# EDGAR Filing Document

**Accession Number:** 0000803747
**File Stem:** 0001193125-26-085179
**Filing Date:** 2026-3
**Character Count:** 440825
**Document Hash:** 1160671b4662a2dd2e8875a1a89e5087
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-085179.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001193125-26-085179

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**EFFECTIVENESS DATE**: 20260302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JP MORGAN MUTUAL FUND INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000803747

**ORGANIZATION NAME:**
- **EIN:** 311574186
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05526
- **FILM NUMBER:** 26706911

**BUSINESS ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 800-480-4111

**MAIL ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MUTUAL FUND INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19980828

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AVESTA TRUST
- **DATE OF NAME CHANGE:** 19940504

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RETIREMENT INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### JPMorgan Growth Advantage Fund (Series ID: S000004474)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012318 | Class A      | VHIAX           |
| C000033247 | Class I      | JGASX           |
| C000034442 | Class C      | JGACX           |
| C000073572 | Class R5     | JGVRX           |
| C000133820 | Class R6     | JGVVX           |
| C000187975 | Class R3     | JGTTX           |
| C000187976 | Class R4     | JGTUX           |
| C000190884 | Class R2     | JGRJX           |

?xml version='1.0' encoding='ASCII'? JP MORGAN MUTUAL FUND INVESTMENT TRUST

#### 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

#### 811-05526

#### J.P. Morgan Mutual Fund Investment Trust
(Exact name of registrant as specified in charter)

------

390 Madison Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

390 Madison Avenue

New York, NY 10017

(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:

#### December 31, 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.

SEMI-ANNUAL SHAREHOLDER REPORT \| December 31, 2025 (Unaudited)

JPMorgan Growth Advantage Fund

![FrontCoverImage](g884187images_2694.jpg)

Class A Shares/Ticker: VHIAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Growth Advantage Fund (the "Fund") for the period July 1, 2025 to December 31, 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 six months?
(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 Growth Advantage Fund<br>(Class A Shares) | $52 | 0.99% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $22648115 |
| **Total number of portfolio holdings** | 80 |
| **Portfolio turnover rate** | 15% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g884187chartimages_5111081.jpg)

**Availability of Additional Information**

![QRCode](g884187images_2693.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 

VHIAX-1225

JPMorgan Growth Advantage Fund - Class A

SEMI-ANNUAL SHAREHOLDER REPORT \| December 31, 2025 (Unaudited)

JPMorgan Growth Advantage Fund

![FrontCoverImage](g884187images_2694.jpg)

Class C Shares/Ticker: JGACX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Growth Advantage Fund (the "Fund") for the period July 1, 2025 to December 31, 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 six months?
(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 Growth Advantage Fund<br>(Class C Shares) | $78 | 1.49% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $22648115 |
| **Total number of portfolio holdings** | 80 |
| **Portfolio turnover rate** | 15% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g884187chartimages_5111129.jpg)

**Availability of Additional Information**

![QRCode](g884187images_2693.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 

JGACX-1225

JPMorgan Growth Advantage Fund - Class C

SEMI-ANNUAL SHAREHOLDER REPORT \| December 31, 2025 (Unaudited)

JPMorgan Growth Advantage Fund

![FrontCoverImage](g884187images_2694.jpg)

Class I Shares/Ticker: JGASX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Growth Advantage Fund (the "Fund") for the period July 1, 2025 to December 31, 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 six months?
(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 Growth Advantage Fund<br>(Class I Shares) | $39 | 0.74% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $22648115 |
| **Total number of portfolio holdings** | 80 |
| **Portfolio turnover rate** | 15% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g884187chartimages_5111177.jpg)

**Availability of Additional Information**

![QRCode](g884187images_2693.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 

JGASX-1225

JPMorgan Growth Advantage Fund - Class I

SEMI-ANNUAL SHAREHOLDER REPORT \| December 31, 2025 (Unaudited)

JPMorgan Growth Advantage Fund

![FrontCoverImage](g884187images_2694.jpg)

Class R2 Shares/Ticker: JGRJX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Growth Advantage Fund (the "Fund") for the period July 1, 2025 to December 31, 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 six months?
(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 Growth Advantage Fund<br>(Class R2 Shares) | $66 | 1.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $22648115 |
| **Total number of portfolio holdings** | 80 |
| **Portfolio turnover rate** | 15% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g884187chartimages_5111225.jpg)

**Availability of Additional Information**

![QRCode](g884187images_2693.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 

JGRJX-1225

JPMorgan Growth Advantage Fund - Class R2

SEMI-ANNUAL SHAREHOLDER REPORT \| December 31, 2025 (Unaudited)

JPMorgan Growth Advantage Fund

![FrontCoverImage](g884187images_2694.jpg)

Class R3 Shares/Ticker: JGTTX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Growth Advantage Fund (the "Fund") for the period July 1, 2025 to December 31, 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 six months?
(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 Growth Advantage Fund<br>(Class R3 Shares) | $52 | 1.00% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $22648115 |
| **Total number of portfolio holdings** | 80 |
| **Portfolio turnover rate** | 15% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g884187chartimages_5111273.jpg)

**Availability of Additional Information**

![QRCode](g884187images_2693.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 

JGTTX-1225

JPMorgan Growth Advantage Fund - Class R3

SEMI-ANNUAL SHAREHOLDER REPORT \| December 31, 2025 (Unaudited)

JPMorgan Growth Advantage Fund

![FrontCoverImage](g884187images_2694.jpg)

Class R4 Shares/Ticker: JGTUX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Growth Advantage Fund (the "Fund") for the period July 1, 2025 to December 31, 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 six months?
(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 Growth Advantage Fund<br>(Class R4 Shares) | $39 | 0.75% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $22648115 |
| **Total number of portfolio holdings** | 80 |
| **Portfolio turnover rate** | 15% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g884187chartimages_5111321.jpg)

**Availability of Additional Information**

![QRCode](g884187images_2693.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 

JGTUX-1225

JPMorgan Growth Advantage Fund - Class R4

SEMI-ANNUAL SHAREHOLDER REPORT \| December 31, 2025 (Unaudited)

JPMorgan Growth Advantage Fund

![FrontCoverImage](g884187images_2694.jpg)

Class R5 Shares/Ticker: JGVRX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Growth Advantage Fund (the "Fund") for the period July 1, 2025 to December 31, 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 six months?
(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 Growth Advantage Fund<br>(Class R5 Shares) | $31 | 0.60% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $22648115 |
| **Total number of portfolio holdings** | 80 |
| **Portfolio turnover rate** | 15% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g884187chartimages_5111369.jpg)

**Availability of Additional Information**

![QRCode](g884187images_2693.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 

JGVRX-1225

JPMorgan Growth Advantage Fund - Class R5

SEMI-ANNUAL SHAREHOLDER REPORT \| December 31, 2025 (Unaudited)

JPMorgan Growth Advantage Fund

![FrontCoverImage](g884187images_2694.jpg)

Class R6 Shares/Ticker: JGVVX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Growth Advantage Fund (the "Fund") for the period July 1, 2025 to December 31, 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 six months?
(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 Growth Advantage Fund<br>(Class R6 Shares) | $26 | 0.50% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $22648115 |
| **Total number of portfolio holdings** | 80 |
| **Portfolio turnover rate** | 15% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g884187chartimages_5111417.jpg)

**Availability of Additional Information**

![QRCode](g884187images_2693.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 

JGVVX-1225

JPMorgan Growth Advantage Fund - Class R6

------

ITEM 2. CODE OF ETHICS.

#### Not applicable to a semi-annual report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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.

------

Semi-Annual Financial Statements

J.P. Morgan Mid Cap/Multi-Cap Funds

December 31, 2025 (Unaudited)

---

| |
|:---|
| JPMorgan Growth Advantage Fund |
| JPMorgan Mid Cap Equity Fund |
| JPMorgan Mid Cap Growth Fund |
| JPMorgan Mid Cap Value Fund |
| JPMorgan Value Advantage Fund |

---

![](g51758img41a2b7b31.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_31e4b9f7-9d20-4ee0-8bbb-cb0fd5265dcd_SOI-TOC-ScheduleofInvestments-764_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_31e4b9f7-9d20-4ee0-8bbb-cb0fd5265dcd_FS-TOC-FinancialStatement-764_1) | &nbsp;&nbsp; **17** |
| [Financial Highlights](#xx_31e4b9f7-9d20-4ee0-8bbb-cb0fd5265dcd_FIHI-TOC-FinancialHighlights-764_2) | &nbsp;&nbsp; **38** |
| [Notes to Financial Statements](#xx_31e4b9f7-9d20-4ee0-8bbb-cb0fd5265dcd_NTF-NTFRunningFooter-764_1) | &nbsp;&nbsp; **58** |

---

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

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

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

------

JPMorgan Growth Advantage Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 98.9%** | **Common Stocks — 98.9%** | **Common Stocks — 98.9%** |
| **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** |
| BWX Technologies, Inc. | 672 | 116121 |
| Howmet Aerospace, Inc. | 736 | 151028 |
| RTX Corp. | 661 | 121178 |
|  |  | 388327 |
| **Automobiles — 4.0%** | **Automobiles — 4.0%** | **Automobiles — 4.0%** |
| Tesla, Inc. \* | 2017 | 907090 |
| **Biotechnology — 4.4%** | **Biotechnology — 4.4%** | **Biotechnology — 4.4%** |
| Alnylam Pharmaceuticals, Inc. \* | 465 | 184982 |
| Gilead Sciences, Inc. | 1156 | 141912 |
| Insmed, Inc. \* | 1563 | 272000 |
| Natera, Inc. \* | 742 | 169902 |
| Neurocrine Biosciences, Inc. \* | 1211 | 171790 |
| Nuvalent, Inc., Class A \* | 415 | 41683 |
| uniQure NV (Netherlands) \* (a) | 586 | 14025 |
|  |  | 996294 |
| **Broadline Retail — 4.6%** | **Broadline Retail — 4.6%** | **Broadline Retail — 4.6%** |
| Amazon.com, Inc. \* | 4516 | 1042335 |
| **Building Products — 0.9%** | **Building Products — 0.9%** | **Building Products — 0.9%** |
| Trane Technologies plc | 496 | 193169 |
| **Capital Markets — 3.7%** | **Capital Markets — 3.7%** | **Capital Markets — 3.7%** |
| Blackstone, Inc. | 834 | 128580 |
| Goldman Sachs Group, Inc. (The) | 360 | 316268 |
| Interactive Brokers Group, Inc., Class A | 1906 | 122562 |
| Intercontinental Exchange, Inc. | 411 | 66569 |
| Robinhood Markets, Inc., Class A \* | 1790 | 202517 |
|  |  | 836496 |
| **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** |
| Ciena Corp. \* | 693 | 162181 |
| **Construction & Engineering — 1.6%** | **Construction & Engineering — 1.6%** | **Construction & Engineering — 1.6%** |
| Comfort Systems USA, Inc. | 155 | 144712 |
| Quanta Services, Inc. | 544 | 229399 |
|  |  | 374111 |
| **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** |
| Casey's General Stores, Inc. | 190 | 105234 |
| Walmart, Inc. | 1233 | 137342 |
|  |  | 242576 |
| **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** |
| AMETEK, Inc. | 902 | 185308 |
| Canva, Inc. ‡ \* (b) | 9 | 14260 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electrical Equipment — continued** | **Electrical Equipment — continued** | **Electrical Equipment — continued** |
| Databricks ‡ \* (b) | 188 | 35690 |
| Openai ‡ \* (b) | 26 | 11267 |
|  |  | 246525 |
| **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** |
| TechnipFMC plc (United Kingdom) | 3239 | 144350 |
| **Entertainment — 3.6%** | **Entertainment — 3.6%** | **Entertainment — 3.6%** |
| Netflix, Inc. \* | 3995 | 374598 |
| ROBLOX Corp., Class A \* | 838 | 67908 |
| Spotify Technology SA \* | 258 | 149878 |
| Take-Two Interactive Software, Inc. \* | 833 | 213145 |
|  |  | 805529 |
| **Financial Services — 2.2%** | **Financial Services — 2.2%** | **Financial Services — 2.2%** |
| Mastercard, Inc., Class A | 868 | 495370 |
| **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** |
| Intuitive Surgical, Inc. \* | 399 | 226003 |
| **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| Cencora, Inc. | 463 | 156288 |
| **Hotels, Restaurants & Leisure — 3.2%** | **Hotels, Restaurants & Leisure — 3.2%** | **Hotels, Restaurants & Leisure — 3.2%** |
| Booking Holdings, Inc. | 55 | 297296 |
| DoorDash, Inc., Class A \* | 1086 | 245890 |
| Flutter Entertainment plc (United Kingdom) \* | 442 | 95005 |
| Hilton Worldwide Holdings, Inc. | 270 | 77679 |
|  |  | 715870 |
| **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| Garmin Ltd. (a) | 458 | 93000 |
| **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** |
| 3M Co. | 1116 | 178658 |
| **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| Progressive Corp. (The) | 367 | 83661 |
| **Interactive Media & Services — 10.2%** | **Interactive Media & Services — 10.2%** | **Interactive Media & Services — 10.2%** |
| Alphabet, Inc., Class C | 3866 | 1213179 |
| Meta Platforms, Inc., Class A | 1478 | 975356 |
| Reddit, Inc., Class A \* | 551 | 126689 |
|  |  | 2315224 |
| **IT Services — 2.3%** | **IT Services — 2.3%** | **IT Services — 2.3%** |
| Cloudflare, Inc., Class A \* | 319 | 62851 |
| Shopify, Inc., Class A (Canada) \* | 875 | 140813 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 1

------

JPMorgan Growth Advantage Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **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 \* | 988 | 216822 |
| Twilio, Inc., Class A \* | 682 | 97081 |
|  |  | 517567 |
| **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** |
| IQVIA Holdings, Inc. \* | 518 | 116660 |
| Mettler-Toledo International, Inc. \* | 51 | 71055 |
| Thermo Fisher Scientific, Inc. | 271 | 157221 |
|  |  | 344936 |
| **Machinery — 1.2%** | **Machinery — 1.2%** | **Machinery — 1.2%** |
| Deere & Co. | 152 | 70472 |
| ITT, Inc. | 1139 | 197654 |
|  |  | 268126 |
| **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** |
| EOG Resources, Inc. | 1064 | 111709 |
| Williams Cos., Inc. (The) | 2564 | 154152 |
|  |  | 265861 |
| **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** |
| Eli Lilly & Co. | 290 | 311664 |
| Johnson & Johnson | 821 | 169854 |
|  |  | 481518 |
| **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** |
| CBRE Group, Inc., Class A \* | 899 | 144505 |
| **Semiconductors & Semiconductor Equipment — 18.0%** | **Semiconductors & Semiconductor Equipment — 18.0%** | **Semiconductors & Semiconductor Equipment — 18.0%** |
| Broadcom, Inc. | 3373 | 1167215 |
| NVIDIA Corp. | 13437 | 2506055 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR <br> (Taiwan)<br>| 824 | 250435 |
| Teradyne, Inc. | 803 | 155363 |
|  |  | 4079068 |
| **Software — 13.9%** | **Software — 13.9%** | **Software — 13.9%** |
| AppLovin Corp., Class A \* | 337 | 227263 |
| Crowdstrike Holdings, Inc., Class A \* | 308 | 144427 |
| Figma, Inc., Class A \* | 419 | 15650 |
| HubSpot, Inc. \* | 263 | 105406 |
| Intuit, Inc. | 501 | 331846 |
| Microsoft Corp. | 3723 | 1800394 |
| Oracle Corp. | 1296 | 252603 |
| Palo Alto Networks, Inc. \* | 1033 | 190372 |
| ServiceNow, Inc. \* | 594 | 91014 |
|  |  | 3158975 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Specialty Retail — 3.2%** | **Specialty Retail — 3.2%** | **Specialty Retail — 3.2%** |
| AutoZone, Inc. \* | 48 | 161730 |
| Carvana Co. \* | 334 | 141034 |
| TJX Cos., Inc. (The) | 1602 | 246020 |
| Ulta Beauty, Inc. \* | 288 | 174308 |
|  |  | 723092 |
| **Technology Hardware, Storage & Peripherals — 8.0%** | **Technology Hardware, Storage & Peripherals — 8.0%** | **Technology Hardware, Storage & Peripherals — 8.0%** |
| Apple, Inc. | 6702 | 1822016 |
| Total Common Stocks <br>(Cost $9,828,440)<br>|  | 22408721 |
| **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** |
| **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** |
| Anthropic 1/13/2026 ‡ \* (b) <br>(Cost $33,000)<br>| 234 | 33000 |
| **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** |
| **Investment Companies — 1.8%** | **Investment Companies — 1.8%** | **Investment Companies — 1.8%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 3.86% (c) (d) <br>(Cost $396,091)<br>| 395965 | 396123 |
| **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, 3.82% (c) (d) <br>(Cost $459)<br>| 459 | 459 |
| Total Short-Term Investments <br>(Cost $396,550)<br>|  | 396582 |
| **Total Investments — 100.8%** <br>**(Cost $10,257,990)**<br>|  | **22838303** |
| **Liabilities in Excess of Other Assets — (0.8)%** |  | **(190188)**<br>|
| **NET ASSETS — 100.0%** |  | **22648115** |

---

&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 |

---

&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) | The security or a portion of this security is on loan at <br> December 31, 2025. The total value of securities on <br> loan at December 31, 2025 is $440.<br>|
| (b) | Fund is subject to legal or contractual restrictions on <br> the resale of the security.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

2 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2025

------

&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 December 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 3

------

JPMorgan Mid Cap Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 98.0%** | **Common Stocks — 98.0%** | **Common Stocks — 98.0%** |
| **Aerospace & Defense — 2.4%** | **Aerospace & Defense — 2.4%** | **Aerospace & Defense — 2.4%** |
| Axon Enterprise, Inc. \* | 32 | 18049 |
| BWX Technologies, Inc. | 61 | 10465 |
| HEICO Corp., Class A | 96 | 24361 |
| Howmet Aerospace, Inc. | 209 | 42769 |
| Rocket Lab Corp. \* | 290 | 20257 |
| Woodward, Inc. | 76 | 22987 |
|  |  | 138888 |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |
| Thor Industries, Inc. | 83 | 8508 |
| **Banks — 2.3%** | **Banks — 2.3%** | **Banks — 2.3%** |
| Fifth Third Bancorp (a) | 722 | 33803 |
| First Citizens BancShares, Inc., Class A | 22 | 47313 |
| M&T Bank Corp. | 256 | 51591 |
|  |  | 132707 |
| **Beverages — 1.1%** | **Beverages — 1.1%** | **Beverages — 1.1%** |
| Constellation Brands, Inc., Class A | 169 | 23264 |
| Keurig Dr Pepper, Inc. | 1357 | 38013 |
|  |  | 61277 |
| **Biotechnology — 3.1%** | **Biotechnology — 3.1%** | **Biotechnology — 3.1%** |
| Alkermes plc \* | 295 | 8250 |
| Alnylam Pharmaceuticals, Inc. \* | 93 | 36851 |
| Arcellx, Inc. \* | 63 | 4118 |
| Caris Life Sciences, Inc. \* | 139 | 3766 |
| Disc Medicine, Inc. \* | 55 | 4336 |
| Insmed, Inc. \* | 219 | 38186 |
| Ionis Pharmaceuticals, Inc. \* | 114 | 9034 |
| Natera, Inc. \* | 120 | 27402 |
| Neurocrine Biosciences, Inc. \* | 151 | 21387 |
| Nuvalent, Inc., Class A \* | 86 | 8650 |
| Rhythm Pharmaceuticals, Inc. \* | 67 | 7209 |
| Ultragenyx Pharmaceutical, Inc. \* | 223 | 5130 |
| uniQure NV (Netherlands) \* | 80 | 1909 |
|  |  | 176228 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| Coupang, Inc. (South Korea) \* | 333 | 7866 |
| **Building Products — 1.2%** | **Building Products — 1.2%** | **Building Products — 1.2%** |
| Carlisle Cos., Inc. | 26 | 8202 |
| Masco Corp. | 422 | 26786 |
| Owens Corning | 186 | 20774 |
| Trane Technologies plc | 25 | 9976 |
|  |  | 65738 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — 5.6%** | **Capital Markets — 5.6%** | **Capital Markets — 5.6%** |
| Ameriprise Financial, Inc. | 132 | 64607 |
| Ares Management Corp. | 158 | 25590 |
| Coinbase Global, Inc., Class A \* | 39 | 8733 |
| Interactive Brokers Group, Inc., Class A | 125 | 8048 |
| LPL Financial Holdings, Inc. | 42 | 15076 |
| MSCI, Inc. | 34 | 19623 |
| Raymond James Financial, Inc. | 520 | 83429 |
| Robinhood Markets, Inc., Class A \* | 175 | 19822 |
| State Street Corp. | 436 | 56271 |
| TPG, Inc. | 144 | 9167 |
| Tradeweb Markets, Inc., Class A | 98 | 10588 |
|  |  | 320954 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| DuPont de Nemours, Inc. | 415 | 16693 |
| RPM International, Inc. | 354 | 36769 |
|  |  | 53462 |
| **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** |
| Veralto Corp. | 425 | 42387 |
| **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** |
| Ciena Corp. \* | 74 | 17191 |
| **Construction & Engineering — 1.2%** | **Construction & Engineering — 1.2%** | **Construction & Engineering — 1.2%** |
| Comfort Systems USA, Inc. | 33 | 30413 |
| Quanta Services, Inc. | 88 | 37205 |
|  |  | 67618 |
| **Construction Materials — 1.0%** | **Construction Materials — 1.0%** | **Construction Materials — 1.0%** |
| Eagle Materials, Inc. | 46 | 9422 |
| James Hardie Industries plc, ADR \* | 388 | 8047 |
| Martin Marietta Materials, Inc. | 67 | 41867 |
|  |  | 59336 |
| **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** |
| Albertsons Cos., Inc., Class A | 1860 | 31938 |
| Casey's General Stores, Inc. | 30 | 16355 |
| Kroger Co. (The) | 500 | 31249 |
| Performance Food Group Co. \* | 167 | 14994 |
| US Foods Holding Corp. \* | 274 | 20675 |
|  |  | 115211 |
| **Containers & Packaging — 3.0%** | **Containers & Packaging — 3.0%** | **Containers & Packaging — 3.0%** |
| Ball Corp. | 517 | 27397 |
| Crown Holdings, Inc. | 218 | 22488 |
| International Paper Co. | 872 | 34334 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

