbsp; $21057017 | &nbsp;&nbsp;&nbsp; $19691450 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 79

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Hedged Equity 2 Fund**  | **JPMorgan Hedged Equity 2 Fund**  | **JPMorgan Hedged Equity 3 Fund**  | **JPMorgan Hedged Equity 3 Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| **Year Ended** <br>**June 30, 2024** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $38679 | &nbsp;&nbsp;&nbsp; $42041 | &nbsp;&nbsp;&nbsp; $22591 | &nbsp;&nbsp;&nbsp; $23775 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 132040 | &nbsp;&nbsp;&nbsp; (296445)<br>| &nbsp;&nbsp;&nbsp; 68173 | &nbsp;&nbsp;&nbsp; (116734)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 215751 | &nbsp;&nbsp;&nbsp; 811804 | &nbsp;&nbsp;&nbsp; 152796 | &nbsp;&nbsp;&nbsp; 563782 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 386470 | &nbsp;&nbsp;&nbsp; 557400 | &nbsp;&nbsp;&nbsp; 243560 | &nbsp;&nbsp;&nbsp; 470823 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1231)<br>| &nbsp;&nbsp;&nbsp; (1710)<br>| &nbsp;&nbsp;&nbsp; (654)<br>| &nbsp;&nbsp;&nbsp; (813)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (141)<br>| &nbsp;&nbsp;&nbsp; (423)<br>| &nbsp;&nbsp;&nbsp; (68)<br>| &nbsp;&nbsp;&nbsp; (203)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (30799)<br>| &nbsp;&nbsp;&nbsp; (34362)<br>| &nbsp;&nbsp;&nbsp; (17571)<br>| &nbsp;&nbsp;&nbsp; (19234)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (5788)<br>| &nbsp;&nbsp;&nbsp; (5646)<br>| &nbsp;&nbsp;&nbsp; (3828)<br>| &nbsp;&nbsp;&nbsp; (3412)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (37967)<br>| &nbsp;&nbsp;&nbsp; (42150)<br>| &nbsp;&nbsp;&nbsp; (22121)<br>| &nbsp;&nbsp;&nbsp; (23662)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 87975 | &nbsp;&nbsp;&nbsp; (376204)<br>| &nbsp;&nbsp;&nbsp; 95306 | &nbsp;&nbsp;&nbsp; 126169 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 436478 | &nbsp;&nbsp;&nbsp; 139046 | &nbsp;&nbsp;&nbsp; 316745 | &nbsp;&nbsp;&nbsp; 573330 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 4752540 | &nbsp;&nbsp;&nbsp; 4613494 | &nbsp;&nbsp;&nbsp; 2906846 | &nbsp;&nbsp;&nbsp; 2333516 |
| End of period | &nbsp;&nbsp;&nbsp; $5189018 | &nbsp;&nbsp;&nbsp; $4752540 | &nbsp;&nbsp;&nbsp; $3223591 | &nbsp;&nbsp;&nbsp; $2906846 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

80 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Large Cap Growth Fund**  | **JPMorgan Large Cap Growth Fund**  | **JPMorgan Large Cap Value Fund**  | **JPMorgan Large Cap Value Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $293567 | &nbsp;&nbsp;&nbsp; $114173 | &nbsp;&nbsp;&nbsp; $70401 | &nbsp;&nbsp;&nbsp; $65058 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 8078400 | &nbsp;&nbsp;&nbsp; 954304 | &nbsp;&nbsp;&nbsp; 266675 | &nbsp;&nbsp;&nbsp; 322875 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 6169405 | &nbsp;&nbsp;&nbsp; 23164754 | &nbsp;&nbsp;&nbsp; 249089 | &nbsp;&nbsp;&nbsp; 76976 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 14541372 | &nbsp;&nbsp;&nbsp; 24233231 | &nbsp;&nbsp;&nbsp; 586165 | &nbsp;&nbsp;&nbsp; 464909 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (73377)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (30009)<br>| &nbsp;&nbsp;&nbsp; (14392)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (15893)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8026)<br>| &nbsp;&nbsp;&nbsp; (3999)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (254318)<br>| &nbsp;&nbsp;&nbsp; (21930)<br>| &nbsp;&nbsp;&nbsp; (229234)<br>| &nbsp;&nbsp;&nbsp; (74780)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (2693)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1495)<br>| &nbsp;&nbsp;&nbsp; (679)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (7938)<br>| &nbsp;&nbsp;&nbsp; (347)<br>| &nbsp;&nbsp;&nbsp; (1406)<br>| &nbsp;&nbsp;&nbsp; (632)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (7545)<br>| &nbsp;&nbsp;&nbsp; (851)<br>| &nbsp;&nbsp;&nbsp; (171)<br>| &nbsp;&nbsp;&nbsp; (78)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (10307)<br>| &nbsp;&nbsp;&nbsp; (2077)<br>| &nbsp;&nbsp;&nbsp; (3551)<br>| &nbsp;&nbsp;&nbsp; (1765)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (770115)<br>| &nbsp;&nbsp;&nbsp; (144889)<br>| &nbsp;&nbsp;&nbsp; (224967)<br>| &nbsp;&nbsp;&nbsp; (101287)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (1142186)<br>| &nbsp;&nbsp;&nbsp; (170094)<br>| &nbsp;&nbsp;&nbsp; (498859)<br>| &nbsp;&nbsp;&nbsp; (197612)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 6585164 | &nbsp;&nbsp;&nbsp; 9430366 | &nbsp;&nbsp;&nbsp; 722622 | &nbsp;&nbsp;&nbsp; 505241 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 19984350 | &nbsp;&nbsp;&nbsp; 33493503 | &nbsp;&nbsp;&nbsp; 809928 | &nbsp;&nbsp;&nbsp; 772538 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 94080048 | &nbsp;&nbsp;&nbsp; 60586545 | &nbsp;&nbsp;&nbsp; 4240091 | &nbsp;&nbsp;&nbsp; 3467553 |
| End of period | &nbsp;&nbsp;&nbsp; $114064398 | &nbsp;&nbsp;&nbsp; $94080048 | &nbsp;&nbsp;&nbsp; $5050019 | &nbsp;&nbsp;&nbsp; $4240091 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 81

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Applied** <br>**Data Science Value Fund**  | **JPMorgan U.S. Applied** <br>**Data Science Value Fund**  | **JPMorgan U.S. Equity Fund**  | **JPMorgan U.S. Equity Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $2616 | &nbsp;&nbsp;&nbsp; $3043 | &nbsp;&nbsp;&nbsp; $190689 | &nbsp;&nbsp;&nbsp; $226826 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 12326 | &nbsp;&nbsp;&nbsp; 10911 | &nbsp;&nbsp;&nbsp; 1056495 | &nbsp;&nbsp;&nbsp; 1497047 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 3888 | &nbsp;&nbsp;&nbsp; 10558 | &nbsp;&nbsp;&nbsp; 2378950 | &nbsp;&nbsp;&nbsp; 4443808 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 18830 | &nbsp;&nbsp;&nbsp; 24512 | &nbsp;&nbsp;&nbsp; 3626134 | &nbsp;&nbsp;&nbsp; 6167681 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (3119)<br>| &nbsp;&nbsp;&nbsp; (2997)<br>| &nbsp;&nbsp;&nbsp; (160572)<br>| &nbsp;&nbsp;&nbsp; (34267)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (154)<br>| &nbsp;&nbsp;&nbsp; (217)<br>| &nbsp;&nbsp;&nbsp; (29799)<br>| &nbsp;&nbsp;&nbsp; (5216)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (6047)<br>| &nbsp;&nbsp;&nbsp; (5794)<br>| &nbsp;&nbsp;&nbsp; (325048)<br>| &nbsp;&nbsp;&nbsp; (75398)<br>|
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (222450)<br>| &nbsp;&nbsp;&nbsp; (43883)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (194)<br>| &nbsp;&nbsp;&nbsp; (171)<br>| &nbsp;&nbsp;&nbsp; (17541)<br>| &nbsp;&nbsp;&nbsp; (3653)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14448)<br>| &nbsp;&nbsp;&nbsp; (3237)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6843)<br>| &nbsp;&nbsp;&nbsp; (1479)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (292)<br>| &nbsp;&nbsp;&nbsp; (281)<br>| &nbsp;&nbsp;&nbsp; (78964)<br>| &nbsp;&nbsp;&nbsp; (22826)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (2876)<br>| &nbsp;&nbsp;&nbsp; (2739)<br>| &nbsp;&nbsp;&nbsp; (1064602)<br>| &nbsp;&nbsp;&nbsp; (300012)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (12682)<br>| &nbsp;&nbsp;&nbsp; (12199)<br>| &nbsp;&nbsp;&nbsp; (1920267)<br>| &nbsp;&nbsp;&nbsp; (489971)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (26844)<br>| &nbsp;&nbsp;&nbsp; (20502)<br>| &nbsp;&nbsp;&nbsp; 659457 | &nbsp;&nbsp;&nbsp; 962638 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (20696)<br>| &nbsp;&nbsp;&nbsp; (8189)<br>| &nbsp;&nbsp;&nbsp; 2365324 | &nbsp;&nbsp;&nbsp; 6640348 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 169390 | &nbsp;&nbsp;&nbsp; 177579 | &nbsp;&nbsp;&nbsp; 29813413 | &nbsp;&nbsp;&nbsp; 23173065 |
| End of period | &nbsp;&nbsp;&nbsp; $148694 | &nbsp;&nbsp;&nbsp; $169390 | &nbsp;&nbsp;&nbsp; $32178737 | &nbsp;&nbsp;&nbsp; $29813413 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

82 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. GARP Equity Fund**  | **JPMorgan U.S. GARP Equity Fund**  | **JPMorgan U.S. Large Cap Core Plus Fund**  | **JPMorgan U.S. Large Cap Core Plus Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $4970 | &nbsp;&nbsp;&nbsp; $4220 | &nbsp;&nbsp;&nbsp; $5609 | &nbsp;&nbsp;&nbsp; $2221 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 124902 | &nbsp;&nbsp;&nbsp; 71910 | &nbsp;&nbsp;&nbsp; 47824 | &nbsp;&nbsp;&nbsp; 148703 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 108805 | &nbsp;&nbsp;&nbsp; 322150 | &nbsp;&nbsp;&nbsp; 280250 | &nbsp;&nbsp;&nbsp; 356094 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 238677 | &nbsp;&nbsp;&nbsp; 398280 | &nbsp;&nbsp;&nbsp; 333683 | &nbsp;&nbsp;&nbsp; 507018 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (10778)<br>| &nbsp;&nbsp;&nbsp; (930)<br>| &nbsp;&nbsp;&nbsp; (22370)<br>| &nbsp;&nbsp;&nbsp; (26732)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (683)<br>| &nbsp;&nbsp;&nbsp; (78)<br>| &nbsp;&nbsp;&nbsp; (6307)<br>| &nbsp;&nbsp;&nbsp; (5198)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (11444)<br>| &nbsp;&nbsp;&nbsp; (1115)<br>| &nbsp;&nbsp;&nbsp; (107912)<br>| &nbsp;&nbsp;&nbsp; (100147)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (2874)<br>| &nbsp;&nbsp;&nbsp; (264)<br>| &nbsp;&nbsp;&nbsp; (592)<br>| &nbsp;&nbsp;&nbsp; (770)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (9189)<br>| &nbsp;&nbsp;&nbsp; (1369)<br>| &nbsp;&nbsp;&nbsp; (2791)<br>| &nbsp;&nbsp;&nbsp; (3591)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (57887)<br>| &nbsp;&nbsp;&nbsp; (8988)<br>| &nbsp;&nbsp;&nbsp; (35849)<br>| &nbsp;&nbsp;&nbsp; (32343)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (92855)<br>| &nbsp;&nbsp;&nbsp; (12744)<br>| &nbsp;&nbsp;&nbsp; (175821)<br>| &nbsp;&nbsp;&nbsp; (168781)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 211261 | &nbsp;&nbsp;&nbsp; (17228)<br>| &nbsp;&nbsp;&nbsp; 792132 | &nbsp;&nbsp;&nbsp; 621584 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 357083 | &nbsp;&nbsp;&nbsp; 368308 | &nbsp;&nbsp;&nbsp; 949994 | &nbsp;&nbsp;&nbsp; 959821 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 1514382 | &nbsp;&nbsp;&nbsp; 1146074 | &nbsp;&nbsp;&nbsp; 2388240 | &nbsp;&nbsp;&nbsp; 1428419 |
| End of period | &nbsp;&nbsp;&nbsp; $1871465 | &nbsp;&nbsp;&nbsp; $1514382 | &nbsp;&nbsp;&nbsp; $3338234 | &nbsp;&nbsp;&nbsp; $2388240 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 83

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Research** <br>**Enhanced Equity Fund**  | **JPMorgan U.S. Research** <br>**Enhanced Equity Fund**  | **JPMorgan U.S. Sustainable Leaders Fund**  | **JPMorgan U.S. Sustainable Leaders Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $110033 | &nbsp;&nbsp;&nbsp; $96297 | &nbsp;&nbsp;&nbsp; $1671 | &nbsp;&nbsp;&nbsp; $1672 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 488124 | &nbsp;&nbsp;&nbsp; 389481 | &nbsp;&nbsp;&nbsp; 31960 | &nbsp;&nbsp;&nbsp; 7449 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 722307 | &nbsp;&nbsp;&nbsp; 1483268 | &nbsp;&nbsp;&nbsp; (4942)<br>| &nbsp;&nbsp;&nbsp; 38938 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 1320464 | &nbsp;&nbsp;&nbsp; 1969046 | &nbsp;&nbsp;&nbsp; 28689 | &nbsp;&nbsp;&nbsp; 48059 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (11151)<br>| &nbsp;&nbsp;&nbsp; (1743)<br>| &nbsp;&nbsp;&nbsp; (369)<br>| &nbsp;&nbsp;&nbsp; (381)<br>|
| Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (10)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (70693)<br>| &nbsp;&nbsp;&nbsp; (9378)<br>| &nbsp;&nbsp;&nbsp; (680)<br>| &nbsp;&nbsp;&nbsp; (761)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (531861)<br>| &nbsp;&nbsp;&nbsp; (94354)<br>| &nbsp;&nbsp;&nbsp; (570)<br>| &nbsp;&nbsp;&nbsp; (586)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (613705)<br>| &nbsp;&nbsp;&nbsp; (105475)<br>| &nbsp;&nbsp;&nbsp; (1620)<br>| &nbsp;&nbsp;&nbsp; (1738)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 954145 | &nbsp;&nbsp;&nbsp; (52956)<br>| &nbsp;&nbsp;&nbsp; 26567 | &nbsp;&nbsp;&nbsp; (4851)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 1660904 | &nbsp;&nbsp;&nbsp; 1810615 | &nbsp;&nbsp;&nbsp; 53636 | &nbsp;&nbsp;&nbsp; 41470 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 9371634 | &nbsp;&nbsp;&nbsp; 7561019 | &nbsp;&nbsp;&nbsp; 217471 | &nbsp;&nbsp;&nbsp; 176001 |
| End of period | &nbsp;&nbsp;&nbsp; $11032538 | &nbsp;&nbsp;&nbsp; $9371634 | &nbsp;&nbsp;&nbsp; $271107 | &nbsp;&nbsp;&nbsp; $217471 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

84 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan U.S. Value Fund**  | **JPMorgan U.S. Value Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2024**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $84400 | &nbsp;&nbsp;&nbsp; $81408 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 203528 | &nbsp;&nbsp;&nbsp; 51708 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 368897 | &nbsp;&nbsp;&nbsp; 568618 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 656825 | &nbsp;&nbsp;&nbsp; 701734 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (37003)<br>| &nbsp;&nbsp;&nbsp; (15859)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (3127)<br>| &nbsp;&nbsp;&nbsp; (1227)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (71787)<br>| &nbsp;&nbsp;&nbsp; (35684)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (158)<br>| &nbsp;&nbsp;&nbsp; (63)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (254)<br>| &nbsp;&nbsp;&nbsp; (126)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp; (48)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (397)<br>| &nbsp;&nbsp;&nbsp; (164)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (56148)<br>| &nbsp;&nbsp;&nbsp; (29023)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (168932)<br>| &nbsp;&nbsp;&nbsp; (82194)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 211140 | &nbsp;&nbsp;&nbsp; 373543 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 699033 | &nbsp;&nbsp;&nbsp; 993083 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 5697988 | &nbsp;&nbsp;&nbsp; 4704905 |
| End of period | &nbsp;&nbsp;&nbsp; $6397021 | &nbsp;&nbsp;&nbsp; $5697988 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 85

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Income Fund** | **JPMorgan Equity Income Fund** | **JPMorgan Equity Index Fund** | **JPMorgan Equity Index Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $555740 | &nbsp;&nbsp;&nbsp; $474879 | &nbsp;&nbsp;&nbsp; $99188 | &nbsp;&nbsp;&nbsp; $101173 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 324641 | &nbsp;&nbsp;&nbsp; 104336 | &nbsp;&nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp; 8584 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (894899)<br>| &nbsp;&nbsp;&nbsp; (867859)<br>| &nbsp;&nbsp;&nbsp; (132757)<br>| &nbsp;&nbsp;&nbsp; (102906)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (14518)<br>| &nbsp;&nbsp;&nbsp; (288644)<br>| &nbsp;&nbsp;&nbsp; (25169)<br>| &nbsp;&nbsp;&nbsp; 6851 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 49178 | &nbsp;&nbsp;&nbsp; 27076 | &nbsp;&nbsp;&nbsp; 6265 | &nbsp;&nbsp;&nbsp; 9259 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 48821 | &nbsp;&nbsp;&nbsp; 16905 | &nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp; 379 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (273537)<br>| &nbsp;&nbsp;&nbsp; (343123)<br>| &nbsp;&nbsp;&nbsp; (32004)<br>| &nbsp;&nbsp;&nbsp; (27876)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (175538)<br>| &nbsp;&nbsp;&nbsp; (299142)<br>| &nbsp;&nbsp;&nbsp; (25526)<br>| &nbsp;&nbsp;&nbsp; (18238)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1949103 | &nbsp;&nbsp;&nbsp; 2197361 | &nbsp;&nbsp;&nbsp; 415258 | &nbsp;&nbsp;&nbsp; 284182 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1095729 | &nbsp;&nbsp;&nbsp; 424957 | &nbsp;&nbsp;&nbsp; 14937 | &nbsp;&nbsp;&nbsp; 13817 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4522118)<br>| &nbsp;&nbsp;&nbsp; (6220404)<br>| &nbsp;&nbsp;&nbsp; (432614)<br>| &nbsp;&nbsp;&nbsp; (231292)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (1477286)<br>| &nbsp;&nbsp;&nbsp; (3598086)<br>| &nbsp;&nbsp;&nbsp; (2419)<br>| &nbsp;&nbsp;&nbsp; 66707 |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 11718 | &nbsp;&nbsp;&nbsp; 10900 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 6934 | &nbsp;&nbsp;&nbsp; 2295 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (26808)<br>| &nbsp;&nbsp;&nbsp; (28544)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; (8156)<br>| &nbsp;&nbsp;&nbsp; (15349)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 28040 | &nbsp;&nbsp;&nbsp; 31210 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 10554 | &nbsp;&nbsp;&nbsp; 4282 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (55097)<br>| &nbsp;&nbsp;&nbsp; (105455)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; (16503)<br>| &nbsp;&nbsp;&nbsp; (69963)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 36575 | &nbsp;&nbsp;&nbsp; 26494 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 12783 | &nbsp;&nbsp;&nbsp; 5968 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (132388)<br>| &nbsp;&nbsp;&nbsp; (97769)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; (83030)<br>| &nbsp;&nbsp;&nbsp; (65307)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 91207 | &nbsp;&nbsp;&nbsp; 160612 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 63131 | &nbsp;&nbsp;&nbsp; 32722 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (367523)<br>| &nbsp;&nbsp;&nbsp; (667169)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; (213185)<br>| &nbsp;&nbsp;&nbsp; (473835)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

86 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Income Fund** | **JPMorgan Equity Income Fund** | **JPMorgan Equity Index Fund** | **JPMorgan Equity Index Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $2524007 | &nbsp;&nbsp;&nbsp; $2874729 | &nbsp;&nbsp;&nbsp; $1238525 | &nbsp;&nbsp;&nbsp; $1054010 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1704252 | &nbsp;&nbsp;&nbsp; 636688 | &nbsp;&nbsp;&nbsp; 107688 | &nbsp;&nbsp;&nbsp; 100847 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (5224303)<br>| &nbsp;&nbsp;&nbsp; (5329488)<br>| &nbsp;&nbsp;&nbsp; (1638325)<br>| &nbsp;&nbsp;&nbsp; (773031)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (996044)<br>| &nbsp;&nbsp;&nbsp; (1818071)<br>| &nbsp;&nbsp;&nbsp; (292112)<br>| &nbsp;&nbsp;&nbsp; 381826 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(2984260)<br>| &nbsp;&nbsp;&nbsp; $(6628397)<br>| &nbsp;&nbsp;&nbsp; $(345226)<br>| &nbsp;&nbsp;&nbsp; $437146 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 22818 | &nbsp;&nbsp;&nbsp; 21168 | &nbsp;&nbsp;&nbsp; 1144 | &nbsp;&nbsp;&nbsp; 1423 |
| Reinvested | &nbsp;&nbsp;&nbsp; 13333 | &nbsp;&nbsp;&nbsp; 4674 | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 118 |
| Redeemed | &nbsp;&nbsp;&nbsp; (36814)<br>| &nbsp;&nbsp;&nbsp; (38804)<br>| &nbsp;&nbsp;&nbsp; (1539)<br>| &nbsp;&nbsp;&nbsp; (1449)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (663)<br>| &nbsp;&nbsp;&nbsp; (12962)<br>| &nbsp;&nbsp;&nbsp; (299)<br>| &nbsp;&nbsp;&nbsp; 92 |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2069 | &nbsp;&nbsp;&nbsp; 1226 | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 134 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2058 | &nbsp;&nbsp;&nbsp; 777 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 5 |
| Redeemed | &nbsp;&nbsp;&nbsp; (11531)<br>| &nbsp;&nbsp;&nbsp; (15780)<br>| &nbsp;&nbsp;&nbsp; (374)<br>| &nbsp;&nbsp;&nbsp; (400)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (7404)<br>| &nbsp;&nbsp;&nbsp; (13777)<br>| &nbsp;&nbsp;&nbsp; (297)<br>| &nbsp;&nbsp;&nbsp; (261)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 78437 | &nbsp;&nbsp;&nbsp; 96189 | &nbsp;&nbsp;&nbsp; 4848 | &nbsp;&nbsp;&nbsp; 4014 |
| Reinvested | &nbsp;&nbsp;&nbsp; 43999 | &nbsp;&nbsp;&nbsp; 18672 | &nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; 190 |
| Redeemed | &nbsp;&nbsp;&nbsp; (181387)<br>| &nbsp;&nbsp;&nbsp; (272863)<br>| &nbsp;&nbsp;&nbsp; (5053)<br>| &nbsp;&nbsp;&nbsp; (3211)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (58951)<br>| &nbsp;&nbsp;&nbsp; (158002)<br>| &nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp; 993 |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp; 488 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (1103)<br>| &nbsp;&nbsp;&nbsp; (1286)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (331)<br>| &nbsp;&nbsp;&nbsp; (694)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1156 | &nbsp;&nbsp;&nbsp; 1384 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 434 | &nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (2258)<br>| &nbsp;&nbsp;&nbsp; (4608)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; (668)<br>| &nbsp;&nbsp;&nbsp; (3032)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1465 | &nbsp;&nbsp;&nbsp; 1160 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 514 | &nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (5322)<br>| &nbsp;&nbsp;&nbsp; (4363)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; (3343)<br>| &nbsp;&nbsp;&nbsp; (2940)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 87

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Income Fund** | **JPMorgan Equity Income Fund** | **JPMorgan Equity Index Fund** | **JPMorgan Equity Index Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3653 | &nbsp;&nbsp;&nbsp; 7004 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 2532 | &nbsp;&nbsp;&nbsp; 1438 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (14705)<br>| &nbsp;&nbsp;&nbsp; (28437)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (8520)<br>| &nbsp;&nbsp;&nbsp; (19995)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 101438 | &nbsp;&nbsp;&nbsp; 125803 | &nbsp;&nbsp;&nbsp; 14545 | &nbsp;&nbsp;&nbsp; 14642 |
| Reinvested | &nbsp;&nbsp;&nbsp; 68428 | &nbsp;&nbsp;&nbsp; 27943 | &nbsp;&nbsp;&nbsp; 1225 | &nbsp;&nbsp;&nbsp; 1384 |
| Redeemed | &nbsp;&nbsp;&nbsp; (209602)<br>| &nbsp;&nbsp;&nbsp; (232690)<br>| &nbsp;&nbsp;&nbsp; (18797)<br>| &nbsp;&nbsp;&nbsp; (10801)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (39736)<br>| &nbsp;&nbsp;&nbsp; (78944)<br>| &nbsp;&nbsp;&nbsp; (3027)<br>| &nbsp;&nbsp;&nbsp; 5225 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