4 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Containers & Packaging — continued** | **Containers & Packaging — continued** | **Containers & Packaging — continued** |
| Packaging Corp. of America | 163 | 33584 |
| Silgan Holdings, Inc. | 1303 | 52580 |
|  |  | 170383 |
| **Distributors — 0.9%** | **Distributors — 0.9%** | **Distributors — 0.9%** |
| Genuine Parts Co. | 401 | 49301 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| Bright Horizons Family Solutions, Inc. \* | 72 | 7264 |
| **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** |
| PG&E Corp. | 2251 | 36174 |
| Xcel Energy, Inc. | 991 | 73214 |
|  |  | 109388 |
| **Electrical Equipment — 3.2%** | **Electrical Equipment — 3.2%** | **Electrical Equipment — 3.2%** |
| Acuity, Inc. | 104 | 37366 |
| AMETEK, Inc. | 338 | 69486 |
| Hubbell, Inc. | 98 | 43479 |
| Vertiv Holdings Co., Class A | 200 | 32375 |
|  |  | 182706 |
| **Electronic Equipment, Instruments & Components — 4.0%** | **Electronic Equipment, Instruments & Components — 4.0%** | **Electronic Equipment, Instruments & Components — 4.0%** |
| CDW Corp. | 427 | 58087 |
| Fabrinet (Thailand) \* | 24 | 11022 |
| Jabil, Inc. | 196 | 44639 |
| TD SYNNEX Corp. | 106 | 15949 |
| Teledyne Technologies, Inc. \* | 111 | 56714 |
| Zebra Technologies Corp., Class A \* | 185 | 45014 |
|  |  | 231425 |
| **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** |
| Baker Hughes Co., Class A | 898 | 40908 |
| TechnipFMC plc (United Kingdom) | 154 | 6857 |
|  |  | 47765 |
| **Entertainment — 1.6%** | **Entertainment — 1.6%** | **Entertainment — 1.6%** |
| Live Nation Entertainment, Inc. \* | 66 | 9356 |
| ROBLOX Corp., Class A \* | 305 | 24766 |
| Take-Two Interactive Software, Inc. \* | 100 | 25677 |
| Warner Music Group Corp., Class A (a) | 1021 | 31304 |
|  |  | 91103 |
| **Financial Services — 2.5%** | **Financial Services — 2.5%** | **Financial Services — 2.5%** |
| Affirm Holdings, Inc. \* | 92 | 6869 |
| Fidelity National Information Services, Inc. | 1222 | 81193 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| MGIC Investment Corp. | 1360 | 39750 |
| Rocket Cos., Inc., Class A | 695 | 13449 |
|  |  | 141261 |
| **Food Products — 1.7%** | **Food Products — 1.7%** | **Food Products — 1.7%** |
| General Mills, Inc. | 473 | 22003 |
| Hershey Co. (The) | 191 | 34637 |
| Post Holdings, Inc. \* | 380 | 37657 |
|  |  | 94297 |
| **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** |
| JB Hunt Transport Services, Inc. | 184 | 35704 |
| **Health Care Equipment & Supplies — 3.1%** | **Health Care Equipment & Supplies — 3.1%** | **Health Care Equipment & Supplies — 3.1%** |
| Dexcom, Inc. \* | 252 | 16754 |
| GE HealthCare Technologies, Inc. | 792 | 64979 |
| Globus Medical, Inc., Class A \* | 620 | 54100 |
| IDEXX Laboratories, Inc. \* | 28 | 19180 |
| iRhythm Technologies, Inc. \* | 32 | 5629 |
| Penumbra, Inc. \* | 49 | 15217 |
|  |  | 175859 |
| **Health Care Providers & Services — 4.7%** | **Health Care Providers & Services — 4.7%** | **Health Care Providers & Services — 4.7%** |
| Cencora, Inc. | 304 | 102843 |
| Chemed Corp. | 57 | 24539 |
| Henry Schein, Inc. \* | 604 | 45620 |
| Humana, Inc. | 114 | 29258 |
| Quest Diagnostics, Inc. | 400 | 69327 |
|  |  | 271587 |
| **Health Care REITs — 0.9%** | **Health Care REITs — 0.9%** | **Health Care REITs — 0.9%** |
| Healthpeak Properties, Inc. | 3124 | 50230 |
| **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** |
| Veeva Systems, Inc., Class A \* | 103 | 23005 |
| **Hotel & Resort REITs — 0.3%** | **Hotel & Resort REITs — 0.3%** | **Hotel & Resort REITs — 0.3%** |
| Host Hotels & Resorts, Inc. | 951 | 16865 |
| **Hotels, Restaurants & Leisure — 4.5%** | **Hotels, Restaurants & Leisure — 4.5%** | **Hotels, Restaurants & Leisure — 4.5%** |
| Chipotle Mexican Grill, Inc., Class A \* | 167 | 6192 |
| Darden Restaurants, Inc. | 274 | 50342 |
| DoorDash, Inc., Class A \* | 57 | 12858 |
| Expedia Group, Inc. | 99 | 27947 |
| Flutter Entertainment plc (United Kingdom) \* | 141 | 30324 |
| Hilton Worldwide Holdings, Inc. | 182 | 52415 |
| Planet Fitness, Inc., Class A \* | 134 | 14561 |
| Royal Caribbean Cruises Ltd. | 177 | 49253 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 5

------

JPMorgan Mid Cap Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Wingstop, Inc. (a) | 24 | 5702 |
| Wynn Resorts Ltd. | 70 | 8491 |
|  |  | 258085 |
| **Household Durables — 1.2%** | **Household Durables — 1.2%** | **Household Durables — 1.2%** |
| Garmin Ltd. | 37 | 7452 |
| Mohawk Industries, Inc. \* | 377 | 41236 |
| Somnigroup International, Inc. | 240 | 21441 |
|  |  | 70129 |
| **Independent Power and Renewable Electricity Producers — 0.6%** | **Independent Power and Renewable Electricity Producers — 0.6%** | **Independent Power and Renewable Electricity Producers — 0.6%** |
| Vistra Corp. | 221 | 35714 |
| **Insurance — 3.4%** | **Insurance — 3.4%** | **Insurance — 3.4%** |
| Arch Capital Group Ltd. \* | 273 | 26202 |
| Arthur J Gallagher & Co. | 42 | 10825 |
| Brown & Brown, Inc. | 393 | 31293 |
| Hartford Insurance Group, Inc. (The) | 343 | 47336 |
| Loews Corp. | 585 | 61587 |
| WR Berkley Corp. (a) | 261 | 18337 |
|  |  | 195580 |
| **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** |
| Reddit, Inc., Class A \* | 129 | 29731 |
| **IT Services — 2.4%** | **IT Services — 2.4%** | **IT Services — 2.4%** |
| Cloudflare, Inc., Class A \* | 173 | 34057 |
| Gartner, Inc. \* | 25 | 6300 |
| GoDaddy, Inc., Class A \* | 312 | 38675 |
| MongoDB, Inc., Class A \* | 48 | 20254 |
| Okta, Inc. \* | 101 | 8722 |
| Snowflake, Inc., Class A \* | 60 | 13264 |
| Twilio, Inc., Class A \* | 94 | 13319 |
|  |  | 134591 |
| **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** |
| Agilent Technologies, Inc. | 72 | 9761 |
| IQVIA Holdings, Inc. \* | 401 | 90331 |
| Mettler-Toledo International, Inc. \* | 5 | 7654 |
|  |  | 107746 |
| **Machinery — 5.2%** | **Machinery — 5.2%** | **Machinery — 5.2%** |
| Dover Corp. | 267 | 52071 |
| Esab Corp. | 75 | 8409 |
| Ingersoll Rand, Inc. | 716 | 56680 |
| ITT, Inc. | 329 | 57157 |
| Lincoln Electric Holdings, Inc. | 192 | 46033 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| Middleby Corp. (The) \* | 318 | 47315 |
| Nordson Corp. | 130 | 31247 |
|  |  | 298912 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| Omnicom Group, Inc. | 835 | 67419 |
| **Metals & Mining — 0.9%** | **Metals & Mining — 0.9%** | **Metals & Mining — 0.9%** |
| Alcoa Corp. | 418 | 22194 |
| Freeport-McMoRan, Inc. | 341 | 17312 |
| Steel Dynamics, Inc. | 79 | 13392 |
|  |  | 52898 |
| **Multi-Utilities — 3.5%** | **Multi-Utilities — 3.5%** | **Multi-Utilities — 3.5%** |
| CMS Energy Corp. | 825 | 57711 |
| NiSource, Inc. | 1256 | 52426 |
| Sempra | 335 | 29577 |
| WEC Energy Group, Inc. (a) | 589 | 62122 |
|  |  | 201836 |
| **Oil, Gas & Consumable Fuels — 4.8%** | **Oil, Gas & Consumable Fuels — 4.8%** | **Oil, Gas & Consumable Fuels — 4.8%** |
| Cheniere Energy, Inc. | 335 | 65149 |
| Coterra Energy, Inc. | 1918 | 50476 |
| Diamondback Energy, Inc. | 336 | 50522 |
| EOG Resources, Inc. | 103 | 10803 |
| Marathon Petroleum Corp. | 363 | 59100 |
| Williams Cos., Inc. (The) | 688 | 41323 |
|  |  | 277373 |
| **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** |
| Delta Air Lines, Inc. | 406 | 28140 |
| **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
| Corcept Therapeutics, Inc. \* | 51 | 1789 |
| Jazz Pharmaceuticals plc \* | 155 | 26282 |
|  |  | 28071 |
| **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| Broadridge Financial Solutions, Inc. | 80 | 17854 |
| **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
| CBRE Group, Inc., Class A \* | 132 | 21250 |
| **Residential REITs — 0.9%** | **Residential REITs — 0.9%** | **Residential REITs — 0.9%** |
| AvalonBay Communities, Inc. | 271 | 49205 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

6 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Retail REITs — 1.9%** | **Retail REITs — 1.9%** | **Retail REITs — 1.9%** |
| Regency Centers Corp. | 816 | 56307 |
| Simon Property Group, Inc. | 279 | 51637 |
|  |  | 107944 |
| **Semiconductors & Semiconductor Equipment — 2.0%** | **Semiconductors & Semiconductor Equipment — 2.0%** | **Semiconductors & Semiconductor Equipment — 2.0%** |
| Credo Technology Group Holding Ltd. \* | 43 | 6156 |
| MKS, Inc. | 252 | 40366 |
| Monolithic Power Systems, Inc. | 17 | 15590 |
| ON Semiconductor Corp. \* | 540 | 29228 |
| Rambus, Inc. \* | 86 | 7904 |
| Teradyne, Inc. | 87 | 16782 |
|  |  | 116026 |
| **Software — 1.5%** | **Software — 1.5%** | **Software — 1.5%** |
| CyberArk Software Ltd. \* | 26 | 11605 |
| Datadog, Inc., Class A \* | 150 | 20349 |
| Figma, Inc., Class A \* | 65 | 2447 |
| HubSpot, Inc. \* | 50 | 19992 |
| JFrog Ltd. \* | 146 | 9135 |
| Monday.com Ltd. \* | 38 | 5575 |
| Nutanix, Inc., Class A \* | 132 | 6842 |
| Rubrik, Inc., Class A \* | 75 | 5715 |
| Tyler Technologies, Inc. \* | 14 | 6478 |
|  |  | 88138 |
| **Specialized REITs — 1.9%** | **Specialized REITs — 1.9%** | **Specialized REITs — 1.9%** |
| Crown Castle, Inc. | 90 | 8030 |
| Public Storage | 183 | 47378 |
| SBA Communications Corp. | 198 | 38332 |
| Weyerhaeuser Co. | 719 | 17037 |
|  |  | 110777 |
| **Specialty Retail — 4.0%** | **Specialty Retail — 4.0%** | **Specialty Retail — 4.0%** |
| AutoZone, Inc. \* | 16 | 55163 |
| Best Buy Co., Inc. | 573 | 38341 |
| Burlington Stores, Inc. \* | 73 | 21100 |
| Carvana Co. \* | 98 | 41567 |
| Ross Stores, Inc. | 278 | 49991 |
| Ulta Beauty, Inc. \* | 35 | 21238 |
|  |  | 227400 |
| **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** |
| Western Digital Corp. | 144 | 24857 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Textiles, Apparel & Luxury Goods — 1.0%** | **Textiles, Apparel & Luxury Goods — 1.0%** | **Textiles, Apparel & Luxury Goods — 1.0%** |
| Levi Strauss & Co., Class A | 310 | 6432 |
| On Holding AG, Class A (Switzerland) \* (a) | 340 | 15805 |
| Ralph Lauren Corp. | 106 | 37309 |
|  |  | 59546 |
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
| FTAI Aviation Ltd. (a) | 98 | 19323 |
| **Water Utilities — 0.5%** | **Water Utilities — 0.5%** | **Water Utilities — 0.5%** |
| Essential Utilities, Inc. | 726 | 27836 |
| Total Common Stocks <br>(Cost $4,278,663)<br>|  | 5621895 |
| **Short-Term Investments — 3.3%** | **Short-Term Investments — 3.3%** | **Short-Term Investments — 3.3%** |
| **Investment Companies — 2.4%** | **Investment Companies — 2.4%** | **Investment Companies — 2.4%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 3.86% (b) (c) <br>(Cost $138,393)<br>| 138356 | 138412 |
| **Investment of Cash Collateral from Securities Loaned — 0.9%** | **Investment of Cash Collateral from Securities Loaned — 0.9%** | **Investment of Cash Collateral from Securities Loaned — 0.9%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 3.82% (b) (c) <br>(Cost $48,768)<br>| 48768 | 48768 |
| Total Short-Term Investments <br>(Cost $187,161)<br>|  | 187180 |
| **Total Investments — 101.3%** <br>**(Cost $4,465,824)**<br>|  | **5809075** |
| **Liabilities in Excess of Other Assets — (1.3)%** |  | **(71795)**<br>|
| **NET ASSETS — 100.0%** |  | **5737280** |

---

&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 December 31, 2025. The total value of securities on loan at December 31, 2025 is $47,412. 

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

(c) The rate shown is the current yield as of December 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 7

------

JPMorgan Mid Cap Growth Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited)

&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 — 6.8%** | **Aerospace & Defense — 6.8%** | **Aerospace & Defense — 6.8%** |
| Axon Enterprise, Inc. \* | 227 | 128677 |
| BWX Technologies, Inc. | 432 | 74604 |
| HEICO Corp., Class A | 688 | 173673 |
| Howmet Aerospace, Inc. | 1487 | 304903 |
| Rocket Lab Corp. \* | 2070 | 144414 |
|  |  | 826271 |
| **Automobiles — 0.5%** | **Automobiles — 0.5%** | **Automobiles — 0.5%** |
| Thor Industries, Inc. | 591 | 60655 |
| **Biotechnology — 10.3%** | **Biotechnology — 10.3%** | **Biotechnology — 10.3%** |
| Alkermes plc \* | 2102 | 58819 |
| Alnylam Pharmaceuticals, Inc. \* | 661 | 262715 |
| Arcellx, Inc. \* (a) | 450 | 29356 |
| Caris Life Sciences, Inc. \* (a) | 995 | 26848 |
| Disc Medicine, Inc. \* | 390 | 30911 |
| Insmed, Inc. \* | 1564 | 272233 |
| Ionis Pharmaceuticals, Inc. \* | 814 | 64404 |
| Natera, Inc. \* | 853 | 195354 |
| Neurocrine Biosciences, Inc. \* | 1075 | 152473 |
| Nuvalent, Inc., Class A \* | 613 | 61666 |
| Rhythm Pharmaceuticals, Inc. \* | 480 | 51397 |
| Ultragenyx Pharmaceutical, Inc. \* | 1590 | 36573 |
| uniQure NV (Netherlands) \* | 569 | 13613 |
|  |  | 1256362 |
| **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** |
| Coupang, Inc. (South Korea) \* | 2378 | 56107 |
| **Building Products — 1.1%** | **Building Products — 1.1%** | **Building Products — 1.1%** |
| Carlisle Cos., Inc. (a) | 183 | 58474 |
| Trane Technologies plc | 183 | 71118 |
|  |  | 129592 |
| **Capital Markets — 7.7%** | **Capital Markets — 7.7%** | **Capital Markets — 7.7%** |
| Ares Management Corp. | 1129 | 182438 |
| Coinbase Global, Inc., Class A \* | 275 | 62257 |
| Interactive Brokers Group, Inc., Class A | 893 | 57407 |
| LPL Financial Holdings, Inc. | 301 | 107479 |
| MSCI, Inc. | 244 | 139970 |
| Raymond James Financial, Inc. | 640 | 102878 |
| Robinhood Markets, Inc., Class A \* | 1250 | 141384 |
| TPG, Inc. (a) | 1024 | 65355 |
| Tradeweb Markets, Inc., Class A | 702 | 75480 |
|  |  | 934648 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| Veralto Corp. | 740 | 73871 |
| **Communications Equipment — 1.0%** | **Communications Equipment — 1.0%** | **Communications Equipment — 1.0%** |
| Ciena Corp. \* | 524 | 122618 |
| **Construction & Engineering — 3.9%** | **Construction & Engineering — 3.9%** | **Construction & Engineering — 3.9%** |
| Comfort Systems USA, Inc. | 232 | 216817 |
| Quanta Services, Inc. | 629 | 265242 |
|  |  | 482059 |
| **Construction Materials — 1.0%** | **Construction Materials — 1.0%** | **Construction Materials — 1.0%** |
| Eagle Materials, Inc. | 325 | 67171 |
| James Hardie Industries plc, ADR \* | 2765 | 57369 |
|  |  | 124540 |
| **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** |
| Casey's General Stores, Inc. | 211 | 116595 |
| Performance Food Group Co. \* | 1189 | 106952 |
|  |  | 223547 |
| **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** |
| Bright Horizons Family Solutions, Inc. \* | 511 | 51786 |
| **Electrical Equipment — 2.9%** | **Electrical Equipment — 2.9%** | **Electrical Equipment — 2.9%** |
| AMETEK, Inc. | 451 | 92599 |
| Canva, Inc. ‡ \* (b) | 5 | 7790 |
| Databricks ‡ \* (b) | 104 | 19850 |
| Vertiv Holdings Co., Class A | 1425 | 230803 |
|  |  | 351042 |
| **Electronic Equipment, Instruments & Components — 1.3%** | **Electronic Equipment, Instruments & Components — 1.3%** | **Electronic Equipment, Instruments & Components — 1.3%** |
| Fabrinet (Thailand) \* | 173 | 78558 |
| Teledyne Technologies, Inc. \* | 159 | 81387 |
|  |  | 159945 |
| **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** |
| TechnipFMC plc (United Kingdom) | 1097 | 48871 |
| **Entertainment — 3.5%** | **Entertainment — 3.5%** | **Entertainment — 3.5%** |
| Live Nation Entertainment, Inc. \* (a) | 468 | 66706 |
| ROBLOX Corp., Class A \* | 2180 | 176648 |
| Take-Two Interactive Software, Inc. \* | 715 | 183058 |
|  |  | 426412 |
| **Financial Services — 1.2%** | **Financial Services — 1.2%** | **Financial Services — 1.2%** |
| Affirm Holdings, Inc. \* | 658 | 48969 |
| Rocket Cos., Inc., Class A | 4952 | 95881 |
|  |  | 144850 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

8 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care Equipment & Supplies — 3.3%** | **Health Care Equipment & Supplies — 3.3%** | **Health Care Equipment & Supplies — 3.3%** |
| Dexcom, Inc. \* | 1800 | 119445 |
| IDEXX Laboratories, Inc. \* | 202 | 136739 |
| iRhythm Technologies, Inc. \* | 226 | 40129 |
| Penumbra, Inc. \* | 349 | 108482 |
|  |  | 404795 |
| **Health Care Providers & Services — 2.2%** | **Health Care Providers & Services — 2.2%** | **Health Care Providers & Services — 2.2%** |
| Cencora, Inc. | 798 | 269465 |
| **Health Care Technology — 1.3%** | **Health Care Technology — 1.3%** | **Health Care Technology — 1.3%** |
| Veeva Systems, Inc., Class A \* | 735 | 164007 |
| **Hotels, Restaurants & Leisure — 10.5%** | **Hotels, Restaurants & Leisure — 10.5%** | **Hotels, Restaurants & Leisure — 10.5%** |
| Chipotle Mexican Grill, Inc., Class A \* | 1193 | 44144 |
| DoorDash, Inc., Class A \* | 405 | 91712 |
| Flutter Entertainment plc (United Kingdom) \* | 1005 | 216186 |
| Hilton Worldwide Holdings, Inc. | 1301 | 373672 |
| Planet Fitness, Inc., Class A \* | 957 | 103808 |
| Royal Caribbean Cruises Ltd. | 1259 | 351133 |
| Wingstop, Inc. (a) | 171 | 40648 |
| Wynn Resorts Ltd. | 503 | 60568 |
|  |  | 1281871 |
| **Household Durables — 1.7%** | **Household Durables — 1.7%** | **Household Durables — 1.7%** |
| Garmin Ltd. | 262 | 53125 |
| Somnigroup International, Inc. | 1713 | 152932 |
|  |  | 206057 |
| **Independent Power and Renewable Electricity Producers — 2.1%** | **Independent Power and Renewable Electricity Producers — 2.1%** | **Independent Power and Renewable Electricity Producers — 2.1%** |
| Vistra Corp. | 1578 | 254613 |
| **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
| Arthur J Gallagher & Co. | 298 | 77172 |
| **Interactive Media & Services — 1.7%** | **Interactive Media & Services — 1.7%** | **Interactive Media & Services — 1.7%** |
| Reddit, Inc., Class A \* | 922 | 211956 |
| **IT Services — 5.6%** | **IT Services — 5.6%** | **IT Services — 5.6%** |
| Cloudflare, Inc., Class A \* | 1232 | 242801 |
| Gartner, Inc. \* | 178 | 44912 |
| MongoDB, Inc., Class A \* | 344 | 144392 |
| Okta, Inc. \* | 719 | 62181 |
| Snowflake, Inc., Class A \* | 431 | 94566 |
| Twilio, Inc., Class A \* | 667 | 94950 |
|  |  | 683802 |
| **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** |
| Agilent Technologies, Inc. | 512 | 69586 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Life Sciences Tools & Services — continued** | **Life Sciences Tools & Services — continued** | **Life Sciences Tools & Services — continued** |
| IQVIA Holdings, Inc. \* | 389 | 87746 |
| Mettler-Toledo International, Inc. \* | 39 | 54570 |
|  |  | 211902 |
| **Machinery — 1.9%** | **Machinery — 1.9%** | **Machinery — 1.9%** |
| Esab Corp. | 537 | 59951 |
| Ingersoll Rand, Inc. | 640 | 50720 |
| ITT, Inc. | 669 | 116058 |
|  |  | 226729 |
| **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** |
| Cheniere Energy, Inc. | 605 | 117577 |
| EOG Resources, Inc. | 733 | 77015 |
| Williams Cos., Inc. (The) | 2434 | 146301 |
|  |  | 340893 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| Corcept Therapeutics, Inc. \* | 366 | 12755 |
| **Professional Services — 1.0%** | **Professional Services — 1.0%** | **Professional Services — 1.0%** |
| Broadridge Financial Solutions, Inc. | 569 | 126979 |
| **Real Estate Management & Development — 1.2%** | **Real Estate Management & Development — 1.2%** | **Real Estate Management & Development — 1.2%** |
| CBRE Group, Inc., Class A \* | 942 | 151498 |
| **Semiconductors & Semiconductor Equipment — 2.9%** | **Semiconductors & Semiconductor Equipment — 2.9%** | **Semiconductors & Semiconductor Equipment — 2.9%** |
| Credo Technology Group Holding Ltd. \* | 305 | 43878 |
| Monolithic Power Systems, Inc. | 123 | 111144 |
| ON Semiconductor Corp. \* | 395 | 21380 |
| Rambus, Inc. \* | 613 | 56346 |
| Teradyne, Inc. | 618 | 119641 |
|  |  | 352389 |
| **Software — 5.1%** | **Software — 5.1%** | **Software — 5.1%** |
| CyberArk Software Ltd. \* | 185 | 82733 |
| Datadog, Inc., Class A \* | 1067 | 145075 |
| Figma, Inc., Class A \* | 467 | 17446 |
| HubSpot, Inc. \* | 355 | 142523 |
| JFrog Ltd. \* | 1042 | 65102 |
| Monday.com Ltd. \* | 269 | 39743 |
| Nutanix, Inc., Class A \* | 944 | 48779 |
| Rubrik, Inc., Class A \* | 533 | 40745 |
| Tyler Technologies, Inc. \* | 102 | 46186 |
|  |  | 628332 |
| **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| Crown Castle, Inc. | 644 | 57246 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 9