88 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Premium** <br>**Income Fund** | **JPMorgan Equity Premium** <br>**Income Fund** | **JPMorgan Hedged Equity Fund** | **JPMorgan Hedged Equity Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $167635 | &nbsp;&nbsp;&nbsp; $251147 | &nbsp;&nbsp;&nbsp; $433602 | &nbsp;&nbsp;&nbsp; $366327 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 43974 | &nbsp;&nbsp;&nbsp; 32489 | &nbsp;&nbsp;&nbsp; 7426 | &nbsp;&nbsp;&nbsp; 8829 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (165062)<br>| &nbsp;&nbsp;&nbsp; (151996)<br>| &nbsp;&nbsp;&nbsp; (468982)<br>| &nbsp;&nbsp;&nbsp; (414037)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 46547 | &nbsp;&nbsp;&nbsp; 131640 | &nbsp;&nbsp;&nbsp; (27954)<br>| &nbsp;&nbsp;&nbsp; (38881)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 72603 | &nbsp;&nbsp;&nbsp; 91300 | &nbsp;&nbsp;&nbsp; 151872 | &nbsp;&nbsp;&nbsp; 105638 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 23363 | &nbsp;&nbsp;&nbsp; 17368 | &nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp; 1002 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (61736)<br>| &nbsp;&nbsp;&nbsp; (42446)<br>| &nbsp;&nbsp;&nbsp; (101015)<br>| &nbsp;&nbsp;&nbsp; (89357)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 34230 | &nbsp;&nbsp;&nbsp; 66222 | &nbsp;&nbsp;&nbsp; 51242 | &nbsp;&nbsp;&nbsp; 17283 |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1860331 | &nbsp;&nbsp;&nbsp; 1899414 | &nbsp;&nbsp;&nbsp; 4931189 | &nbsp;&nbsp;&nbsp; 4608281 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 348924 | &nbsp;&nbsp;&nbsp; 274702 | &nbsp;&nbsp;&nbsp; 123002 | &nbsp;&nbsp;&nbsp; 124164 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1874710)<br>| &nbsp;&nbsp;&nbsp; (1747336)<br>| &nbsp;&nbsp;&nbsp; (4629408)<br>| &nbsp;&nbsp;&nbsp; (3579626)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 334545 | &nbsp;&nbsp;&nbsp; 426780 | &nbsp;&nbsp;&nbsp; 424783 | &nbsp;&nbsp;&nbsp; 1152819 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 596 | &nbsp;&nbsp;&nbsp; 374 | &nbsp;&nbsp;&nbsp; 755 | &nbsp;&nbsp;&nbsp; 661 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 63 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (368)<br>| &nbsp;&nbsp;&nbsp; (824)<br>| &nbsp;&nbsp;&nbsp; (3745)<br>| &nbsp;&nbsp;&nbsp; (1654)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; (417)<br>| &nbsp;&nbsp;&nbsp; (2948)<br>| &nbsp;&nbsp;&nbsp; (930)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 46941 | &nbsp;&nbsp;&nbsp; 89356 | &nbsp;&nbsp;&nbsp; 1051969 | &nbsp;&nbsp;&nbsp; 994924 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 87749 | &nbsp;&nbsp;&nbsp; 99145 | &nbsp;&nbsp;&nbsp; 11285 | &nbsp;&nbsp;&nbsp; 10673 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (368269)<br>| &nbsp;&nbsp;&nbsp; (551424)<br>| &nbsp;&nbsp;&nbsp; (1403876)<br>| &nbsp;&nbsp;&nbsp; (603804)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (233579)<br>| &nbsp;&nbsp;&nbsp; (362923)<br>| &nbsp;&nbsp;&nbsp; (340622)<br>| &nbsp;&nbsp;&nbsp; 401793 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $182010 | &nbsp;&nbsp;&nbsp; $261302 | &nbsp;&nbsp;&nbsp; $104501 | &nbsp;&nbsp;&nbsp; $1532084 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 11673 | &nbsp;&nbsp;&nbsp; 18250 | &nbsp;&nbsp;&nbsp; 13424 | &nbsp;&nbsp;&nbsp; 12875 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3068 | &nbsp;&nbsp;&nbsp; 2356 | &nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp; 310 |
| Redeemed | &nbsp;&nbsp;&nbsp; (11580)<br>| &nbsp;&nbsp;&nbsp; (11084)<br>| &nbsp;&nbsp;&nbsp; (14512)<br>| &nbsp;&nbsp;&nbsp; (14536)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 3161 | &nbsp;&nbsp;&nbsp; 9522 | &nbsp;&nbsp;&nbsp; (860)<br>| &nbsp;&nbsp;&nbsp; (1351)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5047 | &nbsp;&nbsp;&nbsp; 6633 | &nbsp;&nbsp;&nbsp; 4714 | &nbsp;&nbsp;&nbsp; 3734 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1631 | &nbsp;&nbsp;&nbsp; 1259 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 36 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4314)<br>| &nbsp;&nbsp;&nbsp; (3070)<br>| &nbsp;&nbsp;&nbsp; (3148)<br>| &nbsp;&nbsp;&nbsp; (3196)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 2364 | &nbsp;&nbsp;&nbsp; 4822 | &nbsp;&nbsp;&nbsp; 1578 | &nbsp;&nbsp;&nbsp; 574 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 89

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Premium**<br> **Income Fund** | **JPMorgan Equity Premium**<br> **Income Fund** | **JPMorgan Hedged Equity Fund** | **JPMorgan Hedged Equity Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 130053 | &nbsp;&nbsp;&nbsp; 137688 | &nbsp;&nbsp;&nbsp; 152732 | &nbsp;&nbsp;&nbsp; 161008 |
| Reinvested | &nbsp;&nbsp;&nbsp; 24338 | &nbsp;&nbsp;&nbsp; 19915 | &nbsp;&nbsp;&nbsp; 3759 | &nbsp;&nbsp;&nbsp; 4320 |
| Redeemed | &nbsp;&nbsp;&nbsp; (131228)<br>| &nbsp;&nbsp;&nbsp; (127259)<br>| &nbsp;&nbsp;&nbsp; (143167)<br>| &nbsp;&nbsp;&nbsp; (125195)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 23163 | &nbsp;&nbsp;&nbsp; 30344 | &nbsp;&nbsp;&nbsp; 13324 | &nbsp;&nbsp;&nbsp; 40133 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 24 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 |
| Redeemed | &nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; (60)<br>| &nbsp;&nbsp;&nbsp; (116)<br>| &nbsp;&nbsp;&nbsp; (58)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; (31)<br>| &nbsp;&nbsp;&nbsp; (92)<br>| &nbsp;&nbsp;&nbsp; (32)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3279 | &nbsp;&nbsp;&nbsp; 6496 | &nbsp;&nbsp;&nbsp; 32862 | &nbsp;&nbsp;&nbsp; 34871 |
| Reinvested | &nbsp;&nbsp;&nbsp; 6113 | &nbsp;&nbsp;&nbsp; 7203 | &nbsp;&nbsp;&nbsp; 344 | &nbsp;&nbsp;&nbsp; 369 |
| Redeemed | &nbsp;&nbsp;&nbsp; (25699)<br>| &nbsp;&nbsp;&nbsp; (40090)<br>| &nbsp;&nbsp;&nbsp; (43210)<br>| &nbsp;&nbsp;&nbsp; (21331)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (16307)<br>| &nbsp;&nbsp;&nbsp; (26391)<br>| &nbsp;&nbsp;&nbsp; (10004)<br>| &nbsp;&nbsp;&nbsp; 13909 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

90 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Hedged Equity 2 Fund** | **JPMorgan Hedged Equity 2 Fund** | **JPMorgan Hedged Equity 3 Fund** | **JPMorgan Hedged Equity 3 Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $53180 | &nbsp;&nbsp;&nbsp; $52638 | &nbsp;&nbsp;&nbsp; $50870 | &nbsp;&nbsp;&nbsp; $41397 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1227 | &nbsp;&nbsp;&nbsp; 1707 | &nbsp;&nbsp;&nbsp; 653 | &nbsp;&nbsp;&nbsp; 810 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (72587)<br>| &nbsp;&nbsp;&nbsp; (99956)<br>| &nbsp;&nbsp;&nbsp; (43353)<br>| &nbsp;&nbsp;&nbsp; (42917)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (18180)<br>| &nbsp;&nbsp;&nbsp; (45611)<br>| &nbsp;&nbsp;&nbsp; 8170 | &nbsp;&nbsp;&nbsp; (710)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 46176 | &nbsp;&nbsp;&nbsp; 32284 | &nbsp;&nbsp;&nbsp; 37734 | &nbsp;&nbsp;&nbsp; 26762 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 201 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (47195)<br>| &nbsp;&nbsp;&nbsp; (63073)<br>| &nbsp;&nbsp;&nbsp; (18575)<br>| &nbsp;&nbsp;&nbsp; (28818)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (879)<br>| &nbsp;&nbsp;&nbsp; (30367)<br>| &nbsp;&nbsp;&nbsp; 19226 | &nbsp;&nbsp;&nbsp; (1855)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1709276 | &nbsp;&nbsp;&nbsp; 1701540 | &nbsp;&nbsp;&nbsp; 1248542 | &nbsp;&nbsp;&nbsp; 1157344 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 30066 | &nbsp;&nbsp;&nbsp; 33482 | &nbsp;&nbsp;&nbsp; 17272 | &nbsp;&nbsp;&nbsp; 18942 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1617312)<br>| &nbsp;&nbsp;&nbsp; (1918291)<br>| &nbsp;&nbsp;&nbsp; (1121441)<br>| &nbsp;&nbsp;&nbsp; (1170627)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 122030 | &nbsp;&nbsp;&nbsp; (183269)<br>| &nbsp;&nbsp;&nbsp; 144373 | &nbsp;&nbsp;&nbsp; 5659 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 356 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (229)<br>| &nbsp;&nbsp;&nbsp; (108)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (5)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (5)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 696148 | &nbsp;&nbsp;&nbsp; 311448 | &nbsp;&nbsp;&nbsp; 229540 | &nbsp;&nbsp;&nbsp; 258885 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 5347 | &nbsp;&nbsp;&nbsp; 5331 | &nbsp;&nbsp;&nbsp; 3368 | &nbsp;&nbsp;&nbsp; 3148 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (716626)<br>| &nbsp;&nbsp;&nbsp; (433708)<br>| &nbsp;&nbsp;&nbsp; (309377)<br>| &nbsp;&nbsp;&nbsp; (138953)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (15131)<br>| &nbsp;&nbsp;&nbsp; (116929)<br>| &nbsp;&nbsp;&nbsp; (76469)<br>| &nbsp;&nbsp;&nbsp; 123080 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $87975 | &nbsp;&nbsp;&nbsp; $(376204)<br>| &nbsp;&nbsp;&nbsp; $95306 | &nbsp;&nbsp;&nbsp; $126169 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2896 | &nbsp;&nbsp;&nbsp; 3318 | &nbsp;&nbsp;&nbsp; 2659 | &nbsp;&nbsp;&nbsp; 2520 |
| Reinvested | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 49 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3965)<br>| &nbsp;&nbsp;&nbsp; (6235)<br>| &nbsp;&nbsp;&nbsp; (2287)<br>| &nbsp;&nbsp;&nbsp; (2598)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (1002)<br>| &nbsp;&nbsp;&nbsp; (2811)<br>| &nbsp;&nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp; (29)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2525 | &nbsp;&nbsp;&nbsp; 2018 | &nbsp;&nbsp;&nbsp; 1986 | &nbsp;&nbsp;&nbsp; 1654 |
| Reinvested | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 12 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2589)<br>| &nbsp;&nbsp;&nbsp; (3959)<br>| &nbsp;&nbsp;&nbsp; (985)<br>| &nbsp;&nbsp;&nbsp; (1759)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp; (1914)<br>| &nbsp;&nbsp;&nbsp; 1005 | &nbsp;&nbsp;&nbsp; (93)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 91

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Hedged Equity 2 Fund** | **JPMorgan Hedged Equity 2 Fund** | **JPMorgan Hedged Equity 3 Fund** | **JPMorgan Hedged Equity 3 Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 93439 | &nbsp;&nbsp;&nbsp; 106534 | &nbsp;&nbsp;&nbsp; 65878 | &nbsp;&nbsp;&nbsp; 70639 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1630 | &nbsp;&nbsp;&nbsp; 2072 | &nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 1131 |
| Redeemed | &nbsp;&nbsp;&nbsp; (88889)<br>| &nbsp;&nbsp;&nbsp; (119230)<br>| &nbsp;&nbsp;&nbsp; (59100)<br>| &nbsp;&nbsp;&nbsp; (70009)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 6180 | &nbsp;&nbsp;&nbsp; (10624)<br>| &nbsp;&nbsp;&nbsp; 7678 | &nbsp;&nbsp;&nbsp; 1761 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (1)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 38309 | &nbsp;&nbsp;&nbsp; 19836 | &nbsp;&nbsp;&nbsp; 12266 | &nbsp;&nbsp;&nbsp; 15990 |
| Reinvested | &nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp; 332 | &nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp; 186 |
| Redeemed | &nbsp;&nbsp;&nbsp; (39290)<br>| &nbsp;&nbsp;&nbsp; (26802)<br>| &nbsp;&nbsp;&nbsp; (16225)<br>| &nbsp;&nbsp;&nbsp; (8076)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (691)<br>| &nbsp;&nbsp;&nbsp; (6634)<br>| &nbsp;&nbsp;&nbsp; (3783)<br>| &nbsp;&nbsp;&nbsp; 8100 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

92 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Large Cap Growth Fund** | **JPMorgan Large Cap Growth Fund** | **JPMorgan Large Cap Value Fund** | **JPMorgan Large Cap Value Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1365507 | &nbsp;&nbsp;&nbsp; $1164930 | &nbsp;&nbsp;&nbsp; $52975 | &nbsp;&nbsp;&nbsp; $42710 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 68401 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29497 | &nbsp;&nbsp;&nbsp; 14115 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1303748)<br>| &nbsp;&nbsp;&nbsp; (909031)<br>| &nbsp;&nbsp;&nbsp; (68031)<br>| &nbsp;&nbsp;&nbsp; (70402)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 130160 | &nbsp;&nbsp;&nbsp; 255899 | &nbsp;&nbsp;&nbsp; 14441 | &nbsp;&nbsp;&nbsp; (13577)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 314836 | &nbsp;&nbsp;&nbsp; 216550 | &nbsp;&nbsp;&nbsp; 10817 | &nbsp;&nbsp;&nbsp; 10707 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 14918 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8012 | &nbsp;&nbsp;&nbsp; 3987 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (205022)<br>| &nbsp;&nbsp;&nbsp; (174049)<br>| &nbsp;&nbsp;&nbsp; (25659)<br>| &nbsp;&nbsp;&nbsp; (30486)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 124732 | &nbsp;&nbsp;&nbsp; 42501 | &nbsp;&nbsp;&nbsp; (6830)<br>| &nbsp;&nbsp;&nbsp; (15792)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 8851531 | &nbsp;&nbsp;&nbsp; 6590720 | &nbsp;&nbsp;&nbsp; 1038031 | &nbsp;&nbsp;&nbsp; 1012719 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 229506 | &nbsp;&nbsp;&nbsp; 19621 | &nbsp;&nbsp;&nbsp; 209647 | &nbsp;&nbsp;&nbsp; 68827 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (5429101)<br>| &nbsp;&nbsp;&nbsp; (5408878)<br>| &nbsp;&nbsp;&nbsp; (853169)<br>| &nbsp;&nbsp;&nbsp; (643129)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 3651936 | &nbsp;&nbsp;&nbsp; 1201463 | &nbsp;&nbsp;&nbsp; 394509 | &nbsp;&nbsp;&nbsp; 438417 |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 84283 | &nbsp;&nbsp;&nbsp; 100595 | &nbsp;&nbsp;&nbsp; 3248 | &nbsp;&nbsp;&nbsp; 3239 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2674 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1490 | &nbsp;&nbsp;&nbsp; 677 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (81309)<br>| &nbsp;&nbsp;&nbsp; (51352)<br>| &nbsp;&nbsp;&nbsp; (2633)<br>| &nbsp;&nbsp;&nbsp; (4134)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; 5648 | &nbsp;&nbsp;&nbsp; 49243 | &nbsp;&nbsp;&nbsp; 2105 | &nbsp;&nbsp;&nbsp; (218)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 233009 | &nbsp;&nbsp;&nbsp; 383762 | &nbsp;&nbsp;&nbsp; 1737 | &nbsp;&nbsp;&nbsp; 3405 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 6361 | &nbsp;&nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp; 1405 | &nbsp;&nbsp;&nbsp; 632 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (224034)<br>| &nbsp;&nbsp;&nbsp; (217533)<br>| &nbsp;&nbsp;&nbsp; (1945)<br>| &nbsp;&nbsp;&nbsp; (2295)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; 15336 | &nbsp;&nbsp;&nbsp; 166512 | &nbsp;&nbsp;&nbsp; 1197 | &nbsp;&nbsp;&nbsp; 1742 |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 200144 | &nbsp;&nbsp;&nbsp; 214168 | &nbsp;&nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp; 884 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 7273 | &nbsp;&nbsp;&nbsp; 826 | &nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; 77 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (267198)<br>| &nbsp;&nbsp;&nbsp; (190307)<br>| &nbsp;&nbsp;&nbsp; (1279)<br>| &nbsp;&nbsp;&nbsp; (191)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; (59781)<br>| &nbsp;&nbsp;&nbsp; 24687 | &nbsp;&nbsp;&nbsp; (921)<br>| &nbsp;&nbsp;&nbsp; 770 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 244615 | &nbsp;&nbsp;&nbsp; 198025 | &nbsp;&nbsp;&nbsp; 5017 | &nbsp;&nbsp;&nbsp; 9664 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 9991 | &nbsp;&nbsp;&nbsp; 2028 | &nbsp;&nbsp;&nbsp; 3309 | &nbsp;&nbsp;&nbsp; 1658 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (379940)<br>| &nbsp;&nbsp;&nbsp; (443519)<br>| &nbsp;&nbsp;&nbsp; (15297)<br>| &nbsp;&nbsp;&nbsp; (7983)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; (125334)<br>| &nbsp;&nbsp;&nbsp; (243466)<br>| &nbsp;&nbsp;&nbsp; (6971)<br>| &nbsp;&nbsp;&nbsp; 3339 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 93

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Large Cap Growth Fund** | **JPMorgan Large Cap Growth Fund** | **JPMorgan Large Cap Value Fund** | **JPMorgan Large Cap Value Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $15792636 | &nbsp;&nbsp;&nbsp; $16706100 | &nbsp;&nbsp;&nbsp; $481222 | &nbsp;&nbsp;&nbsp; $341179 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 734332 | &nbsp;&nbsp;&nbsp; 137456 | &nbsp;&nbsp;&nbsp; 219587 | &nbsp;&nbsp;&nbsp; 99088 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (13684501)<br>| &nbsp;&nbsp;&nbsp; (8910029)<br>| &nbsp;&nbsp;&nbsp; (375717)<br>| &nbsp;&nbsp;&nbsp; (349707)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 2842467 | &nbsp;&nbsp;&nbsp; 7933527 | &nbsp;&nbsp;&nbsp; 325092 | &nbsp;&nbsp;&nbsp; 90560 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $6585164 | &nbsp;&nbsp;&nbsp; $9430366 | &nbsp;&nbsp;&nbsp; $722622 | &nbsp;&nbsp;&nbsp; $505241 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 18154 | &nbsp;&nbsp;&nbsp; 19277 | &nbsp;&nbsp;&nbsp; 2536 | &nbsp;&nbsp;&nbsp; 2226 |
| Reinvested | &nbsp;&nbsp;&nbsp; 856 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1399 | &nbsp;&nbsp;&nbsp; 742 |
| Redeemed | &nbsp;&nbsp;&nbsp; (17409)<br>| &nbsp;&nbsp;&nbsp; (15062)<br>| &nbsp;&nbsp;&nbsp; (3254)<br>| &nbsp;&nbsp;&nbsp; (3655)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 1601 | &nbsp;&nbsp;&nbsp; 4215 | &nbsp;&nbsp;&nbsp; 681 | &nbsp;&nbsp;&nbsp; (687)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6392 | &nbsp;&nbsp;&nbsp; 5351 | &nbsp;&nbsp;&nbsp; 551 | &nbsp;&nbsp;&nbsp; 588 |
| Reinvested | &nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp; 222 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4184)<br>| &nbsp;&nbsp;&nbsp; (4419)<br>| &nbsp;&nbsp;&nbsp; (1311)<br>| &nbsp;&nbsp;&nbsp; (1686)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 2494 | &nbsp;&nbsp;&nbsp; 932 | &nbsp;&nbsp;&nbsp; (356)<br>| &nbsp;&nbsp;&nbsp; (876)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 114687 | &nbsp;&nbsp;&nbsp; 106184 | &nbsp;&nbsp;&nbsp; 50643 | &nbsp;&nbsp;&nbsp; 52517 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2788 | &nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp; 10201 | &nbsp;&nbsp;&nbsp; 3692 |
| Redeemed | &nbsp;&nbsp;&nbsp; (70456)<br>| &nbsp;&nbsp;&nbsp; (86145)<br>| &nbsp;&nbsp;&nbsp; (42072)<br>| &nbsp;&nbsp;&nbsp; (34003)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 47019 | &nbsp;&nbsp;&nbsp; 20369 | &nbsp;&nbsp;&nbsp; 18772 | &nbsp;&nbsp;&nbsp; 22206 |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1215 | &nbsp;&nbsp;&nbsp; 1826 | &nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp; 169 |
| Reinvested | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 36 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1153)<br>| &nbsp;&nbsp;&nbsp; (908)<br>| &nbsp;&nbsp;&nbsp; (126)<br>| &nbsp;&nbsp;&nbsp; (214)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 918 | &nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; (9)<br>|
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3070 | &nbsp;&nbsp;&nbsp; 6632 | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 185 |
| Reinvested | &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 34 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2963)<br>| &nbsp;&nbsp;&nbsp; (3390)<br>| &nbsp;&nbsp;&nbsp; (97)<br>| &nbsp;&nbsp;&nbsp; (122)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp; 3247 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 97 |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2579 | &nbsp;&nbsp;&nbsp; 3562 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 44 |
| Reinvested | &nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 4 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3495)<br>| &nbsp;&nbsp;&nbsp; (3025)<br>| &nbsp;&nbsp;&nbsp; (63)<br>| &nbsp;&nbsp;&nbsp; (10)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; (827)<br>| &nbsp;&nbsp;&nbsp; 551 | &nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp; 38 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

94 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Large Cap Growth Fund** | **JPMorgan Large Cap Growth Fund** | **JPMorgan Large Cap Value Fund** | **JPMorgan Large Cap Value Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3109 | &nbsp;&nbsp;&nbsp; 3155 | &nbsp;&nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp; 509 |
| Reinvested | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; 88 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4765)<br>| &nbsp;&nbsp;&nbsp; (7123)<br>| &nbsp;&nbsp;&nbsp; (731)<br>| &nbsp;&nbsp;&nbsp; (417)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (1539)<br>| &nbsp;&nbsp;&nbsp; (3935)<br>| &nbsp;&nbsp;&nbsp; (330)<br>| &nbsp;&nbsp;&nbsp; 180 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 194227 | &nbsp;&nbsp;&nbsp; 260917 | &nbsp;&nbsp;&nbsp; 24023 | &nbsp;&nbsp;&nbsp; 18164 |
| Reinvested | &nbsp;&nbsp;&nbsp; 8521 | &nbsp;&nbsp;&nbsp; 2206 | &nbsp;&nbsp;&nbsp; 10624 | &nbsp;&nbsp;&nbsp; 5288 |
| Redeemed | &nbsp;&nbsp;&nbsp; (168387)<br>| &nbsp;&nbsp;&nbsp; (134731)<br>| &nbsp;&nbsp;&nbsp; (18433)<br>| &nbsp;&nbsp;&nbsp; (18626)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 34361 | &nbsp;&nbsp;&nbsp; 128392 | &nbsp;&nbsp;&nbsp; 16214 | &nbsp;&nbsp;&nbsp; 4826 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 95

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Applied** <br>**Data Science Value Fund** | **JPMorgan U.S. Applied** <br>**Data Science Value Fund** | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. Equity Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $2723 | &nbsp;&nbsp;&nbsp; $2696 | &nbsp;&nbsp;&nbsp; $569469 | &nbsp;&nbsp;&nbsp; $516558 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2998 | &nbsp;&nbsp;&nbsp; 2890 | &nbsp;&nbsp;&nbsp; 153797 | &nbsp;&nbsp;&nbsp; 32444 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (8823)<br>| &nbsp;&nbsp;&nbsp; (14989)<br>| &nbsp;&nbsp;&nbsp; (549132)<br>| &nbsp;&nbsp;&nbsp; (374492)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (3102)<br>| &nbsp;&nbsp;&nbsp; (9403)<br>| &nbsp;&nbsp;&nbsp; 174134 | &nbsp;&nbsp;&nbsp; 174510 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 126148 | &nbsp;&nbsp;&nbsp; 119408 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp; 29002 | &nbsp;&nbsp;&nbsp; 5089 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1007)<br>| &nbsp;&nbsp;&nbsp; (2032)<br>| &nbsp;&nbsp;&nbsp; (126062)<br>| &nbsp;&nbsp;&nbsp; (133496)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (695)<br>| &nbsp;&nbsp;&nbsp; (1746)<br>| &nbsp;&nbsp;&nbsp; 29088 | &nbsp;&nbsp;&nbsp; (8999)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 3279 | &nbsp;&nbsp;&nbsp; 4012 | &nbsp;&nbsp;&nbsp; 1461424 | &nbsp;&nbsp;&nbsp; 1840142 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 6016 | &nbsp;&nbsp;&nbsp; 5750 | &nbsp;&nbsp;&nbsp; 309179 | &nbsp;&nbsp;&nbsp; 73038 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (25480)<br>| &nbsp;&nbsp;&nbsp; (17778)<br>| &nbsp;&nbsp;&nbsp; (1659072)<br>| &nbsp;&nbsp;&nbsp; (936297)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (16185)<br>| &nbsp;&nbsp;&nbsp; (8016)<br>| &nbsp;&nbsp;&nbsp; 111531 | &nbsp;&nbsp;&nbsp; 976883 |
| **Class L** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1352168 | &nbsp;&nbsp;&nbsp; 801284 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 219329 | &nbsp;&nbsp;&nbsp; 40704 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1492277)<br>| &nbsp;&nbsp;&nbsp; (586876)<br>|
| Change in net assets resulting from Class L capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 79220 | &nbsp;&nbsp;&nbsp; 255112 |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 338 | &nbsp;&nbsp;&nbsp; 452 | &nbsp;&nbsp;&nbsp; 48938 | &nbsp;&nbsp;&nbsp; 47504 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; 17513 | &nbsp;&nbsp;&nbsp; 3647 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (491)<br>| &nbsp;&nbsp;&nbsp; (756)<br>| &nbsp;&nbsp;&nbsp; (72275)<br>| &nbsp;&nbsp;&nbsp; (61552)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; (133)<br>| &nbsp;&nbsp;&nbsp; (5824)<br>| &nbsp;&nbsp;&nbsp; (10401)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 59112 | &nbsp;&nbsp;&nbsp; 59007 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13155 | &nbsp;&nbsp;&nbsp; 2921 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (59642)<br>| &nbsp;&nbsp;&nbsp; (50439)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12625 | &nbsp;&nbsp;&nbsp; 11489 |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34630 | &nbsp;&nbsp;&nbsp; 31595 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6843 | &nbsp;&nbsp;&nbsp; 1479 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (28388)<br>| &nbsp;&nbsp;&nbsp; (18882)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13085 | &nbsp;&nbsp;&nbsp; 14192 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 371 | &nbsp;&nbsp;&nbsp; 153564 | &nbsp;&nbsp;&nbsp; 163186 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp; 281 | &nbsp;&nbsp;&nbsp; 76557 | &nbsp;&nbsp;&nbsp; 21850 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1631)<br>| &nbsp;&nbsp;&nbsp; (475)<br>| &nbsp;&nbsp;&nbsp; (369833)<br>| &nbsp;&nbsp;&nbsp; (243355)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; (939)<br>| &nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; (139712)<br>| &nbsp;&nbsp;&nbsp; (58319)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

96 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Applied**<br> **Data Science Value Fund** | **JPMorgan U.S. Applied**<br> **Data Science Value Fund** | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. Equity Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $7368 | &nbsp;&nbsp;&nbsp; $8975 | &nbsp;&nbsp;&nbsp; $3636203 | &nbsp;&nbsp;&nbsp; $3316400 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2876 | &nbsp;&nbsp;&nbsp; 2739 | &nbsp;&nbsp;&nbsp; 1027536 | &nbsp;&nbsp;&nbsp; 291482 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (16208)<br>| &nbsp;&nbsp;&nbsp; (13095)<br>| &nbsp;&nbsp;&nbsp; (4278429)<br>| &nbsp;&nbsp;&nbsp; (3999711)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (5964)<br>| &nbsp;&nbsp;&nbsp; (1381)<br>| &nbsp;&nbsp;&nbsp; 385310 | &nbsp;&nbsp;&nbsp; (391829)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(26844)<br>| &nbsp;&nbsp;&nbsp; $(20502)<br>| &nbsp;&nbsp;&nbsp; $659457 | &nbsp;&nbsp;&nbsp; $962638 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; 22837 | &nbsp;&nbsp;&nbsp; 24290 |
| Reinvested | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 6005 | &nbsp;&nbsp;&nbsp; 1547 |
| Redeemed | &nbsp;&nbsp;&nbsp; (288)<br>| &nbsp;&nbsp;&nbsp; (538)<br>| &nbsp;&nbsp;&nbsp; (22079)<br>| &nbsp;&nbsp;&nbsp; (17487)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (103)<br>| &nbsp;&nbsp;&nbsp; (336)<br>| &nbsp;&nbsp;&nbsp; 6763 | &nbsp;&nbsp;&nbsp; 8350 |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 5356 | &nbsp;&nbsp;&nbsp; 5891 |
| Reinvested | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 1199 | &nbsp;&nbsp;&nbsp; 258 |
| Redeemed | &nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp; (74)<br>| &nbsp;&nbsp;&nbsp; (5376)<br>| &nbsp;&nbsp;&nbsp; (6704)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; (62)<br>| &nbsp;&nbsp;&nbsp; 1179 | &nbsp;&nbsp;&nbsp; (555)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; 58432 | &nbsp;&nbsp;&nbsp; 86518 |
| Reinvested | &nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp; 12026 | &nbsp;&nbsp;&nbsp; 3445 |
| Redeemed | &nbsp;&nbsp;&nbsp; (820)<br>| &nbsp;&nbsp;&nbsp; (625)<br>| &nbsp;&nbsp;&nbsp; (66634)<br>| &nbsp;&nbsp;&nbsp; (43211)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (523)<br>| &nbsp;&nbsp;&nbsp; (280)<br>| &nbsp;&nbsp;&nbsp; 3824 | &nbsp;&nbsp;&nbsp; 46752 |
| **Class L** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 53957 | &nbsp;&nbsp;&nbsp; 36125 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8509 | &nbsp;&nbsp;&nbsp; 1905 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (60678)<br>| &nbsp;&nbsp;&nbsp; (27597)<br>|
| Change in Class L Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1788 | &nbsp;&nbsp;&nbsp; 10433 |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 1998 | &nbsp;&nbsp;&nbsp; 2261 |
| Reinvested | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 694 | &nbsp;&nbsp;&nbsp; 178 |
| Redeemed | &nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp; (2941)<br>| &nbsp;&nbsp;&nbsp; (2938)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (249)<br>| &nbsp;&nbsp;&nbsp; (499)<br>|
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2429 | &nbsp;&nbsp;&nbsp; 2723 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 517 | &nbsp;&nbsp;&nbsp; 140 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2379)<br>| &nbsp;&nbsp;&nbsp; (2386)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 567 | &nbsp;&nbsp;&nbsp; 477 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 97

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Applied**<br> **Data Science Value Fund** | **JPMorgan U.S. Applied**<br> **Data Science Value Fund** | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. Equity Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1394 | &nbsp;&nbsp;&nbsp; 1461 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; 70 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1182)<br>| &nbsp;&nbsp;&nbsp; (844)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 479 | &nbsp;&nbsp;&nbsp; 687 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 6107 | &nbsp;&nbsp;&nbsp; 7542 |
| Reinvested | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 2968 | &nbsp;&nbsp;&nbsp; 1026 |
| Redeemed | &nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; (14816)<br>| &nbsp;&nbsp;&nbsp; (11204)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (5741)<br>| &nbsp;&nbsp;&nbsp; (2636)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp; 144904 | &nbsp;&nbsp;&nbsp; 154693 |
| Reinvested | &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 39740 | &nbsp;&nbsp;&nbsp; 13627 |
| Redeemed | &nbsp;&nbsp;&nbsp; (519)<br>| &nbsp;&nbsp;&nbsp; (456)<br>| &nbsp;&nbsp;&nbsp; (169319)<br>| &nbsp;&nbsp;&nbsp; (186087)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (194)<br>| &nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp; 15325 | &nbsp;&nbsp;&nbsp; (17767)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

98 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. GARP Equity Fund** | **JPMorgan U.S. GARP Equity Fund** | **JPMorgan U.S. Large Cap Core Plus Fund** | **JPMorgan U.S. Large Cap Core Plus Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $64942 | &nbsp;&nbsp;&nbsp; $33296 | &nbsp;&nbsp;&nbsp; $74877 | &nbsp;&nbsp;&nbsp; $64718 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 8363 | &nbsp;&nbsp;&nbsp; 694 | &nbsp;&nbsp;&nbsp; 21141 | &nbsp;&nbsp;&nbsp; 24938 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (44821)<br>| &nbsp;&nbsp;&nbsp; (21103)<br>| &nbsp;&nbsp;&nbsp; (70089)<br>| &nbsp;&nbsp;&nbsp; (55910)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 28484 | &nbsp;&nbsp;&nbsp; 12887 | &nbsp;&nbsp;&nbsp; 25929 | &nbsp;&nbsp;&nbsp; 33746 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2811 | &nbsp;&nbsp;&nbsp; 2711 | &nbsp;&nbsp;&nbsp; 41280 | &nbsp;&nbsp;&nbsp; 31452 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 631 | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 6210 | &nbsp;&nbsp;&nbsp; 5042 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (5035)<br>| &nbsp;&nbsp;&nbsp; (5777)<br>| &nbsp;&nbsp;&nbsp; (18342)<br>| &nbsp;&nbsp;&nbsp; (13145)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (1593)<br>| &nbsp;&nbsp;&nbsp; (2993)<br>| &nbsp;&nbsp;&nbsp; 29148 | &nbsp;&nbsp;&nbsp; 23349 |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 283020 | &nbsp;&nbsp;&nbsp; 61987 | &nbsp;&nbsp;&nbsp; 948040 | &nbsp;&nbsp;&nbsp; 596167 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 9887 | &nbsp;&nbsp;&nbsp; 928 | &nbsp;&nbsp;&nbsp; 105451 | &nbsp;&nbsp;&nbsp; 97364 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (154031)<br>| &nbsp;&nbsp;&nbsp; (28256)<br>| &nbsp;&nbsp;&nbsp; (599365)<br>| &nbsp;&nbsp;&nbsp; (256578)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 138876 | &nbsp;&nbsp;&nbsp; 34659 | &nbsp;&nbsp;&nbsp; 454126 | &nbsp;&nbsp;&nbsp; 436953 |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 10669 | &nbsp;&nbsp;&nbsp; 9064 | &nbsp;&nbsp;&nbsp; 1102 | &nbsp;&nbsp;&nbsp; 818 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2864 | &nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp; 770 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (17224)<br>| &nbsp;&nbsp;&nbsp; (9808)<br>| &nbsp;&nbsp;&nbsp; (967)<br>| &nbsp;&nbsp;&nbsp; (820)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; (3691)<br>| &nbsp;&nbsp;&nbsp; (481)<br>| &nbsp;&nbsp;&nbsp; 726 | &nbsp;&nbsp;&nbsp; 768 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 23648 | &nbsp;&nbsp;&nbsp; 23210 | &nbsp;&nbsp;&nbsp; 10258 | &nbsp;&nbsp;&nbsp; 13121 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 9179 | &nbsp;&nbsp;&nbsp; 1369 | &nbsp;&nbsp;&nbsp; 2689 | &nbsp;&nbsp;&nbsp; 3428 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (38651)<br>| &nbsp;&nbsp;&nbsp; (27279)<br>| &nbsp;&nbsp;&nbsp; (14001)<br>| &nbsp;&nbsp;&nbsp; (9310)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; (5824)<br>| &nbsp;&nbsp;&nbsp; (2700)<br>| &nbsp;&nbsp;&nbsp; (1054)<br>| &nbsp;&nbsp;&nbsp; 7239 |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 106830 | &nbsp;&nbsp;&nbsp; 45206 | &nbsp;&nbsp;&nbsp; 369467 | &nbsp;&nbsp;&nbsp; 181885 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 56642 | &nbsp;&nbsp;&nbsp; 8688 | &nbsp;&nbsp;&nbsp; 29153 | &nbsp;&nbsp;&nbsp; 23448 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (108463)<br>| &nbsp;&nbsp;&nbsp; (112494)<br>| &nbsp;&nbsp;&nbsp; (115363)<br>| &nbsp;&nbsp;&nbsp; (85804)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 55009 | &nbsp;&nbsp;&nbsp; (58600)<br>| &nbsp;&nbsp;&nbsp; 283257 | &nbsp;&nbsp;&nbsp; 119529 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $211261 | &nbsp;&nbsp;&nbsp; $(17228)<br>| &nbsp;&nbsp;&nbsp; $792132 | &nbsp;&nbsp;&nbsp; $621584 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 782 | &nbsp;&nbsp;&nbsp; 477 | &nbsp;&nbsp;&nbsp; 3713 | &nbsp;&nbsp;&nbsp; 3719 |
| Reinvested | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 1026 | &nbsp;&nbsp;&nbsp; 1535 |
| Redeemed | &nbsp;&nbsp;&nbsp; (548)<br>| &nbsp;&nbsp;&nbsp; (310)<br>| &nbsp;&nbsp;&nbsp; (3501)<br>| &nbsp;&nbsp;&nbsp; (3214)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp; 1238 | &nbsp;&nbsp;&nbsp; 2040 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 99

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. GARP Equity** <br> **Fund** | **JPMorgan U.S. GARP Equity** <br> **Fund** | **JPMorgan U.S. Large Cap Core Plus** <br> **Fund** | **JPMorgan U.S. Large Cap Core Plus** <br> **Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 2673 | &nbsp;&nbsp;&nbsp; 2218 |
| Reinvested | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp; 397 |
| Redeemed | &nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp; (91)<br>| &nbsp;&nbsp;&nbsp; (1204)<br>| &nbsp;&nbsp;&nbsp; (939)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp; 1863 | &nbsp;&nbsp;&nbsp; 1676 |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3306 | &nbsp;&nbsp;&nbsp; 874 | &nbsp;&nbsp;&nbsp; 44390 | &nbsp;&nbsp;&nbsp; 31461 |
| Reinvested | &nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 4823 | &nbsp;&nbsp;&nbsp; 5665 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1833)<br>| &nbsp;&nbsp;&nbsp; (389)<br>| &nbsp;&nbsp;&nbsp; (28502)<br>| &nbsp;&nbsp;&nbsp; (13923)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 1584 | &nbsp;&nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp; 20711 | &nbsp;&nbsp;&nbsp; 23203 |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 52 |
| Reinvested | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 54 |
| Redeemed | &nbsp;&nbsp;&nbsp; (220)<br>| &nbsp;&nbsp;&nbsp; (150)<br>| &nbsp;&nbsp;&nbsp; (57)<br>| &nbsp;&nbsp;&nbsp; (54)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 52 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp; 471 | &nbsp;&nbsp;&nbsp; 692 |
| Reinvested | &nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; 196 |
| Redeemed | &nbsp;&nbsp;&nbsp; (467)<br>| &nbsp;&nbsp;&nbsp; (394)<br>| &nbsp;&nbsp;&nbsp; (652)<br>| &nbsp;&nbsp;&nbsp; (494)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; (60)<br>| &nbsp;&nbsp;&nbsp; 394 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1298 | &nbsp;&nbsp;&nbsp; 657 | &nbsp;&nbsp;&nbsp; 17139 | &nbsp;&nbsp;&nbsp; 9639 |
| Reinvested | &nbsp;&nbsp;&nbsp; 651 | &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; 1310 | &nbsp;&nbsp;&nbsp; 1342 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1290)<br>| &nbsp;&nbsp;&nbsp; (1701)<br>| &nbsp;&nbsp;&nbsp; (5316)<br>| &nbsp;&nbsp;&nbsp; (4653)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 659 | &nbsp;&nbsp;&nbsp; (913)<br>| &nbsp;&nbsp;&nbsp; 13133 | &nbsp;&nbsp;&nbsp; 6328 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

100 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Research** <br>**Enhanced Equity Fund** | **JPMorgan U.S. Research** <br>**Enhanced Equity Fund** | **JPMorgan U.S. Sustainable Leaders Fund** | **JPMorgan U.S. Sustainable Leaders Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $625524 | &nbsp;&nbsp;&nbsp; $36300 | &nbsp;&nbsp;&nbsp; $39391 | &nbsp;&nbsp;&nbsp; $11713 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 11086 | &nbsp;&nbsp;&nbsp; 1733 | &nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp; 377 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (300798)<br>| &nbsp;&nbsp;&nbsp; (62673)<br>| &nbsp;&nbsp;&nbsp; (17158)<br>| &nbsp;&nbsp;&nbsp; (10547)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 335812 | &nbsp;&nbsp;&nbsp; (24640)<br>| &nbsp;&nbsp;&nbsp; 22598 | &nbsp;&nbsp;&nbsp; 1543 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp; 604 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 10 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1112)<br>| &nbsp;&nbsp;&nbsp; (1129)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (843)<br>| &nbsp;&nbsp;&nbsp; (515)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 670378 | &nbsp;&nbsp;&nbsp; 154807 | &nbsp;&nbsp;&nbsp; 24995 | &nbsp;&nbsp;&nbsp; 14638 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 45383 | &nbsp;&nbsp;&nbsp; 6931 | &nbsp;&nbsp;&nbsp; 678 | &nbsp;&nbsp;&nbsp; 726 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (352664)<br>| &nbsp;&nbsp;&nbsp; (192898)<br>| &nbsp;&nbsp;&nbsp; (18389)<br>| &nbsp;&nbsp;&nbsp; (22484)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 363097 | &nbsp;&nbsp;&nbsp; (31160)<br>| &nbsp;&nbsp;&nbsp; 7284 | &nbsp;&nbsp;&nbsp; (7120)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1475645 | &nbsp;&nbsp;&nbsp; 1760186 | &nbsp;&nbsp;&nbsp; 11627 | &nbsp;&nbsp;&nbsp; 12331 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 522922 | &nbsp;&nbsp;&nbsp; 93718 | &nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp; 586 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1743331)<br>| &nbsp;&nbsp;&nbsp; (1851060)<br>| &nbsp;&nbsp;&nbsp; (14669)<br>| &nbsp;&nbsp;&nbsp; (11676)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 255236 | &nbsp;&nbsp;&nbsp; 2844 | &nbsp;&nbsp;&nbsp; (2472)<br>| &nbsp;&nbsp;&nbsp; 1241 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $954145 | &nbsp;&nbsp;&nbsp; $(52956)<br>| &nbsp;&nbsp;&nbsp; $26567 | &nbsp;&nbsp;&nbsp; $(4851)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 15453 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 554 | &nbsp;&nbsp;&nbsp; 188 |
| Reinvested | &nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 6 |
| Redeemed | &nbsp;&nbsp;&nbsp; (7448)<br>| &nbsp;&nbsp;&nbsp; (1721)<br>| &nbsp;&nbsp;&nbsp; (229)<br>| &nbsp;&nbsp;&nbsp; (169)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 8257 | &nbsp;&nbsp;&nbsp; (674)<br>| &nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp; 25 |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 10 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; (19)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; (9)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 15343 | &nbsp;&nbsp;&nbsp; 4292 | &nbsp;&nbsp;&nbsp; 327 | &nbsp;&nbsp;&nbsp; 234 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1013 | &nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 12 |
| Redeemed | &nbsp;&nbsp;&nbsp; (8205)<br>| &nbsp;&nbsp;&nbsp; (5260)<br>| &nbsp;&nbsp;&nbsp; (243)<br>| &nbsp;&nbsp;&nbsp; (357)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 8151 | &nbsp;&nbsp;&nbsp; (783)<br>| &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; (111)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 101

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**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Research**<br> **Enhanced Equity Fund** | **JPMorgan U.S. Research**<br> **Enhanced Equity Fund** | **JPMorgan U.S. Sustainable Leaders Fund** | **JPMorgan U.S. Sustainable Leaders Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 34292 | &nbsp;&nbsp;&nbsp; 47236 | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 194 |
| Reinvested | &nbsp;&nbsp;&nbsp; 11702 | &nbsp;&nbsp;&nbsp; 2492 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 10 |
| Redeemed | &nbsp;&nbsp;&nbsp; (39785)<br>| &nbsp;&nbsp;&nbsp; (49778)<br>| &nbsp;&nbsp;&nbsp; (193)<br>| &nbsp;&nbsp;&nbsp; (185)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 6209 | &nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; 19 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

102 J.P. Morgan Large Cap Funds June 30, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan U.S. Value Fund** | **JPMorgan U.S. Value Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $245906 | &nbsp;&nbsp;&nbsp; $239178 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 34970 | &nbsp;&nbsp;&nbsp; 14915 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (170834)<br>| &nbsp;&nbsp;&nbsp; (175303)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 110042 | &nbsp;&nbsp;&nbsp; 78790 |
| **Class C** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 15965 | &nbsp;&nbsp;&nbsp; 21829 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2906 | &nbsp;&nbsp;&nbsp; 1126 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (23703)<br>| &nbsp;&nbsp;&nbsp; (29179)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (4832)<br>| &nbsp;&nbsp;&nbsp; (6224)<br>|
| **Class I** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 796511 | &nbsp;&nbsp;&nbsp; 843634 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 66988 | &nbsp;&nbsp;&nbsp; 33467 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (735443)<br>| &nbsp;&nbsp;&nbsp; (916296)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 128056 | &nbsp;&nbsp;&nbsp; (39195)<br>|
| **Class R2** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1462 | &nbsp;&nbsp;&nbsp; 1108 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; 63 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1625)<br>| &nbsp;&nbsp;&nbsp; (1025)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; 146 |
| **Class R3** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 6036 | &nbsp;&nbsp;&nbsp; 5745 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 69 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2333)<br>| &nbsp;&nbsp;&nbsp; (6310)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; 3789 | &nbsp;&nbsp;&nbsp; (496)<br>|
| **Class R4** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2147 | &nbsp;&nbsp;&nbsp; 925 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 48 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1678)<br>| &nbsp;&nbsp;&nbsp; (3013)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; 527 | &nbsp;&nbsp;&nbsp; (2040)<br>|
| **Class R5** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 7843 | &nbsp;&nbsp;&nbsp; 8482 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp; 154 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4389)<br>| &nbsp;&nbsp;&nbsp; (9314)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 3834 | &nbsp;&nbsp;&nbsp; (678)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 103

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**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **JPMorgan U.S. Value Fund** | **JPMorgan U.S. Value Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |
| **Class R6** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $455431 | &nbsp;&nbsp;&nbsp; $708739 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 54483 | &nbsp;&nbsp;&nbsp; 28276 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (540185)<br>| &nbsp;&nbsp;&nbsp; (393775)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (30271)<br>| &nbsp;&nbsp;&nbsp; 343240 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $211140 | &nbsp;&nbsp;&nbsp; $373543 |
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3111 | &nbsp;&nbsp;&nbsp; 3463 |
| Reinvested | &nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp; 214 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2166)<br>| &nbsp;&nbsp;&nbsp; (2531)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 1382 | &nbsp;&nbsp;&nbsp; 1146 |
| **Class C** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp; 361 |
| Reinvested | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 18 |
| Redeemed | &nbsp;&nbsp;&nbsp; (344)<br>| &nbsp;&nbsp;&nbsp; (481)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (74)<br>| &nbsp;&nbsp;&nbsp; (102)<br>|
| **Class I** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 9480 | &nbsp;&nbsp;&nbsp; 11481 |
| Reinvested | &nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp;&nbsp; 452 |
| Redeemed | &nbsp;&nbsp;&nbsp; (8768)<br>| &nbsp;&nbsp;&nbsp; (12435)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 1497 | &nbsp;&nbsp;&nbsp; (502)<br>|
| **Class R2** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 17 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp; (15)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 3 |
| **Class R3** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 79 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; (83)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; (3)<br>|
| **Class R4** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 11 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; (42)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; (30)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

104 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | **JPMorgan U.S. Value Fund** | **JPMorgan U.S. Value Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **June 30, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |
| **Class R5** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; 114 |
| Reinvested | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 2 |
| Redeemed | &nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp; (119)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; (3)<br>|
| **Class R6** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5360 | &nbsp;&nbsp;&nbsp; 9582 |
| Reinvested | &nbsp;&nbsp;&nbsp; 634 | &nbsp;&nbsp;&nbsp; 376 |
| Redeemed | &nbsp;&nbsp;&nbsp; (6319)<br>| &nbsp;&nbsp;&nbsp; (5220)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (325)<br>| &nbsp;&nbsp;&nbsp; 4738 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 105

------

**STATEMENT OF CASH FLOWS**

FOR THE YEAR ENDED June 30, 2025

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **JPMorgan** <br>**U.S. Large** <br>**Cap Core** <br>**Plus Fund** <br>|
| **INCREASE (DECREASE) IN CASH** |  |
| **Cash flows provided (used) by operating activities:** |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $333683 |
| **Adjustments to reconcile net increase/decrease in net assets resulting** <br>**from operations to net cash provided (used) by operating activities:**<br>|  |
| Purchases of investment securities | &nbsp;&nbsp; (3049530)<br>|
| Proceeds from disposition of investment securities | &nbsp;&nbsp; 2427627 |
| Covers of investment securities sold short | &nbsp;&nbsp; (980342)<br>|
| Proceeds from investment securities sold short | &nbsp;&nbsp; 1017297 |
| Purchases of short-term investments — affiliates, net | &nbsp;&nbsp; (41412)<br>|
| Change in unrealized (appreciation)/depreciation on investments in non-affiliates | &nbsp;&nbsp; (303060)<br>|
| Change in unrealized (appreciation)/depreciation on investments in affiliates | &nbsp;&nbsp; (3)<br>|
| Change in unrealized (appreciation)/depreciation on investment securities sold short | &nbsp;&nbsp; 24429 |
| Net realized (gain)/loss on investments in non-affiliates | &nbsp;&nbsp; (85084)<br>|
| Net realized (gain)/loss on investments in affiliates | &nbsp;&nbsp; (4)<br>|
| Net realized (gain)/loss on securities sold short | &nbsp;&nbsp; 36704 |
| Increase in dividends receivable from affiliates | &nbsp;&nbsp; (3)<br>|
| Increase in dividends receivable from non-affiliates | &nbsp;&nbsp; (1333)<br>|
| Increase in tax reclaims receivable | &nbsp;&nbsp; (41)<br>|
| Increase in variation margin receivable | &nbsp;&nbsp; (255)<br>|
| Increase in dividend expense payable to non-affiliates on securities sold short | &nbsp;&nbsp; 287 |
| Increase in interest expense payable to non-affiliates on securities sold short | &nbsp;&nbsp; 49 |
| Decrease in variation margin payable | &nbsp;&nbsp; (99)<br>|
| Increase in investment advisory fees payable | &nbsp;&nbsp; 464 |
| Increase in administration fees payable | &nbsp;&nbsp; 42 |
| Increase in distribution fees payable | &nbsp;&nbsp; 27 |
| Increase in service fees payable | &nbsp;&nbsp; 26 |
| Decrease in custodian and accounting fees payable | &nbsp;&nbsp; (8)<br>|
| Increase in Trustees' and Chief Compliance Officer's fees  | &nbsp;&nbsp; —<br> (a)<br>|
| Increase in other accrued expenses payable | &nbsp;&nbsp; 28 |
| Net cash provided (used) by operating activities | &nbsp;&nbsp; (620511)<br>|
| **Cash flows provided (used) by financing activities:** |  |
| Proceeds from shares issued | &nbsp;&nbsp; 1445948 |
| Payment for shares redeemed | &nbsp;&nbsp; (811493)<br>|
| Cash distributions paid to shareholders (net of reinvestments $165,235) | &nbsp;&nbsp; (10586)<br>|
| Net cash provided (used) by financing activities | &nbsp;&nbsp; 623869 |
| **Cash:** |  |
| Net increase (decrease) in restricted and unrestricted cash and deposits at broker | &nbsp;&nbsp; 3358 |
| Restricted and unrestricted cash and deposits at broker at beginning of year | &nbsp;&nbsp; 1240 |
| Restricted and unrestricted cash and deposits at broker at end of year | &nbsp;&nbsp; $4598 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

Supplemental disclosure of cash flow information:

For the year ended June 30, 2025 the Fund paid approximately $3,681 in interest expense.