------

JPMorgan Mid Cap Growth Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialty Retail — 5.7%** | **Specialty Retail — 5.7%** | **Specialty Retail — 5.7%** |
| AutoZone, Inc. \* | 28 | 95572 |
| Burlington Stores, Inc. \* | 521 | 150429 |
| Carvana Co. \* (a) | 702 | 296341 |
| Ulta Beauty, Inc. \* | 251 | 151486 |
|  |  | 693828 |
| **Textiles, Apparel & Luxury Goods — 1.3%** | **Textiles, Apparel & Luxury Goods — 1.3%** | **Textiles, Apparel & Luxury Goods — 1.3%** |
| Levi Strauss & Co., Class A | 2211 | 45857 |
| On Holding AG, Class A (Switzerland) \* | 2425 | 112733 |
|  |  | 158590 |
| **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** |
| FTAI Aviation Ltd. (a) | 700 | 137760 |
| Total Common Stocks <br>(Cost $9,143,961)<br>|  | 12125815 |
| **Short-Term Investments — 3.7%** | **Short-Term Investments — 3.7%** | **Short-Term Investments — 3.7%** |
| **Investment Companies — 1.0%** | **Investment Companies — 1.0%** | **Investment Companies — 1.0%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 3.86% (c) (d) <br>(Cost $124,242)<br>| 124202 | 124252 |
| **Investment of Cash Collateral from Securities Loaned — 2.7%** | **Investment of Cash Collateral from Securities Loaned — 2.7%** | **Investment of Cash Collateral from Securities Loaned — 2.7%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 3.82% (c) (d) <br>(Cost $325,073)<br>| 325073 | 325073 |
| Total Short-Term Investments <br>(Cost $449,315)<br>|  | 449325 |
| **Total Investments — 102.9%** <br>**(Cost $9,593,276)**<br>|  | **12575140** |
| **Liabilities in Excess of Other Assets — (2.9)%** |  | **(356105)**<br>|
| **NET ASSETS — 100.0%** |  | **12219035** |

---

&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;

---

| | |
|:---|:---|
| ‡ | Value determined using significant unobservable inputs. |
| \* | Non-income producing security.  |
| (a) | The security or a portion of this security is on loan at December <br> 31, 2025. The total value of securities on loan at December 31, <br> 2025 is $313,845.<br>|
| (b) | Fund is subject to legal or contractual restrictions on the resale of <br> the security.<br>|
| (c) | Investment in an affiliated fund, which is registered under the <br> Investment Company Act of 1940, as amended, and is advised by <br> J.P. Morgan Investment Management Inc.<br>|
| (d) | The rate shown is the current yield as of December 31, 2025. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

10 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2025

------

JPMorgan Mid Cap Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 98.7%** | **Common Stocks — 98.7%** | **Common Stocks — 98.7%** |
| **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** |
| Woodward, Inc. | 216 | 65285 |
| **Banks — 3.3%** | **Banks — 3.3%** | **Banks — 3.3%** |
| Fifth Third Bancorp (a) | 2051 | 96005 |
| First Citizens BancShares, Inc., Class A | 63 | 134372 |
| M&T Bank Corp. | 727 | 146523 |
|  |  | 376900 |
| **Beverages — 1.5%** | **Beverages — 1.5%** | **Beverages — 1.5%** |
| Constellation Brands, Inc., Class A | 479 | 66073 |
| Keurig Dr Pepper, Inc. | 3854 | 107959 |
|  |  | 174032 |
| **Building Products — 1.2%** | **Building Products — 1.2%** | **Building Products — 1.2%** |
| Masco Corp. | 1199 | 76076 |
| Owens Corning | 527 | 59001 |
|  |  | 135077 |
| **Capital Markets — 4.8%** | **Capital Markets — 4.8%** | **Capital Markets — 4.8%** |
| Ameriprise Financial, Inc. | 374 | 183490 |
| Raymond James Financial, Inc. | 1220 | 195961 |
| State Street Corp. | 1239 | 159817 |
|  |  | 539268 |
| **Chemicals — 1.3%** | **Chemicals — 1.3%** | **Chemicals — 1.3%** |
| DuPont de Nemours, Inc. | 1179 | 47408 |
| RPM International, Inc. | 1004 | 104428 |
|  |  | 151836 |
| **Commercial Services & Supplies — 0.8%** | **Commercial Services & Supplies — 0.8%** | **Commercial Services & Supplies — 0.8%** |
| Veralto Corp. | 912 | 90948 |
| **Construction Materials — 1.1%** | **Construction Materials — 1.1%** | **Construction Materials — 1.1%** |
| Martin Marietta Materials, Inc. | 191 | 118905 |
| **Consumer Staples Distribution & Retail — 2.1%** | **Consumer Staples Distribution & Retail — 2.1%** | **Consumer Staples Distribution & Retail — 2.1%** |
| Albertsons Cos., Inc., Class A (a) | 5283 | 90707 |
| Kroger Co. (The) | 1420 | 88750 |
| US Foods Holding Corp. \* | 780 | 58719 |
|  |  | 238176 |
| **Containers & Packaging — 4.3%** | **Containers & Packaging — 4.3%** | **Containers & Packaging — 4.3%** |
| Ball Corp. | 1469 | 77810 |
| Crown Holdings, Inc. | 620 | 63869 |
| International Paper Co. (a) | 2476 | 97510 |
| Packaging Corp. of America | 462 | 95383 |
| Silgan Holdings, Inc. | 3699 | 149332 |
|  |  | 483904 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Distributors — 1.2%** | **Distributors — 1.2%** | **Distributors — 1.2%** |
| Genuine Parts Co. | 1139 | 140019 |
| **Electric Utilities — 2.7%** | **Electric Utilities — 2.7%** | **Electric Utilities — 2.7%** |
| PG&E Corp. | 6393 | 102737 |
| Xcel Energy, Inc. | 2815 | 207935 |
|  |  | 310672 |
| **Electrical Equipment — 3.5%** | **Electrical Equipment — 3.5%** | **Electrical Equipment — 3.5%** |
| Acuity, Inc. | 295 | 106125 |
| AMETEK, Inc. | 781 | 160458 |
| Hubbell, Inc. | 278 | 123485 |
|  |  | 390068 |
| **Electronic Equipment, Instruments & Components — 5.3%** | **Electronic Equipment, Instruments & Components — 5.3%** | **Electronic Equipment, Instruments & Components — 5.3%** |
| CDW Corp. | 1211 | 164973 |
| Jabil, Inc. | 556 | 126779 |
| TD SYNNEX Corp. | 302 | 45302 |
| Teledyne Technologies, Inc. \* | 252 | 128652 |
| Zebra Technologies Corp., Class A \* | 526 | 127844 |
|  |  | 593550 |
| **Energy Equipment & Services — 1.0%** | **Energy Equipment & Services — 1.0%** | **Energy Equipment & Services — 1.0%** |
| Baker Hughes Co., Class A | 2551 | 116183 |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
| Warner Music Group Corp., Class A (a) | 3004 | 92133 |
| **Financial Services — 3.0%** | **Financial Services — 3.0%** | **Financial Services — 3.0%** |
| Fidelity National Information Services, Inc. | 3470 | 230597 |
| MGIC Investment Corp. | 3863 | 112893 |
|  |  | 343490 |
| **Food Products — 2.4%** | **Food Products — 2.4%** | **Food Products — 2.4%** |
| General Mills, Inc. | 1344 | 62489 |
| Hershey Co. (The) | 540 | 98374 |
| Post Holdings, Inc. \* | 1080 | 106949 |
|  |  | 267812 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| JB Hunt Transport Services, Inc. | 522 | 101402 |
| **Health Care Equipment & Supplies — 3.0%** | **Health Care Equipment & Supplies — 3.0%** | **Health Care Equipment & Supplies — 3.0%** |
| GE HealthCare Technologies, Inc. | 2250 | 184547 |
| Globus Medical, Inc., Class A \* | 1760 | 153650 |
|  |  | 338197 |
| **Health Care Providers & Services — 5.9%** | **Health Care Providers & Services — 5.9%** | **Health Care Providers & Services — 5.9%** |
| Cencora, Inc. | 547 | 184737 |
| Chemed Corp. | 163 | 69695 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 11

------

JPMorgan Mid Cap Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| Henry Schein, Inc. \* (a) | 1714 | 129564 |
| Humana, Inc. | 324 | 83097 |
| Quest Diagnostics, Inc. | 1135 | 196895 |
|  |  | 663988 |
| **Health Care REITs — 1.3%** | **Health Care REITs — 1.3%** | **Health Care REITs — 1.3%** |
| Healthpeak Properties, Inc. | 8872 | 142657 |
| **Hotel & Resort REITs — 0.4%** | **Hotel & Resort REITs — 0.4%** | **Hotel & Resort REITs — 0.4%** |
| Host Hotels & Resorts, Inc. | 2701 | 47897 |
| **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** |
| Darden Restaurants, Inc. | 777 | 142977 |
| Expedia Group, Inc. | 280 | 79372 |
|  |  | 222349 |
| **Household Durables — 1.0%** | **Household Durables — 1.0%** | **Household Durables — 1.0%** |
| Mohawk Industries, Inc. \* | 1072 | 117116 |
| **Insurance — 4.6%** | **Insurance — 4.6%** | **Insurance — 4.6%** |
| Arch Capital Group Ltd. \* | 776 | 74415 |
| Brown & Brown, Inc. | 1115 | 88875 |
| Hartford Insurance Group, Inc. (The) | 975 | 134440 |
| Loews Corp. | 1661 | 174912 |
| WR Berkley Corp. | 743 | 52080 |
|  |  | 524722 |
| **IT Services — 1.0%** | **IT Services — 1.0%** | **IT Services — 1.0%** |
| GoDaddy, Inc., Class A \* | 885 | 109842 |
| **Life Sciences Tools & Services — 2.0%** | **Life Sciences Tools & Services — 2.0%** | **Life Sciences Tools & Services — 2.0%** |
| IQVIA Holdings, Inc. \* | 983 | 221594 |
| **Machinery — 6.7%** | **Machinery — 6.7%** | **Machinery — 6.7%** |
| Dover Corp. | 757 | 147887 |
| Ingersoll Rand, Inc. | 1777 | 140770 |
| ITT, Inc. | 669 | 116098 |
| Lincoln Electric Holdings, Inc. | 546 | 130740 |
| Middleby Corp. (The) \* | 904 | 134380 |
| Nordson Corp. | 369 | 88743 |
|  |  | 758618 |
| **Media — 1.7%** | **Media — 1.7%** | **Media — 1.7%** |
| Omnicom Group, Inc. | 2371 | 191477 |
| **Metals & Mining — 1.3%** | **Metals & Mining — 1.3%** | **Metals & Mining — 1.3%** |
| Alcoa Corp. | 1198 | 63654 |
| Freeport-McMoRan, Inc. | 975 | 49519 |
| Steel Dynamics, Inc. | 224 | 38036 |
|  |  | 151209 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Multi-Utilities — 5.1%** | **Multi-Utilities — 5.1%** | **Multi-Utilities — 5.1%** |
| CMS Energy Corp. | 2344 | 163905 |
| NiSource, Inc. | 3566 | 148895 |
| Sempra | 951 | 84003 |
| WEC Energy Group, Inc. | 1673 | 176432 |
|  |  | 573235 |
| **Oil, Gas & Consumable Fuels — 5.8%** | **Oil, Gas & Consumable Fuels — 5.8%** | **Oil, Gas & Consumable Fuels — 5.8%** |
| Cheniere Energy, Inc. | 711 | 138189 |
| Coterra Energy, Inc. | 5447 | 143359 |
| Diamondback Energy, Inc. | 954 | 143488 |
| Marathon Petroleum Corp. | 1032 | 167849 |
| Williams Cos., Inc. (The) | 983 | 59078 |
|  |  | 651963 |
| **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** |
| Delta Air Lines, Inc. | 1152 | 79921 |
| **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** |
| Jazz Pharmaceuticals plc \* | 439 | 74643 |
| **Residential REITs — 1.2%** | **Residential REITs — 1.2%** | **Residential REITs — 1.2%** |
| AvalonBay Communities, Inc. | 771 | 139748 |
| **Retail REITs — 2.7%** | **Retail REITs — 2.7%** | **Retail REITs — 2.7%** |
| Regency Centers Corp. | 2317 | 159917 |
| Simon Property Group, Inc. | 792 | 146656 |
|  |  | 306573 |
| **Semiconductors & Semiconductor Equipment — 1.7%** | **Semiconductors & Semiconductor Equipment — 1.7%** | **Semiconductors & Semiconductor Equipment — 1.7%** |
| MKS, Inc. | 717 | 114643 |
| ON Semiconductor Corp. \* | 1376 | 74494 |
|  |  | 189137 |
| **Specialized REITs — 2.6%** | **Specialized REITs — 2.6%** | **Specialized REITs — 2.6%** |
| Public Storage | 519 | 134559 |
| SBA Communications Corp. | 563 | 108866 |
| Weyerhaeuser Co. | 2042 | 48386 |
|  |  | 291811 |
| **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** |
| AutoZone, Inc. \* | 35 | 118608 |
| Best Buy Co., Inc. | 1627 | 108892 |
| Ross Stores, Inc. | 788 | 141978 |
|  |  | 369478 |
| **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** |
| Western Digital Corp. | 410 | 70596 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

12 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** |
| Ralph Lauren Corp. | 300 | 105960 |
| **Water Utilities — 0.7%** | **Water Utilities — 0.7%** | **Water Utilities — 0.7%** |
| Essential Utilities, Inc. | 2061 | 79056 |
| Total Common Stocks <br>(Cost $7,558,463)<br>|  | 11151447 |
| **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** |
| **Investment Companies — 1.7%** | **Investment Companies — 1.7%** | **Investment Companies — 1.7%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 3.86% (b) (c) <br>(Cost $188,793)<br>| 188741 | 188816 |
| **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 3.82% (b) (c) <br>(Cost $17,153)<br>| 17153 | 17153 |
| Total Short-Term Investments <br>(Cost $205,946)<br>|  | 205969 |
| **Total Investments — 100.5%** <br>**(Cost $7,764,409)**<br>|  | **11357416** |
| **Liabilities in Excess of Other Assets — (0.5)%** |  | **(61861)**<br>|
| **NET ASSETS — 100.0%** |  | **11295555** |

---

&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 December 31, 2025. The total value of securities on loan at December 31, 2025 is $16,515. 

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

(c) The rate shown is the current yield as of December 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 13

------

JPMorgan Value Advantage Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 98.0%** | **Common Stocks — 98.0%** | **Common Stocks — 98.0%** |
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |
| General Dynamics Corp. | 249 | 83666 |
| RTX Corp. | 537 | 98577 |
|  |  | 182243 |
| **Air Freight & Logistics — 1.2%** | **Air Freight & Logistics — 1.2%** | **Air Freight & Logistics — 1.2%** |
| FedEx Corp. | 346 | 99859 |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| Gentex Corp. | 699 | 16270 |
| **Banks — 10.1%** | **Banks — 10.1%** | **Banks — 10.1%** |
| Bank of America Corp. | 2921 | 160645 |
| Fifth Third Bancorp | 813 | 38074 |
| First Citizens BancShares, Inc., Class A | 60 | 129488 |
| M&T Bank Corp. | 800 | 161074 |
| Regions Financial Corp. | 3332 | 90291 |
| Wells Fargo & Co. | 2927 | 272834 |
|  |  | 852406 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Keurig Dr Pepper, Inc. | 1632 | 45709 |
| **Biotechnology — 3.1%** | **Biotechnology — 3.1%** | **Biotechnology — 3.1%** |
| AbbVie, Inc. | 674 | 154117 |
| Regeneron Pharmaceuticals, Inc. | 97 | 75153 |
| Vertex Pharmaceuticals, Inc. \* | 80 | 36096 |
|  |  | 265366 |
| **Broadline Retail — 1.3%** | **Broadline Retail — 1.3%** | **Broadline Retail — 1.3%** |
| Amazon.com, Inc. \* | 462 | 106673 |
| **Building Products — 1.0%** | **Building Products — 1.0%** | **Building Products — 1.0%** |
| Carlisle Cos., Inc. | 96 | 30768 |
| Fortune Brands Innovations, Inc. | 395 | 19757 |
| Hayward Holdings, Inc. \* | 2425 | 37461 |
|  |  | 87986 |
| **Capital Markets — 3.7%** | **Capital Markets — 3.7%** | **Capital Markets — 3.7%** |
| Charles Schwab Corp. (The) | 526 | 52498 |
| Morgan Stanley | 357 | 63398 |
| Raymond James Financial, Inc. | 381 | 61231 |
| State Street Corp. | 1027 | 132552 |
|  |  | 309679 |
| **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
| Axalta Coating Systems Ltd. \* | 1521 | 49147 |
| **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** |
| Cisco Systems, Inc. | 705 | 54292 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** |
| WillScot Holdings Corp. (a) | 3593 | 67649 |
| **Construction Materials — 0.6%** | **Construction Materials — 0.6%** | **Construction Materials — 0.6%** |
| Martin Marietta Materials, Inc. | 86 | 53595 |
| **Consumer Finance — 2.8%** | **Consumer Finance — 2.8%** | **Consumer Finance — 2.8%** |
| American Express Co. | 127 | 46988 |
| Capital One Financial Corp. | 793 | 192238 |
|  |  | 239226 |
| **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** |
| BJ's Wholesale Club Holdings, Inc. \* (a) | 708 | 63765 |
| **Containers & Packaging — 2.4%** | **Containers & Packaging — 2.4%** | **Containers & Packaging — 2.4%** |
| Graphic Packaging Holding Co. | 1313 | 19771 |
| International Paper Co. | 706 | 27793 |
| Packaging Corp. of America | 271 | 55992 |
| Silgan Holdings, Inc. | 1291 | 52116 |
| Smurfit WestRock plc | 1139 | 44058 |
|  |  | 199730 |
| **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** |
| AT&T, Inc. | 2401 | 59638 |
| Verizon Communications, Inc. | 1128 | 45949 |
|  |  | 105587 |
| **Electric Utilities — 2.9%** | **Electric Utilities — 2.9%** | **Electric Utilities — 2.9%** |
| Entergy Corp. | 212 | 19565 |
| NextEra Energy, Inc. | 1116 | 89596 |
| PG&E Corp. | 3421 | 54985 |
| Xcel Energy, Inc. | 1063 | 78517 |
|  |  | 242663 |
| **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** |
| Eaton Corp. plc | 252 | 80363 |
| Emerson Electric Co. | 271 | 35914 |
|  |  | 116277 |
| **Electronic Equipment, Instruments & Components — 2.1%** | **Electronic Equipment, Instruments & Components — 2.1%** | **Electronic Equipment, Instruments & Components — 2.1%** |
| CDW Corp. | 322 | 43880 |
| Jabil, Inc. | 259 | 59112 |
| TD SYNNEX Corp. | 471 | 70749 |
|  |  | 173741 |
| **Entertainment — 1.9%** | **Entertainment — 1.9%** | **Entertainment — 1.9%** |
| Walt Disney Co. (The) | 1107 | 125885 |
| Warner Music Group Corp., Class A | 1069 | 32797 |
|  |  | 158682 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

14 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Financial Services — 5.1%** | **Financial Services — 5.1%** | **Financial Services — 5.1%** |
| Berkshire Hathaway, Inc., Class B \* | 580 | 291599 |
| Corpay, Inc. \* | 217 | 65432 |
| MGIC Investment Corp. | 2605 | 76103 |
|  |  | 433134 |
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
| Post Holdings, Inc. \* | 675 | 66870 |
| **Ground Transportation — 1.9%** | **Ground Transportation — 1.9%** | **Ground Transportation — 1.9%** |
| JB Hunt Transport Services, Inc. | 348 | 67625 |
| Union Pacific Corp. | 400 | 92574 |
|  |  | 160199 |
| **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** |
| Medtronic plc | 815 | 78245 |
| **Health Care Providers & Services — 6.6%** | **Health Care Providers & Services — 6.6%** | **Health Care Providers & Services — 6.6%** |
| Cencora, Inc. | 320 | 108213 |
| Cigna Group (The) | 387 | 106547 |
| HCA Healthcare, Inc. | 110 | 51448 |
| Henry Schein, Inc. \* | 933 | 70488 |
| Humana, Inc. | 328 | 84103 |
| Labcorp Holdings, Inc. | 356 | 89187 |
| UnitedHealth Group, Inc. | 157 | 51669 |
|  |  | 561655 |
| **Hotel & Resort REITs — 0.4%** | **Hotel & Resort REITs — 0.4%** | **Hotel & Resort REITs — 0.4%** |
| Host Hotels & Resorts, Inc. | 1707 | 30257 |
| **Hotels, Restaurants & Leisure — 3.2%** | **Hotels, Restaurants & Leisure — 3.2%** | **Hotels, Restaurants & Leisure — 3.2%** |
| Booking Holdings, Inc. | 10 | 54099 |
| Chipotle Mexican Grill, Inc., Class A \* | 1389 | 51388 |
| Darden Restaurants, Inc. (a) | 168 | 31042 |
| Expedia Group, Inc. | 125 | 35378 |
| McDonald's Corp. | 324 | 99004 |
|  |  | 270911 |
| **Household Durables — 0.6%** | **Household Durables — 0.6%** | **Household Durables — 0.6%** |
| Mohawk Industries, Inc. \* | 429 | 46858 |
| **Household Products — 0.8%** | **Household Products — 0.8%** | **Household Products — 0.8%** |
| Procter & Gamble Co. (The) | 485 | 69509 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| EastGroup Properties, Inc. | 148 | 26353 |
| **Insurance — 4.6%** | **Insurance — 4.6%** | **Insurance — 4.6%** |
| Arch Capital Group Ltd. \* | 377 | 36187 |
| Chubb Ltd. | 193 | 60363 |
| Kinsale Capital Group, Inc. | 80 | 31216 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Loews Corp. | 961 | 101146 |
| Marsh & McLennan Cos., Inc. | 218 | 40383 |
| Progressive Corp. (The) | 105 | 23966 |
| Travelers Cos., Inc. (The) | 322 | 93336 |
|  |  | 386597 |
| **Interactive Media & Services — 2.3%** | **Interactive Media & Services — 2.3%** | **Interactive Media & Services — 2.3%** |
| Alphabet, Inc., Class C | 348 | 109128 |
| Angi, Inc. \* | 546 | 7063 |
| Meta Platforms, Inc., Class A | 117 | 77003 |
|  |  | 193194 |
| **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** |
| GoDaddy, Inc., Class A \* | 298 | 37015 |
| **Machinery — 1.8%** | **Machinery — 1.8%** | **Machinery — 1.8%** |
| Dover Corp. | 565 | 110416 |
| Middleby Corp. (The) \* | 299 | 44402 |
|  |  | 154818 |
| **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** |
| Nexstar Media Group, Inc. (a) | 236 | 47813 |
| Omnicom Group, Inc. | 809 | 65335 |
|  |  | 113148 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| Public Service Enterprise Group, Inc. | 386 | 30974 |
| **Oil, Gas & Consumable Fuels — 5.3%** | **Oil, Gas & Consumable Fuels — 5.3%** | **Oil, Gas & Consumable Fuels — 5.3%** |
| Chevron Corp. | 675 | 102831 |
| ConocoPhillips | 1212 | 113477 |
| EOG Resources, Inc. | 970 | 101865 |
| Kinder Morgan, Inc. | 2188 | 60151 |
| Williams Cos., Inc. (The) | 1135 | 68206 |
|  |  | 446530 |
| **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** |
| Southwest Airlines Co. (a) | 1504 | 62142 |
| **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** |
| Bristol-Myers Squibb Co. | 490 | 26413 |
| Johnson & Johnson | 687 | 142145 |
| Merck & Co., Inc. | 647 | 68167 |
|  |  | 236725 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 15