For purposes of reporting the Statement of Cash Flows, the Fund considers all cash accounts that are not subject to withdrawal restrictions or penalties to be cash equivalents.

Reconciliation of restricted and unrestricted cash and deposits at broker at the end of period to the Statements of Assets and Liabilities:

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

106 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**U.S. Large** <br>**Cap Core** <br>**Plus Fund**<br>| **JPMorgan** <br>**U.S. Large** <br>**Cap Core** <br>**Plus Fund**<br>|
|  | **June 30, 2024** | **June 30, 2025** |
| Cash | &nbsp;&nbsp; $162 | &nbsp;&nbsp; $350 |
| Deposits at broker: |  |  |
| Futures contracts | &nbsp;&nbsp; 966 | &nbsp;&nbsp; 4248 |
| Securities sold short | &nbsp;&nbsp; 112 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1240 | &nbsp;&nbsp; $4598 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 107

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Equity Income Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $23.49 | &nbsp;&nbsp; $0.37 | &nbsp;&nbsp; $2.68 | &nbsp;&nbsp; $3.05 | &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $(1.50)<br>| &nbsp;&nbsp; $(1.89)<br>|
| Year Ended June 30, 2024 | 21.85 | 0.40 | 1.81 | 2.21 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.57)<br>|
| Year Ended June 30, 2023 | 21.15 | 0.40 | 1.11 | 1.51 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.81)<br>|
| Year Ended June 30, 2022 | 22.34 | 0.34 | &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.77)<br>|
| Year Ended June 30, 2021 | 16.22 | 0.29 | 6.12 | 6.41 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 22.93 | 0.25 | 2.61 | 2.86 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.77)<br>|
| Year Ended June 30, 2024 | 21.35 | 0.28 | 1.76 | 2.04 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.46)<br>|
| Year Ended June 30, 2023 | 20.68 | 0.28 | 1.09 | 1.37 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.70)<br>|
| Year Ended June 30, 2022 | 21.87 | 0.22 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.66)<br>|
| Year Ended June 30, 2021 | 15.88 | 0.19 | 6.00 | 6.19 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 23.98 | 0.44 | 2.74 | 3.18 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.95)<br>|
| Year Ended June 30, 2024 | 22.29 | 0.46 | 1.86 | 2.32 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.63)<br>|
| Year Ended June 30, 2023 | 21.56 | 0.46 | 1.13 | 1.59 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.86)<br>|
| Year Ended June 30, 2022 | 22.76 | 0.40 | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.83)<br>|
| Year Ended June 30, 2021 | 16.52 | 0.35 | 6.23 | 6.58 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 23.36 | 0.31 | 2.65 | 2.96 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.82)<br>|
| Year Ended June 30, 2024 | 21.73 | 0.34 | 1.81 | 2.15 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2023 | 21.04 | 0.34 | 1.10 | 1.44 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.75)<br>|
| Year Ended June 30, 2022 | 22.23 | 0.29 | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.71)<br>|
| Year Ended June 30, 2021 | 16.14 | 0.23 | 6.10 | 6.33 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 23.47 | 0.37 | 2.67 | 3.04 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.89)<br>|
| Year Ended June 30, 2024 | 21.83 | 0.40 | 1.81 | 2.21 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.57)<br>|
| Year Ended June 30, 2023 | 21.13 | 0.40 | 1.11 | 1.51 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.81)<br>|
| Year Ended June 30, 2022 | 22.32 | 0.33 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.77)<br>|
| Year Ended June 30, 2021 | 16.21 | 0.29 | 6.11 | 6.40 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 23.96 | 0.44 | 2.73 | 3.17 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.94)<br>|
| Year Ended June 30, 2024 | 22.28 | 0.46 | 1.85 | 2.31 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.63)<br>|
| Year Ended June 30, 2023 | 21.54 | 0.46 | 1.14 | 1.60 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.86)<br>|
| Year Ended June 30, 2022 | 22.75 | 0.40 | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.83)<br>|
| Year Ended June 30, 2021 | 16.51 | 0.35 | 6.23 | 6.58 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 24.00 | 0.48 | 2.73 | 3.21 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.98)<br>|
| Year Ended June 30, 2024 | 22.31 | 0.50 | 1.85 | 2.35 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.66)<br>|
| Year Ended June 30, 2023 | 21.58 | 0.50 | 1.12 | 1.62 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.89)<br>|
| Year Ended June 30, 2022 | 22.78 | 0.43 | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.86)<br>|
| Year Ended June 30, 2021 | 16.53 | 0.37 | 6.25 | 6.62 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 23.98 | 0.51 | 2.73 | 3.24 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (2.01)<br>|
| Year Ended June 30, 2024 | 22.29 | 0.52 | 1.86 | 2.38 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.69)<br>|
| Year Ended June 30, 2023 | 21.56 | 0.52 | 1.13 | 1.65 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.92)<br>|
| Year Ended June 30, 2022 | 22.76 | 0.46 | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.89)<br>|
| Year Ended June 30, 2021 | 16.52 | 0.39 | 6.24 | 6.63 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

108 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4653837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4450073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4423141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4562270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4715916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 613883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 997751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1206824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1493408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15445719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16105559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18495976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17614254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17980353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 862123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1247583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1655531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22042487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21919414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22139090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20740383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19952074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 109

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Equity Index Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $81.79 | &nbsp;&nbsp; $0.77 | &nbsp;&nbsp; $11.18 | &nbsp;&nbsp; $11.95 | &nbsp;&nbsp; $(0.77)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.77)<br>|
| Year Ended June 30, 2024 | 66.66 | 0.77 | 15.13 | 15.90 | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.77)<br>|
| Year Ended June 30, 2023 | 56.74 | 0.75 | 9.94 | 10.69 | &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.77)<br>|
| Year Ended June 30, 2022 | 65.24 | 0.65 | &nbsp;&nbsp; (7.60)<br>| &nbsp;&nbsp; (6.95)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.55)<br>|
| Year Ended June 30, 2021 | 47.11 | 0.62 | 18.24 | 18.86 | &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.73)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 80.91 | 0.24 | 11.06 | 11.30 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23)<br>|
| Year Ended June 30, 2024 | 65.96 | 0.34 | 14.95 | 15.29 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2023 | 56.14 | 0.39 | 9.83 | 10.22 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.40)<br>|
| Year Ended June 30, 2022 | 64.55 | 0.25 | &nbsp;&nbsp; (7.51)<br>| &nbsp;&nbsp; (7.26)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.15)<br>|
| Year Ended June 30, 2021 | 46.65 | 0.28 | 18.00 | 18.28 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 81.90 | 0.98 | 11.20 | 12.18 | &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2024 | 66.76 | 0.96 | 15.13 | 16.09 | &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.95)<br>|
| Year Ended June 30, 2023 | 56.81 | 0.90 | 9.96 | 10.86 | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.91)<br>|
| Year Ended June 30, 2022 | 65.33 | 0.81 | &nbsp;&nbsp; (7.62)<br>| &nbsp;&nbsp; (6.81)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.71)<br>|
| Year Ended June 30, 2021 | 47.22 | 0.77 | 18.21 | 18.98 | &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.87)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 81.93 | 1.12 | 11.20 | 12.32 | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.12)<br>|
| Year Ended June 30, 2024 | 66.77 | 1.07 | 15.15 | 16.22 | &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.06)<br>|
| Year Ended June 30, 2023 | 56.83 | 1.00 | 9.95 | 10.95 | &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.01)<br>|
| Year Ended June 30, 2022 | 65.35 | 0.92 | &nbsp;&nbsp; (7.62)<br>| &nbsp;&nbsp; (6.70)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.82)<br>|
| Year Ended June 30, 2021 | 47.21 | 0.85 | 18.25 | 19.10 | &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.96)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Net expenses for Class R6 Shares are 0.044% for the year ended June 30, 2025, 0.044% for the year ended June 30, 2024, 0.045% for the year ended June 30, 2023, 0.045% for the year ended June 30, 2022 and 0.044% for the year ended June 30, 2021. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

110 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $92.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1055685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 953255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 654422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1434328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1264640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 964430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1121519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 991703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8845652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8029206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6194790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5395106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4793114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 111

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net asset <br>value, <br>end of <br>period<br>|
| **JPMorgan Equity Premium Income Fund** |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $14.06 | &nbsp;&nbsp; $1.13 | &nbsp;&nbsp; $(0.01)<br>| &nbsp;&nbsp; $1.12 | &nbsp;&nbsp; $(1.13)<br>| &nbsp;&nbsp; $14.05 |
| Year Ended June 30, 2024 | 13.72 | 0.97 | 0.34 | 1.31 | &nbsp;&nbsp; (0.97)<br>| 14.06 |
| Year Ended June 30, 2023 | 13.79 | 1.53 | &nbsp;&nbsp; (0.13)<br>| 1.40 | &nbsp;&nbsp; (1.47)<br>| 13.72 |
| Year Ended June 30, 2022 | 15.23 | 1.46 | &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (1.34)<br>| 13.79 |
| Year Ended June 30, 2021 | 12.96 | 1.26 | 2.40 | 3.66 | &nbsp;&nbsp; (1.39)<br>| 15.23 |
| **Class C** |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 14.06 | 1.06 | &nbsp;&nbsp; (0.01)<br>| 1.05 | &nbsp;&nbsp; (1.06)<br>| 14.05 |
| Year Ended June 30, 2024 | 13.72 | 0.90 | 0.35 | 1.25 | &nbsp;&nbsp; (0.91)<br>| 14.06 |
| Year Ended June 30, 2023 | 13.79 | 1.48 | &nbsp;&nbsp; (0.15)<br>| 1.33 | &nbsp;&nbsp; (1.40)<br>| 13.72 |
| Year Ended June 30, 2022 | 15.23 | 1.38 | &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.26)<br>| 13.79 |
| Year Ended June 30, 2021 | 12.96 | 1.15 | 2.44 | 3.59 | &nbsp;&nbsp; (1.32)<br>| 15.23 |
| **Class I** |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 14.07 | 1.17 | &nbsp;&nbsp; (0.02)<br>| 1.15 | &nbsp;&nbsp; (1.16)<br>| 14.06 |
| Year Ended June 30, 2024 | 13.72 | 1.01 | 0.35 | 1.36 | &nbsp;&nbsp; (1.01)<br>| 14.07 |
| Year Ended June 30, 2023 | 13.80 | 1.46 | &nbsp;&nbsp; (0.03)<br>| 1.43 | &nbsp;&nbsp; (1.51)<br>| 13.72 |
| Year Ended June 30, 2022 | 15.23 | 1.48 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (1.37)<br>| 13.80 |
| Year Ended June 30, 2021 | 12.96 | 1.38 | 2.32 | 3.70 | &nbsp;&nbsp; (1.43)<br>| 15.23 |
| **Class R5** |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 14.07 | 1.20 | &nbsp;&nbsp; (0.04)<br>| 1.16 | &nbsp;&nbsp; (1.18)<br>| 14.05 |
| Year Ended June 30, 2024 | 13.72 | 1.03 | 0.35 | 1.38 | &nbsp;&nbsp; (1.03)<br>| 14.07 |
| Year Ended June 30, 2023 | 13.79 | 1.45 | 0.01 | 1.46 | &nbsp;&nbsp; (1.53)<br>| 13.72 |
| Year Ended June 30, 2022 | 15.23 | 1.48 | &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (1.40)<br>| 13.79 |
| Year Ended June 30, 2021 | 12.96 | 1.37 | 2.35 | 3.72 | &nbsp;&nbsp; (1.45)<br>| 15.23 |
| **Class R6** |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 14.06 | 1.19 | &nbsp;&nbsp; —<br> (d)<br>| 1.19 | &nbsp;&nbsp; (1.20)<br>| 14.05 |
| Year Ended June 30, 2024 | 13.72 | 1.04 | 0.34 | 1.38 | &nbsp;&nbsp; (1.04)<br>| 14.06 |
| Year Ended June 30, 2023 | 13.80 | 1.45 | 0.01 | 1.46 | &nbsp;&nbsp; (1.54)<br>| 13.72 |
| Year Ended June 30, 2022 | 15.23 | 1.50 | &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (1.41)<br>| 13.80 |
| Year Ended June 30, 2021 | 12.96 | 1.43 | 2.30 | 3.73 | &nbsp;&nbsp; (1.46)<br>| 15.23 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

112 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $572077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 905284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 756008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4482797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4160918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3641748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1859617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1010271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1240522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1571873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 113

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net asset <br>value, <br>end of <br>period<br>|
| **JPMorgan Hedged Equity Fund** |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $31.06 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $1.94 | &nbsp;&nbsp; $2.11 | &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $33.00 |
| Year Ended June 30, 2024 | 27.57 | 0.20 | 3.48 | 3.68 | &nbsp;&nbsp; (0.19)<br>| 31.06 |
| Year Ended June 30, 2023 | 24.20 | 0.20 | 3.38 | 3.58 | &nbsp;&nbsp; (0.21)<br>| 27.57 |
| Year Ended June 30, 2022 | 25.90 | 0.13 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (0.13)<br>| 24.20 |
| Year Ended June 30, 2021 | 21.83 | 0.15 | 4.11 | 4.26 | &nbsp;&nbsp; (0.19)<br>| 25.90 |
| **Class C** |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 30.81 | 0.01 | 1.92 | 1.93 | &nbsp;&nbsp; (0.02)<br>| 32.72 |
| Year Ended June 30, 2024 | 27.37 | 0.05 | 3.45 | 3.50 | &nbsp;&nbsp; (0.06)<br>| 30.81 |
| Year Ended June 30, 2023 | 24.02 | 0.08 | 3.35 | 3.43 | &nbsp;&nbsp; (0.08)<br>| 27.37 |
| Year Ended June 30, 2022 | 25.72 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (0.02)<br>| 24.02 |
| Year Ended June 30, 2021 | 21.70 | 0.03 | 4.07 | 4.10 | &nbsp;&nbsp; (0.08)<br>| 25.72 |
| **Class I** |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 31.16 | 0.25 | 1.96 | 2.21 | &nbsp;&nbsp; (0.25)<br>| 33.12 |
| Year Ended June 30, 2024 | 27.66 | 0.27 | 3.50 | 3.77 | &nbsp;&nbsp; (0.27)<br>| 31.16 |
| Year Ended June 30, 2023 | 24.28 | 0.27 | 3.38 | 3.65 | &nbsp;&nbsp; (0.27)<br>| 27.66 |
| Year Ended June 30, 2022 | 25.98 | 0.20 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (0.20)<br>| 24.28 |
| Year Ended June 30, 2021 | 21.90 | 0.21 | 4.11 | 4.32 | &nbsp;&nbsp; (0.24)<br>| 25.98 |
| **Class R5** |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 31.21 | 0.29 | 1.97 | 2.26 | &nbsp;&nbsp; (0.29)<br>| 33.18 |
| Year Ended June 30, 2024 | 27.71 | 0.31 | 3.50 | 3.81 | &nbsp;&nbsp; (0.31)<br>| 31.21 |
| Year Ended June 30, 2023 | 24.32 | 0.31 | 3.39 | 3.70 | &nbsp;&nbsp; (0.31)<br>| 27.71 |
| Year Ended June 30, 2022 | 26.02 | 0.24 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (0.24)<br>| 24.32 |
| Year Ended June 30, 2021 | 21.93 | 0.25 | 4.11 | 4.36 | &nbsp;&nbsp; (0.27)<br>| 26.02 |
| **Class R6** |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 31.23 | 0.34 | 1.95 | 2.29 | &nbsp;&nbsp; (0.33)<br>| 33.19 |
| Year Ended June 30, 2024 | 27.73 | 0.34 | 3.50 | 3.84 | &nbsp;&nbsp; (0.34)<br>| 31.23 |
| Year Ended June 30, 2023 | 24.33 | 0.33 | 3.40 | 3.73 | &nbsp;&nbsp; (0.33)<br>| 27.73 |
| Year Ended June 30, 2022 | 26.04 | 0.27 | &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (0.26)<br>| 24.33 |
| Year Ended June 30, 2021 | 21.95 | 0.28 | 4.11 | 4.39 | &nbsp;&nbsp; (0.30)<br>| 26.04 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

114 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1452343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1393286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1274360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1647387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1778457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16970246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15552472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12697762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12790417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14416679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2038756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2230651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1594675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1614304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1591643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 115

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Hedged Equity 2 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $17.53 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $1.30 | &nbsp;&nbsp; $1.39 | &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.09)<br>|
| Year Ended June 30, 2024 | 15.74 | 0.11 | 1.79 | 1.90 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.11)<br>|
| Year Ended June 30, 2023 | 14.87 | 0.11 | 1.70 | 1.81 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.94)<br>|
| Year Ended June 30, 2022 | 15.97 | 0.09 | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.03 | 0.95 | 0.98 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 17.48 | &nbsp;&nbsp; —<br> (h)<br>| 1.30 | 1.30 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended June 30, 2024 | 15.70 | 0.03 | 1.78 | 1.81 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended June 30, 2023 | 14.84 | 0.04 | 1.69 | 1.73 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.87)<br>|
| Year Ended June 30, 2022 | 15.95 | 0.01 | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | &nbsp;&nbsp; —<br> (h)<br>| 0.95 | 0.95 | &nbsp;&nbsp; —<br> (h)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 17.55 | 0.14 | 1.30 | 1.44 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>|
| Year Ended June 30, 2024 | 15.76 | 0.15 | 1.79 | 1.94 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>|
| Year Ended June 30, 2023 | 14.89 | 0.15 | 1.70 | 1.85 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2022 | 15.98 | 0.13 | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.04 | 0.96 | 1.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 17.55 | 0.16 | 1.31 | 1.47 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.16)<br>|
| Year Ended June 30, 2024 | 15.76 | 0.17 | 1.79 | 1.96 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| Year Ended June 30, 2023 | 14.89 | 0.17 | 1.70 | 1.87 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.00)<br>|
| Year Ended June 30, 2022 | 15.98 | 0.15 | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.05 | 0.95 | 1.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 17.56 | 0.19 | 1.30 | 1.49 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| Year Ended June 30, 2024 | 15.77 | 0.19 | 1.79 | 1.98 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>|
| Year Ended June 30, 2023 | 14.90 | 0.18 | 1.70 | 1.88 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.01)<br>|
| Year Ended June 30, 2022 | 15.99 | 0.18 | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.05 | 0.96 | 1.01 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Commencement of operations.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(h) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

116 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $251200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4261391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3858374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3631690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4110283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1018781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 117

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Hedged Equity 3 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $18.27 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $1.34 | &nbsp;&nbsp; $1.43 | &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.09)<br>|
| Year Ended June 30, 2024 | 15.63 | 0.11 | 2.64 | 2.75 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.11)<br>|
| Year Ended June 30, 2023 | 14.34 | 0.11 | 1.45 | 1.56 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.27)<br>|
| Year Ended June 30, 2022 | 15.96 | 0.09 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.03 | 0.95 | 0.98 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.22 | &nbsp;&nbsp; —<br> (h)<br>| 1.32 | 1.32 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended June 30, 2024 | 15.59 | 0.03 | 2.63 | 2.66 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended June 30, 2023 | 14.30 | 0.04 | 1.44 | 1.48 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.19)<br>|
| Year Ended June 30, 2022 | 15.95 | 0.01 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | &nbsp;&nbsp; —<br> (h)<br>| 0.96 | 0.96 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.30 | 0.14 | 1.34 | 1.48 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>|
| Year Ended June 30, 2024 | 15.65 | 0.15 | 2.65 | 2.80 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>|
| Year Ended June 30, 2023 | 14.36 | 0.15 | 1.44 | 1.59 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2022 | 15.98 | 0.13 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.04 | 0.96 | 1.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.32 | 0.17 | 1.34 | 1.51 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| Year Ended June 30, 2024 | 15.67 | 0.17 | 2.65 | 2.82 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| Year Ended June 30, 2023 | 14.37 | 0.16 | 1.46 | 1.62 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.32)<br>|
| Year Ended June 30, 2022 | 15.98 | 0.17 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.05 | 0.95 | 1.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 18.32 | 0.19 | 1.33 | 1.52 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| Year Ended June 30, 2024 | 15.67 | 0.20 | 2.64 | 2.84 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>|
| Year Ended June 30, 2023 | 14.37 | 0.18 | 1.46 | 1.64 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2022 | 15.98 | 0.17 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.06 | 0.94 | 1.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Commencement of operations.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(h) Amount rounds to less than $0.005.

(i) Amount rounds to less than 0.005%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

118 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $157121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2599366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2281551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1923674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2257577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.22<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 119

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**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Large Cap Growth Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $72.60 | &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $10.47 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.80)<br>| &nbsp;&nbsp; $(0.80)<br>|
| Year Ended June 30, 2024 | 53.66 | &nbsp;&nbsp; (0.14)(d)<br>| 19.08 | 18.94 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 44.12 | 0.11 | 10.83 | 10.94 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.40)<br>|
| Year Ended June 30, 2022 | 64.22 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (10.74)<br>| &nbsp;&nbsp; (10.86)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 48.04 | &nbsp;&nbsp; (0.27)<br>| 19.59 | 19.32 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.14)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 47.68 | &nbsp;&nbsp; (0.29)<br>| 6.89 | 6.60 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2024 | 35.42 | &nbsp;&nbsp; (0.29)(d)<br>| 12.55 | 12.26 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 29.67 | &nbsp;&nbsp; (0.08)<br>| 7.18 | 7.10 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.35)<br>|
| Year Ended June 30, 2022 | 46.21 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (7.01)<br>| &nbsp;&nbsp; (7.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 35.43 | &nbsp;&nbsp; (0.41)<br>| 14.33 | 13.92 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.14)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 74.70 | 0.12 | 10.86 | 10.98 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2024 | 55.14 | 0.01 | 19.62 | 19.63 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2023 | 45.32 | 0.22 | 11.13 | 11.35 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.53)<br>|
| Year Ended June 30, 2022 | 65.59 | 0.03 | &nbsp;&nbsp; (11.06)<br>| &nbsp;&nbsp; (11.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 48.91 | &nbsp;&nbsp; (0.12)<br>| 19.97 | 19.85 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.17)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 67.88 | &nbsp;&nbsp; (0.24)<br>| 9.83 | 9.59 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2024 | 50.29 | &nbsp;&nbsp; (0.27)(d)<br>| 17.86 | 17.59 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 41.49 | &nbsp;&nbsp; (0.01)<br>| 10.16 | 10.15 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.35)<br>|
| Year Ended June 30, 2022 | 61.05 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (10.06)<br>| &nbsp;&nbsp; (10.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 45.90 | &nbsp;&nbsp; (0.39)<br>| 18.68 | 18.29 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.14)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 73.08 | &nbsp;&nbsp; (0.07)<br>| 10.60 | 10.53 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2024 | 54.04 | &nbsp;&nbsp; (0.16)(d)<br>| 19.23 | 19.07 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended June 30, 2023 | 44.45 | 0.10 | 10.91 | 11.01 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.42)<br>|
| Year Ended June 30, 2022 | 64.64 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (10.83)<br>| &nbsp;&nbsp; (10.95)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 48.34 | &nbsp;&nbsp; (0.27)<br>| 19.72 | 19.45 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.15)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 74.52 | 0.12 | 10.83 | 10.95 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2024 | 55.02 | 0.01 | 19.58 | 19.59 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2023 | 45.23 | 0.19 | 11.13 | 11.32 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.53)<br>|
| Year Ended June 30, 2022 | 65.47 | 0.02 | &nbsp;&nbsp; (11.02)<br>| &nbsp;&nbsp; (11.00)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 48.84 | &nbsp;&nbsp; (0.12)<br>| 19.94 | 19.82 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.19)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 77.47 | 0.24 | 11.28 | 11.52 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.90)<br>|
| Year Ended June 30, 2024 | 57.16 | 0.11 | 20.34 | 20.45 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>|
| Year Ended June 30, 2023 | 46.91 | 0.30 | 11.53 | 11.83 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.58)<br>|
| Year Ended June 30, 2022 | 67.49 | 0.12 | &nbsp;&nbsp; (11.46)<br>| &nbsp;&nbsp; (11.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 50.20 | &nbsp;&nbsp; (0.04)<br>| 20.52 | 20.48 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.19)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 78.50 | 0.33 | 11.41 | 11.74 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.97)<br>|
| Year Ended June 30, 2024 | 57.91 | 0.18 | 20.61 | 20.79 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 47.51 | 0.35 | 11.69 | 12.04 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.64)<br>|
| Year Ended June 30, 2022 | 68.18 | 0.19 | &nbsp;&nbsp; (11.62)<br>| &nbsp;&nbsp; (11.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 50.66 | 0.03 | 20.71 | 20.74 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.22)<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. 

(e) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

120 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $82.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7748457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6722152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4742066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3734120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4970767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1143570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.73)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29837081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22747050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15667641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9509669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10983173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.48)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 834854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 723139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 486413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72508865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61059217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37609592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16482609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19127249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 121

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Large Cap Value Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $20.36 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $2.38 | &nbsp;&nbsp; $2.62 | &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(1.90)<br>| &nbsp;&nbsp; $(2.12)<br>|
| Year Ended June 30, 2024 | 18.93 | 0.28 | 2.13 | 2.41 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2023 | 17.90 | 0.24 | 1.82 | 2.06 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.03)<br>|
| Year Ended June 30, 2022 | 20.48 | 0.19 | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.56)<br>|
| Year Ended June 30, 2021 | 12.72 | 0.11 | 7.73 | 7.84 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.23 | 0.12 | 2.25 | 2.37 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.02)<br>|
| Year Ended June 30, 2024 | 17.93 | 0.17 | 2.01 | 2.18 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.88)<br>|
| Year Ended June 30, 2023 | 17.01 | 0.14 | 1.72 | 1.86 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.94)<br>|
| Year Ended June 30, 2022 | 19.55 | 0.09 | &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.47)<br>|
| Year Ended June 30, 2021 | 12.17 | 0.02 | 7.39 | 7.41 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.89 | 0.28 | 2.32 | 2.60 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.17)<br>|
| Year Ended June 30, 2024 | 18.51 | 0.32 | 2.08 | 2.40 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (1.02)<br>|
| Year Ended June 30, 2023 | 17.53 | 0.28 | 1.77 | 2.05 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.07)<br>|
| Year Ended June 30, 2022 | 20.10 | 0.23 | &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.61)<br>|
| Year Ended June 30, 2021 | 12.49 | 0.15 | 7.59 | 7.74 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 20.13 | 0.18 | 2.36 | 2.54 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.07)<br>|
| Year Ended June 30, 2024 | 18.73 | 0.23 | 2.10 | 2.33 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.93)<br>|
| Year Ended June 30, 2023 | 17.72 | 0.19 | 1.80 | 1.99 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2022 | 20.30 | 0.14 | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.51)<br>|
| Year Ended June 30, 2021 | 12.61 | 0.06 | 7.67 | 7.73 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.84 | 0.23 | 2.31 | 2.54 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.12)<br>|
| Year Ended June 30, 2024 | 18.47 | 0.27 | 2.08 | 2.35 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2023 | 17.49 | 0.24 | 1.77 | 2.01 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.03)<br>|
| Year Ended June 30, 2022 | 20.09 | 0.20 | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.59)<br>|
| Year Ended June 30, 2021 | 12.48 | 0.10 | 7.59 | 7.69 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 20.38 | 0.28 | 2.38 | 2.66 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.16)<br>|
| Year Ended June 30, 2024 | 18.94 | 0.33 | 2.13 | 2.46 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (1.02)<br>|
| Year Ended June 30, 2023 | 17.92 | 0.30 | 1.80 | 2.10 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.08)<br>|
| Year Ended June 30, 2022 | 20.50 | 0.26 | &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.61)<br>|
| Year Ended June 30, 2021 | 12.73 | 0.12 | 7.77 | 7.89 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 20.17 | 0.31 | 2.36 | 2.67 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.20)<br>|
| Year Ended June 30, 2024 | 18.75 | 0.35 | 2.12 | 2.47 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (1.05)<br>|
| Year Ended June 30, 2023 | 17.75 | 0.31 | 1.79 | 2.10 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.10)<br>|
| Year Ended June 30, 2022 | 20.32 | 0.26 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.63)<br>|
| Year Ended June 30, 2021 | 12.62 | 0.17 | 7.68 | 7.85 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 19.99 | 0.33 | 2.34 | 2.67 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.22)<br>|
| Year Ended June 30, 2024 | 18.60 | 0.37 | 2.09 | 2.46 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (1.07)<br>|
| Year Ended June 30, 2023 | 17.61 | 0.33 | 1.78 | 2.11 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.12)<br>|
| Year Ended June 30, 2022 | 20.18 | 0.28 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.65)<br>|
| Year Ended June 30, 2021 | 12.53 | 0.19 | 7.63 | 7.82 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

122 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $318828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2256860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1835424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1297201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1275387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1418653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2335547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1960039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1733785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1564013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2606033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 123

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. Applied Data Science Value Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $29.68 | &nbsp;&nbsp; $0.44 | &nbsp;&nbsp; $3.02 | &nbsp;&nbsp; $3.46 | &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp; $(1.90)<br>| &nbsp;&nbsp; $(2.35)<br>|
| Year Ended June 30, 2024 | 27.61 | 0.45 | 3.65 | 4.10 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (2.03)<br>|
| Year Ended June 30, 2023 | 26.56 | 0.46 | 2.32 | 2.78 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.73)<br>|
| Year Ended June 30, 2022 | 36.38 | 0.45 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (8.75)<br>| &nbsp;&nbsp; (9.17)<br>|
| Year Ended June 30, 2021 | 25.83 | 0.42 | 11.10 | 11.52 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.97)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 28.90 | 0.32 | 2.95 | 3.27 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.25)<br>|
| Year Ended June 30, 2024 | 26.93 | 0.30 | 3.54 | 3.84 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (1.87)<br>|
| Year Ended June 30, 2023 | 25.93 | 0.31 | 2.28 | 2.59 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.59)<br>|
| Year Ended June 30, 2022 | 35.72 | 0.27 | &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (8.75)<br>| &nbsp;&nbsp; (9.02)<br>|
| Year Ended June 30, 2021 | 25.36 | 0.28 | 10.90 | 11.18 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.82)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 30.10 | 0.49 | 3.07 | 3.56 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.40)<br>|
| Year Ended June 30, 2024 | 27.97 | 0.53 | 3.69 | 4.22 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (2.09)<br>|
| Year Ended June 30, 2023 | 26.89 | 0.53 | 2.35 | 2.88 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.80)<br>|
| Year Ended June 30, 2022 | 36.72 | 0.53 | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (8.75)<br>| &nbsp;&nbsp; (9.25)<br>|
| Year Ended June 30, 2021 | 25.79 | 0.50 | 11.48 | 11.98 | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.05)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 29.19 | 0.35 | 2.97 | 3.32 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.27)<br>|
| Year Ended June 30, 2024 | 27.19 | 0.34 | 3.58 | 3.92 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (1.92)<br>|
| Year Ended June 30, 2023 | 26.18 | 0.36 | 2.29 | 2.65 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.64)<br>|
| Year Ended June 30, 2022 | 35.99 | 0.33 | &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (8.75)<br>| &nbsp;&nbsp; (9.07)<br>|
| Year Ended June 30, 2021 | 25.55 | 0.33 | 11.01 | 11.34 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.90)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 30.18 | 0.51 | 3.08 | 3.59 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.42)<br>|
| Year Ended June 30, 2024 | 28.04 | 0.54 | 3.71 | 4.25 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (2.11)<br>|
| Year Ended June 30, 2023 | 26.95 | 0.55 | 2.35 | 2.90 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.81)<br>|
| Year Ended June 30, 2022 | 36.78 | 0.55 | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (8.75)<br>| &nbsp;&nbsp; (9.27)<br>|
| Year Ended June 30, 2021 | 25.66 | 0.59 | 11.63 | 12.22 | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.10)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 30.18 | 0.54 | 3.08 | 3.62 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.45)<br>|
| Year Ended June 30, 2024 | 28.04 | 0.57 | 3.71 | 4.28 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (2.14)<br>|
| Year Ended June 30, 2023 | 26.95 | 0.58 | 2.35 | 2.93 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.84)<br>|
| Year Ended June 30, 2022 | 36.78 | 0.58 | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (8.75)<br>| &nbsp;&nbsp; (9.30)<br>|
| Year Ended June 30, 2021 | 26.06 | 0.57 | 11.28 | 11.85 | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.13)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

124 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $39134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 125

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $24.46 | &nbsp;&nbsp; $0.06 | &nbsp;&nbsp; $2.83 | &nbsp;&nbsp; $2.89 | &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $(1.41)<br>| &nbsp;&nbsp; $(1.47)<br>|
| Year Ended June 30, 2024 | 19.75 | 0.11 | 4.93 | 5.04 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.33)<br>|
| Year Ended June 30, 2023 | 17.48 | 0.14 | 2.94 | 3.08 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.81)<br>|
| Year Ended June 30, 2022 | 21.51 | 0.08 | &nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.30)<br>|
| Year Ended June 30, 2021 | 16.22 | 0.09 | 6.39 | 6.48 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.19)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 23.18 | &nbsp;&nbsp; (0.06)<br>| 2.68 | 2.62 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.41)<br>|
| Year Ended June 30, 2024 | 18.76 | &nbsp;&nbsp; —<br> (d)<br>| 4.68 | 4.68 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.26)<br>|
| Year Ended June 30, 2023 | 16.65 | 0.05 | 2.79 | 2.84 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.73)<br>|
| Year Ended June 30, 2022 | 20.61 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.24)<br>|
| Year Ended June 30, 2021 | 15.60 | &nbsp;&nbsp; (0.01)<br>| 6.14 | 6.13 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.12)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 24.57 | 0.12 | 2.84 | 2.96 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.53)<br>|
| Year Ended June 30, 2024 | 19.83 | 0.16 | 4.97 | 5.13 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.39)<br>|
| Year Ended June 30, 2023 | 17.56 | 0.19 | 2.94 | 3.13 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.86)<br>|
| Year Ended June 30, 2022 | 21.59 | 0.13 | &nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.35)<br>|
| Year Ended June 30, 2021 | 16.27 | 0.13 | 6.43 | 6.56 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.24)<br>|
| **Class L** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 24.63 | 0.16 | 2.85 | 3.01 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.57)<br>|
| Year Ended June 30, 2024 | 19.88 | 0.20 | 4.97 | 5.17 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2023 | 17.60 | 0.22 | 2.94 | 3.16 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.88)<br>|
| Year Ended June 30, 2022 | 21.63 | 0.16 | &nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.38)<br>|
| Year Ended June 30, 2021 | 16.30 | 0.16 | 6.44 | 6.60 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.27)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 24.11 | &nbsp;&nbsp; —<br> (d)<br>| 2.78 | 2.78 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.42)<br>|
| Year Ended June 30, 2024 | 19.48 | 0.06 | 4.85 | 4.91 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.28)<br>|
| Year Ended June 30, 2023 | 17.25 | 0.10 | 2.90 | 3.00 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.77)<br>|
| Year Ended June 30, 2022 | 21.26 | 0.02 | &nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.25)<br>|
| Year Ended June 30, 2021 | 16.04 | 0.04 | 6.33 | 6.37 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.15)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 24.33 | 0.06 | 2.82 | 2.88 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.47)<br>|
| Year Ended June 30, 2024 | 19.65 | 0.11 | 4.90 | 5.01 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.33)<br>|
| Year Ended June 30, 2023 | 17.40 | 0.14 | 2.92 | 3.06 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.81)<br>|
| Year Ended June 30, 2022 | 21.42 | 0.08 | &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.30)<br>|
| Year Ended June 30, 2021 | 16.15 | 0.09 | 6.38 | 6.47 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.20)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 24.52 | 0.12 | 2.84 | 2.96 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.53)<br>|
| Year Ended June 30, 2024 | 19.80 | 0.16 | 4.95 | 5.11 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.39)<br>|
| Year Ended June 30, 2023 | 17.52 | 0.19 | 2.94 | 3.13 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.85)<br>|
| Year Ended June 30, 2022 | 21.55 | 0.13 | &nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.35)<br>|
| Year Ended June 30, 2021 | 16.25 | 0.13 | 6.41 | 6.54 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.24)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 24.64 | 0.16 | 2.86 | 3.02 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.57)<br>|
| Year Ended June 30, 2024 | 19.89 | 0.20 | 4.97 | 5.17 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2023 | 17.60 | 0.22 | 2.95 | 3.17 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.88)<br>|
| Year Ended June 30, 2022 | 21.64 | 0.16 | &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.38)<br>|
| Year Ended June 30, 2021 | 16.31 | 0.16 | 6.44 | 6.60 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.27)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

126 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2913795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2588595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1925367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1577771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1642046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5575707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5174279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3250488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1863855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1731572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3137481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2919844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2149699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1578191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1907620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1215149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1289344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1093256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 911961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1089931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 127

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. Equity Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $24.71 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $2.86 | &nbsp;&nbsp; $3.05 | &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(1.41)<br>| &nbsp;&nbsp; $(1.59)<br>|
| Year Ended June 30, 2024 | 19.95 | 0.22 | 4.98 | 5.20 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.44)<br>|
| Year Ended June 30, 2023 | 17.65 | 0.24 | 2.96 | 3.20 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.90)<br>|
| Year Ended June 30, 2022 | 21.69 | 0.19 | &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.41)<br>|
| Year Ended June 30, 2021 | 16.34 | 0.18 | 6.46 | 6.64 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.29)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

128 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18092080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16708451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13841409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11891028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12615063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 129

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. GARP Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $81.19 | &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $11.97 | &nbsp;&nbsp; $11.92 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4.72)<br>| &nbsp;&nbsp; $(4.72)<br>|
| Year Ended June 30, 2024 | 60.47 | &nbsp;&nbsp; (0.03)(d)<br>| 21.23 | 21.20 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.48)<br>|
| Year Ended June 30, 2023 | 49.61 | 0.09 | 12.73 | 12.82 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (1.96)<br>|
| Year Ended June 30, 2022 | 73.40 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (8.99)<br>| &nbsp;&nbsp; (9.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp; (14.78)<br>|
| Year Ended June 30, 2021 | 57.64 | &nbsp;&nbsp; (0.01)<br>| 21.89 | 21.88 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (5.60)<br>| &nbsp;&nbsp; (6.12)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 77.45 | &nbsp;&nbsp; (0.44)<br>| 11.38 | 10.94 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (4.72)<br>|
| Year Ended June 30, 2024 | 57.93 | &nbsp;&nbsp; (0.35)(d)<br>| 20.28 | 19.93 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.41)<br>|
| Year Ended June 30, 2023 | 47.82 | &nbsp;&nbsp; (0.16)<br>| 12.21 | 12.05 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (1.94)<br>|
| Year Ended June 30, 2022 | 71.55 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (8.60)<br>| &nbsp;&nbsp; (8.95)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp; (14.78)<br>|
| Year Ended June 30, 2021 | 56.26 | &nbsp;&nbsp; (0.32)<br>| 21.36 | 21.04 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (5.60)<br>| &nbsp;&nbsp; (5.75)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 83.69 | 0.16 | 12.35 | 12.51 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (4.85)<br>|
| Year Ended June 30, 2024 | 62.29 | 0.15 | 21.87 | 22.02 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.62)<br>|
| Year Ended June 30, 2023 | 51.05 | 0.23 | 13.10 | 13.33 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (2.09)<br>|
| Year Ended June 30, 2022 | 75.08 | 0.15 | &nbsp;&nbsp; (9.28)<br>| &nbsp;&nbsp; (9.13)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp; (14.90)<br>|
| Year Ended June 30, 2021 | 58.80 | 0.16 | 22.37 | 22.53 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (5.60)<br>| &nbsp;&nbsp; (6.25)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 77.56 | &nbsp;&nbsp; (0.25)<br>| 11.42 | 11.17 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (4.72)<br>|
| Year Ended June 30, 2024 | 57.87 | &nbsp;&nbsp; (0.19)(d)<br>| 20.29 | 20.10 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.41)<br>|
| Year Ended June 30, 2023 | 47.65 | &nbsp;&nbsp; (0.04)<br>| 12.20 | 12.16 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (1.94)<br>|
| Year Ended June 30, 2022 | 71.18 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (8.57)<br>| &nbsp;&nbsp; (8.75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp; (14.78)<br>|
| Year Ended June 30, 2021 | 56.08 | &nbsp;&nbsp; (0.17)<br>| 21.26 | 21.09 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (5.60)<br>| &nbsp;&nbsp; (5.99)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 81.89 | 0.27 | 12.11 | 12.38 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (4.94)<br>|
| Year Ended June 30, 2024 | 60.95 | 0.25 | 21.39 | 21.64 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.70)<br>|
| Year Ended June 30, 2023 | 50.02 | 0.31 | 12.80 | 13.11 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (2.18)<br>|
| Year Ended June 30, 2022 | 73.80 | 0.24 | &nbsp;&nbsp; (9.05)<br>| &nbsp;&nbsp; (8.81)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp; (14.97)<br>|
| Year Ended June 30, 2021 | 57.93 | 0.26 | 21.96 | 22.22 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (5.60)<br>| &nbsp;&nbsp; (6.35)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 81.89 | 0.36 | 12.09 | 12.45 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (5.01)<br>|
| Year Ended June 30, 2024 | 60.94 | 0.31 | 21.40 | 21.71 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.76)<br>|
| Year Ended June 30, 2023 | 50.02 | 0.36 | 12.80 | 13.16 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (2.24)<br>|
| Year Ended June 30, 2022 | 73.81 | 0.31 | &nbsp;&nbsp; (9.04)<br>| &nbsp;&nbsp; (8.73)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp; (15.06)<br>|
| Year Ended June 30, 2021 | 57.93 | 0.33 | 21.96 | 22.29 | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (5.60)<br>| &nbsp;&nbsp; (6.41)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

130 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $88.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $213578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1091404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 759948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 131

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. Large Cap Core Plus Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $19.89 | &nbsp;&nbsp; $—<br> (e)<br>| &nbsp;&nbsp; $2.41 | &nbsp;&nbsp; $2.41 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1.35)<br>| &nbsp;&nbsp; $(1.35)<br>|
| Year Ended June 30, 2024 | 16.89 | &nbsp;&nbsp; (0.01)(g)<br>| 5.00 | 4.99 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (1.99)<br>|
| Year Ended June 30, 2023 | 18.03 | &nbsp;&nbsp; (0.01)<br>| 3.71 | 3.70 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (4.84)<br>|
| Year Ended June 30, 2022 | 26.84 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.78)<br>| &nbsp;&nbsp; (6.78)<br>|
| Year Ended June 30, 2021 | 24.58 | &nbsp;&nbsp; (0.10)<br>| 9.21 | 9.11 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (6.82)<br>| &nbsp;&nbsp; (6.85)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 15.51 | &nbsp;&nbsp; (0.08)<br>| 1.87 | 1.79 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.35)<br>|
| Year Ended June 30, 2024 | 13.64 | &nbsp;&nbsp; (0.08)(g)<br>| 3.94 | 3.86 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (1.99)<br>|
| Year Ended June 30, 2023 | 15.48 | &nbsp;&nbsp; (0.07)<br>| 3.07 | 3.00 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (4.84)<br>|
| Year Ended June 30, 2022 | 24.01 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.78)<br>| &nbsp;&nbsp; (6.78)<br>|
| Year Ended June 30, 2021 | 22.67 | &nbsp;&nbsp; (0.21)<br>| 8.37 | 8.16 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6.82)<br>| &nbsp;&nbsp; (6.82)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 21.01 | 0.05 | 2.55 | 2.60 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.37)<br>|
| Year Ended June 30, 2024 | 17.73 | 0.03 | 5.28 | 5.31 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (2.03)<br>|
| Year Ended June 30, 2023 | 18.68 | 0.04 | 3.87 | 3.91 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (4.86)<br>|
| Year Ended June 30, 2022 | 27.53 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.78)<br>| &nbsp;&nbsp; (6.78)<br>|
| Year Ended June 30, 2021 | 25.04 | &nbsp;&nbsp; (0.03)<br>| 9.41 | 9.38 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (6.82)<br>| &nbsp;&nbsp; (6.89)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 17.35 | &nbsp;&nbsp; (0.08)<br>| 2.10 | 2.02 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.35)<br>|
| Year Ended June 30, 2024 | 15.03 | &nbsp;&nbsp; (0.08)(g)<br>| 4.39 | 4.31 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (1.99)<br>|
| Year Ended June 30, 2023 | 16.59 | &nbsp;&nbsp; (0.07)<br>| 3.35 | 3.28 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (4.84)<br>|
| Year Ended June 30, 2022 | 25.27 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.78)<br>| &nbsp;&nbsp; (6.78)<br>|
| Year Ended June 30, 2021 | 23.54 | &nbsp;&nbsp; (0.18)<br>| 8.74 | 8.56 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (6.82)<br>| &nbsp;&nbsp; (6.83)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 21.36 | 0.04 | 2.60 | 2.64 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.36)<br>|
| Year Ended June 30, 2024 | 18.00 | 0.02 | 5.36 | 5.38 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (2.02)<br>|
| Year Ended June 30, 2023 | 18.91 | 0.04 | 3.92 | 3.96 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (4.87)<br>|
| Year Ended June 30, 2022 | 27.78 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.78)<br>| &nbsp;&nbsp; (6.78)<br>|
| Year Ended June 30, 2021 | 25.20 | &nbsp;&nbsp; (0.02)<br>| 9.49 | 9.47 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (6.82)<br>| &nbsp;&nbsp; (6.89)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 21.36 | 0.06 | 2.60 | 2.66 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.38)<br>|
| Year Ended June 30, 2024 | 17.99 | 0.04 | 5.37 | 5.41 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (2.04)<br>|
| Year Ended June 30, 2023 | 18.90 | 0.05 | 3.93 | 3.98 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (4.89)<br>|
| Year Ended June 30, 2022 | 27.75 | 0.02 | &nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.78)<br>| &nbsp;&nbsp; (6.78)<br>|
| Year Ended June 30, 2021 | 25.18 | &nbsp;&nbsp; —<br> (e)<br>| 9.47 | 9.47 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (6.82)<br>| &nbsp;&nbsp; (6.90)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) nan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses (excluding dividend and interest expense for <br> securities sold short)<br>|  |  |  |  |  |
| Class A | 0.95<br> %<br>| 0.95<br> %<br>| 1.01<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>|
| Class C | 1.44 | 1.44 | 1.51 | 1.60 | 1.59 |
| Class I | 0.70 | 0.69 | 0.76 | 0.85 | 0.85 |
| Class R2 | 1.40 | 1.40 | 1.42 | 1.45 | 1.45 |
| Class R5 | 0.75 | 0.75 | 0.77 | 0.80 | 0.80 |
| Class R6 | 0.64 | 0.64 | 0.67 | 0.70 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without waivers and reimbursements (excluding <br> dividend and interest expense for securities sold short)<br>|  |  |  |  |  |
| Class A | 1.25 | 1.25 | 1.26 | 1.25 | 1.25 |
| Class C | 1.75 | 1.75 | 1.76 | 1.76 | 1.74 |
| Class I | 1.00 | 1.00 | 1.00 | 1.00 | 0.99 |
| Class R2 | 1.51 | 1.52 | 1.52 | 1.51 | 1.50 |
| Class R5 | 0.85 | 0.85 | 0.86 | 0.85 | 0.84 |
| Class R6 | 0.74 | 0.74 | 0.75 | 0.75 | 0.74 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(e) Amount rounds to less than $0.005.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(f) Interest expense on securities sold short is 0.13%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(g) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(h) Interest expense on securities sold short is 0.14%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(i) Interest expense on securities sold short is 0.62%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(j) Interest expense on securities sold short is 0.16%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