------

JPMorgan Value Advantage Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Professional Services — 0.9%** | **Professional Services — 0.9%** | **Professional Services — 0.9%** |
| Andersen Group, Inc., Class A \* (a) | 593 | 15363 |
| TransUnion (a) | 750 | 64335 |
|  |  | 79698 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| CBRE Group, Inc., Class A \* | 127 | 20418 |
| **Residential REITs — 1.8%** | **Residential REITs — 1.8%** | **Residential REITs — 1.8%** |
| American Homes 4 Rent, Class A | 1504 | 48274 |
| AvalonBay Communities, Inc. | 141 | 25571 |
| Mid-America Apartment Communities, Inc. | 546 | 75861 |
|  |  | 149706 |
| **Retail REITs — 1.0%** | **Retail REITs — 1.0%** | **Retail REITs — 1.0%** |
| Regency Centers Corp. | 1166 | 80508 |
| **Semiconductors & Semiconductor Equipment — 2.0%** | **Semiconductors & Semiconductor Equipment — 2.0%** | **Semiconductors & Semiconductor Equipment — 2.0%** |
| Analog Devices, Inc. | 218 | 59194 |
| Texas Instruments, Inc. | 639 | 110766 |
|  |  | 169960 |
| **Specialized REITs — 2.9%** | **Specialized REITs — 2.9%** | **Specialized REITs — 2.9%** |
| Equinix, Inc. | 81 | 62145 |
| Public Storage | 227 | 59005 |
| Rayonier, Inc. | 1513 | 32754 |
| SBA Communications Corp. | 245 | 47281 |
| Weyerhaeuser Co. | 1745 | 41341 |
|  |  | 242526 |
| **Specialty Retail — 2.9%** | **Specialty Retail — 2.9%** | **Specialty Retail — 2.9%** |
| AutoZone, Inc. \* | 17 | 56638 |
| Best Buy Co., Inc. | 632 | 42324 |
| Lowe's Cos., Inc. | 445 | 107433 |
| Murphy USA, Inc. | 100 | 40196 |
|  |  | 246591 |
| **Technology Hardware, Storage & Peripherals — 1.7%** | **Technology Hardware, Storage & Peripherals — 1.7%** | **Technology Hardware, Storage & Peripherals — 1.7%** |
| Hewlett Packard Enterprise Co. | 4273 | 102630 |
| Western Digital Corp. | 259 | 44659 |
|  |  | 147289 |
| **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** |
| Columbia Sportswear Co. (a) | 633 | 34882 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Textiles, Apparel & Luxury Goods — continued** | **Textiles, Apparel & Luxury Goods — continued** | **Textiles, Apparel & Luxury Goods — continued** |
| Kontoor Brands, Inc. | 742 | 45318 |
| NIKE, Inc., Class B (a) | 338 | 21536 |
|  |  | 101736 |
| **Tobacco — 1.8%** | **Tobacco — 1.8%** | **Tobacco — 1.8%** |
| Philip Morris International, Inc. | 948 | 152108 |
| Total Common Stocks <br>(Cost $5,290,090)<br>|  | 8286219 |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |
| **Investment Companies — 1.2%** | **Investment Companies — 1.2%** | **Investment Companies — 1.2%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 3.86% (b) (c) <br>(Cost $101,124)<br>| 101085 | 101125 |
| **Investment of Cash Collateral from Securities Loaned — 0.3%** | **Investment of Cash Collateral from Securities Loaned — 0.3%** | **Investment of Cash Collateral from Securities Loaned — 0.3%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 3.82% (b) (c) <br>(Cost $28,942)<br>| 28942 | 28942 |
| Total Short-Term Investments <br>(Cost $130,066)<br>|  | 130067 |
| **Total Investments — 99.5%** <br>**(Cost $5,420,156)**<br>|  | **8416286** |
| **Other Assets in Excess of Liabilities — 0.5%** |  | **40910** |
| **NET ASSETS — 100.0%** |  | **8457196** |

---

&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 December 31, 2025. The total value of securities on loan at December 31, 2025 is $28,332. 

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

(c) The rate shown is the current yield as of December 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

16 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2025

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF December 31, 2025 (Unaudited)

(Amounts in thousands, except per share amounts)

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Growth** <br>**Advantage Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Mid Cap** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Mid Cap** <br>**Growth Fund**  |
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $22441721 | &nbsp;&nbsp;&nbsp; $5621895 | &nbsp;&nbsp;&nbsp; $12125815 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 396123 | &nbsp;&nbsp;&nbsp; 138412 | &nbsp;&nbsp;&nbsp; 124252 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C.)  | &nbsp;&nbsp;&nbsp; 459 | &nbsp;&nbsp;&nbsp; 48768 | &nbsp;&nbsp;&nbsp; 325073 |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 170420 | &nbsp;&nbsp;&nbsp; 1273 | &nbsp;&nbsp;&nbsp; — |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 8903 | &nbsp;&nbsp;&nbsp; 6217 | &nbsp;&nbsp;&nbsp; 12069 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 1192 | &nbsp;&nbsp;&nbsp; 5252 | &nbsp;&nbsp;&nbsp; 2015 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 906 | &nbsp;&nbsp;&nbsp; 454 | &nbsp;&nbsp;&nbsp; 536 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 24 |
| Other assets | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 23019726 | &nbsp;&nbsp;&nbsp; 5822281 | &nbsp;&nbsp;&nbsp; 12589784 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29627 | &nbsp;&nbsp;&nbsp; 4308 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 459 | &nbsp;&nbsp;&nbsp; 48768 | &nbsp;&nbsp;&nbsp; 325073 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 356970 | &nbsp;&nbsp;&nbsp; 2957 | &nbsp;&nbsp;&nbsp; 32859 |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 8863 | &nbsp;&nbsp;&nbsp; 2636 | &nbsp;&nbsp;&nbsp; 6126 |
| Administration fees | &nbsp;&nbsp;&nbsp; 443 | &nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp; 604 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 1563 | &nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp; 376 |
| Service fees | &nbsp;&nbsp;&nbsp; 2596 | &nbsp;&nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp; 693 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 91 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 |
| Other | &nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp; 617 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 371611 | &nbsp;&nbsp;&nbsp; 85001 | &nbsp;&nbsp;&nbsp; 370749 |
| Net Assets | &nbsp;&nbsp;&nbsp; $22648115 | &nbsp;&nbsp;&nbsp; $5737280 | &nbsp;&nbsp;&nbsp; $12219035 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 17

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF December 31, 2025 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Growth**<br> **Advantage Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Mid Cap**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Mid Cap**<br>**Growth Fund**  |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $9810792 | &nbsp;&nbsp;&nbsp; $4408785 | &nbsp;&nbsp;&nbsp; $9075428 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 12837323 | &nbsp;&nbsp;&nbsp; 1328495 | &nbsp;&nbsp;&nbsp; 3143607 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $22648115 | &nbsp;&nbsp;&nbsp; $5737280 | &nbsp;&nbsp;&nbsp; $12219035 |
| Net Assets: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $4827927 | &nbsp;&nbsp;&nbsp; $909145 | &nbsp;&nbsp;&nbsp; $1423081 |
| Class C | &nbsp;&nbsp;&nbsp; 782941 | &nbsp;&nbsp;&nbsp; 16820 | &nbsp;&nbsp;&nbsp; 43826 |
| Class I | &nbsp;&nbsp;&nbsp; 6768918 | &nbsp;&nbsp;&nbsp; 767831 | &nbsp;&nbsp;&nbsp; 2336315 |
| Class R2 | &nbsp;&nbsp;&nbsp; 12197 | &nbsp;&nbsp;&nbsp; 5147 | &nbsp;&nbsp;&nbsp; 56578 |
| Class R3 | &nbsp;&nbsp;&nbsp; 47747 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 59245 |
| Class R4 | &nbsp;&nbsp;&nbsp; 43302 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 38255 |
| Class R5 | &nbsp;&nbsp;&nbsp; 174982 | &nbsp;&nbsp;&nbsp; 8216 | &nbsp;&nbsp;&nbsp; 561370 |
| Class R6 | &nbsp;&nbsp;&nbsp; 9990101 | &nbsp;&nbsp;&nbsp; 4030121 | &nbsp;&nbsp;&nbsp; 7700365 |
| Total | &nbsp;&nbsp;&nbsp; $22648115 | &nbsp;&nbsp;&nbsp; $5737280 | &nbsp;&nbsp;&nbsp; $12219035 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 124464 | &nbsp;&nbsp;&nbsp; 14718 | &nbsp;&nbsp;&nbsp; 37462 |
| Class C | &nbsp;&nbsp;&nbsp; 27384 | &nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp; 1981 |
| Class I | &nbsp;&nbsp;&nbsp; 161833 | &nbsp;&nbsp;&nbsp; 12095 | &nbsp;&nbsp;&nbsp; 47103 |
| Class R2 | &nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 1325 |
| Class R3 | &nbsp;&nbsp;&nbsp; 1234 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1243 |
| Class R4 | &nbsp;&nbsp;&nbsp; 1035 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 778 |
| Class R5 | &nbsp;&nbsp;&nbsp; 3999 | &nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp; 10991 |
| Class R6 | &nbsp;&nbsp;&nbsp; 224267 | &nbsp;&nbsp;&nbsp; 63394 | &nbsp;&nbsp;&nbsp; 148813 |
| Net Asset Value (a): |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $38.79 | &nbsp;&nbsp;&nbsp; $61.77 | &nbsp;&nbsp;&nbsp; $37.99 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;28.59 | &nbsp;&nbsp;&nbsp;&nbsp;56.75 | &nbsp;&nbsp;&nbsp;&nbsp;22.12 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;41.83 | &nbsp;&nbsp;&nbsp;&nbsp;63.48 | &nbsp;&nbsp;&nbsp;&nbsp;49.60 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;37.58 | &nbsp;&nbsp;&nbsp;&nbsp;60.22 | &nbsp;&nbsp;&nbsp;&nbsp;42.73 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;38.69 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;47.69 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;41.83 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;49.23 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;43.76 | &nbsp;&nbsp;&nbsp;&nbsp;63.68 | &nbsp;&nbsp;&nbsp;&nbsp;51.07 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;44.55 | &nbsp;&nbsp;&nbsp;&nbsp;63.57 | &nbsp;&nbsp;&nbsp;&nbsp;51.75 |
| 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; $40.94 | &nbsp;&nbsp;&nbsp; $65.19 | &nbsp;&nbsp;&nbsp; $40.09 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $9861440 | &nbsp;&nbsp;&nbsp; $4278663 | &nbsp;&nbsp;&nbsp; $9143961 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 396091 | &nbsp;&nbsp;&nbsp; 138393 | &nbsp;&nbsp;&nbsp; 124242 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp; 47412 | &nbsp;&nbsp;&nbsp; 313845 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 459 | &nbsp;&nbsp;&nbsp; 48768 | &nbsp;&nbsp;&nbsp; 325073 |

---

------

(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;

18 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2025

------

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Mid Cap** <br>**Value Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Value** <br>**Advantage Fund**  |
| **ASSETS:** |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $11151447 | &nbsp;&nbsp;&nbsp; $8286219 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 188816 | &nbsp;&nbsp;&nbsp; 101125 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C.)  | &nbsp;&nbsp;&nbsp; 17153 | &nbsp;&nbsp;&nbsp; 28942 |
| Receivables: |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 3934 | &nbsp;&nbsp;&nbsp; 434297 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 13832 | &nbsp;&nbsp;&nbsp; 3471 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp; 47 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 14395 | &nbsp;&nbsp;&nbsp; 11584 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 832 | &nbsp;&nbsp;&nbsp; 462 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 89 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 5 |
| Total Assets | &nbsp;&nbsp;&nbsp; 11390797 | &nbsp;&nbsp;&nbsp; 8866241 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; — |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 17153 | &nbsp;&nbsp;&nbsp; 28942 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 70530 | &nbsp;&nbsp;&nbsp; 374932 |
| Accrued liabilities: |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 5392 | &nbsp;&nbsp;&nbsp; 3379 |
| Administration fees | &nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp; 310 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp; 363 |
| Service fees | &nbsp;&nbsp;&nbsp; 871 | &nbsp;&nbsp;&nbsp; 701 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 75 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Other | &nbsp;&nbsp;&nbsp; 407 | &nbsp;&nbsp;&nbsp; 342 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 95242 | &nbsp;&nbsp;&nbsp; 409045 |
| Net Assets | &nbsp;&nbsp;&nbsp; $11295555 | &nbsp;&nbsp;&nbsp; $8457196 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 19

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF December 31, 2025 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Mid Cap**<br> **Value Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Value**<br>**Advantage Fund**  |
| **NET ASSETS:** |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $7401829 | &nbsp;&nbsp;&nbsp; $5235584 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 3893726 | &nbsp;&nbsp;&nbsp; 3221612 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $11295555 | &nbsp;&nbsp;&nbsp; $8457196 |
| Net Assets: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $1030674 | &nbsp;&nbsp;&nbsp; $1273523 |
| Class C | &nbsp;&nbsp;&nbsp; 26038 | &nbsp;&nbsp;&nbsp; 136796 |
| Class I | &nbsp;&nbsp;&nbsp; 1407704 | &nbsp;&nbsp;&nbsp; 1527935 |
| Class L | &nbsp;&nbsp;&nbsp; 3547160 | &nbsp;&nbsp;&nbsp; 1151806 |
| Class R2 | &nbsp;&nbsp;&nbsp; 67095 | &nbsp;&nbsp;&nbsp; 656 |
| Class R3 | &nbsp;&nbsp;&nbsp; 70884 | &nbsp;&nbsp;&nbsp; 2556 |
| Class R4 | &nbsp;&nbsp;&nbsp; 29129 | &nbsp;&nbsp;&nbsp; 343 |
| Class R5 | &nbsp;&nbsp;&nbsp; 52801 | &nbsp;&nbsp;&nbsp; 16537 |
| Class R6 | &nbsp;&nbsp;&nbsp; 5064070 | &nbsp;&nbsp;&nbsp; 4347044 |
| Total | &nbsp;&nbsp;&nbsp; $11295555 | &nbsp;&nbsp;&nbsp; $8457196 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |
| Class A | &nbsp;&nbsp;&nbsp; 34035 | &nbsp;&nbsp;&nbsp; 35231 |
| Class C | &nbsp;&nbsp;&nbsp; 932 | &nbsp;&nbsp;&nbsp; 3777 |
| Class I | &nbsp;&nbsp;&nbsp; 45291 | &nbsp;&nbsp;&nbsp; 41819 |
| Class L | &nbsp;&nbsp;&nbsp; 111153 | &nbsp;&nbsp;&nbsp; 31487 |
| Class R2 | &nbsp;&nbsp;&nbsp; 2455 | &nbsp;&nbsp;&nbsp; 18 |
| Class R3 | &nbsp;&nbsp;&nbsp; 2389 | &nbsp;&nbsp;&nbsp; 72 |
| Class R4 | &nbsp;&nbsp;&nbsp; 947 | &nbsp;&nbsp;&nbsp; 9 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1660 | &nbsp;&nbsp;&nbsp; 454 |
| Class R6 | &nbsp;&nbsp;&nbsp; 158869 | &nbsp;&nbsp;&nbsp; 119120 |
| Net Asset Value (a): |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $30.28 | &nbsp;&nbsp;&nbsp; $36.15 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;27.92 | &nbsp;&nbsp;&nbsp;&nbsp;36.22 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;31.08 | &nbsp;&nbsp;&nbsp;&nbsp;36.54 |
| Class L — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;31.91 | &nbsp;&nbsp;&nbsp;&nbsp;36.58 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;27.34 | &nbsp;&nbsp;&nbsp;&nbsp;35.31 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;29.67 | &nbsp;&nbsp;&nbsp;&nbsp;35.36 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;30.73 | &nbsp;&nbsp;&nbsp;&nbsp;36.94 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;31.81 | &nbsp;&nbsp;&nbsp;&nbsp;36.46 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;31.88 | &nbsp;&nbsp;&nbsp;&nbsp;36.49 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $31.96 | &nbsp;&nbsp;&nbsp; $38.15 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $7558463 | &nbsp;&nbsp;&nbsp; $5290090 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 188793 | &nbsp;&nbsp;&nbsp; 101124 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 16515 | &nbsp;&nbsp;&nbsp; 28332 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 17153 | &nbsp;&nbsp;&nbsp; 28942 |

---

------

(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 Mid Cap/Multi-Cap Funds December 31, 2025

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED December 31, 2025 (Unaudited)

(Amounts in thousands)

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Growth** <br>**Advantage Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Mid Cap** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Mid Cap** <br>**Growth Fund**  |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $9 | &nbsp;&nbsp;&nbsp; $4 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 49471 | &nbsp;&nbsp;&nbsp; 35171 | &nbsp;&nbsp;&nbsp; 17468 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 4043 | &nbsp;&nbsp;&nbsp; 3016 | &nbsp;&nbsp;&nbsp; 2851 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp; 1442 |
| Total investment income | &nbsp;&nbsp;&nbsp; 53774 | &nbsp;&nbsp;&nbsp; 38424 | &nbsp;&nbsp;&nbsp; 21767 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 58392 | &nbsp;&nbsp;&nbsp; 17360 | &nbsp;&nbsp;&nbsp; 38481 |
| Administration fees | &nbsp;&nbsp;&nbsp; 6700 | &nbsp;&nbsp;&nbsp; 2170 | &nbsp;&nbsp;&nbsp; 4468 |
| Distribution fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 6105 | &nbsp;&nbsp;&nbsp; 1155 | &nbsp;&nbsp;&nbsp; 1857 |
| Class C | &nbsp;&nbsp;&nbsp; 2989 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 180 |
| Class R2 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 145 |
| Class R3 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 79 |
| Service fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 6105 | &nbsp;&nbsp;&nbsp; 1155 | &nbsp;&nbsp;&nbsp; 1857 |
| Class C | &nbsp;&nbsp;&nbsp; 997 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 60 |
| Class I | &nbsp;&nbsp;&nbsp; 8627 | &nbsp;&nbsp;&nbsp; 1152 | &nbsp;&nbsp;&nbsp; 3072 |
| Class R2 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 73 |
| Class R3 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 79 |
| Class R4 | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 53 |
| Class R5 | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 288 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; 177 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 |
| Professional fees | &nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 146 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 28 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 452 | &nbsp;&nbsp;&nbsp; 316 | &nbsp;&nbsp;&nbsp; 272 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 124 |
| Transfer agency fees (See Note 2.G.) | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 272 |
| Other | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 44 |
| Total expenses | &nbsp;&nbsp;&nbsp; 92033 | &nbsp;&nbsp;&nbsp; 23784 | &nbsp;&nbsp;&nbsp; 51756 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (9219)<br>| &nbsp;&nbsp;&nbsp; (3004)<br>| &nbsp;&nbsp;&nbsp; (3604)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 82814 | &nbsp;&nbsp;&nbsp; 20775 | &nbsp;&nbsp;&nbsp; 48152 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (29040)<br>| &nbsp;&nbsp;&nbsp; 17649 | &nbsp;&nbsp;&nbsp; (26385)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 21

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED December 31, 2025 (Unaudited) (continued)

(Amounts in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Growth**<br> **Advantage Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Mid Cap**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Mid Cap**<br>**Growth Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $1017157 | &nbsp;&nbsp;&nbsp; $172961 | &nbsp;&nbsp;&nbsp; $437303 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 26 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 1017181 | &nbsp;&nbsp;&nbsp; 172990 | &nbsp;&nbsp;&nbsp; 437329 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 874016 | &nbsp;&nbsp;&nbsp; (8555)<br>| &nbsp;&nbsp;&nbsp; (227741)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 4 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 874028 | &nbsp;&nbsp;&nbsp; (8552)<br>| &nbsp;&nbsp;&nbsp; (227737)<br>|
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 1891209 | &nbsp;&nbsp;&nbsp; 164438 | &nbsp;&nbsp;&nbsp; 209592 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $1862169 | &nbsp;&nbsp;&nbsp; $182087 | &nbsp;&nbsp;&nbsp; $183207 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

22 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2025

------

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Mid Cap** <br>**Value Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Value** <br>**Advantage Fund**  |
| **INVESTMENT INCOME:** |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $16 | &nbsp;&nbsp;&nbsp; $22 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 99843 | &nbsp;&nbsp;&nbsp; 88359 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 6416 | &nbsp;&nbsp;&nbsp; 4010 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 27 |
| Total investment income | &nbsp;&nbsp;&nbsp; 106285 | &nbsp;&nbsp;&nbsp; 92418 |
| **EXPENSES:** |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 36740 | &nbsp;&nbsp;&nbsp; 22653 |
| Administration fees | &nbsp;&nbsp;&nbsp; 4319 | &nbsp;&nbsp;&nbsp; 3398 |
| Distribution fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1398 | &nbsp;&nbsp;&nbsp; 1642 |
| Class C | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; 543 |
| Class R2 | &nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; 2 |
| Class R3 | &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; 3 |
| Service fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1398 | &nbsp;&nbsp;&nbsp; 1642 |
| Class C | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 181 |
| Class I | &nbsp;&nbsp;&nbsp; 1978 | &nbsp;&nbsp;&nbsp; 1974 |
| Class L | &nbsp;&nbsp;&nbsp; 2089 | &nbsp;&nbsp;&nbsp; 651 |
| Class R2 | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 1 |
| Class R3 | &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; 3 |
| Class R4 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 9 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp; 138 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Professional fees | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 59 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 23 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 416 | &nbsp;&nbsp;&nbsp; 200 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp; 104 |
| Transfer agency fees (See Note 2.G.) | &nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; 97 |
| Other | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 39 |
| Total expenses | &nbsp;&nbsp;&nbsp; 49625 | &nbsp;&nbsp;&nbsp; 33362 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (5615)<br>| &nbsp;&nbsp;&nbsp; (4274)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp; (29)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 43956 | &nbsp;&nbsp;&nbsp; 29059 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 62329 | &nbsp;&nbsp;&nbsp; 63359 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 23

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED December 31, 2025 (Unaudited) (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Mid Cap**<br> **Value Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Value**<br>**Advantage Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |
| Net realized gain (loss) on transactions from: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $1195555 | &nbsp;&nbsp;&nbsp; $524655 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp; 89 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 1195644 | &nbsp;&nbsp;&nbsp; 524744 |
| Change in net unrealized appreciation/depreciation on: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (744679)<br>| &nbsp;&nbsp;&nbsp; (51484)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (13)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (744676)<br>| &nbsp;&nbsp;&nbsp; (51497)<br>|
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 450968 | &nbsp;&nbsp;&nbsp; 473247 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $513297 | &nbsp;&nbsp;&nbsp; $536606 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