132 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp; Net <br>expenses <br>(including dividend <br>and interest expense <br>for securities sold <br>short)(c)(d)<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements <br>(including dividend <br>and interest expense <br>for securities sold <br>short)(d)<br>| &nbsp;&nbsp; Portfolio <br>turnover rate <br>(excluding securities <br>sold short)<br>| &nbsp;&nbsp; Portfolio <br>turnover rate <br>(including securities <br>sold short)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.95 | &nbsp;&nbsp;&nbsp;&nbsp; 12.21<br> %<br>| &nbsp;&nbsp;&nbsp; $362828 | &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %(f)<br>| &nbsp;&nbsp;&nbsp; (0.01)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>| &nbsp;&nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 100<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.89 | &nbsp;&nbsp;&nbsp;&nbsp;32.19 | &nbsp;&nbsp;&nbsp; 319841 | &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> (h)<br>| &nbsp;&nbsp;&nbsp; (0.08)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.89 | &nbsp;&nbsp;&nbsp;&nbsp;24.17 | &nbsp;&nbsp;&nbsp; 237165 | &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> (h)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.03 | &nbsp;&nbsp;&nbsp; (12.89)<br>| &nbsp;&nbsp;&nbsp; 240209 | &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> (i)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.84 | &nbsp;&nbsp;&nbsp;&nbsp;42.30 | &nbsp;&nbsp;&nbsp; 335206 | &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> (j)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.95 | &nbsp;&nbsp;&nbsp;&nbsp;11.64 | &nbsp;&nbsp;&nbsp; 92937 | &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> (f)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.51 | &nbsp;&nbsp;&nbsp;&nbsp;31.50 | &nbsp;&nbsp;&nbsp; 61460 | &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> (h)<br>| &nbsp;&nbsp;&nbsp; (0.57)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.64 | &nbsp;&nbsp;&nbsp;&nbsp;23.54 | &nbsp;&nbsp;&nbsp; 31189 | &nbsp;&nbsp;&nbsp;&nbsp; 2.29<br> (h)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.48 | &nbsp;&nbsp;&nbsp; (13.31)<br>| &nbsp;&nbsp;&nbsp; 28297 | &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> (i)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.01 | &nbsp;&nbsp;&nbsp;&nbsp;41.55 | &nbsp;&nbsp;&nbsp; 36784 | &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> (j)<br>| &nbsp;&nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.24 | &nbsp;&nbsp;&nbsp;&nbsp;12.48 | &nbsp;&nbsp;&nbsp; 2027630 | &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.01 | &nbsp;&nbsp;&nbsp;&nbsp;32.52 | &nbsp;&nbsp;&nbsp; 1480079 | &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.73 | &nbsp;&nbsp;&nbsp;&nbsp;24.50 | &nbsp;&nbsp;&nbsp; 837722 | &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.68 | &nbsp;&nbsp;&nbsp; (12.70)<br>| &nbsp;&nbsp;&nbsp; 970509 | &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> (i)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.53 | &nbsp;&nbsp;&nbsp;&nbsp;42.65 | &nbsp;&nbsp;&nbsp; 1702566 | &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> (j)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.02 | &nbsp;&nbsp;&nbsp;&nbsp;11.73 | &nbsp;&nbsp;&nbsp; 8540 | &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> (f)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.35 | &nbsp;&nbsp;&nbsp;&nbsp;31.58 | &nbsp;&nbsp;&nbsp; 7541 | &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> (h)<br>| &nbsp;&nbsp;&nbsp; (0.52)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.03 | &nbsp;&nbsp;&nbsp;&nbsp;23.65 | &nbsp;&nbsp;&nbsp; 5757 | &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> (h)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.59 | &nbsp;&nbsp;&nbsp; (13.23)<br>| &nbsp;&nbsp;&nbsp; 4602 | &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> (i)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.27 | &nbsp;&nbsp;&nbsp;&nbsp;41.77 | &nbsp;&nbsp;&nbsp; 5838 | &nbsp;&nbsp;&nbsp;&nbsp; 2.29<br> (j)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.64 | &nbsp;&nbsp;&nbsp;&nbsp;12.46 | &nbsp;&nbsp;&nbsp; 46122 | &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.36 | &nbsp;&nbsp;&nbsp;&nbsp;32.43 | &nbsp;&nbsp;&nbsp; 44798 | &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.00 | &nbsp;&nbsp;&nbsp;&nbsp;24.48 | &nbsp;&nbsp;&nbsp; 30667 | &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.91 | &nbsp;&nbsp;&nbsp; (12.65)<br>| &nbsp;&nbsp;&nbsp; 27541 | &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> (i)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.78 | &nbsp;&nbsp;&nbsp;&nbsp;42.75 | &nbsp;&nbsp;&nbsp; 34191 | &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> (j)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.64 | &nbsp;&nbsp;&nbsp;&nbsp;12.56 | &nbsp;&nbsp;&nbsp; 800177 | &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.36 | &nbsp;&nbsp;&nbsp;&nbsp;32.61 | &nbsp;&nbsp;&nbsp; 474521 | &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.99 | &nbsp;&nbsp;&nbsp;&nbsp;24.60 | &nbsp;&nbsp;&nbsp; 285919 | &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.90 | &nbsp;&nbsp;&nbsp; (12.58)<br>| &nbsp;&nbsp;&nbsp; 365912 | &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.75 | &nbsp;&nbsp;&nbsp;&nbsp;42.86 | &nbsp;&nbsp;&nbsp; 536661 | &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 96 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 133

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. Research Enhanced Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $42.22 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $5.05 | &nbsp;&nbsp; $5.37 | &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(2.23)<br>| &nbsp;&nbsp; $(2.56)<br>|
| Year Ended June 30, 2024 | 33.84 | 0.31 | 8.44 | 8.75 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.37)<br>|
| Year Ended June 30, 2023 | 28.88 | 0.31 | 5.41 | 5.72 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.76)<br>|
| Year Ended June 30, 2022 | 36.46 | 0.27 | &nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (4.40)<br>| &nbsp;&nbsp; (4.65)<br>|
| Year Ended June 30, 2021 | 26.55 | 0.27 | 10.81 | 11.08 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (1.17)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 42.81 | 0.44 | 5.10 | 5.54 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.65)<br>|
| Year Ended June 30, 2024 | 34.30 | 0.41 | 8.57 | 8.98 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.47)<br>|
| Year Ended June 30, 2023 | 29.26 | 0.39 | 5.49 | 5.88 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.84)<br>|
| Year Ended June 30, 2022 | 36.89 | 0.36 | &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (2.90)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (4.40)<br>| &nbsp;&nbsp; (4.73)<br>|
| Year Ended June 30, 2021 | 26.85 | 0.35 | 10.94 | 11.29 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (1.25)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 42.73 | 0.48 | 5.10 | 5.58 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.69)<br>|
| Year Ended June 30, 2024 | 34.24 | 0.45 | 8.54 | 8.99 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2023 | 29.21 | 0.42 | 5.48 | 5.90 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.87)<br>|
| Year Ended June 30, 2022 | 36.84 | 0.40 | &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (2.86)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (4.40)<br>| &nbsp;&nbsp; (4.77)<br>|
| Year Ended June 30, 2021 | 26.81 | 0.38 | 10.93 | 11.31 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (1.28)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

134 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $45.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $573535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1284221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 854011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 686545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9174782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8328482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6675403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5994312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4185201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 135

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. Sustainable Leaders Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $72.21 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $7.75 | &nbsp;&nbsp; $8.15 | &nbsp;&nbsp; $(0.42)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.42)<br>|
| Year Ended June 30, 2024 | 57.02 | 0.43 | 15.24 | 15.67 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>|
| Year Ended June 30, 2023 | 48.80 | 0.41 | 8.30 | 8.71 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49)<br>|
| Year Ended June 30, 2022 | 59.20 | 0.39 | &nbsp;&nbsp; (8.35)<br>| &nbsp;&nbsp; (7.96)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (2.44)<br>|
| Year Ended June 30, 2021 | 42.76 | 0.42 | 16.81 | 17.23 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.79)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 70.53 | 0.03 | 7.55 | 7.58 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended June 30, 2024 | 55.67 | 0.12 | 14.89 | 15.01 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>|
| Year Ended June 30, 2023 | 47.61 | 0.15 | 8.10 | 8.25 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>|
| Year Ended June 30, 2022 | 57.87 | 0.09 | &nbsp;&nbsp; (8.14)<br>| &nbsp;&nbsp; (8.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (2.21)<br>|
| Year Ended June 30, 2021 | 41.80 | 0.16 | 16.43 | 16.59 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.52)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 72.95 | 0.60 | 7.82 | 8.42 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>|
| Year Ended June 30, 2024 | 57.58 | 0.59 | 15.39 | 15.98 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>|
| Year Ended June 30, 2023 | 49.27 | 0.54 | 8.38 | 8.92 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>|
| Year Ended June 30, 2022 | 59.71 | 0.54 | &nbsp;&nbsp; (8.43)<br>| &nbsp;&nbsp; (7.89)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (2.55)<br>|
| Year Ended June 30, 2021 | 43.11 | 0.55 | 16.95 | 17.50 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.90)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 72.93 | 0.63 | 7.84 | 8.47 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.62)<br>|
| Year Ended June 30, 2024 | 57.57 | 0.63 | 15.37 | 16.00 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.64)<br>|
| Year Ended June 30, 2023 | 49.27 | 0.57 | 8.37 | 8.94 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.64)<br>|
| Year Ended June 30, 2022 | 59.69 | 0.57 | &nbsp;&nbsp; (8.42)<br>| &nbsp;&nbsp; (7.85)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (2.57)<br>|
| September 30, 2020 (f) through June 30, 2021 | 46.79 | 0.43 | 13.40 | 13.83 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.93)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Commencement of offering of class of shares.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

136 J.P. Morgan Large Cap Funds June 30, 2025

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $79.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $91240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 137

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. Value Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | $74.67 | &nbsp;&nbsp; $0.89 | &nbsp;&nbsp; $7.43 | &nbsp;&nbsp; $8.32 | &nbsp;&nbsp; $(0.95)<br>| &nbsp;&nbsp; $(1.17)<br>| &nbsp;&nbsp; $(2.12)<br>|
| Year Ended June 30, 2024 | 66.58 | 0.90 | 8.16 | 9.06 | &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.97)<br>|
| Year Ended June 30, 2023 | 60.21 | 0.90 | 6.53 | 7.43 | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.06)<br>|
| Year Ended June 30, 2022 | 64.61 | 0.74 | &nbsp;&nbsp; (3.22)<br>| &nbsp;&nbsp; (2.48)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.92)<br>|
| Year Ended June 30, 2021 | 45.62 | 0.64 | 19.59 | 20.23 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.24)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 65.56 | 0.43 | 6.53 | 6.96 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (1.81)<br>|
| Year Ended June 30, 2024 | 58.61 | 0.49 | 7.15 | 7.64 | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.69)<br>|
| Year Ended June 30, 2023 | 53.16 | 0.51 | 5.76 | 6.27 | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.82)<br>|
| Year Ended June 30, 2022 | 57.32 | 0.38 | &nbsp;&nbsp; (2.84)<br>| &nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.70)<br>|
| Year Ended June 30, 2021 | 40.63 | 0.32 | 17.40 | 17.72 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.03)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 79.59 | 1.16 | 7.93 | 9.09 | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (2.30)<br>|
| Year Ended June 30, 2024 | 70.89 | 1.15 | 8.68 | 9.83 | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.13)<br>|
| Year Ended June 30, 2023 | 64.02 | 1.13 | 6.94 | 8.07 | &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.20)<br>|
| Year Ended June 30, 2022 | 68.55 | 0.97 | &nbsp;&nbsp; (3.43)<br>| &nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (2.07)<br>|
| Year Ended June 30, 2021 | 48.34 | 0.83 | 20.76 | 21.59 | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.38)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 74.78 | 0.69 | 7.45 | 8.14 | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (1.91)<br>|
| Year Ended June 30, 2024 | 66.68 | 0.73 | 8.16 | 8.89 | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.79)<br>|
| Year Ended June 30, 2023 | 60.30 | 0.74 | 6.53 | 7.27 | &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.89)<br>|
| Year Ended June 30, 2022 | 64.73 | 0.59 | &nbsp;&nbsp; (3.24)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.78)<br>|
| Year Ended June 30, 2021 | 45.72 | 0.50 | 19.63 | 20.13 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.12)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 79.38 | 0.94 | 7.91 | 8.85 | &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (2.11)<br>|
| Year Ended June 30, 2024 | 70.69 | 0.96 | 8.66 | 9.62 | &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.93)<br>|
| Year Ended June 30, 2023 | 63.83 | 0.93 | 6.95 | 7.88 | &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.02)<br>|
| Year Ended June 30, 2022 | 68.41 | 0.80 | &nbsp;&nbsp; (3.44)<br>| &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.94)<br>|
| Year Ended June 30, 2021 | 48.25 | 0.68 | 20.73 | 21.41 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.25)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 79.60 | 1.19 | 7.90 | 9.09 | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (2.30)<br>|
| Year Ended June 30, 2024 | 70.87 | 1.15 | 8.68 | 9.83 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.10)<br>|
| Year Ended June 30, 2023 | 64.04 | 1.22 | 6.85 | 8.07 | &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.24)<br>|
| Year Ended June 30, 2022 | 68.60 | 0.94 | &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (2.09)<br>|
| Year Ended June 30, 2021 | 48.31 | 0.79 | 20.81 | 21.60 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.31)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 80.25 | 1.31 | 7.99 | 9.30 | &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (2.43)<br>|
| Year Ended June 30, 2024 | 71.45 | 1.27 | 8.75 | 10.02 | &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.22)<br>|
| Year Ended June 30, 2023 | 64.52 | 1.25 | 6.98 | 8.23 | &nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.30)<br>|
| Year Ended June 30, 2022 | 69.09 | 1.12 | &nbsp;&nbsp; (3.51)<br>| &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (2.18)<br>|
| Year Ended June 30, 2021 | 48.69 | 0.93 | 20.93 | 21.86 | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.46)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended June 30, 2025 | 80.28 | 1.38 | 8.01 | 9.39 | &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (2.51)<br>|
| Year Ended June 30, 2024 | 71.49 | 1.34 | 8.76 | 10.10 | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.31)<br>|
| Year Ended June 30, 2023 | 64.55 | 1.33 | 6.98 | 8.31 | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.37)<br>|
| Year Ended June 30, 2022 | 69.10 | 1.16 | &nbsp;&nbsp; (3.47)<br>| &nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (2.24)<br>|
| Year Ended June 30, 2021 | 48.70 | 1.02 | 20.89 | 21.91 | &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.51)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

138 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $80.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1475038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1258586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1045975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 723238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2773567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2436511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2205435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1440632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 868339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1993376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1862143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1319430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 139

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

JPMorgan Trust I ("JPM I"), JPMorgan Trust II ("JPM II") and JPMorgan Trust IV ("JPM IV") (collectively, the "Trusts") were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies.

The following are 15 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | | | |
|:---|:---|:---|:---|
|  | **Classes Offered** | **Trust** | **Diversification Classification** |
| JPMorgan Equity Income Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, <br> Class R5 and Class R6<br>| JPM II | Diversified |
| JPMorgan Equity Index Fund | Class A, Class C, Class I and Class R6 | JPM II | Diversified |
| JPMorgan Equity Premium Income Fund | Class A, Class C, Class I, Class R5 and Class R6 | JPM IV | Diversified |
| JPMorgan Hedged Equity Fund | Class A, Class C, Class I, Class R5 and Class R6 | JPM I | Diversified |
| JPMorgan Hedged Equity 2 Fund | Class A, Class C, Class I, Class R5 and Class R6 | JPM IV | Diversified |
| JPMorgan Hedged Equity 3 Fund | Class A, Class C, Class I, Class R5 and Class R6 | JPM IV | Diversified |
| JPMorgan Large Cap Growth Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, <br> Class R5 and Class R6<br>| JPM II | Non-Diversified\* |
| JPMorgan Large Cap Value Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, <br> Class R5 and Class R6<br>| JPM II | Diversified |
| JPMorgan U.S. Applied Data Science Value Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified |
| JPMorgan U.S. Equity Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class L, Class R2, Class R3, <br> Class R4, Class R5 and Class R6<br>| JPM I | Diversified |
| JPMorgan U.S. GARP Equity Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Non-Diversified\*\* |
| JPMorgan U.S. Large Cap Core Plus Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified |
| JPMorgan U.S. Research Enhanced Equity Fund | Class A, Class I and Class R6 | JPM I | Diversified |
| JPMorgan U.S. Sustainable Leaders Fund | Class A, Class C, Class I and Class R6 | JPM I | Diversified |
| JPMorgan U.S. Value Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, <br> Class R5 and Class R6<br>| JPM I | Diversified |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>\*</sup> Prior to March 5, 2025, JPMorgan Large Cap Growth Fund operated as a diversified company. <br> <sup>\*\*</sup> Prior to December 2, 2024, JPMorgan U.S. GARP Equity Fund operated as a diversified company.

Effective March 1, 2025, Class A and Class C Shares of U.S. Applied Data Sciences Value Fund were publicly offered on a limited basis. Investors are not eligible to purchase Class A Shares and Class C Shares of U.S. Applied Data Science Value Fund unless they meet certain requirements as described in the Funds' prospectus.

The investment objective of JPMorgan Equity Income Fund ("Equity Income Fund") is to seek capital appreciation and current income.

The investment objective of JPMorgan Equity Index Fund ("Equity Index Fund") is to seek investment results that correspond to the aggregate price and dividend performance of securities in the Standard & Poor's 500 Composite Stock Price Index.

The investment objective of JPMorgan Equity Premium Income Fund ("Equity Premium Income Fund") is to seek current income while maintaining prospects for capital appreciation.

The investment objective of JPMorgan Hedged Equity Fund ("Hedged Equity Fund"), JPMorgan Hedged Equity 2 Fund ("Hedged Equity 2 Fund") and JPMorgan Hedged Equity 3 Fund ("Hedged Equity 3 Fund") is to seek to provide capital appreciation.

The investment objective of JPMorgan Large Cap Growth Fund ("Large Cap Growth Fund") is to seek long-term capital appreciation.

The investment objective of JPMorgan Large Cap Value Fund ("Large Cap Value Fund") is to seek capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.

The investment objective of JPMorgan U.S. Applied Data Science Value Fund ("U.S. Applied Data Science Value Fund") and JPMorgan U.S. Sustainable Leaders Fund ("U.S. Sustainable Leaders Fund") is to seek to provide long-term capital appreciation.

The investment objective of JPMorgan U.S. Equity Fund ("U.S. Equity Fund") and JPMorgan U.S. Large Cap Core Plus Fund ("U.S. Large Cap Core Plus Fund") is to seek to provide high total return from a portfolio of selected equity securities.

The investment objective of JPMorgan U.S. GARP Equity Fund ("U.S. GARP Equity Fund") is to seek to provide long-term capital growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

140 J.P. Morgan Large Cap Funds June 30, 2025

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The investment objective of JPMorgan U.S. Research Enhanced Equity Fund ("U.S. Research Enhanced Equity Fund") is to seek to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and Poor's 500 Composite Stock Price Index.

The investment objective of JPMorgan U.S. Value Fund ("U.S. Value Fund") is to seek to provide capital growth over the long-term and to earn income from dividends.

Class L Shares of U.S. Equity Fund and Class A Shares of U.S. Research Enhanced Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of the Funds unless they meet certain requirements as described in the Funds' prospectus.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds' prospectus. Effective March 1, 2025, no sales charge was imposed on purchases of Class A Shares of U.S. Applied Data Science Value Fund and no CDSC was imposed on redemptions of Class A Shares and Class C Shares of U.S. Applied Data Science Value Fund. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as adviser (the "Adviser") and administrator (the "Administrator") to the Funds.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**A. Valuation of Investments**— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the "Boards"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.

Under Section 2(a)(41) of the 1940 Act, the Boards are required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission ("SEC") Rule 2a-5 (Good Faith Determinations of Fair Value), the Boards may designate the performance of these fair valuation determinations to a valuation designee. The Boards have designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Funds on behalf of the Boards subject to appropriate oversight by the Boards. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Boards.

A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services") or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services"). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 141

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Funds are calculated on a valuation date.

Investments in open-end investment companies ("Underlying Funds") are valued at each Underlying Fund's NAV per share as of the report date.

Futures contracts and options are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Income Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $43801935 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $43801935 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Index Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $11370091 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11370091 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 29487 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29487 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $11399578 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp;&nbsp;&nbsp; $11399588 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1083 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1083 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Premium Income Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $5522317 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5522317 |
| Equity Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 813194 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 813194 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

142 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Premium Income Fund** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; $9909 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9909 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $5532226 | &nbsp;&nbsp;&nbsp;&nbsp; $813194 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6345420 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hedged Equity Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $22253389 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $22253389 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $1347 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1347 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written (a) |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(215440)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(215440)<br>|
| Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (60656)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (60656)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(274749)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(274749)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hedged Equity 2 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $5525256 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5525256 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $1303 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1303 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written (a) |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(326512)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(326512)<br>|
| Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (1177)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1177)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(326386)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(326386)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hedged Equity 3 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $3376000 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3376000 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $912 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $912 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written (a) |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(87381)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(87381)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 143

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hedged Equity 3 Fund** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(3607)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(3607)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(90076)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(90076)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Cap Growth Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $113982651 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $113982651 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Cap Value Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $5064258 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5064258 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Applied Data Science Value Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $149613 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $149613 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Equity Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $32261942 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $32261942 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $13 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $13 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. GARP Equity Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $1868447 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1868447 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

144 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. GARP Equity Fund** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $311 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $311 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Large Cap Core Plus Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $3994224 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3994224 |
| **Total Liabilities in Securities Sold Short** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $(650616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(650616)<br>|
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $1581 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1581 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Research Enhanced Equity Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $11065184 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11065184 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $694 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $694 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Sustainable Leaders Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $270894 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $270894 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $54 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $54 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Value Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $6413845 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6413845 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

**B. Restricted Securities**— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 145

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

As of June 30, 2025, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

**C. Securities Lending** — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. ("Citibank") serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the "Securities Lending Agency Agreement"). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund, the Class IM Shares of the JPMorgan Prime Money Market Fund, and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank's fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of June 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment Securities** <br>**on Loan, at value,** <br>**Presented on the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Cash Collateral** <br>**Posted by Borrower\***<br>| **Net Amount Due** <br>**to Counterparty** <br>**(not less than zero)**<br>|
| Large Cap Growth Fund | &nbsp;&nbsp; $10104 | &nbsp;&nbsp; $(10104)<br>| &nbsp;&nbsp; $— |
| Large Cap Value Fund | &nbsp;&nbsp; 19464 | &nbsp;&nbsp; (19464)<br>| &nbsp;&nbsp; — |
| U.S. Value Fund | &nbsp;&nbsp; 23174 | &nbsp;&nbsp; (23174)<br>| &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower's failure to return a loaned security.

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the year ended June 30, 2025, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:

---

| | |
|:---|:---|
| Equity Index Fund | &nbsp;&nbsp; $—<br> (a)<br>|
| Large Cap Growth Fund | &nbsp;&nbsp; 1 |
| Large Cap Value Fund | &nbsp;&nbsp; —<br> (a)<br>|
| U.S. GARP Equity Fund | &nbsp;&nbsp; —<br> (a)<br>|
| U.S. Value Fund | &nbsp;&nbsp; —<br> (a)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

146 J.P. Morgan Large Cap Funds June 30, 2025

------

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank's compensation and is included on the Statements of Operations as Income from securities lending (net).

Equity Income Fund, Equity Index Fund, Equity Premium Income Fund, U.S. Applied Data Science Value Fund, U.S. Equity Fund and U.S. GARP Equity Fund did not have any securities out on loan at June 30, 2025. Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, U.S. Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Sustainable Leaders Fund did not lend out any securities during the year ended June 30, 2025.

**D. Investment Transactions with Affiliates**— The Funds invested in Underlying Funds advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds' distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b)<br>| $75282 | $5340048 | $5338943 | $(53)<br>| $7 | $76341 | 76326 | $6542 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (a) (b)<br>|  | 39580 | 39580 |  |  |  |  | 5<br> \*<br>|  |
| **Total** | $75282 | $5379628 | $5378523 | $(53)<br>| $7 | $76341 |  | $6547 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of June 30, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Chase & Co. (a) | $130535 | $13912 | $24546 | $4221 | $50385 | $174507 | 602 | $3206 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (b) (c)<br>| 10453 | 158996 | 171247 | 1,798<br> \*<br>|  |  |  | 345<br> \*<br>|  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (b) (c)<br>| 2022 | 19657 | 21679 |  |  |  |  | 23<br> \*<br>|  |
| JPMorgan U.S. Government Money Market Fund <br> Class Institutional Shares, 4.18% (b) (c)<br>| 31098 | 709104 | 710715 |  |  | 29487 | 29487 | 1370 |  |
| **Total** | $174108 | $901669 | $928187 | $6019 | $50385 | $203994 |  | $4944 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.

(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(c) The rate shown is the current yield as of June 30, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 147

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b)<br>| $— | $3363965 | $3354075 | $19 | $—<br> (c)<br>| $9909 | 9907 | $1921 | $— |
| JPMorgan Securities Lending Money Market Fund Agency <br> SL Class Shares, 4.40% (a) (b)<br>|  | 1105 | 1105 |  |  |  |  | 1<br> \*<br>|  |
| **Total** | $— | $3365070 | $3355180 | $19 | $—<br> (c)<br>| $9909 |  | $1922 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of June 30, 2025.

(c) Amount rounds to less than one thousand.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money Market <br> Fund Class Institutional Shares, 4.18% <br> (a) (b)<br>| $518872 | $3491237 | $2996409 | $— | $— | $1013700 | 1013700 | $13863 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| $97567 | $1198276 | $1230954 | $— | $— | $64889 | 64889 | $3163 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

148 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| $46578 | $891471 | $916500 | $— | $— | $21549 | 21549 | $2210 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class IM Shares, 4.38% (a) (b)<br>| $3765452 | $41637546 | $44813701 | $(342)<br>| $(29)<br>| $588926 | 588808 | $204620 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.40% <br> (a) (b)<br>| 94979 | 196549 | 281159 | 5<br> \*<br>| 3 | 10377 | 10377 | 855<br> \*<br>|  |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.27% (a) (b)<br>| 11095 | 4514 | 15609 |  |  |  |  | 42<br> \*<br>|  |
| **Total** | $3871526 | $41838609 | $45110469 | $(337)<br>| $(26)<br>| $599303 |  | $205517 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of June 30, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (a) (b)<br>| $127054 | $3640366 | $3739187 | $4 | $3 | $28240 | 28234 | $4627 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (a) (b)<br>| 2000 | 188300 | 170501 | 1<br> \*<br>|  | 19800 | 19800 | 290<br> \*<br>|  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.27% (a) (b)<br>| 1210 | 14734 | 15944 |  |  |  |  | 16<br> \*<br>|  |
| **Total** | $130264 | $3843400 | $3925632 | $5 | $3 | $48040 |  | $4933 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of June 30, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 149

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b)<br>| $1157 | $32254 | $32796 | $—<br> (c)<br>| $—<br> (c)<br>| $615 | 615 | $119 | $— |
| JPMorgan Securities Lending Money Market Fund Agency <br> SL Class Shares, 4.40% (a) (b)<br>|  | 661 | 661 |  |  |  |  |  |  |
| **Total** | $1157 | $32915 | $33457 | $—<br> (c)<br>| $—<br> (c)<br>| $615 |  | $119 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of June 30, 2025.

(c) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (a) (b)<br>| $269804 | $10170252 | $10192525 | $77 | $15 | $247623 | 247573 | $11661 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.40% (a) (b)<br>|  | 42421 | 42421 |  |  |  |  | 27<br> \*<br>|  |
| **Total** | $269804 | $10212673 | $10234946 | $77 | $15 | $247623 |  | $11688 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of June 30, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b)<br>| $19423 | $390868 | $399524 | $—<br> (c)<br>| $—<br> (c)<br>| $10767 | 10765 | $859 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (a) (b)<br>|  | 12122 | 12122 |  |  |  |  | 25<br> \*<br>|  |
| **Total** | $19423 | $402990 | $411646 | $—<br> (c)<br>| $—<br> (c)<br>| $10767 |  | $884 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of June 30, 2025.

(c) Amount rounds to less than one thousand.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

150 J.P. Morgan Large Cap Funds June 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (a) (b)<br>| $62838 | $1053199 | $1011787 | $4 | $3 | $104257 | 104237 | $2977 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (a) (b)<br>| $193056 | $2126282 | $2270106 | $41 | $2 | $49275 | 49265 | $6862 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b)<br>| $4615 | $76606 | $78126 | $—<br> (c)<br>| $1 | $3096 | 3095 | $209 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of June 30, 2025.

(c) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  |
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**June 30,** <br>**2025**<br>| **Shares at** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.38% (a) (b)<br>| $81551 | $746015 | $642809 | $(9)<br>| $2 | $184750 | 184714 | $5203 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.40% (a) (b)<br>|  | 33784 | 10135 |  |  | 23649 | 23649 | 58<br> \*<br>|  |
| **Total** | $81551 | $779799 | $652944 | $(9)<br>| $2 | $208399 |  | $5261 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 151

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) The rate shown is the current yield as of June 30, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

**E. Foreign Currency Translation** — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

**F. Options**— Hedged Equity Fund, Hedged Equity 2 Fund and Hedged Equity 3 Fund purchased and sold ("wrote") put and call options on various instruments including options on indices to manage and hedge interest rate risks within their portfolios and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price ("strike price") to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

*Options Purchased*— Premiums paid by the Funds for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Funds will lose the entire premium they paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

*Options Written*— Premiums received by the Funds for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Funds record a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Funds is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

The Funds pledge collateral to the counterparty in the form of cash or securities for options written. Cash collateral deposited with the broker is recorded as Deposits at broker for option contracts, while cash collateral deposited at the Funds' custodian for the benefit of the broker is recorded as Restricted cash for exchange-traded options on the Statements of Assets and Liabilities. Securities designated as collateral are denoted on the SOIs.

Written uncovered call options subject the Funds to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Funds are not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Funds' exchange-traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**G. Futures Contracts**— Equity Index Fund, Equity Premium Income Fund, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, U.S. Applied Data Science Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Sustainable Leaders Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

152 J.P. Morgan Large Cap Funds June 30, 2025

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Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**Derivatives Volume**

The table below discloses the volume of the Funds' options and futures contracts activity during the year ended June 30, 2025 (amounts in thousands, except number of contracts):

---

| | | |
|:---|:---|:---|
|  | **Equity Index** <br>**Fund**<br>| **Equity Premium** <br>**Income Fund**<br>|
| **Futures Contracts:** |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $39357 | &nbsp;&nbsp; $3934 |
| Average Notional Balance Short | &nbsp;&nbsp; — | &nbsp;&nbsp; (863)<br>|
| Ending Notional Balance Long | &nbsp;&nbsp; 44068 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Hedged** <br>**Equity** <br>**Fund**<br>| **Hedged** <br>**Equity 2** <br>**Fund**<br>| **Hedged** <br>**Equity 3** <br>**Fund**<br>|
| **Futures Contracts:** |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $323296 | &nbsp;&nbsp; $85607 | &nbsp;&nbsp; $60167 |
| Ending Notional Balance Long | &nbsp;&nbsp; 37505 | &nbsp;&nbsp; 73446 | &nbsp;&nbsp; 25941 |
| **Exchange-Traded Options:** |  |  |  |
| Average Number of Contracts Purchased | &nbsp;&nbsp; 35770 | &nbsp;&nbsp; 9081 | &nbsp;&nbsp; 5296 |
| Average Number of Contracts Written | &nbsp;&nbsp; (71541)<br>| &nbsp;&nbsp; (18162)<br>| &nbsp;&nbsp; (10589)<br>|
| Ending Number of Contracts Purchased | &nbsp;&nbsp; 33981 | &nbsp;&nbsp; 8915 | &nbsp;&nbsp; 5424 |
| Ending Number of Contracts Written | &nbsp;&nbsp; (67962)<br>| &nbsp;&nbsp; (17830)<br>| &nbsp;&nbsp; (10848)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **U.S.** <br>**Applied Data** <br>**Science** <br>**Value Fund**<br>| **U.S.** <br>**Equity** <br>**Fund**<br>| **U.S.** <br>**GARP** <br>**Equity** <br>**Fund**<br>|
| **Futures Contracts:** |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $2131 | &nbsp;&nbsp; $48419 | &nbsp;&nbsp; $12819 |
| Ending Notional Balance Long | &nbsp;&nbsp; — | &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 9064 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **U.S.** <br>**Large Cap** <br>**Core Plus** <br>**Fund**<br>| **U.S.** <br>**Research** <br>**Enhanced** <br>**Equity** <br>**Fund**<br>| **U.S.** <br>**Sustainable** <br>**Leaders** <br>**Fund**<br>|
| **Futures Contracts:** |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $19364 | &nbsp;&nbsp; $150617 | &nbsp;&nbsp; $3046 |
| Ending Notional Balance Long | &nbsp;&nbsp; 45318 | &nbsp;&nbsp; 19377 | &nbsp;&nbsp; 1875 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 153

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**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

The Funds' derivatives contracts held at June 30, 2025 are not accounted for as hedging instruments under GAAP.

**H. Equity-Linked Notes**— Equity Premium Income Fund invested in Equity-Linked Notes ("ELNs"). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs' values are linked to the performance of an underlying index. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as interest income on the Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. The Fund realizes a gain or loss when an ELN is sold or matures, which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statements of Operations.

As of June 30, 2025, Equity Premium Income Fund had outstanding ELNs as listed on its SOI.

**I. Short Sales**— U.S. Large Cap Core Plus Fund engaged in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as Deposits at broker for securities sold short, while cash collateral deposited at the Fund's custodian for the benefit of the broker is recorded as Restricted cash for securities sold short on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the SOI. The Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker's fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net amounts of income or fees are included as interest income or interest expense on securities sold short on the Statements of Operations.

The Fund is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as Dividend expense on securities sold short. The Fund is obligated to pay the broker interest accrued on short positions while the position is outstanding. Interest expense on short positions is reported as Interest expense to non-affiliates on securities sold short on the Statements of Operations. Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Short sale transactions may result in unlimited losses as the security's price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

The Fund will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will record a realized gain if the price of the borrowed security declines between those dates.

As of June 30, 2025, U.S. Large Cap Core Plus Fund had outstanding short sales as listed on its SOI.

**J. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.

Interest income and interest expense on securities sold short, if any, is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.

Dividend income and dividend expense on securities sold short, if any, is recorded on the ex-dividend date or when the Funds first learn of the dividend.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

**K. Allocation of Income and Expenses**— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

154 J.P. Morgan Large Cap Funds June 30, 2025

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Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2025, are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class L** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** | **Total** |
| **Equity Income Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | $178 | $30 | $256 | n/a | $11 | $7 | $3 | $11 | $441 | $937 |
| **Equity Index Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 168 | 5 | 33 | n/a | n/a | n/a | n/a | n/a | 57 | 263 |
| **Equity Premium Income Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 20 | 14 | 96 | n/a | n/a | n/a | n/a | —<br> (a)<br>| 11 | 141 |
| **Hedged Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 36 | 17 | 149 | n/a | n/a | n/a | n/a | —<br> (a)<br>| 49 | 251 |
| **Hedged Equity 2 Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 8 | 6 | 41 | n/a | n/a | n/a | n/a | —<br> (a)<br>| 14 | 69 |
| **Hedged Equity 3 Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 4 | 3 | 24 | n/a | n/a | n/a | n/a | —<br> (a)<br>| 6 | 37 |
| **Large Cap Growth Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 404 | 31 | 260 | n/a | 37 | 19 | 9 | 16 | 845 | 1621 |
| **Large Cap Value Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 46 | 4 | 48 | n/a | 3 | 1 | —<br> (a)<br>| 3 | 31 | 136 |
| **U.S. Applied Data Science Value Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 2 | 1 | 3 | n/a | 2 | n/a | n/a | —<br> (a)<br>| 2 | 10 |
| **U.S. Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 120 | 17 | 189 | $29 | 10 | 8 | 2 | 13 | 212 | 600 |
| **U.S. GARP Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 15 | 2 | 7 | n/a | 20 | n/a | n/a | 2 | 9 | 55 |
| **U.S. Large Cap Core Plus Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 21 | 3 | 27 | n/a | 1 | n/a | n/a | 1 | 7 | 60 |
| **U.S. Research Enhanced Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 11 | n/a | 20 | n/a | n/a | n/a | n/a | n/a | 81 | 112 |
| **U.S. Sustainable Leaders Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 5 | 1 | 3 | n/a | n/a | n/a | n/a | n/a | 2 | 11 |
| **U.S. Value Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 142 | 9 | 31 | n/a | —<br> (a)<br>| 1 | —<br> (a)<br>| —<br> (a)<br>| 39 | 222 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

**L. Federal Income Taxes**— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of June 30, 2025, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

**M. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared and paid at least quarterly, except for Large Cap Growth Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund and U.S. Sustainable Leaders Fund, for which distributions are generally declared and paid at least annually, Equity Income Fund, for which distributions are generally declared and paid at least monthly, and Equity Premium Income Fund, for which distributions are generally declared daily and paid at least monthly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition — "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 155

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

The following amounts were reclassified within the capital accounts:

---

| | | | |
|:---|:---|:---|:---|
|  | **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $273010 | &nbsp;&nbsp;&nbsp;&nbsp; $3468 | &nbsp;&nbsp;&nbsp;&nbsp; $(276478)<br>|
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 622 | &nbsp;&nbsp;&nbsp;&nbsp; (622)<br>|
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 531455 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (531455)<br>|
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 21831 | &nbsp;&nbsp;&nbsp;&nbsp; 1135 | &nbsp;&nbsp;&nbsp;&nbsp; (22966)<br>|
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 824 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (824)<br>|
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp;&nbsp; (147)<br>|
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; (57)<br>|
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1664 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; (1665)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

The reclassifications for the Funds relate primarily to tax adjustments on certain investments and tax equalization.

**N. Segment Reporting** — The Funds adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**O. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee** — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows:

---

| | |
|:---|:---|
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

156 J.P. Morgan Large Cap Funds June 30, 2025

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| | |
|:---|:---|
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|

---

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund's respective average daily net assets in excess of $25 billion. For the year ended June 30, 2025, the effective rate for Equity Income Fund, Equity Index Fund, Equity Premium Income Fund, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, Large Cap Growth Fund, Large Cap Value Fund, U.S. Applied Data Science Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund, U.S. Sustainable Leaders Fund and U.S. Value Fund was 0.035%, 0.075%, 0.075%, 0.065%, 0.075%, 0.075%, 0.027%, 0.075%, 0.075%, 0.057%, 0.075%, 0.075%, 0.075%, 0.075% and 0.075%, respectively, of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.

JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

**C. Distribution Fees**— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ("JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.

The Boards have adopted a Distribution Plan (the "Distribution Plan") for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R2** | **Class R3** |
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |

---

Effective March 1, 2025, distribution fees on U.S. Applied Data Science Value Fund's Class A, Class C and Class R2 Shares are voluntarily waived by the Distributor. JPMDS waived distribution fees as outlined in Note 3.F.

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2025, JPMDS retained the following:

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $218 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>|
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 392 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 157

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; $28 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1103 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

**D. Service Fees**— The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class L** | **Class R2** | **Class R3** | **Class R4** | **Class R5** |
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| U.S. Applied Data Science <br> Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| U.S. Research Enhanced Equity <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**E. Custodian and Accounting Fees**— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

158 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**F. Waivers and Reimbursements**—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>|
| Equity Premium Income <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| U.S. Applied Data Science <br> Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| U.S. Large Cap Core Plus <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| U.S. Research Enhanced <br> Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| U.S. Sustainable Leaders <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |

---

The expense limitation agreements were in effect for the year ended June 30, 2025 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2025.

For the year ended June 30, 2025, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |  | **Voluntary Waivers** |
|  | **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** | **Contractual** <br>**Reimbursements**<br>| **12b-1** |
| Equity Income Fund | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Equity Index Fund | &nbsp;&nbsp; 4354 | &nbsp;&nbsp; 3859 | &nbsp;&nbsp; 2448 | &nbsp;&nbsp; 10661 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; — |
| Equity Premium Income Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Hedged Equity 2 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Hedged Equity 3 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp; — |
| Large Cap Growth Fund | &nbsp;&nbsp; 37718 | &nbsp;&nbsp; 17076 | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 55209 | &nbsp;&nbsp; 188 | &nbsp;&nbsp; — |
| Large Cap Value Fund | &nbsp;&nbsp; 1562 | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 2728 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; — |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp; 178 | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 421 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37 |
| U.S. Equity Fund | &nbsp;&nbsp; 3205 | &nbsp;&nbsp; 2139 | &nbsp;&nbsp; 359 | &nbsp;&nbsp; 5703 | &nbsp;&nbsp; 212 | &nbsp;&nbsp; — |
| U.S. GARP Equity Fund | &nbsp;&nbsp; 597 | &nbsp;&nbsp; 379 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 1017 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp; 1645 | &nbsp;&nbsp; 1097 | &nbsp;&nbsp; 4363 | &nbsp;&nbsp; 7105 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp; 5182 | &nbsp;&nbsp; 3457 | &nbsp;&nbsp; 2131 | &nbsp;&nbsp; 10770 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 635 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Value Fund | &nbsp;&nbsp; 1762 | &nbsp;&nbsp; 1175 | &nbsp;&nbsp; 173 | &nbsp;&nbsp; 3110 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 159

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/ or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the year ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $154 |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 62 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 57 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 667 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4961 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 103 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 266 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 113 |

---

**G. Other**— Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statements of Operations.

The Trusts adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the year ended June 30, 2025, Large Cap Value Fund and U.S. Large Cap Core Plus Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The below Funds used related party broker-dealers during the year ended June 30, 2025, and incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows:

---

| | |
|:---|:---|
|  | **Brokerage Commissions** |
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $106 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 73 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5 |

---

The SEC has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

160 J.P. Morgan Large Cap Funds June 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Investment Transactions** 

During the year ended June 30, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>| **Securities** <br>**Sold Short**<br>| **Covers on** <br>**Securities** <br>**Sold Short**<br>|
| Equity Income Fund | $8773924 | $14397913 | $— | $— |
| Equity Index Fund | 1253935 | 1598212 |  |  |
| Equity Premium Income Fund | 11424234 | 11269619 |  |  |
| Hedged Equity Fund | 5960365 | 6456621 |  |  |
| Hedged Equity 2 Fund | 2262229 | 2183229 |  |  |
| Hedged Equity 3 Fund | 1390323 | 1319302 |  |  |
| Large Cap Growth Fund | 59034633 | 50679169 |  |  |
| Large Cap Value Fund | 9153943 | 8779600 |  |  |
| U.S. Applied Data Science Value Fund | 31460 | 66206 |  |  |
| U.S. Equity Fund | 12251755 | 13293050 |  |  |
| U.S. GARP Equity Fund | 982102 | 844096 |  |  |
| U.S. Large Cap Core Plus Fund | 3044278 | 2412983 | 1014509 | 983568 |
| U.S. Research Enhanced Equity Fund | 3413855 | 2839768 |  |  |
| U.S. Sustainable Leaders Fund | 194671 | 166312 |  |  |
| U.S. Value Fund | 1327406 | 1307512 |  |  |

---

During the year ended June 30, 2025, there were no purchases or sales of U.S. Government securities.

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $27084373 | &nbsp;&nbsp;&nbsp;&nbsp; $16850331 | &nbsp;&nbsp;&nbsp;&nbsp; $132769 | &nbsp;&nbsp;&nbsp;&nbsp; $16717562 |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4087135 | &nbsp;&nbsp;&nbsp;&nbsp; 7391626 | &nbsp;&nbsp;&nbsp;&nbsp; 78090 | &nbsp;&nbsp;&nbsp;&nbsp; 7313536 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5308285 | &nbsp;&nbsp;&nbsp;&nbsp; 1230921 | &nbsp;&nbsp;&nbsp;&nbsp; 193786 | &nbsp;&nbsp;&nbsp;&nbsp; 1037135 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 12770393 | &nbsp;&nbsp;&nbsp;&nbsp; 9401383 | &nbsp;&nbsp;&nbsp;&nbsp; 193136 | &nbsp;&nbsp;&nbsp;&nbsp; 9208247 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3489898 | &nbsp;&nbsp;&nbsp;&nbsp; 2093538 | &nbsp;&nbsp;&nbsp;&nbsp; 384566 | &nbsp;&nbsp;&nbsp;&nbsp; 1708972 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2311863 | &nbsp;&nbsp;&nbsp;&nbsp; 1109420 | &nbsp;&nbsp;&nbsp;&nbsp; 135359 | &nbsp;&nbsp;&nbsp;&nbsp; 974061 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 67551974 | &nbsp;&nbsp;&nbsp;&nbsp; 46611173 | &nbsp;&nbsp;&nbsp;&nbsp; 180496 | &nbsp;&nbsp;&nbsp;&nbsp; 46430677 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4498261 | &nbsp;&nbsp;&nbsp;&nbsp; 611344 | &nbsp;&nbsp;&nbsp;&nbsp; 45347 | &nbsp;&nbsp;&nbsp;&nbsp; 565997 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 112336 | &nbsp;&nbsp;&nbsp;&nbsp; 40799 | &nbsp;&nbsp;&nbsp;&nbsp; 3522 | &nbsp;&nbsp;&nbsp;&nbsp; 37277 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 17683144 | &nbsp;&nbsp;&nbsp;&nbsp; 14611693 | &nbsp;&nbsp;&nbsp;&nbsp; 32882 | &nbsp;&nbsp;&nbsp;&nbsp; 14578811 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 947956 | &nbsp;&nbsp;&nbsp;&nbsp; 931757 | &nbsp;&nbsp;&nbsp;&nbsp; 10955 | &nbsp;&nbsp;&nbsp;&nbsp; 920802 |
| U.S. Large Cap Core Plus Fund \* | &nbsp;&nbsp;&nbsp;&nbsp; 1952143 | &nbsp;&nbsp;&nbsp;&nbsp; 1433684 | &nbsp;&nbsp;&nbsp;&nbsp; 40638 | &nbsp;&nbsp;&nbsp;&nbsp; 1393046 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 6279257 | &nbsp;&nbsp;&nbsp;&nbsp; 4894170 | &nbsp;&nbsp;&nbsp;&nbsp; 107549 | &nbsp;&nbsp;&nbsp;&nbsp; 4786621 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 205050 | &nbsp;&nbsp;&nbsp;&nbsp; 71328 | &nbsp;&nbsp;&nbsp;&nbsp; 5430 | &nbsp;&nbsp;&nbsp;&nbsp; 65898 |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4800267 | &nbsp;&nbsp;&nbsp;&nbsp; 1751639 | &nbsp;&nbsp;&nbsp;&nbsp; 138061 | &nbsp;&nbsp;&nbsp;&nbsp; 1613578 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* The tax cost includes the proceeds from short sales which may result in a net negative cost.

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to certain derivatives and wash sale loss deferrals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 161

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

The tax character of distributions paid during the year ended June 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**Long-Term** <br>**Capital Gains**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $840237 | &nbsp;&nbsp;&nbsp;&nbsp; $2628734 | &nbsp;&nbsp;&nbsp;&nbsp; $3468971 |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 133064 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133064 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 518059 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 518059 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 155399 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 155399 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 37967 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37967 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 22121 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22121 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 140130 | &nbsp;&nbsp;&nbsp;&nbsp; 1002056 | &nbsp;&nbsp;&nbsp;&nbsp; 1142186 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 343655 | &nbsp;&nbsp;&nbsp;&nbsp; 155204 | &nbsp;&nbsp;&nbsp;&nbsp; 498859 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3405 | &nbsp;&nbsp;&nbsp;&nbsp; 9277 | &nbsp;&nbsp;&nbsp;&nbsp; 12682 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 807038 | &nbsp;&nbsp;&nbsp;&nbsp; 1113229 | &nbsp;&nbsp;&nbsp;&nbsp; 1920267 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 30794 | &nbsp;&nbsp;&nbsp;&nbsp; 62061 | &nbsp;&nbsp;&nbsp;&nbsp; 92855 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 11844 | &nbsp;&nbsp;&nbsp;&nbsp; 163977 | &nbsp;&nbsp;&nbsp;&nbsp; 175821 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 232460 | &nbsp;&nbsp;&nbsp;&nbsp; 381245 | &nbsp;&nbsp;&nbsp;&nbsp; 613705 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1620 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1620 |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 96089 | &nbsp;&nbsp;&nbsp;&nbsp; 72843 | &nbsp;&nbsp;&nbsp;&nbsp; 168932 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended June 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**Long-Term** <br>**Capital Gains**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $976837 | &nbsp;&nbsp;&nbsp;&nbsp; $329178 | &nbsp;&nbsp;&nbsp;&nbsp; $1306015 |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 125568 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125568 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 437278 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 437278 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 158875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158875 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 42150 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42150 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 23662 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23662 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 170094 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 170094 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 64731 | &nbsp;&nbsp;&nbsp;&nbsp; 132881 | &nbsp;&nbsp;&nbsp;&nbsp; 197612 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5421 | &nbsp;&nbsp;&nbsp;&nbsp; 6778 | &nbsp;&nbsp;&nbsp;&nbsp; 12199 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 217330 | &nbsp;&nbsp;&nbsp;&nbsp; 272641 | &nbsp;&nbsp;&nbsp;&nbsp; 489971 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5169 | &nbsp;&nbsp;&nbsp;&nbsp; 7575 | &nbsp;&nbsp;&nbsp;&nbsp; 12744 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3079 | &nbsp;&nbsp;&nbsp;&nbsp; 165702 | &nbsp;&nbsp;&nbsp;&nbsp; 168781 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 95982 | &nbsp;&nbsp;&nbsp;&nbsp; 9493 | &nbsp;&nbsp;&nbsp;&nbsp; 105475 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1738 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1738 |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 82194 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82194 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

162 J.P. Morgan Large Cap Funds June 30, 2025

------

As of June 30, 2025, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $1812 | &nbsp;&nbsp;&nbsp;&nbsp; $1986367 | &nbsp;&nbsp;&nbsp;&nbsp; $16717561 |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4594 | &nbsp;&nbsp;&nbsp;&nbsp; (3265)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7313482 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 16674 | &nbsp;&nbsp;&nbsp;&nbsp; (1161104)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1037135 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 13042 | &nbsp;&nbsp;&nbsp;&nbsp; (1511237)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9208247 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3083 | &nbsp;&nbsp;&nbsp;&nbsp; (960304)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1708972 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1878 | &nbsp;&nbsp;&nbsp;&nbsp; (358356)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 974061 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 178541 | &nbsp;&nbsp;&nbsp;&nbsp; 6081902 | &nbsp;&nbsp;&nbsp;&nbsp; 46430677 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7329 | &nbsp;&nbsp;&nbsp;&nbsp; 175991 | &nbsp;&nbsp;&nbsp;&nbsp; 565997 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp; 10162 | &nbsp;&nbsp;&nbsp;&nbsp; 37277 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 254475 | &nbsp;&nbsp;&nbsp;&nbsp; 547885 | &nbsp;&nbsp;&nbsp;&nbsp; 14578811 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 17164 | &nbsp;&nbsp;&nbsp;&nbsp; 82266 | &nbsp;&nbsp;&nbsp;&nbsp; 920802 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3684 | &nbsp;&nbsp;&nbsp;&nbsp; 74697 | &nbsp;&nbsp;&nbsp;&nbsp; 1393046 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 59868 | &nbsp;&nbsp;&nbsp;&nbsp; 277465 | &nbsp;&nbsp;&nbsp;&nbsp; 4786621 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 806 | &nbsp;&nbsp;&nbsp;&nbsp; 17568 | &nbsp;&nbsp;&nbsp;&nbsp; 65898 |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 13124 | &nbsp;&nbsp;&nbsp;&nbsp; 146076 | &nbsp;&nbsp;&nbsp;&nbsp; 1613578 |

---

The cumulative timing differences primarily consist of certain derivatives, dividends payable, post-October capital loss deferrals and wash sale loss deferrals.