24 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2025

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Growth Advantage Fund**  | **JPMorgan Growth Advantage Fund**  | **JPMorgan Mid Cap Equity Fund**  | **JPMorgan Mid Cap Equity Fund**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** <br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** <br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $(29040)<br>| &nbsp;&nbsp;&nbsp; $(33032)<br>| &nbsp;&nbsp;&nbsp; $17649 | &nbsp;&nbsp;&nbsp; $33464 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 1017181 | &nbsp;&nbsp;&nbsp; 2453581 | &nbsp;&nbsp;&nbsp; 172990 | &nbsp;&nbsp;&nbsp; 263741 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 874028 | &nbsp;&nbsp;&nbsp; 485533 | &nbsp;&nbsp;&nbsp; (8552)<br>| &nbsp;&nbsp;&nbsp; 239869 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 1862169 | &nbsp;&nbsp;&nbsp; 2906082 | &nbsp;&nbsp;&nbsp; 182087 | &nbsp;&nbsp;&nbsp; 537074 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (552928)<br>| &nbsp;&nbsp;&nbsp; (262842)<br>| &nbsp;&nbsp;&nbsp; (53495)<br>| &nbsp;&nbsp;&nbsp; (36334)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (117618)<br>| &nbsp;&nbsp;&nbsp; (59325)<br>| &nbsp;&nbsp;&nbsp; (1004)<br>| &nbsp;&nbsp;&nbsp; (736)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (730684)<br>| &nbsp;&nbsp;&nbsp; (353826)<br>| &nbsp;&nbsp;&nbsp; (45375)<br>| &nbsp;&nbsp;&nbsp; (44498)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (1390)<br>| &nbsp;&nbsp;&nbsp; (766)<br>| &nbsp;&nbsp;&nbsp; (286)<br>| &nbsp;&nbsp;&nbsp; (138)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (5417)<br>| &nbsp;&nbsp;&nbsp; (2349)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; (4554)<br>| &nbsp;&nbsp;&nbsp; (2615)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; (17623)<br>| &nbsp;&nbsp;&nbsp; (8928)<br>| &nbsp;&nbsp;&nbsp; (448)<br>| &nbsp;&nbsp;&nbsp; (583)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (1039317)<br>| &nbsp;&nbsp;&nbsp; (516178)<br>| &nbsp;&nbsp;&nbsp; (244553)<br>| &nbsp;&nbsp;&nbsp; (149946)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (2469531)<br>| &nbsp;&nbsp;&nbsp; (1206829)<br>| &nbsp;&nbsp;&nbsp; (345161)<br>| &nbsp;&nbsp;&nbsp; (232235)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 1091263 | &nbsp;&nbsp;&nbsp; 167440 | &nbsp;&nbsp;&nbsp; 363609 | &nbsp;&nbsp;&nbsp; 700425 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 483901 | &nbsp;&nbsp;&nbsp; 1866693 | &nbsp;&nbsp;&nbsp; 200535 | &nbsp;&nbsp;&nbsp; 1005264 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 22164214 | &nbsp;&nbsp;&nbsp; 20297521 | &nbsp;&nbsp;&nbsp; 5536745 | &nbsp;&nbsp;&nbsp; 4531481 |
| End of period | &nbsp;&nbsp;&nbsp; $22648115 | &nbsp;&nbsp;&nbsp; $22164214 | &nbsp;&nbsp;&nbsp; $5737280 | &nbsp;&nbsp;&nbsp; $5536745 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 25

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Mid Cap Growth Fund**  | **JPMorgan Mid Cap Growth Fund**  | **JPMorgan Mid Cap Value Fund**  | **JPMorgan Mid Cap Value Fund**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** <br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** <br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $(26385)<br>| &nbsp;&nbsp;&nbsp; $(26396)<br>| &nbsp;&nbsp;&nbsp; $62329 | &nbsp;&nbsp;&nbsp; $140776 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 437329 | &nbsp;&nbsp;&nbsp; 992942 | &nbsp;&nbsp;&nbsp; 1195644 | &nbsp;&nbsp;&nbsp; 2128327 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (227737)<br>| &nbsp;&nbsp;&nbsp; 711263 | &nbsp;&nbsp;&nbsp; (744676)<br>| &nbsp;&nbsp;&nbsp; (904329)<br>|
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 183207 | &nbsp;&nbsp;&nbsp; 1677809 | &nbsp;&nbsp;&nbsp; 513297 | &nbsp;&nbsp;&nbsp; 1364774 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (159110)<br>| &nbsp;&nbsp;&nbsp; (121831)<br>| &nbsp;&nbsp;&nbsp; (194655)<br>| &nbsp;&nbsp;&nbsp; (133539)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (8024)<br>| &nbsp;&nbsp;&nbsp; (6824)<br>| &nbsp;&nbsp;&nbsp; (5196)<br>| &nbsp;&nbsp;&nbsp; (3808)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (204976)<br>| &nbsp;&nbsp;&nbsp; (165054)<br>| &nbsp;&nbsp;&nbsp; (271461)<br>| &nbsp;&nbsp;&nbsp; (195931)<br>|
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (664648)<br>| &nbsp;&nbsp;&nbsp; (586192)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (5528)<br>| &nbsp;&nbsp;&nbsp; (4297)<br>| &nbsp;&nbsp;&nbsp; (13050)<br>| &nbsp;&nbsp;&nbsp; (8074)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (5300)<br>| &nbsp;&nbsp;&nbsp; (4554)<br>| &nbsp;&nbsp;&nbsp; (13485)<br>| &nbsp;&nbsp;&nbsp; (8606)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (3281)<br>| &nbsp;&nbsp;&nbsp; (2800)<br>| &nbsp;&nbsp;&nbsp; (5289)<br>| &nbsp;&nbsp;&nbsp; (3301)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (47303)<br>| &nbsp;&nbsp;&nbsp; (37156)<br>| &nbsp;&nbsp;&nbsp; (9459)<br>| &nbsp;&nbsp;&nbsp; (5826)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (644491)<br>| &nbsp;&nbsp;&nbsp; (470907)<br>| &nbsp;&nbsp;&nbsp; (914430)<br>| &nbsp;&nbsp;&nbsp; (526782)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (1078013)<br>| &nbsp;&nbsp;&nbsp; (813423)<br>| &nbsp;&nbsp;&nbsp; (2091673)<br>| &nbsp;&nbsp;&nbsp; (1472059)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 522814 | &nbsp;&nbsp;&nbsp; 902815 | &nbsp;&nbsp;&nbsp; 335111 | &nbsp;&nbsp;&nbsp; (246834)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (371992)<br>| &nbsp;&nbsp;&nbsp; 1767201 | &nbsp;&nbsp;&nbsp; (1243265)<br>| &nbsp;&nbsp;&nbsp; (354119)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 12591027 | &nbsp;&nbsp;&nbsp; 10823826 | &nbsp;&nbsp;&nbsp; 12538820 | &nbsp;&nbsp;&nbsp; 12892939 |
| End of period | &nbsp;&nbsp;&nbsp; $12219035 | &nbsp;&nbsp;&nbsp; $12591027 | &nbsp;&nbsp;&nbsp; $11295555 | &nbsp;&nbsp;&nbsp; $12538820 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

26 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2025

------

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Value Advantage Fund**  | **JPMorgan Value Advantage Fund**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** <br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $63359 | &nbsp;&nbsp;&nbsp; $142273 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 524744 | &nbsp;&nbsp;&nbsp; 1100865 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (51497)<br>| &nbsp;&nbsp;&nbsp; (110846)<br>|
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 536606 | &nbsp;&nbsp;&nbsp; 1132292 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (147672)<br>| &nbsp;&nbsp;&nbsp; (131482)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (15228)<br>| &nbsp;&nbsp;&nbsp; (15290)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (180341)<br>| &nbsp;&nbsp;&nbsp; (166190)<br>|
| Class L | &nbsp;&nbsp;&nbsp; (139407)<br>| &nbsp;&nbsp;&nbsp; (132239)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (73)<br>| &nbsp;&nbsp;&nbsp; (62)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (272)<br>| &nbsp;&nbsp;&nbsp; (253)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (38)<br>| &nbsp;&nbsp;&nbsp; (60)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (1856)<br>| &nbsp;&nbsp;&nbsp; (1839)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (557158)<br>| &nbsp;&nbsp;&nbsp; (426158)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (1042045)<br>| &nbsp;&nbsp;&nbsp; (873573)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 19781 | &nbsp;&nbsp;&nbsp; (61678)<br>|
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (485658)<br>| &nbsp;&nbsp;&nbsp; 197041 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 8942854 | &nbsp;&nbsp;&nbsp; 8745813 |
| End of period | &nbsp;&nbsp;&nbsp; $8457196 | &nbsp;&nbsp;&nbsp; $8942854 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 27

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Growth Advantage Fund** | **JPMorgan Growth Advantage Fund** | **JPMorgan Mid Cap Equity Fund** | **JPMorgan Mid Cap Equity Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $268830 | &nbsp;&nbsp;&nbsp; $589013 | &nbsp;&nbsp;&nbsp; $63061 | &nbsp;&nbsp;&nbsp; $161295 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 535905 | &nbsp;&nbsp;&nbsp; 255115 | &nbsp;&nbsp;&nbsp; 53424 | &nbsp;&nbsp;&nbsp; 36288 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (417268)<br>| &nbsp;&nbsp;&nbsp; (664372)<br>| &nbsp;&nbsp;&nbsp; (78474)<br>| &nbsp;&nbsp;&nbsp; (122015)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 387467 | &nbsp;&nbsp;&nbsp; 179756 | &nbsp;&nbsp;&nbsp; 38011 | &nbsp;&nbsp;&nbsp; 75568 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 78275 | &nbsp;&nbsp;&nbsp; 118259 | &nbsp;&nbsp;&nbsp; 1084 | &nbsp;&nbsp;&nbsp; 4293 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 115714 | &nbsp;&nbsp;&nbsp; 58107 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 735 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (113701)<br>| &nbsp;&nbsp;&nbsp; (234303)<br>| &nbsp;&nbsp;&nbsp; (1615)<br>| &nbsp;&nbsp;&nbsp; (4114)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 80288 | &nbsp;&nbsp;&nbsp; (57937)<br>| &nbsp;&nbsp;&nbsp; 469 | &nbsp;&nbsp;&nbsp; 914 |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 505221 | &nbsp;&nbsp;&nbsp; 1280992 | &nbsp;&nbsp;&nbsp; 63454 | &nbsp;&nbsp;&nbsp; 534067 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 678653 | &nbsp;&nbsp;&nbsp; 329001 | &nbsp;&nbsp;&nbsp; 45276 | &nbsp;&nbsp;&nbsp; 44445 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (769235)<br>| &nbsp;&nbsp;&nbsp; (1429131)<br>| &nbsp;&nbsp;&nbsp; (408925)<br>| &nbsp;&nbsp;&nbsp; (622288)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 414639 | &nbsp;&nbsp;&nbsp; 180862 | &nbsp;&nbsp;&nbsp; (300195)<br>| &nbsp;&nbsp;&nbsp; (43776)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1195 | &nbsp;&nbsp;&nbsp; 2440 | &nbsp;&nbsp;&nbsp; 1058 | &nbsp;&nbsp;&nbsp; 1669 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1390 | &nbsp;&nbsp;&nbsp; 765 | &nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp; 138 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3722)<br>| &nbsp;&nbsp;&nbsp; (1975)<br>| &nbsp;&nbsp;&nbsp; (226)<br>| &nbsp;&nbsp;&nbsp; (216)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; (1137)<br>| &nbsp;&nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp; 1118 | &nbsp;&nbsp;&nbsp; 1591 |
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 7034 | &nbsp;&nbsp;&nbsp; 20248 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 3488 | &nbsp;&nbsp;&nbsp; 1433 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4088)<br>| &nbsp;&nbsp;&nbsp; (11180)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; 6434 | &nbsp;&nbsp;&nbsp; 10501 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2162 | &nbsp;&nbsp;&nbsp; 4788 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 4554 | &nbsp;&nbsp;&nbsp; 2615 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (10565)<br>| &nbsp;&nbsp;&nbsp; (6784)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; (3849)<br>| &nbsp;&nbsp;&nbsp; 619 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 19389 | &nbsp;&nbsp;&nbsp; 68872 | &nbsp;&nbsp;&nbsp; 951 | &nbsp;&nbsp;&nbsp; 888 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 12556 | &nbsp;&nbsp;&nbsp; 6672 | &nbsp;&nbsp;&nbsp; 448 | &nbsp;&nbsp;&nbsp; 583 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (23371)<br>| &nbsp;&nbsp;&nbsp; (41779)<br>| &nbsp;&nbsp;&nbsp; (6016)<br>| &nbsp;&nbsp;&nbsp; (860)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 8574 | &nbsp;&nbsp;&nbsp; 33765 | &nbsp;&nbsp;&nbsp; (4617)<br>| &nbsp;&nbsp;&nbsp; 611 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

28 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Growth Advantage Fund** | **JPMorgan Growth Advantage Fund** | **JPMorgan Mid Cap Equity Fund** | **JPMorgan Mid Cap Equity Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $730626 | &nbsp;&nbsp;&nbsp; $1932271 | &nbsp;&nbsp;&nbsp; $755968 | &nbsp;&nbsp;&nbsp; $1261772 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1036204 | &nbsp;&nbsp;&nbsp; 513688 | &nbsp;&nbsp;&nbsp; 244175 | &nbsp;&nbsp;&nbsp; 149682 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1567983)<br>| &nbsp;&nbsp;&nbsp; (2627315)<br>| &nbsp;&nbsp;&nbsp; (371320)<br>| &nbsp;&nbsp;&nbsp; (745937)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 198847 | &nbsp;&nbsp;&nbsp; (181356)<br>| &nbsp;&nbsp;&nbsp; 628823 | &nbsp;&nbsp;&nbsp; 665517 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $1091263 | &nbsp;&nbsp;&nbsp; $167440 | &nbsp;&nbsp;&nbsp; $363609 | &nbsp;&nbsp;&nbsp; $700425 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6431 | &nbsp;&nbsp;&nbsp; 15714 | &nbsp;&nbsp;&nbsp; 977 | &nbsp;&nbsp;&nbsp; 2597 |
| Reinvested | &nbsp;&nbsp;&nbsp; 13581 | &nbsp;&nbsp;&nbsp; 6530 | &nbsp;&nbsp;&nbsp; 846 | &nbsp;&nbsp;&nbsp; 561 |
| Redeemed | &nbsp;&nbsp;&nbsp; (9991)<br>| &nbsp;&nbsp;&nbsp; (17883)<br>| &nbsp;&nbsp;&nbsp; (1218)<br>| &nbsp;&nbsp;&nbsp; (1972)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 10021 | &nbsp;&nbsp;&nbsp; 4361 | &nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp; 1186 |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2440 | &nbsp;&nbsp;&nbsp; 4081 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 73 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3978 | &nbsp;&nbsp;&nbsp; 1930 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 13 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3585)<br>| &nbsp;&nbsp;&nbsp; (8089)<br>| &nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp; (72)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 2833 | &nbsp;&nbsp;&nbsp; (2078)<br>| &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 14 |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 11256 | &nbsp;&nbsp;&nbsp; 32251 | &nbsp;&nbsp;&nbsp; 956 | &nbsp;&nbsp;&nbsp; 8179 |
| Reinvested | &nbsp;&nbsp;&nbsp; 15953 | &nbsp;&nbsp;&nbsp; 7893 | &nbsp;&nbsp;&nbsp; 697 | &nbsp;&nbsp;&nbsp; 671 |
| Redeemed | &nbsp;&nbsp;&nbsp; (17185)<br>| &nbsp;&nbsp;&nbsp; (36392)<br>| &nbsp;&nbsp;&nbsp; (6216)<br>| &nbsp;&nbsp;&nbsp; (9985)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 10024 | &nbsp;&nbsp;&nbsp; 3752 | &nbsp;&nbsp;&nbsp; (4563)<br>| &nbsp;&nbsp;&nbsp; (1135)<br>|
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 28 |
| Reinvested | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 2 |
| Redeemed | &nbsp;&nbsp;&nbsp; (90)<br>| &nbsp;&nbsp;&nbsp; (53)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (3)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 27 |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (98)<br>| &nbsp;&nbsp;&nbsp; (309)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (240)<br>| &nbsp;&nbsp;&nbsp; (168)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 29

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Growth Advantage Fund** | **JPMorgan Growth Advantage Fund** | **JPMorgan Mid Cap Equity Fund** | **JPMorgan Mid Cap Equity Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 418 | &nbsp;&nbsp;&nbsp; 1651 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 14 |
| Reinvested | &nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 9 |
| Redeemed | &nbsp;&nbsp;&nbsp; (498)<br>| &nbsp;&nbsp;&nbsp; (1011)<br>| &nbsp;&nbsp;&nbsp; (90)<br>| &nbsp;&nbsp;&nbsp; (14)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp; 794 | &nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp; 9 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 15268 | &nbsp;&nbsp;&nbsp; 46586 | &nbsp;&nbsp;&nbsp; 11368 | &nbsp;&nbsp;&nbsp; 19708 |
| Reinvested | &nbsp;&nbsp;&nbsp; 22874 | &nbsp;&nbsp;&nbsp; 11675 | &nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp;&nbsp; 2257 |
| Redeemed | &nbsp;&nbsp;&nbsp; (33181)<br>| &nbsp;&nbsp;&nbsp; (63506)<br>| &nbsp;&nbsp;&nbsp; (5577)<br>| &nbsp;&nbsp;&nbsp; (11773)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 4961 | &nbsp;&nbsp;&nbsp; (5245)<br>| &nbsp;&nbsp;&nbsp; 9541 | &nbsp;&nbsp;&nbsp; 10192 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

30 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Mid Cap Growth Fund** | **JPMorgan Mid Cap Growth Fund** | **JPMorgan Mid Cap Value Fund** | **JPMorgan Mid Cap Value Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $95158 | &nbsp;&nbsp;&nbsp; $130219 | &nbsp;&nbsp;&nbsp; $50011 | &nbsp;&nbsp;&nbsp; $113173 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 154591 | &nbsp;&nbsp;&nbsp; 117772 | &nbsp;&nbsp;&nbsp; 182611 | &nbsp;&nbsp;&nbsp; 125354 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (135171)<br>| &nbsp;&nbsp;&nbsp; (237818)<br>| &nbsp;&nbsp;&nbsp; (180117)<br>| &nbsp;&nbsp;&nbsp; (249848)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 114578 | &nbsp;&nbsp;&nbsp; 10173 | &nbsp;&nbsp;&nbsp; 52505 | &nbsp;&nbsp;&nbsp; (11321)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 3460 | &nbsp;&nbsp;&nbsp; 7843 | &nbsp;&nbsp;&nbsp; 1310 | &nbsp;&nbsp;&nbsp; 3104 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 7892 | &nbsp;&nbsp;&nbsp; 6688 | &nbsp;&nbsp;&nbsp; 5075 | &nbsp;&nbsp;&nbsp; 3701 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (8585)<br>| &nbsp;&nbsp;&nbsp; (16943)<br>| &nbsp;&nbsp;&nbsp; (5289)<br>| &nbsp;&nbsp;&nbsp; (12464)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 2767 | &nbsp;&nbsp;&nbsp; (2412)<br>| &nbsp;&nbsp;&nbsp; 1096 | &nbsp;&nbsp;&nbsp; (5659)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 277079 | &nbsp;&nbsp;&nbsp; 594299 | &nbsp;&nbsp;&nbsp; 113134 | &nbsp;&nbsp;&nbsp; 178446 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 201541 | &nbsp;&nbsp;&nbsp; 158988 | &nbsp;&nbsp;&nbsp; 255719 | &nbsp;&nbsp;&nbsp; 185190 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (421640)<br>| &nbsp;&nbsp;&nbsp; (854065)<br>| &nbsp;&nbsp;&nbsp; (338893)<br>| &nbsp;&nbsp;&nbsp; (494348)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 56980 | &nbsp;&nbsp;&nbsp; (100778)<br>| &nbsp;&nbsp;&nbsp; 29960 | &nbsp;&nbsp;&nbsp; (130712)<br>|
| **Class L** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 155577 | &nbsp;&nbsp;&nbsp; 457110 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 622207 | &nbsp;&nbsp;&nbsp; 553376 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1345640)<br>| &nbsp;&nbsp;&nbsp; (1833787)<br>|
| Change in net assets resulting from Class L capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (567856)<br>| &nbsp;&nbsp;&nbsp; (823301)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 6219 | &nbsp;&nbsp;&nbsp; 12062 | &nbsp;&nbsp;&nbsp; 3701 | &nbsp;&nbsp;&nbsp; 10511 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 5526 | &nbsp;&nbsp;&nbsp; 4297 | &nbsp;&nbsp;&nbsp; 13017 | &nbsp;&nbsp;&nbsp; 8055 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (8467)<br>| &nbsp;&nbsp;&nbsp; (15189)<br>| &nbsp;&nbsp;&nbsp; (6140)<br>| &nbsp;&nbsp;&nbsp; (15996)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; 3278 | &nbsp;&nbsp;&nbsp; 1170 | &nbsp;&nbsp;&nbsp; 10578 | &nbsp;&nbsp;&nbsp; 2570 |
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 7550 | &nbsp;&nbsp;&nbsp; 15083 | &nbsp;&nbsp;&nbsp; 4206 | &nbsp;&nbsp;&nbsp; 9893 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 5224 | &nbsp;&nbsp;&nbsp; 4462 | &nbsp;&nbsp;&nbsp; 12829 | &nbsp;&nbsp;&nbsp; 8203 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (14698)<br>| &nbsp;&nbsp;&nbsp; (20196)<br>| &nbsp;&nbsp;&nbsp; (9365)<br>| &nbsp;&nbsp;&nbsp; (17403)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; (1924)<br>| &nbsp;&nbsp;&nbsp; (651)<br>| &nbsp;&nbsp;&nbsp; 7670 | &nbsp;&nbsp;&nbsp; 693 |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 5962 | &nbsp;&nbsp;&nbsp; 9799 | &nbsp;&nbsp;&nbsp; 3149 | &nbsp;&nbsp;&nbsp; 2225 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 3281 | &nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp; 5289 | &nbsp;&nbsp;&nbsp; 3301 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (9012)<br>| &nbsp;&nbsp;&nbsp; (12794)<br>| &nbsp;&nbsp;&nbsp; (3041)<br>| &nbsp;&nbsp;&nbsp; (7871)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp; (195)<br>| &nbsp;&nbsp;&nbsp; 5397 | &nbsp;&nbsp;&nbsp; (2345)<br>|
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 55204 | &nbsp;&nbsp;&nbsp; 94737 | &nbsp;&nbsp;&nbsp; 4235 | &nbsp;&nbsp;&nbsp; 8015 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 44184 | &nbsp;&nbsp;&nbsp; 34572 | &nbsp;&nbsp;&nbsp; 9433 | &nbsp;&nbsp;&nbsp; 5811 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (62175)<br>| &nbsp;&nbsp;&nbsp; (134800)<br>| &nbsp;&nbsp;&nbsp; (6228)<br>| &nbsp;&nbsp;&nbsp; (10297)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 37213 | &nbsp;&nbsp;&nbsp; (5491)<br>| &nbsp;&nbsp;&nbsp; 7440 | &nbsp;&nbsp;&nbsp; 3529 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 31

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Mid Cap Growth Fund** | **JPMorgan Mid Cap Growth Fund** | **JPMorgan Mid Cap Value Fund** | **JPMorgan Mid Cap Value Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $737153 | &nbsp;&nbsp;&nbsp; $1881493 | &nbsp;&nbsp;&nbsp; $1140766 | &nbsp;&nbsp;&nbsp; $1242415 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 631042 | &nbsp;&nbsp;&nbsp; 462467 | &nbsp;&nbsp;&nbsp; 806813 | &nbsp;&nbsp;&nbsp; 473479 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1058504)<br>| &nbsp;&nbsp;&nbsp; (1342961)<br>| &nbsp;&nbsp;&nbsp; (1159258)<br>| &nbsp;&nbsp;&nbsp; (996182)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 309691 | &nbsp;&nbsp;&nbsp; 1000999 | &nbsp;&nbsp;&nbsp; 788321 | &nbsp;&nbsp;&nbsp; 719712 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $522814 | &nbsp;&nbsp;&nbsp; $902815 | &nbsp;&nbsp;&nbsp; $335111 | &nbsp;&nbsp;&nbsp; $(246834)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2245 | &nbsp;&nbsp;&nbsp; 3286 | &nbsp;&nbsp;&nbsp; 1446 | &nbsp;&nbsp;&nbsp; 3109 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3932 | &nbsp;&nbsp;&nbsp; 2835 | &nbsp;&nbsp;&nbsp; 5907 | &nbsp;&nbsp;&nbsp; 3417 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3226)<br>| &nbsp;&nbsp;&nbsp; (5982)<br>| &nbsp;&nbsp;&nbsp; (5204)<br>| &nbsp;&nbsp;&nbsp; (6816)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 2951 | &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; 2149 | &nbsp;&nbsp;&nbsp; (290)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 90 |
| Reinvested | &nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp; 108 |
| Redeemed | &nbsp;&nbsp;&nbsp; (338)<br>| &nbsp;&nbsp;&nbsp; (670)<br>| &nbsp;&nbsp;&nbsp; (166)<br>| &nbsp;&nbsp;&nbsp; (363)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; (114)<br>| &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; (165)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5118 | &nbsp;&nbsp;&nbsp; 11926 | &nbsp;&nbsp;&nbsp; 3268 | &nbsp;&nbsp;&nbsp; 4708 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3926 | &nbsp;&nbsp;&nbsp; 3014 | &nbsp;&nbsp;&nbsp; 8043 | &nbsp;&nbsp;&nbsp; 4940 |
| Redeemed | &nbsp;&nbsp;&nbsp; (7801)<br>| &nbsp;&nbsp;&nbsp; (17125)<br>| &nbsp;&nbsp;&nbsp; (9782)<br>| &nbsp;&nbsp;&nbsp; (13283)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 1243 | &nbsp;&nbsp;&nbsp; (2185)<br>| &nbsp;&nbsp;&nbsp; 1529 | &nbsp;&nbsp;&nbsp; (3635)<br>|
| **Class L** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4367 | &nbsp;&nbsp;&nbsp; 12047 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19048 | &nbsp;&nbsp;&nbsp; 14438 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (36596)<br>| &nbsp;&nbsp;&nbsp; (47977)<br>|
| Change in Class L Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (13181)<br>| &nbsp;&nbsp;&nbsp; (21492)<br>|
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp; 271 | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 311 |
| Reinvested | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; 466 | &nbsp;&nbsp;&nbsp; 238 |
| Redeemed | &nbsp;&nbsp;&nbsp; (178)<br>| &nbsp;&nbsp;&nbsp; (345)<br>| &nbsp;&nbsp;&nbsp; (187)<br>| &nbsp;&nbsp;&nbsp; (467)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp; 82 |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 275 |
| Reinvested | &nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp; 227 |
| Redeemed | &nbsp;&nbsp;&nbsp; (283)<br>| &nbsp;&nbsp;&nbsp; (421)<br>| &nbsp;&nbsp;&nbsp; (277)<br>| &nbsp;&nbsp;&nbsp; (477)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp; 271 | &nbsp;&nbsp;&nbsp; 25 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

32 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Mid Cap Growth Fund** | **JPMorgan Mid Cap Growth Fund** | **JPMorgan Mid Cap Value Fund** | **JPMorgan Mid Cap Value Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 60 |
| Reinvested | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp; 89 |
| Redeemed | &nbsp;&nbsp;&nbsp; (164)<br>| &nbsp;&nbsp;&nbsp; (255)<br>| &nbsp;&nbsp;&nbsp; (85)<br>| &nbsp;&nbsp;&nbsp; (210)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; (61)<br>|
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 991 | &nbsp;&nbsp;&nbsp; 1834 | &nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp; 215 |
| Reinvested | &nbsp;&nbsp;&nbsp; 836 | &nbsp;&nbsp;&nbsp; 639 | &nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp; 152 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1119)<br>| &nbsp;&nbsp;&nbsp; (2608)<br>| &nbsp;&nbsp;&nbsp; (169)<br>| &nbsp;&nbsp;&nbsp; (274)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 708 | &nbsp;&nbsp;&nbsp; (135)<br>| &nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; 93 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 13140 | &nbsp;&nbsp;&nbsp; 36135 | &nbsp;&nbsp;&nbsp; 30713 | &nbsp;&nbsp;&nbsp; 33058 |
| Reinvested | &nbsp;&nbsp;&nbsp; 11784 | &nbsp;&nbsp;&nbsp; 8450 | &nbsp;&nbsp;&nbsp; 24706 | &nbsp;&nbsp;&nbsp; 12363 |
| Redeemed | &nbsp;&nbsp;&nbsp; (18776)<br>| &nbsp;&nbsp;&nbsp; (25860)<br>| &nbsp;&nbsp;&nbsp; (31124)<br>| &nbsp;&nbsp;&nbsp; (26204)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 6148 | &nbsp;&nbsp;&nbsp; 18725 | &nbsp;&nbsp;&nbsp; 24295 | &nbsp;&nbsp;&nbsp; 19217 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap 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 Value Advantage Fund** | **JPMorgan Value Advantage Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2025** <br>**(Unaudited)**<br>| **Year Ended**<br> **June 30, 2025** |
| **CAPITAL TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $45217 | &nbsp;&nbsp;&nbsp; $133603 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 142547 | &nbsp;&nbsp;&nbsp; 126924 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (159466)<br>| &nbsp;&nbsp;&nbsp; (305380)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 28298 | &nbsp;&nbsp;&nbsp; (44853)<br>|
| **Class C** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 8391 | &nbsp;&nbsp;&nbsp; 22561 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 15032 | &nbsp;&nbsp;&nbsp; 14960 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (27099)<br>| &nbsp;&nbsp;&nbsp; (65216)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (3676)<br>| &nbsp;&nbsp;&nbsp; (27695)<br>|
| **Class I** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 143930 | &nbsp;&nbsp;&nbsp; 353513 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 167768 | &nbsp;&nbsp;&nbsp; 155404 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (268982)<br>| &nbsp;&nbsp;&nbsp; (590497)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 42716 | &nbsp;&nbsp;&nbsp; (81580)<br>|
| **Class L** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 84609 | &nbsp;&nbsp;&nbsp; 160555 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 129662 | &nbsp;&nbsp;&nbsp; 123810 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (329778)<br>| &nbsp;&nbsp;&nbsp; (300858)<br>|
| Change in net assets resulting from Class L capital transactions | &nbsp;&nbsp;&nbsp; (115507)<br>| &nbsp;&nbsp;&nbsp; (16493)<br>|
| **Class R2** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 247 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 62 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (174)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; 135 |
| **Class R3** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp; 780 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp; 169 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (295)<br>| &nbsp;&nbsp;&nbsp; (738)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp; 211 |
| **Class R4** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 288 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 60 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (275)<br>| &nbsp;&nbsp;&nbsp; (63)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; (231)<br>| &nbsp;&nbsp;&nbsp; 285 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

34 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2025

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---

| | | |
|:---|:---|:---|
|  | **JPMorgan Value Advantage Fund** | **JPMorgan Value Advantage Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)**<br>| **Year Ended**<br> **June 30, 2025** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |
| **Class R5** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1536 | &nbsp;&nbsp;&nbsp; $1026 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1856 | &nbsp;&nbsp;&nbsp; 1839 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4786)<br>| &nbsp;&nbsp;&nbsp; (2196)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; (1394)<br>| &nbsp;&nbsp;&nbsp; 669 |
| **Class R6** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 306578 | &nbsp;&nbsp;&nbsp; 669082 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 556381 | &nbsp;&nbsp;&nbsp; 425467 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (793813)<br>| &nbsp;&nbsp;&nbsp; (986906)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 69146 | &nbsp;&nbsp;&nbsp; 107643 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $19781 | &nbsp;&nbsp;&nbsp; $(61678)<br>|
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1171 | &nbsp;&nbsp;&nbsp; 3443 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3885 | &nbsp;&nbsp;&nbsp; 3283 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4139)<br>| &nbsp;&nbsp;&nbsp; (7882)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 917 | &nbsp;&nbsp;&nbsp; (1156)<br>|
| **Class C** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp; 577 |
| Reinvested | &nbsp;&nbsp;&nbsp; 411 | &nbsp;&nbsp;&nbsp; 387 |
| Redeemed | &nbsp;&nbsp;&nbsp; (703)<br>| &nbsp;&nbsp;&nbsp; (1689)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (75)<br>| &nbsp;&nbsp;&nbsp; (725)<br>|
| **Class I** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3733 | &nbsp;&nbsp;&nbsp; 8931 |
| Reinvested | &nbsp;&nbsp;&nbsp; 4516 | &nbsp;&nbsp;&nbsp; 3980 |
| Redeemed | &nbsp;&nbsp;&nbsp; (6964)<br>| &nbsp;&nbsp;&nbsp; (15215)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 1285 | &nbsp;&nbsp;&nbsp; (2304)<br>|
| **Class L** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2155 | &nbsp;&nbsp;&nbsp; 4138 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3483 | &nbsp;&nbsp;&nbsp; 3167 |
| Redeemed | &nbsp;&nbsp;&nbsp; (8435)<br>| &nbsp;&nbsp;&nbsp; (7681)<br>|
| Change in Class L Shares | &nbsp;&nbsp;&nbsp; (2797)<br>| &nbsp;&nbsp;&nbsp; (376)<br>|
| **Class R2** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 4 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 |
| Redeemed | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (4)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 2 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 35

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**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Value Advantage Fund** | **JPMorgan Value Advantage Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)**<br>| **Year Ended**<br> **June 30, 2025** |
| **SHARE TRANSACTIONS: (continued)** |  |  |
| **Class R3** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 20 |
| Reinvested | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 4 |
| Redeemed | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (19)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 5 |
| **Class R4** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 8 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; (2)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; 7 |
| **Class R5** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 27 |
| Reinvested | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 47 |
| Redeemed | &nbsp;&nbsp;&nbsp; (121)<br>| &nbsp;&nbsp;&nbsp; (56)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (31)<br>| &nbsp;&nbsp;&nbsp; 18 |
| **Class R6** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 7797 | &nbsp;&nbsp;&nbsp; 17172 |
| Reinvested | &nbsp;&nbsp;&nbsp; 14974 | &nbsp;&nbsp;&nbsp; 10907 |
| Redeemed | &nbsp;&nbsp;&nbsp; (20959)<br>| &nbsp;&nbsp;&nbsp; (24399)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 1812 | &nbsp;&nbsp;&nbsp; 3680 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

36 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2025

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THIS PAGE IS INTENTIONALLY LEFT BLANK

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

37 <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)(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 Growth Advantage Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $40.30 | &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $3.52 | &nbsp;&nbsp; $3.41 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4.92)<br>| &nbsp;&nbsp; $(4.92)<br>|
| Year Ended June 30, 2025 | 37.28 | &nbsp;&nbsp; (0.16)<br>| 5.57 | 5.41 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (2.39)<br>|
| Year Ended June 30, 2024 | 28.14 | &nbsp;&nbsp; (0.13)<br>| 9.47 | 9.34 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 22.52 | &nbsp;&nbsp; (0.08)<br>| 5.79 | 5.71 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2022 | 33.66 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (6.04)<br>| &nbsp;&nbsp; (6.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.94)<br>| &nbsp;&nbsp; (4.94)<br>|
| Year Ended June 30, 2021 | 25.27 | &nbsp;&nbsp; (0.16)<br>| 11.67 | 11.51 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp; (3.12)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 30.96 | &nbsp;&nbsp; (0.17)<br>| 2.72 | 2.55 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.92)<br>| &nbsp;&nbsp; (4.92)<br>|
| Year Ended June 30, 2025 | 29.27 | &nbsp;&nbsp; (0.27)<br>| 4.35 | 4.08 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (2.39)<br>|
| Year Ended June 30, 2024 | 22.25 | &nbsp;&nbsp; (0.22)<br>| 7.44 | 7.22 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 17.91 | &nbsp;&nbsp; (0.16)<br>| 4.59 | 4.43 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2022 | 27.83 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (4.98)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.94)<br>| &nbsp;&nbsp; (4.94)<br>|
| Year Ended June 30, 2021 | 21.42 | &nbsp;&nbsp; (0.26)<br>| 9.79 | 9.53 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp; (3.12)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 43.05 | &nbsp;&nbsp; (0.06)<br>| 3.76 | 3.70 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.92)<br>| &nbsp;&nbsp; (4.92)<br>|
| Year Ended June 30, 2025 | 39.58 | &nbsp;&nbsp; (0.08)<br>| 5.94 | 5.86 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (2.39)<br>|
| Year Ended June 30, 2024 | 29.79 | &nbsp;&nbsp; (0.05)<br>| 10.04 | 9.99 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 23.78 | &nbsp;&nbsp; (0.02)<br>| 6.12 | 6.10 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2022 | 35.20 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (6.39)<br>| &nbsp;&nbsp; (6.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.94)<br>| &nbsp;&nbsp; (4.94)<br>|
| Year Ended June 30, 2021 | 26.29 | &nbsp;&nbsp; (0.09)<br>| 12.18 | 12.09 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp; (3.18)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 39.24 | &nbsp;&nbsp; (0.16)<br>| 3.42 | 3.26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.92)<br>| &nbsp;&nbsp; (4.92)<br>|
| Year Ended June 30, 2025 | 36.44 | &nbsp;&nbsp; (0.26)<br>| 5.45 | 5.19 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (2.39)<br>|
| Year Ended June 30, 2024 | 27.58 | &nbsp;&nbsp; (0.21)<br>| 9.27 | 9.06 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 22.14 | &nbsp;&nbsp; (0.14)<br>| 5.67 | 5.53 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2022 | 33.24 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (5.95)<br>| &nbsp;&nbsp; (6.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.94)<br>| &nbsp;&nbsp; (4.94)<br>|
| Year Ended June 30, 2021 | 25.05 | &nbsp;&nbsp; (0.24)<br>| 11.56 | 11.32 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp; (3.13)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 40.21 | &nbsp;&nbsp; (0.11)<br>| 3.51 | 3.40 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.92)<br>| &nbsp;&nbsp; (4.92)<br>|
| Year Ended June 30, 2025 | 37.20 | &nbsp;&nbsp; (0.17)<br>| 5.57 | 5.40 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (2.39)<br>|
| Year Ended June 30, 2024 | 28.08 | &nbsp;&nbsp; (0.13)<br>| 9.45 | 9.32 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 22.48 | &nbsp;&nbsp; (0.09)<br>| 5.78 | 5.69 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2022 | 33.61 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (6.05)<br>| &nbsp;&nbsp; (6.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.94)<br>| &nbsp;&nbsp; (4.94)<br>|
| Year Ended June 30, 2021 | 25.27 | &nbsp;&nbsp; (0.17)<br>| 11.68 | 11.51 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp; (3.17)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 43.06 | &nbsp;&nbsp; (0.07)<br>| 3.76 | 3.69 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.92)<br>| &nbsp;&nbsp; (4.92)<br>|
| Year Ended June 30, 2025 | 39.59 | &nbsp;&nbsp; (0.08)<br>| 5.94 | 5.86 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (2.39)<br>|
| Year Ended June 30, 2024 | 29.80 | &nbsp;&nbsp; (0.06)<br>| 10.05 | 9.99 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 23.79 | &nbsp;&nbsp; (0.02)<br>| 6.12 | 6.10 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2022 | 35.21 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (6.38)<br>| &nbsp;&nbsp; (6.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.94)<br>| &nbsp;&nbsp; (4.94)<br>|
| Year Ended June 30, 2021 | 26.29 | &nbsp;&nbsp; (0.09)<br>| 12.17 | 12.08 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp; (3.16)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

38 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 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; 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; $38.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4827927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.53)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4612408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4103661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2957562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2362435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3013691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 779526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 798037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1218051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6768918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6536149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5860279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4496251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3376110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4622602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>| &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;40.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 39

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**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)(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 Growth Advantage Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $44.81 | &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $3.90 | &nbsp;&nbsp; $3.87 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4.92)<br>| &nbsp;&nbsp; $(4.92)<br>|
| Year Ended June 30, 2025 | 41.05 | &nbsp;&nbsp; (0.02)<br>| 6.17 | 6.15 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (2.39)<br>|
| Year Ended June 30, 2024 | 30.85 | &nbsp;&nbsp; (0.01)<br>| 10.41 | 10.40 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 24.59 | 0.01 | 6.34 | 6.35 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2022 | 36.18 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp; (6.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.94)<br>| &nbsp;&nbsp; (4.94)<br>|
| Year Ended June 30, 2021 | 26.93 | &nbsp;&nbsp; (0.05)<br>| 12.50 | 12.45 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp; (3.20)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 45.51 | &nbsp;&nbsp; (0.01)<br>| 3.97 | 3.96 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.92)<br>| &nbsp;&nbsp; (4.92)<br>|
| Year Ended June 30, 2025 | 41.62 | 0.02 | 6.26 | 6.28 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (2.39)<br>|
| Year Ended June 30, 2024 | 31.24 | 0.03 | 10.55 | 10.58 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 24.88 | 0.04 | 6.41 | 6.45 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2022 | 36.52 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (6.69)<br>| &nbsp;&nbsp; (6.70)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.94)<br>| &nbsp;&nbsp; (4.94)<br>|
| Year Ended June 30, 2021 | 27.16 | &nbsp;&nbsp; (0.01)<br>| 12.59 | 12.58 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp; (3.22)<br>|

---

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

(a) 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.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

40 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 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; 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; $43.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $174982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9990101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9980359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9345278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7474875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5407723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5754949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 41

------

**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 Mid Cap Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $63.51 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $1.99 | &nbsp;&nbsp; $2.07 | &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(3.62)<br>| &nbsp;&nbsp; $(3.81)<br>|
| Year Ended June 30, 2025 | 59.22 | 0.19 | 6.84 | 7.03 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.74)<br>|
| Year Ended June 30, 2024 | 53.29 | 0.19 | 5.92 | 6.11 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| Year Ended June 30, 2023 | 48.06 | 0.16 | 6.37 | 6.53 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (1.30)<br>|
| Year Ended June 30, 2022 | 62.14 | 0.05 | &nbsp;&nbsp; (9.53)<br>| &nbsp;&nbsp; (9.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.60)<br>| &nbsp;&nbsp; (4.60)<br>|
| Year Ended June 30, 2021 | 47.20 | &nbsp;&nbsp; (0.03)<br>| 21.27 | 21.24 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (6.22)<br>| &nbsp;&nbsp; (6.30)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 58.60 | &nbsp;&nbsp; (0.08)<br>| 1.85 | 1.77 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (3.62)<br>|
| Year Ended June 30, 2025 | 54.96 | &nbsp;&nbsp; (0.11)<br>| 6.34 | 6.23 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.59)<br>|
| Year Ended June 30, 2024 | 49.56 | &nbsp;&nbsp; (0.08)<br>| 5.48 | 5.40 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 44.88 | &nbsp;&nbsp; (0.09)<br>| 5.95 | 5.86 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (1.18)<br>|
| Year Ended June 30, 2022 | 58.61 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (8.88)<br>| &nbsp;&nbsp; (9.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.60)<br>| &nbsp;&nbsp; (4.60)<br>|
| Year Ended June 30, 2021 | 44.95 | &nbsp;&nbsp; (0.29)<br>| 20.17 | 19.88 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6.22)<br>| &nbsp;&nbsp; (6.22)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 65.18 | 0.15 | 2.06 | 2.21 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (3.91)<br>|
| Year Ended June 30, 2025 | 60.68 | 0.34 | 7.03 | 7.37 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.87)<br>|
| Year Ended June 30, 2024 | 54.58 | 0.34 | 6.05 | 6.39 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| Year Ended June 30, 2023 | 49.19 | 0.30 | 6.51 | 6.81 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (1.42)<br>|
| Year Ended June 30, 2022 | 63.43 | 0.20 | &nbsp;&nbsp; (9.75)<br>| &nbsp;&nbsp; (9.55)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (4.60)<br>| &nbsp;&nbsp; (4.69)<br>|
| Year Ended June 30, 2021 | 48.07 | 0.13 | 21.66 | 21.79 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (6.22)<br>| &nbsp;&nbsp; (6.43)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 62.02 | &nbsp;&nbsp; —<br> (f)<br>| 1.94 | 1.94 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (3.74)<br>|
| Year Ended June 30, 2025 | 57.97 | 0.04 | 6.68 | 6.72 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.67)<br>|
| Year Ended June 30, 2024 | 52.24 | 0.06 | 5.77 | 5.83 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>|
| Year Ended June 30, 2023 | 47.19 | 0.06 | 6.22 | 6.28 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (1.23)<br>|
| Year Ended June 30, 2022 | 61.24 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (9.36)<br>| &nbsp;&nbsp; (9.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.60)<br>| &nbsp;&nbsp; (4.60)<br>|
| Year Ended June 30, 2021 | 46.64 | &nbsp;&nbsp; (0.18)<br>| 21.00 | 20.82 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6.22)<br>| &nbsp;&nbsp; (6.22)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 65.43 | 0.20 | 2.06 | 2.26 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (4.01)<br>|
| Year Ended June 30, 2025 | 60.91 | 0.45 | 7.03 | 7.48 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.96)<br>|
| Year Ended June 30, 2024 | 54.78 | 0.43 | 6.07 | 6.50 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| Year Ended June 30, 2023 | 49.42 | 0.44 | 6.47 | 6.91 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (1.55)<br>|
| Year Ended June 30, 2022 | 63.52 | 0.24 | &nbsp;&nbsp; (9.74)<br>| &nbsp;&nbsp; (9.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.60)<br>| &nbsp;&nbsp; (4.60)<br>|
| Year Ended June 30, 2021 | 48.11 | 0.16 | 21.74 | 21.90 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (6.22)<br>| &nbsp;&nbsp; (6.49)<br>|

---

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

42 <br>

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(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; $61.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $909145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 896268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 767831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1085716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1079673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 802716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |

---

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

43 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(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 Mid Cap Equity Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $65.38 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $2.04 | &nbsp;&nbsp; $2.29 | &nbsp;&nbsp; $(0.48)<br>| &nbsp;&nbsp; $(3.62)<br>| &nbsp;&nbsp; $(4.10)<br>|
| Year Ended June 30, 2025 | 60.86 | 0.51 | 7.03 | 7.54 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.02)<br>|
| Year Ended June 30, 2024 | 54.73 | 0.49 | 6.07 | 6.56 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended June 30, 2023 | 49.32 | 0.43 | 6.53 | 6.96 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (1.55)<br>|
| Year Ended June 30, 2022 | 63.57 | 0.35 | &nbsp;&nbsp; (9.78)<br>| &nbsp;&nbsp; (9.43)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (4.60)<br>| &nbsp;&nbsp; (4.82)<br>|
| Year Ended June 30, 2021 | 48.14 | 0.26 | 21.71 | 21.97 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (6.22)<br>| &nbsp;&nbsp; (6.54)<br>|

---

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

(a) 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) Amount rounds to less than $0.005.