As of June 30, 2025, the following Funds had net capital loss carryforwards, which are available to offset future realized gains:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
|  | **Short-Term** | **Long-Term** |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3265 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1099073 | &nbsp;&nbsp;&nbsp;&nbsp; 62031 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1063642 | &nbsp;&nbsp;&nbsp;&nbsp; 447595 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 446580 | &nbsp;&nbsp;&nbsp;&nbsp; 513724 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 116617 | &nbsp;&nbsp;&nbsp;&nbsp; 241739 |

---

Net capital losses (gains) incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended June 30, 2025, the Funds deferred to July 1, 2025 the following net capital losses (gains) of:

---

| | | |
|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | **Net Capital Losses (Gains)** |
|  | **Short-Term** | **Long-Term** |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $339900 | &nbsp;&nbsp;&nbsp;&nbsp; $(258944)<br>|
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 401169 | &nbsp;&nbsp;&nbsp;&nbsp; 14264 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 86642 | &nbsp;&nbsp;&nbsp;&nbsp; (3417)<br>|
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 32733 | &nbsp;&nbsp;&nbsp;&nbsp; (1942)<br>|
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 8638 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 51056 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 163

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

During the year ended June 30, 2025, the following Funds utilized capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized**  | **Capital Loss Utilized**  |
|  | **Short-Term** | **Long-Term** |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; $30625 | &nbsp;&nbsp;&nbsp;&nbsp; $62506 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93497 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 541933 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 11932 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |

---

**6. Borrowings** 

The Funds rely upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 28, 2025.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2025.

The Trusts, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion ("Credit Facility") with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted NAV and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted NAV or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate. Effective August 5, 2025, the Credit Facility was amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended June 30, 2025.

**7. Risks, Concentrations and Indemnifications**

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

164 J.P. Morgan Large Cap Funds June 30, 2025

------

As of June 30, 2025, the Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Non-Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** |
| Equity Income Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 11.6<br> %<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 34.5<br> %<br>|
| Equity Index Fund | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;31.8 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Equity Premium Income Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;14.0 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;52.7 |
| Hedged Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;41.0 |
| Hedged Equity 2 Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;13.0 | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;52.3 |
| Hedged Equity 3 Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;11.3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;52.7 |
| Large Cap Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;19.9 |
| Large Cap Value Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;11.5 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;29.7 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;36.1 |
| U.S. Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;29.0 |
| U.S. GARP Equity Fund | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;39.8 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;14.1 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;27.6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;35.8 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;37.8 |
| U.S. Value Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;40.7 |

---

Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.

As of June 30, 2025, J.P. Morgan Investor Funds, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated fund of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **J.P. Morgan** <br>**Investor** <br>**Funds**<br>| &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Funds**<br>| &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Blend Funds**<br>|
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 64.5<br> %<br>|
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;23.5 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;44.8 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;10.2 | &nbsp;&nbsp;&nbsp;&nbsp;25.8 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

Equity Premium Income Fund's investments in ELNs entail varying degrees of risks. The Fund is subject to loss of their full principal amount. In addition, the ELNs are subject to a stated maximum return which may limit the payment at maturity. The Fund may also be exposed to additional risks associated with structured notes including: counterparty credit risk related to the issuer's ability to make payment at maturity; liquidity risk related to a lack of liquid market for these notes, preventing the Fund from trading or selling the notes easily; and a greater degree of market risk than other types of debt securities because the investor bears the risk associated with the underlying financial instruments.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's underlying index, if any, or in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

**8. Subsequent Event**

At a meeting held on February 11-13 2025, JPM I's Board of Trustees approved the reorganization (the "Reorganization") of U.S. Applied Data Science Value Fund (the "Acquired Fund") into a newly created exchange-traded fund, JPMorgan Fundamental Data Science Large Value ETF (the "Acquiring Fund"). The Reorganization occurred as of the close of business on July 11, 2025 (the "Closing Date"). Following the Reorganization, the Acquired Fund's performance and financial history were adopted by the Acquiring Fund. In connection with the Reorganization, each shareholder of the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 165

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF June 30, 2025 (continued)

(Dollar values in thousands)

Acquired Fund (except as noted below) received shares of the Acquiring Fund equal in value to the number of shares of the Acquired Fund they owned on the Closing Date, including a cash payment in lieu of fractional shares of the Acquiring Fund, which cash payment may be taxable. Shareholders of the Acquired Fund who did not hold their shares through a brokerage account that could accept shares of the Acquiring Fund on the Closing Date had their Acquired Fund shares liquidated, and such shareholders received cash equal in value to their Acquired Fund shares, which cash payment may be taxable. Shareholders of the Acquired Fund who held their shares through a fund direct individual retirement account and did not take action prior to the Reorganization had their Acquired Fund shares exchanged for Morgan Shares of JPMorgan U.S. Government Money Market Fund equal in value to their Acquired Fund shares. The Acquiring Fund is managed in a substantially similar way, but in order to meet the requirements of Rule 35d-1 under the 1940 Act, the Acquiring Fund has a new 80% policy, according to which it invests 80% of its assets in equity securities of large, well-established companies, while the Acquired Fund invested at least 80% of its assets in equity securities of U.S. large and mid-capitalization companies. Effective as of the close of business on July 11, 2025, the Acquired Fund ceased operations in connection with the consummation of the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

166 J.P. Morgan Large Cap Funds June 30, 2025

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of JPMorgan Trust I, JPMorgan Trust II and JPMorgan Trust IV and Shareholders of JPMorgan Equity Income Fund, JPMorgan Equity Index Fund, JPMorgan Equity Premium Income Fund, JPMorgan Hedged Equity Fund, JPMorgan Hedged Equity 2 Fund, JPMorgan Hedged Equity 3 Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value Fund, JPMorgan U.S. Applied Data Science Value Fund, JPMorgan U.S. Equity Fund, JPMorgan U.S. GARP Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund, JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Sustainable Leaders Fund and JPMorgan U.S. Value Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Hedged Equity Fund, JPMorgan U.S. Applied Data Science Value Fund, JPMorgan U.S. Equity Fund, JPMorgan U.S. GARP Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund, JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Sustainable Leaders Fund and JPMorgan U.S. Value Fund (eight of the funds constituting JPMorgan Trust I), JPMorgan Equity Income Fund, JPMorgan Equity Index Fund, JPMorgan Large Cap Growth Fund and JPMorgan Large Cap Value Fund (four of the funds constituting JPMorgan Trust II) and JPMorgan Equity Premium Income Fund, JPMorgan Hedged Equity 2 Fund and JPMorgan Hedged Equity 3 Fund (three of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the "Funds") as of June 30, 2025, the related statements of operations for the year ended June 30, 2025, the statement of cash flows for JPMorgan U.S. Large Cap Core Plus Fund for the year ended June 30, 2025, the statements of changes in net assets for each of the two years in the period ended June 30, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, the results of each of their operations for the year then ended, the results of its cash flows for the year then ended for JPMorgan U.S. Large Cap Core Plus Fund, the changes in each of their net assets for each of the two years in the period ended June 30, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 22, 2025

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

June 30, 2025 J.P. Morgan Large Cap Funds 167

------

**TAX LETTER**

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended June 30, 2025. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2025. The information necessary to complete your income tax returns for the calendar year ending December 31, 2025 will be provided under separate cover.

**Dividends Received Deduction (DRD)**

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2025:

---

| | |
|:---|:---|
|  | **Dividends** <br>**Received** <br>**Deduction**<br>|
| JPMorgan Equity Income Fund | 100.00<br> %<br>|
| JPMorgan Equity Index Fund | 99.00 |
| JPMorgan Equity Premium Income Fund | 15.19 |
| JPMorgan Hedged Equity Fund | 100.00 |
| JPMorgan Hedged Equity 2 Fund | 100.00 |
| JPMorgan Hedged Equity 3 Fund | 100.00 |
| JPMorgan Large Cap Growth Fund | 100.00 |
| JPMorgan Large Cap Value Fund | 22.28 |
| JPMorgan U.S. Applied Data Science Value Fund | 87.59 |
| JPMorgan U.S. Equity Fund | 39.56 |
| JPMorgan U.S. GARP Equity Fund | 33.83 |
| JPMorgan U.S. Large Cap Core Plus Fund | 100.00 |
| JPMorgan U.S. Research Enhanced Equity Fund | 50.03 |
| JPMorgan U.S. Sustainable Leaders Fund | 100.00 |
| JPMorgan U.S. Value Fund | 100.00 |

---

**Long Term Capital Gain**

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2025:

---

| | |
|:---|:---|
|  | **Long-Term** <br>**Capital Gain** <br>**Distribution**<br>|
| JPMorgan Equity Income Fund | &nbsp;&nbsp; $2902340 |
| JPMorgan Large Cap Growth Fund | &nbsp;&nbsp; 1533511 |
| JPMorgan Large Cap Value Fund | &nbsp;&nbsp; 177046 |
| JPMorgan U.S. Applied Data Science Value Fund | &nbsp;&nbsp; 10101 |
| JPMorgan U.S. Equity Fund | &nbsp;&nbsp; 1113229 |
| JPMorgan U.S. GARP Equity Fund | &nbsp;&nbsp; 62061 |
| JPMorgan U.S. Large Cap Core Plus Fund | &nbsp;&nbsp; 163977 |
| JPMorgan U.S. Research Enhanced Equity Fund | &nbsp;&nbsp; 381245 |
| JPMorgan U.S. Sustainable Leaders Fund | &nbsp;&nbsp; 1664 |
| JPMorgan U.S. Value Fund | &nbsp;&nbsp; 72843 |

---

**Qualified Dividend Income (QDI)**

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2025:

---

| | |
|:---|:---|
|  | **Qualified** <br>**Dividend** <br>**Income**<br>|
| JPMorgan Equity Income Fund | &nbsp;&nbsp; $840237 |
| JPMorgan Equity Index Fund | &nbsp;&nbsp; 133064 |
| JPMorgan Equity Premium Income Fund | &nbsp;&nbsp; 85203 |
| JPMorgan Hedged Equity Fund | &nbsp;&nbsp; 155399 |
| JPMorgan Hedged Equity 2 Fund | &nbsp;&nbsp; 37967 |
| JPMorgan Hedged Equity 3 Fund | &nbsp;&nbsp; 22121 |
| JPMorgan Large Cap Growth Fund | &nbsp;&nbsp; 140130 |
| JPMorgan Large Cap Value Fund | &nbsp;&nbsp; 77437 |
| JPMorgan U.S. Applied Data Science Value Fund | &nbsp;&nbsp; 3128 |
| JPMorgan U.S. Equity Fund | &nbsp;&nbsp; 345204 |
| JPMorgan U.S. GARP Equity Fund | &nbsp;&nbsp; 11147 |
| JPMorgan U.S. Large Cap Core Plus Fund | &nbsp;&nbsp; 11844 |
| JPMorgan U.S. Research Enhanced Equity Fund | &nbsp;&nbsp; 124537 |
| JPMorgan U.S. Sustainable Leaders Fund | &nbsp;&nbsp; 1620 |
| JPMorgan U.S. Value Fund | &nbsp;&nbsp; 96089 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

168 J.P. Morgan Large Cap Funds June 30, 2025

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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.

***Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.***

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

![](g76196img5e0a211a2.jpg)

------

![](g76196img3ae15ee23.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2025. All rights reserved. June 2025.

AN-LCE-625

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

JPMorgan Trust I held a special meeting of shareholders on October 2, 2024, for the purpose of considering and voting upon the approval to change the JPMorgan U.S. GARP Equity Fund (the "Fund") from a diversified company to a non-diversified company by eliminating the Fund's related fundamental investment policy. The elimination of the fundamental investment policy was approved by shareholders on October 2, 2024.

The results of the voting were as follows:

---

| | |
|:---|:---|
|  | **Dollar value of**<br> **Votes Received**<br> **(000's)**<br>|
| For | &nbsp;&nbsp;&nbsp;&nbsp; $845181 |
| Against | &nbsp;&nbsp;&nbsp;&nbsp; 3333 |
| Abstain | &nbsp;&nbsp;&nbsp;&nbsp; 1191 |

---

JPMorgan Trust II held a special meeting of shareholders on October 2, 2024 for the purpose of considering and voting upon theapproval to change the JPMorgan Large Cap Growth Fund (the "Fund") from a diversified company to a non-diversified company by eliminating the Fund's related fundamental investment policy.

The special meeting was adjourned to October 30, 2024, November 21, 2024, December 18, 2024, January 30, 2025 and February 27, 2025, to allow shareholders additional time to vote on the proposal. The proposal was not approved by either 67% or more of the shares present or represented by proxy at the meeting, or by more than 50% of the outstanding shares (as of the record date set for the special shareholder meeting) of the Fund, as is required at the October 2, 2024 meeting, the October 30, 2024 meeting, the November 21, 2024 meeting, the December 18, 2024 meeting and the January 30, 2025 meeting. The elimination of the fundamental investment policy was approved by shareholders of the Fund when the special meeting reconvened on February 27, 2025.

---

| | |
|:---|:---|
|  | **Dollar value of**<br> **Votes Received**<br> **(000's)**<br>|
| **October 2, 2024 Meeting:** |  |
| For | &nbsp;&nbsp;&nbsp;&nbsp; $20507361 |
| Against | &nbsp;&nbsp;&nbsp;&nbsp; 2574902 |
| Abstain | &nbsp;&nbsp;&nbsp;&nbsp; 961728 |
| **October 30, 2024 Meeting:** |  |
| For | &nbsp;&nbsp;&nbsp;&nbsp; $22744395 |
| Against | &nbsp;&nbsp;&nbsp;&nbsp; 2854178 |
| Abstain | &nbsp;&nbsp;&nbsp;&nbsp; 1626367 |
| **November 21, 2024 Meeting:** |  |
| For | &nbsp;&nbsp;&nbsp;&nbsp; $27038114 |
| Against | &nbsp;&nbsp;&nbsp;&nbsp; 3821555 |
| Abstain | &nbsp;&nbsp;&nbsp;&nbsp; 2466174 |
| **December 18, 2024 Meeting:** |  |
| For | &nbsp;&nbsp;&nbsp;&nbsp; $24904024 |
| Against | &nbsp;&nbsp;&nbsp;&nbsp; 6694795 |
| Abstain | &nbsp;&nbsp;&nbsp;&nbsp; 2721884 |
| **January 30, 2025 Meeting:** |  |
| For | &nbsp;&nbsp;&nbsp;&nbsp; $33185852 |
| Against | &nbsp;&nbsp;&nbsp;&nbsp; 4337107 |
| Abstain | &nbsp;&nbsp;&nbsp;&nbsp; 3789254 |
| **February 27, 2025 Meeting:** |  |
| For | &nbsp;&nbsp;&nbsp;&nbsp; $34043780 |
| Against | &nbsp;&nbsp;&nbsp;&nbsp; 4371268 |
| Abstain | &nbsp;&nbsp;&nbsp;&nbsp; 4252603 |

---

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

------

**Statement Regarding Basis for Approval of Investment Advisory Agreements**

Not applicable.

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Refer to Item 7.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

#### Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

#### No material changes to report.
ITEM 16. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

**The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.** 

(b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**There were no changes in the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.** 

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

#### Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

------

ITEM 19. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.](d21784dex99codeeth.htm)

#### Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2), exactly as set forth below:](d21784dex99cert.htm)

#### Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

#### Not applicable.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.

(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.](d21784dex99906cert.htm)

#### Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| JPMorgan Trust IV | JPMorgan Trust IV |
| By: | /s/ Matthew J. Kamburowski |
|  | Matthew J. Kamburowski |
|  | President and Principal Executive Officer |
|  | September 2, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Matthew J. Kamburowski |
|  | Matthew J. Kamburowski |
|  | President and Principal Executive Officer |
|  | September 2, 2025 |
| By: | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |
|  | September 2, 2025 |

---

## Ex-99.Code

EX-99 COD ETH 2

**JPMorgan Trust I** 

**JPMorgan Trust II** 

**JPMorgan Trust IV** 

**Undiscovered Managers Funds** 

**JPMorgan Institutional Trust** 

**J. P. Morgan Mutual Fund Investment Trust** 

**J. P. Morgan Fleming Mutual Fund Group, Inc.** 

**J.P. Morgan Exchange-Traded Fund Trust** 

**(collectively the "J.P. Morgan Funds")** 

**Code of Ethics for Principal Executive** 

**and Principal Financial Officers** 

 **Persons covered by this Code of Ethics:** 

---

| | |
|:---|:---|
| **Matthew J. Kamburowski** | **Principal Executive Officer** |
| **Timothy J. Clemens** | **Principal Financial Officer** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Covered Officers/ Purpose of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **This Sarbanes-Oxley Code of Ethics for the J.P. Morgan Funds (the "Funds") applies to the Funds' Principal Executive Officer and Principal Financial Officer (the "Covered Officers") for the purpose of promoting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Compliance with applicable laws and governmental rules and regulations;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **The prompt internal reporting of violations of this Sarbanes-Oxley Code of Ethics to an appropriate person or persons identified herein; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** **Accountability for adherence to this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest.** 

**A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Funds.** 

**Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The Funds and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Sarbanes-Oxley Code of Ethics does not, and is not intended to, repeat or replace these programs and procedures.** 

**Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and the investment advisers, principal underwriters, administrators, and/or affiliated persons thereof (the "Funds Principal Service Providers") of which the Covered Officers are also officers or employees. As a result, the Sarbanes-Oxley Code of Ethics recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company, the Funds Principal Service Providers, or for both) be involved in establishing policies and implementing decisions that will have different effects on the Funds Principal Service Providers and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the** 

------

 **Funds and the Funds Principal Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.** 

**Other conflicts of interest are covered by the Sarbanes-Oxley Code of Ethics, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Advisers Act. The following list provides examples of conflicts of interest under the Sarbanes-Oxley Code of Ethics, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Each Covered Officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Not use his personal influence or personal relationships improperly to influence investment decisions and/or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Funds;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Complete on an annual basis the Funds' Trustee and Officer Questionnaire which requests information regarding other business affiliations and relationships** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **In furtherance of the above, below are some examples of conflict of interest situations that should be discussed with the Investment Adviser's Compliance department, which is responsible for the day-to-day monitoring of the Investment Adviser and/or the Funds Chief Compliance Officer. Examples of these include, but are not limited to:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Serving as a director on the board of any public, private company or not for profit organization;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **The receipt of any gifts in excess of $100;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **The receipt of any entertainment from any company with which the Funds have current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety or other formulation as the Funds already use in another code of conduct;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than the Funds Principal Service Providers;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** **A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares such as compensation or equity ownership other than an interest arising from the Covered Officer's employment with the Funds' Principal Service Providers.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's directors and auditors, and/or to governmental regulators and self-regulatory organizations;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Reporting and Accountability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Each covered officer must:** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Upon adoption of this Sarbanes-Oxley Code of Ethics (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Annually thereafter affirm to the Board that he has complied with the requirements of this Sarbanes-Oxley Code of Ethics;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Not retaliate against any other Covered Officer and/or any employee of the Funds or affiliated persons for reports of potential violations that are made in good faith; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **Notify the Funds' Chief Compliance Officer promptly if he knows of any violation of this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Failure to take any of the actions specified in Section 6(a) above is itself a violation of this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **The Funds' Chief Compliance Officer is responsible for applying this Sarbanes-Oxley Code of Ethics to specific situations in which questions are presented relating to the Code. The Chief Compliance Officer has the authority to interpret this Sarbanes-Oxley Code of Ethics in any particular situation. However, any waivers sought by the Covered Officer will require prior review and approval by the Funds' Board.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **The Funds will follow these procedures in investigating and enforcing this Sarbanes-Oxley Code of Ethics:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **The Funds' Chief Compliance Officer (or his designee) will take all appropriate action to investigate any potential violations reported to him;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **If, after such investigation, the Funds' Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Any matter the Funds' Chief Compliance Officer believes to be a violation will be reported to the Funds' Board which will consider appropriate action, which may include review of, and/or appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; and/or a recommendation to dismiss the Covered Officer;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **The Funds' Board will be responsible for granting waivers, as appropriate; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** **Any changes to, or waivers of this Sarbanes-Oxley Code of Ethics will, to the extent required, be disclosed to the Funds' Board as provided by SEC rules.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **This Sarbanes-Oxley Code of Ethics shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Sarbanes-Oxley Code of Ethics, they are superseded by the Sarbanes-Oxley Code of Ethics to the extent that they overlap or conflict with the provisions of this Sarbanes-Oxley Code of Ethics. The Funds' and their investment adviser's codes of ethics under Rule 17j-l, under the Investment Company Act, the adviser's more detailed policies and procedures set forth in the Investment Adviser's Code of Ethics are separate requirements applying to the Covered Officers and others, and are not part of this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Any amendments to the Sarbanes-Oxley Code of Ethics, other than amendments to the list of Covered Officers, must be approved or ratified by a majority vote of the Funds' Board, including a majority of independent directors or trustees.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **All reports and records prepared or maintained pursuant to this Sarbanes-Oxley Code of Ethics will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Sarbanes-Oxley Code of Ethics, such matters shall not be disclosed to anyone.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **All reports and records maintained under this Sarbanes-Oxley Code of Ethics are intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.**

## Ex-99.Cert

EXHIBIT ITEM 13 (b)1

CERTIFICATIONS

I, Matthew J. Kamburowski, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Equity
Premium Income Fund, JPMorgan Hedged Equity 2 Fund, JPMorgan Hedged Equity 3 Fund, JPMorgan Preferred and Income Securities Fund, JPMorgan SmartRetirement 2065 Fund and JPMorgan SmartRetirement Blend 2065 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;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Funds' disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting that occurred
during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Funds' auditors and the audit
committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weakness in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Funds' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Funds' internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 2, 2025 |  |
|  | /s/ Matthew J. Kamburowski |
|  | Matthew J. Kamburowski |
|  | President and Principal Executive Officer |

---

------

CERTIFICATIONS

I, Timothy J. Clemens, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Equity
Premium Income Fund, JPMorgan Hedged Equity 2 Fund, JPMorgan Hedged Equity 3 Fund, JPMorgan Preferred and Income Securities Fund, JPMorgan SmartRetirement 2065 Fund and JPMorgan SmartRetirement Blend 2065 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;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Funds' disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting that occurred
during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Funds' auditors and the audit
committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weakness in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Funds' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Funds' internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 2, 2025 |  |
|  | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940** 

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan Equity Premium Income Fund, JPMorgan Hedged Equity 2 Fund, JPMorgan Hedged Equity 3 Fund, JPMorgan Preferred and Income Securities Fund, JPMorgan SmartRetirement 2065 Fund and JPMorgan SmartRetirement Blend 2065 Fund (the "Funds"), each a series of the JPMorgan Trust IV (the "Registrant");

I, Matthew J. Kamburowski, certify that:

1. The Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of the operations of the Funds.

---

| |
|:---|
| /s/ ****Matthew J. Kamburowski |
| Matthew J. Kamburowski |
| President and Principal Executive Officer |
| September 2, 2025 |

---

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

------

**Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940** 

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan Equity Premium Income Fund, JPMorgan Hedged Equity 2 Fund, JPMorgan Hedged Equity 3 Fund, JPMorgan Preferred and Income Securities Fund, JPMorgan SmartRetirement 2065 Fund and JPMorgan SmartRetirement Blend 2065 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 |
| September 2, 2025 |

---

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.