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

44 <br>

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(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; $63.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4030121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3520747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2657257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1893374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1285957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1320991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |

---

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

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

45 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(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 Mid Cap Growth Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $42.00 | &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $0.83 | &nbsp;&nbsp; $0.67 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4.68)<br>| &nbsp;&nbsp; $(4.68)<br>|
| Year Ended June 30, 2025 | 39.72 | &nbsp;&nbsp; (0.23)<br>| 6.17 | 5.94 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; (3.66)<br>|
| Year Ended June 30, 2024 | 35.03 | &nbsp;&nbsp; (0.22)<br>| 4.91 | 4.69 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 29.58 | &nbsp;&nbsp; (0.18)<br>| 5.93 | 5.75 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2022 | 46.20 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (11.67)<br>| &nbsp;&nbsp; (11.98)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp; (4.64)<br>|
| Year Ended June 30, 2021 | 36.43 | &nbsp;&nbsp; (0.36)<br>| 15.58 | 15.22 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp; (5.45)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 26.39 | &nbsp;&nbsp; (0.17)<br>| 0.58 | 0.41 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.68)<br>| &nbsp;&nbsp; (4.68)<br>|
| Year Ended June 30, 2025 | 26.27 | &nbsp;&nbsp; (0.27)<br>| 4.05 | 3.78 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; (3.66)<br>|
| Year Ended June 30, 2024 | 23.29 | &nbsp;&nbsp; (0.26)<br>| 3.24 | 2.98 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 19.86 | &nbsp;&nbsp; (0.23)<br>| 3.96 | 3.73 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2022 | 32.69 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (7.83)<br>| &nbsp;&nbsp; (8.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp; (4.64)<br>|
| Year Ended June 30, 2021 | 27.15 | &nbsp;&nbsp; (0.42)<br>| 11.41 | 10.99 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp; (5.45)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 53.41 | &nbsp;&nbsp; (0.14)<br>| 1.01 | 0.87 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.68)<br>| &nbsp;&nbsp; (4.68)<br>|
| Year Ended June 30, 2025 | 49.51 | &nbsp;&nbsp; (0.16)<br>| 7.72 | 7.56 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; (3.66)<br>|
| Year Ended June 30, 2024 | 43.56 | &nbsp;&nbsp; (0.15)<br>| 6.10 | 5.95 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 36.62 | &nbsp;&nbsp; (0.12)<br>| 7.36 | 7.24 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2022 | 55.95 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (14.44)<br>| &nbsp;&nbsp; (14.69)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp; (4.64)<br>|
| Year Ended June 30, 2021 | 43.11 | &nbsp;&nbsp; (0.28)<br>| 18.58 | 18.30 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp; (5.46)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 46.77 | &nbsp;&nbsp; (0.25)<br>| 0.89 | 0.64 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.68)<br>| &nbsp;&nbsp; (4.68)<br>|
| Year Ended June 30, 2025 | 43.98 | &nbsp;&nbsp; (0.39)<br>| 6.84 | 6.45 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; (3.66)<br>|
| Year Ended June 30, 2024 | 38.91 | &nbsp;&nbsp; (0.37)<br>| 5.44 | 5.07 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 32.93 | &nbsp;&nbsp; (0.31)<br>| 6.59 | 6.28 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2022 | 51.05 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (13.01)<br>| &nbsp;&nbsp; (13.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp; (4.64)<br>|
| Year Ended June 30, 2021 | 39.90 | &nbsp;&nbsp; (0.52)<br>| 17.12 | 16.60 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp; (5.45)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 51.60 | &nbsp;&nbsp; (0.21)<br>| 0.98 | 0.77 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.68)<br>| &nbsp;&nbsp; (4.68)<br>|
| Year Ended June 30, 2025 | 48.08 | &nbsp;&nbsp; (0.30)<br>| 7.48 | 7.18 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; (3.66)<br>|
| Year Ended June 30, 2024 | 42.44 | &nbsp;&nbsp; (0.29)<br>| 5.93 | 5.64 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 35.80 | &nbsp;&nbsp; (0.24)<br>| 7.18 | 6.94 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2022 | 54.95 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (14.10)<br>| &nbsp;&nbsp; (14.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp; (4.64)<br>|
| Year Ended June 30, 2021 | 42.53 | &nbsp;&nbsp; (0.43)<br>| 18.30 | 17.87 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp; (5.45)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 53.06 | &nbsp;&nbsp; (0.15)<br>| 1.00 | 0.85 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.68)<br>| &nbsp;&nbsp; (4.68)<br>|
| Year Ended June 30, 2025 | 49.24 | &nbsp;&nbsp; (0.19)<br>| 7.67 | 7.48 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; (3.66)<br>|
| Year Ended June 30, 2024 | 43.34 | &nbsp;&nbsp; (0.18)<br>| 6.08 | 5.90 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 36.47 | &nbsp;&nbsp; (0.14)<br>| 7.31 | 7.17 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2022 | 55.76 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (14.37)<br>| &nbsp;&nbsp; (14.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp; (4.64)<br>|
| Year Ended June 30, 2021 | 43.00 | &nbsp;&nbsp; (0.31)<br>| 18.53 | 18.22 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp; (5.46)<br>|

---

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

46 <br>

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(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(c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<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; $37.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1423081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.75)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1449638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1365143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1242347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1119928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1642278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2336315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2449561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2378644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2344119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1403485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2003878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |

---

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

47 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(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 Mid Cap Growth Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $54.84 | &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $1.02 | &nbsp;&nbsp; $0.91 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4.68)<br>| &nbsp;&nbsp; $(4.68)<br>|
| Year Ended June 30, 2025 | 50.70 | &nbsp;&nbsp; (0.11)<br>| 7.91 | 7.80 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; (3.66)<br>|
| Year Ended June 30, 2024 | 44.56 | &nbsp;&nbsp; (0.11)<br>| 6.25 | 6.14 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 37.42 | &nbsp;&nbsp; (0.08)<br>| 7.52 | 7.44 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2022 | 57.00 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (14.74)<br>| &nbsp;&nbsp; (14.94)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp; (4.64)<br>|
| Year Ended June 30, 2021 | 43.81 | &nbsp;&nbsp; (0.21)<br>| 18.90 | 18.69 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp; (5.50)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 55.48 | &nbsp;&nbsp; (0.09)<br>| 1.04 | 0.95 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.68)<br>| &nbsp;&nbsp; (4.68)<br>|
| Year Ended June 30, 2025 | 51.20 | &nbsp;&nbsp; (0.06)<br>| 8.00 | 7.94 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; (3.66)<br>|
| Year Ended June 30, 2024 | 44.96 | &nbsp;&nbsp; (0.07)<br>| 6.31 | 6.24 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 37.73 | &nbsp;&nbsp; (0.05)<br>| 7.58 | 7.53 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2022 | 57.39 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (14.86)<br>| &nbsp;&nbsp; (15.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp; (4.64)<br>|
| Year Ended June 30, 2021 | 44.07 | &nbsp;&nbsp; (0.19)<br>| 19.03 | 18.84 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp; (5.52)<br>|

---

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

(a) 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.

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

48 <br>

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(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(c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<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; $51.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $561370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7700365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7914715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6346311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5188694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3842661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4435662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |

---

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

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

49 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(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 Mid Cap Value Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $35.39 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $1.40 | &nbsp;&nbsp; $1.52 | &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(6.39)<br>| &nbsp;&nbsp; $(6.63)<br>|
| Year Ended June 30, 2025 | 35.88 | 0.26 | 3.58 | 3.84 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp; (4.33)<br>|
| Year Ended June 30, 2024 | 34.36 | 0.28 | 3.29 | 3.57 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.05)<br>|
| Year Ended June 30, 2023 | 34.90 | 0.32 | 3.01 | 3.33 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; (3.87)<br>|
| Year Ended June 30, 2022 | 43.69 | 0.24 | &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; (2.73)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (5.90)<br>| &nbsp;&nbsp; (6.06)<br>|
| Year Ended June 30, 2021 | 31.12 | 0.17 | 15.09 | 15.26 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (2.69)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 33.06 | 0.03 | 1.32 | 1.35 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (6.39)<br>| &nbsp;&nbsp; (6.49)<br>|
| Year Ended June 30, 2025 | 33.75 | 0.07 | 3.37 | 3.44 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp; (4.13)<br>|
| Year Ended June 30, 2024 | 32.43 | 0.09 | 3.11 | 3.20 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (1.88)<br>|
| Year Ended June 30, 2023 | 33.10 | 0.13 | 2.86 | 2.99 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; (3.66)<br>|
| Year Ended June 30, 2022 | 41.77 | 0.03 | &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5.90)<br>| &nbsp;&nbsp; (5.90)<br>|
| Year Ended June 30, 2021 | 29.77 | &nbsp;&nbsp; (0.02)<br>| 14.44 | 14.42 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (2.42)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 36.18 | 0.16 | 1.45 | 1.61 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (6.39)<br>| &nbsp;&nbsp; (6.71)<br>|
| Year Ended June 30, 2025 | 36.60 | 0.36 | 3.63 | 3.99 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp; (4.41)<br>|
| Year Ended June 30, 2024 | 34.99 | 0.37 | 3.37 | 3.74 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.13)<br>|
| Year Ended June 30, 2023 | 35.48 | 0.40 | 3.07 | 3.47 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; (3.96)<br>|
| Year Ended June 30, 2022 | 44.30 | 0.34 | &nbsp;&nbsp; (3.02)<br>| &nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (5.90)<br>| &nbsp;&nbsp; (6.14)<br>|
| Year Ended June 30, 2021 | 31.51 | 0.27 | 15.30 | 15.57 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (2.78)<br>|
| **Class L** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 37.00 | 0.19 | 1.47 | 1.66 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (6.39)<br>| &nbsp;&nbsp; (6.75)<br>|
| Year Ended June 30, 2025 | 37.33 | 0.42 | 3.72 | 4.14 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp; (4.47)<br>|
| Year Ended June 30, 2024 | 35.66 | 0.43 | 3.43 | 3.86 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.19)<br>|
| Year Ended June 30, 2023 | 36.09 | 0.47 | 3.12 | 3.59 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; (4.02)<br>|
| Year Ended June 30, 2022 | 44.98 | 0.43 | &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (5.90)<br>| &nbsp;&nbsp; (6.23)<br>|
| Year Ended June 30, 2021 | 31.96 | 0.36 | 15.51 | 15.87 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (2.85)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 32.55 | 0.06 | 1.32 | 1.38 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (6.39)<br>| &nbsp;&nbsp; (6.59)<br>|
| Year Ended June 30, 2025 | 33.33 | 0.15 | 3.33 | 3.48 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp; (4.26)<br>|
| Year Ended June 30, 2024 | 32.08 | 0.17 | 3.07 | 3.24 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (1.99)<br>|
| Year Ended June 30, 2023 | 32.84 | 0.21 | 2.84 | 3.05 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; (3.81)<br>|
| Year Ended June 30, 2022 | 41.48 | 0.12 | &nbsp;&nbsp; (2.78)<br>| &nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (5.90)<br>| &nbsp;&nbsp; (5.98)<br>|
| Year Ended June 30, 2021 | 29.67 | 0.07 | 14.36 | 14.43 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (2.62)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 34.81 | 0.11 | 1.39 | 1.50 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (6.39)<br>| &nbsp;&nbsp; (6.64)<br>|
| Year Ended June 30, 2025 | 35.37 | 0.25 | 3.52 | 3.77 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp; (4.33)<br>|
| Year Ended June 30, 2024 | 33.90 | 0.27 | 3.26 | 3.53 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.06)<br>|
| Year Ended June 30, 2023 | 34.49 | 0.31 | 2.98 | 3.29 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; (3.88)<br>|
| Year Ended June 30, 2022 | 43.25 | 0.23 | &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (2.71)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (5.90)<br>| &nbsp;&nbsp; (6.05)<br>|
| Year Ended June 30, 2021 | 30.83 | 0.17 | 14.95 | 15.12 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (2.70)<br>|

---

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

50 <br>

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(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; $30.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1030674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1128401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &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;35.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1154573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1181402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1203015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1608828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1407704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1583448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1734586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1886979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2276870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3061126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3547160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4599997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5443664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6071628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6586299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7839627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |

---

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

51 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(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 Mid Cap Value Fund (continued)** |  |  |  |  |  |  |  |
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $35.86 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $1.43 | &nbsp;&nbsp; $1.59 | &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(6.39)<br>| &nbsp;&nbsp; $(6.72)<br>|
| Year Ended June 30, 2025 | 36.30 | 0.35 | 3.62 | 3.97 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp; (4.41)<br>|
| Year Ended June 30, 2024 | 34.76 | 0.37 | 3.33 | 3.70 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.16)<br>|
| Year Ended June 30, 2023 | 35.29 | 0.40 | 3.05 | 3.45 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; (3.98)<br>|
| Year Ended June 30, 2022 | 44.02 | 0.34 | &nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (5.90)<br>| &nbsp;&nbsp; (6.07)<br>|
| Year Ended June 30, 2021 | 31.34 | 0.27 | 15.20 | 15.47 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (2.79)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 36.91 | 0.20 | 1.46 | 1.66 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (6.39)<br>| &nbsp;&nbsp; (6.76)<br>|
| Year Ended June 30, 2025 | 37.25 | 0.42 | 3.71 | 4.13 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp; (4.47)<br>|
| Year Ended June 30, 2024 | 35.59 | 0.43 | 3.42 | 3.85 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.19)<br>|
| Year Ended June 30, 2023 | 36.03 | 0.47 | 3.10 | 3.57 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; (4.01)<br>|
| Year Ended June 30, 2022 | 44.90 | 0.40 | &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (5.90)<br>| &nbsp;&nbsp; (6.21)<br>|
| Year Ended June 30, 2021 | 31.90 | 0.33 | 15.49 | 15.82 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (2.82)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 36.98 | 0.22 | 1.47 | 1.69 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (6.39)<br>| &nbsp;&nbsp; (6.79)<br>|
| Year Ended June 30, 2025 | 37.32 | 0.46 | 3.71 | 4.17 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp; (4.51)<br>|
| Year Ended June 30, 2024 | 35.65 | 0.46 | 3.43 | 3.89 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.22)<br>|
| Year Ended June 30, 2023 | 36.09 | 0.51 | 3.11 | 3.62 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; (4.06)<br>|
| Year Ended June 30, 2022 | 44.96 | 0.46 | &nbsp;&nbsp; (3.08)<br>| &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (5.90)<br>| &nbsp;&nbsp; (6.25)<br>|
| Year Ended June 30, 2021 | 31.94 | 0.37 | 15.51 | 15.88 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (2.86)<br>|

---

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

(a) 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.

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

52 <br>

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(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; $30.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5064070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4976734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4304906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4087234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3480524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4184659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |

---

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

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

53 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(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 Value Advantage Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $38.39 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $2.10 | &nbsp;&nbsp; $2.31 | &nbsp;&nbsp; $(0.43)<br>| &nbsp;&nbsp; $(4.12)<br>| &nbsp;&nbsp; $(4.55)<br>|
| Year Ended June 30, 2025 | 37.44 | 0.48 | 4.33 | 4.81 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (3.86)<br>|
| Year Ended June 30, 2024 | 35.00 | 0.50 | 4.41 | 4.91 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (2.47)<br>|
| Year Ended June 30, 2023 | 36.05 | 0.52 | 2.02 | 2.54 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (3.59)<br>|
| Year Ended June 30, 2022 | 42.90 | 0.41 | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (5.27)<br>| &nbsp;&nbsp; (5.59)<br>|
| Year Ended June 30, 2021 | 29.53 | 0.34 | 14.04 | 14.38 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (1.01)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 38.36 | 0.11 | 2.10 | 2.21 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (4.12)<br>| &nbsp;&nbsp; (4.35)<br>|
| Year Ended June 30, 2025 | 37.40 | 0.29 | 4.32 | 4.61 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (3.65)<br>|
| Year Ended June 30, 2024 | 34.90 | 0.32 | 4.41 | 4.73 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (2.23)<br>|
| Year Ended June 30, 2023 | 35.91 | 0.34 | 2.00 | 2.34 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (3.35)<br>|
| Year Ended June 30, 2022 | 42.73 | 0.20 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (5.27)<br>| &nbsp;&nbsp; (5.37)<br>|
| Year Ended June 30, 2021 | 29.38 | 0.16 | 13.99 | 14.15 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.80)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 38.80 | 0.26 | 2.12 | 2.38 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (4.12)<br>| &nbsp;&nbsp; (4.64)<br>|
| Year Ended June 30, 2025 | 37.80 | 0.59 | 4.36 | 4.95 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (3.95)<br>|
| Year Ended June 30, 2024 | 35.30 | 0.59 | 4.46 | 5.05 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (2.55)<br>|
| Year Ended June 30, 2023 | 36.31 | 0.61 | 2.03 | 2.64 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (3.65)<br>|
| Year Ended June 30, 2022 | 43.15 | 0.51 | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (5.27)<br>| &nbsp;&nbsp; (5.67)<br>|
| Year Ended June 30, 2021 | 29.71 | 0.43 | 14.13 | 14.56 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (1.12)<br>|
| **Class L** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 38.86 | 0.28 | 2.13 | 2.41 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (4.12)<br>| &nbsp;&nbsp; (4.69)<br>|
| Year Ended June 30, 2025 | 37.85 | 0.64 | 4.38 | 5.02 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (4.01)<br>|
| Year Ended June 30, 2024 | 35.35 | 0.64 | 4.46 | 5.10 | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (2.60)<br>|
| Year Ended June 30, 2023 | 36.36 | 0.66 | 2.04 | 2.70 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (3.71)<br>|
| Year Ended June 30, 2022 | 43.20 | 0.57 | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (5.27)<br>| &nbsp;&nbsp; (5.73)<br>|
| Year Ended June 30, 2021 | 29.73 | 0.49 | 14.14 | 14.63 | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (1.16)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 37.59 | 0.15 | 2.06 | 2.21 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (4.12)<br>| &nbsp;&nbsp; (4.49)<br>|
| Year Ended June 30, 2025 | 36.80 | 0.38 | 4.24 | 4.62 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (3.83)<br>|
| Year Ended June 30, 2024 | 34.48 | 0.40 | 4.34 | 4.74 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (2.42)<br>|
| Year Ended June 30, 2023 | 35.56 | 0.41 | 2.00 | 2.41 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (3.49)<br>|
| Year Ended June 30, 2022 | 42.46 | 0.31 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (5.27)<br>| &nbsp;&nbsp; (5.56)<br>|
| Year Ended June 30, 2021 | 29.31 | 0.26 | 13.90 | 14.16 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (1.01)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 37.67 | 0.20 | 2.06 | 2.26 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (4.12)<br>| &nbsp;&nbsp; (4.57)<br>|
| Year Ended June 30, 2025 | 36.82 | 0.47 | 4.25 | 4.72 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (3.87)<br>|
| Year Ended June 30, 2024 | 34.48 | 0.49 | 4.34 | 4.83 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (2.49)<br>|
| Year Ended June 30, 2023 | 35.51 | 0.50 | 2.00 | 2.50 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (3.53)<br>|
| Year Ended June 30, 2022 | 42.36 | 0.41 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (5.27)<br>| &nbsp;&nbsp; (5.61)<br>|
| Year Ended June 30, 2021 | 29.21 | 0.33 | 13.88 | 14.21 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (1.06)<br>|

---

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

54 <br>

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(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; $36.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1273523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1317334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &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;37.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1328087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1245482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1101144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1050569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1527935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1572507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1619210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1849562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2039492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2326829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1151806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1332144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1311918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1406943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1653596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1855713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |

---

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

55 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(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 Value Advantage Fund (continued)** |  |  |  |  |  |  |  |
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $39.14 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $2.15 | &nbsp;&nbsp; $2.40 | &nbsp;&nbsp; $(0.48)<br>| &nbsp;&nbsp; $(4.12)<br>| &nbsp;&nbsp; $(4.60)<br>|
| Year Ended June 30, 2025 | 38.14 | 0.60 | 4.38 | 4.98 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (3.98)<br>|
| Year Ended June 30, 2024 | 35.62 | 0.60 | 4.49 | 5.09 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (2.57)<br>|
| Year Ended June 30, 2023 | 36.30 | 0.61 | 2.04 | 2.65 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (3.33)<br>|
| Year Ended June 30, 2022 | 42.92 | 0.50 | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (5.27)<br>| &nbsp;&nbsp; (5.45)<br>|
| Year Ended June 30, 2021 | 29.56 | 0.42 | 14.06 | 14.48 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (1.12)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 38.75 | 0.28 | 2.12 | 2.40 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (4.12)<br>| &nbsp;&nbsp; (4.69)<br>|
| Year Ended June 30, 2025 | 37.76 | 0.64 | 4.36 | 5.00 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (4.01)<br>|
| Year Ended June 30, 2024 | 35.27 | 0.64 | 4.46 | 5.10 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (2.61)<br>|
| Year Ended June 30, 2023 | 36.30 | 0.65 | 2.04 | 2.69 | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (3.72)<br>|
| Year Ended June 30, 2022 | 43.12 | 0.57 | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (5.27)<br>| &nbsp;&nbsp; (5.70)<br>|
| Year Ended June 30, 2021 | 29.67 | 0.49 | 14.11 | 14.60 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (1.15)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 38.79 | 0.31 | 2.12 | 2.43 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (4.12)<br>| &nbsp;&nbsp; (4.73)<br>|
| Year Ended June 30, 2025 | 37.80 | 0.68 | 4.36 | 5.04 | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (4.05)<br>|
| Year Ended June 30, 2024 | 35.31 | 0.68 | 4.45 | 5.13 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (2.64)<br>|
| Year Ended June 30, 2023 | 36.32 | 0.69 | 2.05 | 2.74 | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (3.75)<br>|
| Year Ended June 30, 2022 | 43.16 | 0.61 | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (5.27)<br>| &nbsp;&nbsp; (5.77)<br>|
| Year Ended June 30, 2021 | 29.71 | 0.52 | 14.13 | 14.65 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (1.20)<br>|

---

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

(a) 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.

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

56 <br>

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(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; $36.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4347044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4550788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4294901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4341944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4495856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5562656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |

---

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

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

57 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited)

(Dollar values in thousands)

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

**1. Organization**

JPMorgan Trust I ("JPM I") and JPMorgan Trust II ("JPM II") (collectively, the "Trusts") were formed on November 12, 2004, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies.

J.P. Morgan Mutual Fund Investment Trust ("JPMMFIT") was organized as a Massachusetts business trust on September 23, 1997, as an open-end management investment company.

J.P. Morgan Fleming Mutual Fund Group, Inc. ("JPMFMFG," and with JPM I, JPM II and JPMMFIT, collectively, the "Trusts") was organized as a Maryland corporation on August 19, 1997, as an open-end management investment company.

The following are 5 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | | | |
|:---|:---|:---|:---|
|  | **Classes Offered** | **Trust** | **Diversification Classification** |
| JPMorgan Growth Advantage Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPMMFIT | Non-Diversified |
| JPMorgan Mid Cap Equity Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified |
| JPMorgan Mid Cap Growth Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM II | Diversified |
| JPMorgan Mid Cap Value Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, <br> Class R5 and Class R6<br>| JPMFMFG | Diversified |
| JPMorgan Value Advantage Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, <br> Class R5 and Class R6<br>| JPM I | Diversified |

---

The investment objective of JPMorgan Growth Advantage Fund ("Growth Advantage Fund") and JPMorgan Mid Cap Equity Fund ("Mid Cap Equity Fund") is to seek to provide long-term capital growth.

The investment objective of JPMorgan Mid Cap Growth Fund ("Mid Cap Growth Fund") is to seek growth of capital.

The investment objective of JPMorgan Mid Cap Value Fund ("Mid Cap Value Fund") is to seek growth from capital appreciation.

The investment objective of JPMorgan Value Advantage Fund ("Value Advantage Fund") is to seek to provide long-term total return from a combination of income and capital gains.

Class L Shares of Mid Cap Value Fund and Value Advantage Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of the Funds unless they meet certain requirements as described in the Funds' prospectus.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds' prospectus. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as adviser (the "Adviser") and administrator (the "Administrator") to the Funds.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**A. Valuation of Investments**— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the "Boards"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.

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

58 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2025

------

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. Pursuant to Rule 2a-5 under the 1940 Act (Good Faith Determinations of Fair Value), the Boards may designate the performance of these fair valuation determinations to a valuation designee. The Boards have designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Funds on behalf of the Boards subject to appropriate oversight by the Boards. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Boards.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Funds are calculated on a valuation date.

Investments in open-end investment companies ("Underlying Funds") are valued at each Underlying Fund's NAV per share as of the report date.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Growth Advantage Fund**  | **Growth Advantage Fund**  | **Growth Advantage Fund**  | **Growth Advantage Fund**  | **Growth Advantage Fund**  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; $388327 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $388327 |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; 907090 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 907090 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; 996294 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 996294 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; 1042335 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1042335 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; 193169 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 193169 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; 836496 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 836496 |
| Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 162181 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 162181 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; 374111 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 374111 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; 242576 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 242576 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 185308 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61217 | &nbsp;&nbsp;&nbsp;&nbsp; 246525 |
| Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; 144350 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 144350 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; 805529 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 805529 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; 495370 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 495370 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; 226003 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 226003 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; 156288 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 156288 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; 715870 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 715870 |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; 93000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93000 |
| Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp; 178658 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 178658 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; 83661 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83661 |

---

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 59

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Growth Advantage Fund** (continued) | **Growth Advantage Fund** (continued) | **Growth Advantage Fund** (continued) | **Growth Advantage Fund** (continued) | **Growth Advantage 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** |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; $2315224 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2315224 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; 517567 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 517567 |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp; 344936 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 344936 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; 268126 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 268126 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; 265861 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 265861 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; 481518 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 481518 |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; 144505 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 144505 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 4079068 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4079068 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; 3158975 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3158975 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; 723092 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 723092 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; 1822016 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1822016 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 22347504 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61217 | &nbsp;&nbsp;&nbsp;&nbsp; 22408721 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 33000 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 396123 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 396123 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 459 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 459 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 396582 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 396582 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $22744086 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $94217 | &nbsp;&nbsp;&nbsp;&nbsp; $22838303 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap Equity Fund**  | **Mid Cap Equity Fund**  | **Mid Cap Equity Fund**  | **Mid Cap Equity Fund**  | **Mid Cap Equity Fund**  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $5809075 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5809075 |

---

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

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; $826271 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $826271 |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; 60655 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60655 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; 1256362 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1256362 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; 56107 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56107 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; 129592 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 129592 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; 934648 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 934648 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; 73871 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73871 |
| Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 122618 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 122618 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; 482059 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 482059 |
| Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp; 124540 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124540 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; 223547 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 223547 |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; 51786 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51786 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 323402 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27640 | &nbsp;&nbsp;&nbsp;&nbsp; 351042 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; 159945 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 159945 |
| Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; 48871 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48871 |

---

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

60 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap Growth Fund** (continued) | **Mid Cap Growth Fund** (continued) | **Mid Cap Growth Fund** (continued) | **Mid Cap Growth Fund** (continued) | **Mid Cap Growth 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** |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; $426412 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $426412 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; 144850 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 144850 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; 404795 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 404795 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; 269465 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 269465 |
| Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; 164007 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 164007 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; 1281871 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1281871 |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; 206057 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 206057 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp; 254613 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 254613 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; 77172 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77172 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; 211956 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 211956 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; 683802 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 683802 |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp; 211902 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 211902 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; 226729 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 226729 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; 340893 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 340893 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; 12755 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12755 |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; 126979 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 126979 |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; 151498 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 151498 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 352389 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 352389 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; 628332 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 628332 |
| Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; 57246 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57246 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; 693828 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 693828 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp; 158590 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158590 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; 137760 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 137760 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 12098175 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27640 | &nbsp;&nbsp;&nbsp;&nbsp; 12125815 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 124252 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124252 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 325073 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 325073 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 449325 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 449325 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $12547500 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $27640 | &nbsp;&nbsp;&nbsp;&nbsp; $12575140 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap Value Fund**  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  |
|  | &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; $11357416 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11357416 |

---

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

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Value Advantage Fund**  | **Value Advantage Fund**  | **Value Advantage Fund**  | **Value Advantage Fund**  | **Value Advantage Fund**  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $8416286 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8416286 |

---

&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;

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 61

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

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

**B. Restricted Securities**— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of December 31, 2025, the Funds held restricted securities, other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act, as follows:

**Growth Advantage Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Date**<br>| **Cost** | **Market** <br>**Value**<br>| **Percentage** <br>**of Fund's** <br>**Net Assets**<br>|
| Databricks - Common Stocks | 7/24/2025 | $26428 | $35690 | 0.2<br> %<br>|
| Openai - Common Stocks | 10/3/2025 | 11267 | 11267 | 0.0<br> %<br>|
| Canva, Inc. - Common Stocks | 10/6/2025 | 14261 | 14260 | 0.1<br> %<br>|
| Anthropic - Preferred Stocks | 8/18/2025 | 33000 | 33000 | 0.1<br> %<br>|
|  |  | $84956 | $94217 |  |

---

**Mid Cap Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Date**<br>| **Cost** | **Market** <br>**Value**<br>| **Percentage** <br>**of Fund's** <br>**Net Assets**<br>|
| Databricks - Common Stocks | 7/24/2025 | $14572 | $19850 | 0.2<br> %<br>|
| Canva, Inc. - Common Stocks | 10/6/2025 | 7790 | 7790 | 0.1<br> %<br>|
|  |  | $22362 | $27640 |  |

---

**C. Securities Lending** — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. ("Citibank") serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the "Securities Lending Agency Agreement"). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank's fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

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

62 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2025

------

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of December 31, 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>|
| Growth Advantage Fund | &nbsp;&nbsp; $440 | &nbsp;&nbsp; $(440)<br>| &nbsp;&nbsp; $— |
| Mid Cap Equity Fund | &nbsp;&nbsp; 47412 | &nbsp;&nbsp; (47412)<br>| &nbsp;&nbsp; — |
| Mid Cap Growth Fund | &nbsp;&nbsp; 313845 | &nbsp;&nbsp; (313845)<br>| &nbsp;&nbsp; — |
| Mid Cap Value Fund | &nbsp;&nbsp; 16515 | &nbsp;&nbsp; (16515)<br>| &nbsp;&nbsp; — |
| Value Advantage Fund | &nbsp;&nbsp; 28332 | &nbsp;&nbsp; (28332)<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.

**D. Investment Transactions with Affiliates**— The Funds invested in Underlying Funds advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds' distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Growth Advantage Fund**  | **Growth Advantage Fund**  | **Growth Advantage Fund**  | **Growth Advantage Fund**  | **Growth Advantage Fund**  | **Growth Advantage Fund**  | **Growth Advantage Fund**  | **Growth Advantage Fund**  | **Growth Advantage Fund**  | **Growth Advantage Fund**  |
| **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2025**<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>**December 31,** <br>**2025**<br>| **Shares at** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 3.86% (a) (b)<br>| $222598 | $2005262 | $1831774 | $24 | $13 | $396123 | 395965 | $4043 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>|  | 313970 | 313510 |  | (1)<br>| 459 | 459 | 276<br> \*<br>|  |
| **Total** | $222598 | $2319232 | $2145284 | $24 | $12 | $396582 |  | $4319 | $— |

---

&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 December 31, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mid Cap Equity Fund**  | **Mid Cap Equity Fund**  | **Mid Cap Equity Fund**  | **Mid Cap Equity Fund**  | **Mid Cap Equity Fund**  | **Mid Cap Equity Fund**  | **Mid Cap Equity Fund**  | **Mid Cap Equity Fund**  | **Mid Cap Equity Fund**  | **Mid Cap Equity Fund**  |
| **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2025**<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>**December 31,** <br>**2025**<br>| **Shares at** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 3.86% (a) (b)<br>| $87757 | $1379949 | $1329326 | $29 | $3 | $138412 | 138356 | $3016 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>| 24285 | 266689 | 242206 |  |  | 48768 | 48768 | 537<br> \*<br>|  |
| **Total** | $112042 | $1646638 | $1571532 | $29 | $3 | $187180 |  | $3553 | $— |

---

&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;

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 63

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (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 December 31, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  |
| **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2025**<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>**December 31,** <br>**2025**<br>| **Shares at** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 3.86% (a) (b)<br>| $26249 | $1528567 | $1430594 | $26 | $4 | $124252 | 124202 | $2851 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>| 141650 | 950740 | 767317 |  |  | 325073 | 325073 | 2,477<br> \*<br>|  |
| **Total** | $167899 | $2479307 | $2197911 | $26 | $4 | $449325 |  | $5328 | $— |

---

&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 December 31, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mid Cap Value Fund**  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  |
| **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2025**<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>**December 31,** <br>**2025**<br>| **Shares at** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 3.86% (a) (b)<br>| $229278 | $2565957 | $2606511 | $89 | $3 | $188816 | 188741 | $6416 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>|  | 326882 | 309729 |  |  | 17153 | 17153 | 173<br> \*<br>|  |
| **Total** | $229278 | $2892839 | $2916240 | $89 | $3 | $205969 |  | $6589 | $— |

---

&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 December 31, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value Advantage Fund**  | **Value Advantage Fund**  | **Value Advantage Fund**  | **Value Advantage Fund**  | **Value Advantage Fund**  | **Value Advantage Fund**  | **Value Advantage Fund**  | **Value Advantage Fund**  | **Value Advantage Fund**  | **Value Advantage Fund**  |
| **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** | **For the six months ended December 31, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2025**<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>**December 31,** <br>**2025**<br>| **Shares at** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 3.86% (a) (b)<br>| $176205 | $1821163 | $1896319 | $89 | $(13)<br>| $101125 | 101085 | $4010 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>|  | 369421 | 340479 |  |  | 28942 | 28942 | 395<br> \*<br>|  |
| **Total** | $176205 | $2190584 | $2236798 | $89 | $(13)<br>| $130067 |  | $4405 | $— |

---

&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 December 31, 2025.

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

64 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 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 period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

**F. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.

Dividend income is recorded on the ex-dividend date or when a Fund first learns of the dividend.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

**G. Allocation of Income and Expenses**— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended December 31, 2025, are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class L** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** | **Total** |
| **Growth Advantage Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | $93 | $27 | $34 | n/a | $2 | $2 | $1 | $2 | $89 | $250 |
| **Mid Cap Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 11 | 1 | 5 | n/a | 3 | n/a | n/a | —<br> (a)<br>| 41 | 61 |
| **Mid Cap Growth Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 129 | 3 | 11 | n/a | 15 | 3 | 1 | 4 | 106 | 272 |
| **Mid Cap Value Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 38 | 2 | 11 | $25 | 12 | 1 | —<br> (a)<br>| 1 | 54 | 144 |
| **Value Advantage Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 36 | 12 | 9 | 10 | —<br> (a)<br>| 1 | —<br> (a)<br>| —<br> (a)<br>| 29 | 97 |

---

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

(a) Amount rounds to less than one thousand.

**H. Federal Income Taxes**— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of December 31, 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.

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 65

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

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

**I. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared and paid at least annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition — "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

**J. Segment Reporting** — An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**K. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee** — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows:

---

| | |
|:---|:---|
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

Prior to November 1, 2024, the investment advisory fee was accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows:

---

| | |
|:---|:---|
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |

---

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.010% of each Fund's respective average daily net assets in excess of $25 billion. For the six months ended December 31, 2025, the effective annualized rate was 0.064%, 0.075%, 0.075%, 0.069% and 0.075%, respectively, of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.

JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

**C. Distribution Fees**— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ("JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.

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

66 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2025

------

The Boards have adopted a Distribution Plan (the "Distribution Plan") for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R2** | **Class R3** |
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |

---

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2025, JPMDS retained the following:

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; $227 | &nbsp;&nbsp;&nbsp;&nbsp; $1 |
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|

---

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

(a) Amount rounds to less than one thousand.

**D. Service Fees**— The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class L** | **Class R2** | **Class R3** | **Class R4** | **Class R5** |
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**E. Custodian and Accounting Fees**— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 67

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (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 L** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| Growth Advantage Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Mid Cap Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Mid Cap Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Mid Cap Value Fund  | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Value Advantage Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

The expense limitation agreements were in effect for the six months ended December 31, 2025 and are in place until at least October 31, 2026.

For the six months ended December 31, 2025, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |  |
|  | **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** | **Contractual** <br>**Reimbursements**<br>|
| Growth Advantage Fund | &nbsp;&nbsp; $5063 | &nbsp;&nbsp; $3373 | &nbsp;&nbsp; $680 | &nbsp;&nbsp; $9116 | &nbsp;&nbsp; $— |
| Mid Cap Equity Fund | &nbsp;&nbsp; 1697 | &nbsp;&nbsp; 1131 | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 2924 | &nbsp;&nbsp; 5 |
| Mid Cap Growth Fund | &nbsp;&nbsp; 1322 | &nbsp;&nbsp; 881 | &nbsp;&nbsp; 1331 | &nbsp;&nbsp; 3534 | &nbsp;&nbsp; — |
| Mid Cap Value Fund | &nbsp;&nbsp; 3138 | &nbsp;&nbsp; 2094 | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 5434 | &nbsp;&nbsp; 54 |
| Value Advantage Fund | &nbsp;&nbsp; 2367 | &nbsp;&nbsp; 1576 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 4153 | &nbsp;&nbsp; 29 |

---

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; $103 |
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 181 |
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 121 |

---

**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 Board's 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 Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

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

68 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2025

------

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

**4. Investment Transactions** 

During the six months ended December 31, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>|
| Growth Advantage Fund | $3430812 | $4883749 |
| Mid Cap Equity Fund | 2333523 | 2312091 |
| Mid Cap Growth Fund | 2743649 | 3372531 |
| Mid Cap Value Fund | 3204452 | 4783856 |
| Value Advantage Fund | 2187823 | 3125529 |

---

During the six months ended December 31, 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 December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; $10257990 | &nbsp;&nbsp;&nbsp;&nbsp; $12731596 | &nbsp;&nbsp;&nbsp;&nbsp; $151283 | &nbsp;&nbsp;&nbsp;&nbsp; $12580313 |
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4465824 | &nbsp;&nbsp;&nbsp;&nbsp; 1455380 | &nbsp;&nbsp;&nbsp;&nbsp; 112129 | &nbsp;&nbsp;&nbsp;&nbsp; 1343251 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 9593276 | &nbsp;&nbsp;&nbsp;&nbsp; 3392551 | &nbsp;&nbsp;&nbsp;&nbsp; 410687 | &nbsp;&nbsp;&nbsp;&nbsp; 2981864 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7764409 | &nbsp;&nbsp;&nbsp;&nbsp; 3800420 | &nbsp;&nbsp;&nbsp;&nbsp; 207413 | &nbsp;&nbsp;&nbsp;&nbsp; 3593007 |
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5420156 | &nbsp;&nbsp;&nbsp;&nbsp; 3111745 | &nbsp;&nbsp;&nbsp;&nbsp; 115615 | &nbsp;&nbsp;&nbsp;&nbsp; 2996130 |

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At June 30, 2025, the Funds did not have any net capital loss carryforwards.

Net capital losses (gains) incurred after October 31 and late year ordinary losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended June 30, 2025, the following Funds deferred to July 1, 2025 the following net capital losses (gains) and late year ordinary losses of:

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| | | |
|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | &nbsp;&nbsp;&nbsp; **Late Year** <br>**Ordinary Loss Deferral** |
|  | **Short-Term** | &nbsp;&nbsp;&nbsp; **Late Year** <br>**Ordinary Loss Deferral** |
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8628 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8090 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 46760 | &nbsp;&nbsp;&nbsp;&nbsp; — |

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**6. Borrowings** 

The Funds rely upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended December 31, 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 27, 2026.

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

December 31, 2025 J.P. Morgan Mid Cap/Multi-Cap Funds 69

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**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 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 six months ended December 31, 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 December 31, 2025, the Funds had individual shareholders and/or non-affiliated omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Non-Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** |
| Growth Advantage Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 13.0<br> %<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 25.7<br> %<br>|
| Mid Cap Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;61.8 |
| Mid Cap Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;41.6 |
| Mid Cap Value Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;42.6 |
| Value Advantage Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;11.1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;15.1 |

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Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.

As of December 31, 2025, JPMorgan SmartRetirement Funds, which are affiliated fund of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Funds**<br>|
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 17.8<br> %<br>|

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Because Mid Cap Equity Fund, Mid Cap Growth, Mid Cap Value Fund and Value Advantage Fund invest in Real Estate Investment Trusts ("REITs"), the Funds may be subject to certain risks similar to those associated with direct investments in real estate. REITs may be affected by changes in the value of their underlying properties and by defaults by tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

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

70 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 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.

![](g51758img68fc38132.jpg)

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![](g51758imgd21479303.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. December 2025.

SAN-MC-1225

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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.

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**Statement Regarding Basis for Approval of Investment Advisory Agreements**

The Board of Trustees (the "Board" or the "Trustees") has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board's oversight and decision making. The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the investment advisory agreements. The Board also met for the specific purpose of considering investment advisory agreement annual renewals. The Board held meetings June 24-25, 2025 and August 12-14, 2025, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an "Advisory Agreement" and collectively, the "Advisory Agreements"). At the June meeting, the Board's investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee's preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or "interested persons" (as defined in the Investment Company Act of 1940) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 14, 2025.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from J.P. Morgan Investment Management Inc. (the "Adviser"). This information included the Funds' performance as compared to the performance of their peers and benchmarks, and analyses by the Adviser of the Funds' performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (the "independent consultant"). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar, Inc., independent providers of investment company data (together, "Broadridge"). The Trustees' independent consultant also provided additional quantitative and statistical analyses of the Funds, including risk and performance return assessments as compared to the Funds' objectives, benchmarks, and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the

Adviser, counsel to the Funds, and independent legal counsel to the Trustees, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements with independent legal counsel in executive sessions at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors, and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances, and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

***Nature, Extent and Quality of Services Provided by the Adviser***

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. Among other things, the Trustees considered:

• The background and experience of the Adviser's senior management and investment personnel, including personnel changes, if any;

• The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund, including personnel changes, if any;

• The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;

• Information about the structure and distribution strategy for each Fund and how it fits within the Adviser's other fund offerings within the J.P. Morgan Funds complex;

• The administration services provided by the Adviser in its role as Administrator;

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

• Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Funds and in the financial industry generally;

• The overall reputation and capabilities of the Adviser and its affiliates;

• The commitment of the Adviser to provide high quality service to the Funds;

• Their overall confidence in the Adviser's integrity; and

• The Adviser's responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser's willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided to the Funds by the Adviser.

***Costs of Services Provided and Profitability to the Adviser and its Affiliates***

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates from providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser's determination of its and its affiliates' revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser and reviewed with the Board. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers' operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered that JPMorgan Distribution Services, Inc. ("JPMDS"), an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds' distributor, and that these fees are in turn generally paid to

financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. ("JPMCB"), an affiliate of the Adviser, for custody, fund accounting and other related services for each Fund, and the profitability of the arrangements to JPMCB.

***Fall-Out Benefits***

The Trustees reviewed information regarding potential "fall-out" or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds' operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Funds' potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser's allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser's use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Funds.

***Economies of Scale***

The Trustees considered the extent to which the Funds may benefit from potential economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers ("Fee Caps"), which allow a Fund's shareholders to share potential economies of scale from a Fund's inception, prior to reaching scale. The Trustees also noted that certain other Funds that had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain fair and reasonable relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser's and JPMDS's ongoing investments in their business in support of the Funds, including the Adviser's and/or JPMDS's

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investments in trading systems, technology (including improvements to the J.P. Morgan Funds' website and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with Fee Caps in place for some or all of their share classes, the relevant Fund's shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund's shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser's reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser's reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

***Independent Written Evaluation of the Funds' Senior Officer***

The Trustees noted that, upon their direction, the Senior Officer for the Mid Cap Growth Fund and Mid Cap Value Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer's report.

Fees Relative to Adviser's Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund (if applicable). The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser's other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser's other clients were reasonable.

***Investment Performance***

The Trustees receive and consider information about each Fund's performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe comprised of funds' selected share classes with the same Broadridge investment classification and objective (the "Universe"), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge's methodology for selecting mutual funds in each Fund's Universe, and noted that Universe quintile rankings were not calculated if the number of funds in the Universe did not meet a predetermined minimum. The Trustees also considered enhancements to the methodology employed by Broadridge for identifying funds in the Peer Groups for Class I and Class R6 shares, based upon discussions with the Adviser, Broadridge and certain Trustees in advance of, and in preparation for, the June meeting. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund's performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees' independent consultant and also considered the special analysis prepared for the Funds by the Trustees' independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund's performance for certain representative classes are summarized below:

The Trustees noted that the Growth Advantage Fund's performance for Class A, Class I and Class R6 shares was in the third, second and first quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

The Trustees noted that the Mid Cap Equity Fund's performance for Class A shares was in the third, third and second quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that the performance for Class I shares was in the third, third and first quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that the performance for Class R6 shares was in the

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second, fourth and second quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances.

The Trustees noted that the Mid Cap Growth Fund's performance for Class A shares was in the fourth, second and second quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that the performance for Class I shares was in the third, second and second quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that the performance for Class R6 shares was in the third, second and first quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances.

The Trustees noted that the Mid Cap Value Fund's performance for Class A and Class R6 shares was in the first, third and third quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that the performance for Class I shares was in the second, third and third quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

The Trustees noted that the Value Advantage Fund's performance for Class A and Class R6 shares was in the second, second and third quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that the performance for Class I shares was in the second, second and fourth quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances.

***Advisory Fees and Expense Ratios***

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds' selected share classes in the Universe, as well as a subset of funds within the Universe (the "Peer Group"). The Trustees recognized that Broadridge reported each Fund's management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it can be difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees' determinations as a result of the review of each Fund's advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Growth Advantage Fund's net advisory fee for Class A shares was in the second quintile of both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the fifth and second quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the second quintile of both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the fifth and third quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the second quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the Mid Cap Equity Fund's net advisory fee for Class A shares was in the first quintile of both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the second quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first quintile of both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the third and second quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintiles of the Peer Group and Universe, respectively, and that

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the actual total expenses for Class R6 shares were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the Mid Cap Growth Fund's net advisory fee for Class A shares was in the third and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fourth and second quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the third and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the fourth and third quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the second quintile of both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the Mid Cap Value Fund's net advisory fee for Class A shares was in the first quintile of both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the third and second quintile of the Peer

Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the second quintile of both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the fourth and third quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the first and second quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the Value Advantage Fund's net advisory fee for Class A and Class I shares was in the second quintile of both the Peer Group and Universe, and that the actual total expenses for Class A and Class I shares were in the fourth and third quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the third quintile of both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the second quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

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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.

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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.

#### 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:](d884187dex99cert.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.](d884187dex99906cert.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.

J.P. Morgan Mutual Fund Investment Trust

---

| | |
|:---|:---|
| By: | /s/ Matthew J. Kamburowski |
|  | Matthew J. Kamburowski |
|  | President and Principal Executive Officer |
|  | March 2, 2026 |

---

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 |
|  | March 2, 2026 |
| By: | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |
|  | March 2, 2026 |

---

## 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 Growth
Advantage Fund (the "Fund"), a series of J.P. Morgan Mutual Fund Investment Trust (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: March 2, 2026

---

| |
|:---|
| /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 Growth
Advantage Fund (the "Fund"), a series of J.P. Morgan Mutual Fund Investment Trust (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: March 2, 2026

---

| |
|:---|
| /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 Growth Advantage Fund (the "Fund"), a series of J.P. Morgan Mutual Fund Investment Trust (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 |

---

March 2, 2026

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 Growth Advantage Fund (the "Fund"), a series of J.P. Morgan Mutual Fund Investment Trust (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 |

---

March 2, 2026

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.